Kenorland Minerals Provides an Exploration Update and Grants Stock Options
Kenorland Minerals (TSXV: KLD) provided an exploration update across its portfolio of projects. The company reports a working capital of $27.2 million as of October 31, 2024, with total exploration expenditures forecast at over $27.5 million for 2024. Key developments include:
- Exchange of 20% interest in Frotet Project for a 4% NSR royalty
- Completion of 33 diamond drill holes at Regnault gold deposit
- Agreement with Auranova Resources for South Uchi Project earning potential
- Newmont's election to enter Phase 2 of Chebistuan Project earn-in
- Evolution Nickel's acquisition of South Thompson Project
The company granted 5,230,000 stock options to directors, officers, employees and consultants at $1.22 per share for a five-year period.
Kenorland Minerals (TSXV: KLD) ha fornito un aggiornamento sulle esplorazioni nei suoi progetti. L'azienda riporta un capitale circolante di $27,2 milioni al 31 ottobre 2024, con spese totali per esplorazione previste superiori a $27,5 milioni per il 2024. I principali sviluppi includono:
- Scambio di una partecipazione del 20% nel Progetto Frotet in cambio di una royalty NSR del 4%
- Completamento di 33 perforazioni diamantate nel giacimento aurifero Regnault
- Accordo con Auranova Resources per il potenziale di guadagno del Progetto South Uchi
- Decisione di Newmont di entrare nella Fase 2 del progetto Chebistuan
- Acquisizione del Progetto South Thompson da parte di Evolution Nickel
L'azienda ha concesso 5.230.000 opzioni su azioni a direttori, dirigenti, dipendenti e consulenti a $1,22 per azione per un periodo di cinque anni.
Kenorland Minerals (TSXV: KLD) proporcionó una actualización sobre la exploración en su cartera de proyectos. La empresa reporta un capital de trabajo de $27.2 millones a fecha del 31 de octubre de 2024, con gastos totales de exploración previstos de más de $27.5 millones para 2024. Los desarrollos clave incluyen:
- Intercambio del 20% de participación en el Proyecto Frotet a cambio de una regalía NSR del 4%
- Finalización de 33 perforaciones diamantadas en el depósito de oro Regnault
- Acuerdo con Auranova Resources para el potencial de ganancias del Proyecto South Uchi
- Elección de Newmont para ingresar a la Fase 2 del Proyecto Chebistuan
- Adquisición del Proyecto South Thompson por parte de Evolution Nickel
La empresa otorgó 5,230,000 opciones sobre acciones a directores, funcionarios, empleados y consultores a $1.22 por acción durante un periodo de cinco años.
Kenorland Minerals (TSXV: KLD)는 자사 프로젝트 포트폴리오에 대한 탐사 업데이트를 제공했습니다. 회사는 2024년 10월 31일 기준으로 $27.2 백만의 운영 자본을 보고하며, 2024년 총 탐사 지출이 $27.5 백만 이상으로 예상됩니다. 주요 개발 내용은 다음과 같습니다:
- Frotet 프로젝트의 20% 지분을 4% NSR 로열티와 교환
- Regnault 금 매장지에서 33개의 다이아몬드 시추 완료
- South Uchi 프로젝트의 수익 가능성에 대한 Auranova Resources와의 계약
- Chebistuan 프로젝트 수익 이전의 2단계로 진입하기 위한 Newmont의 선택
- Evolution Nickel의 South Thompson 프로젝트 인수
회사는 이사, 임원, 직원 및 컨설턴트에게 주당 $1.22의 가격으로 5,230,000주의 주식 매입 선택권을 5년 동안 부여했습니다.
Kenorland Minerals (TSXV: KLD) a fourni une mise à jour sur l'exploration de son portefeuille de projets. L'entreprise rapporte un fonds de roulement de $27,2 millions au 31 octobre 2024, avec des dépenses d'exploration totales prévues de plus de $27,5 millions pour 2024. Les développements clés incluent :
- Échange de 20 % d'intérêts dans le Projet Frotet pour une redevance NSR de 4 %
- Achèvement de 33 forages à diamants dans le dépôt d'or Regnault
- Accord avec Auranova Resources pour le potentiel de gains du Projet South Uchi
- Choix de Newmont d'entrer en Phase 2 du projet Chebistuan
- Acquisition du Projet South Thompson par Evolution Nickel
L'entreprise a accordé 5 230 000 options d'achat d'actions à des directeurs, dirigeants, employés et consultants à un prix de 1,22 $ par action pour une période de cinq ans.
Kenorland Minerals (TSXV: KLD) hat ein Update zur Exploration seines Projektportfolios bereitgestellt. Das Unternehmen berichtet über ein Working Capital von $27,2 Millionen zum 31. Oktober 2024, mit insgesamt geplanten Erkundungsausgaben von über $27,5 Millionen für 2024. Wichtige Entwicklungen sind:
- Tausch von 20% Anteil am Frotet-Projekt gegen eine 4% NSR-Royalty
- Abschluss von 33 Diamantbohrungen im Goldlager Regnault
- Vereinbarung mit Auranova Resources über Ertragspotential des South Uchi-Projekts
- Wahl von Newmont, in Phase 2 des Chebistuan-Projekts einzutreten
- Erwerb des South Thompson-Projekts durch Evolution Nickel
Das Unternehmen gewährte 5.230.000 Aktienoptionen an Direktoren, Führungskräfte, Mitarbeiter und Berater zu einem Preis von $1,22 pro Aktie für einen Zeitraum von fünf Jahren.
- Strong working capital position of $27.2 million
- Significant exploration budget of $27.5 million for 2024
- Secured 4% NSR royalty on Frotet Project
- High-grade drilling results at Regnault (24.16 g/t Au over 4.70m)
- Multiple strategic partnerships with major mining companies
- Sumitomo terminated Joint Venture agreement for Chicobi Project
Vancouver, British Columbia--(Newsfile Corp. - December 17, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to provide an update on its exploration activities for its portfolio of projects located in Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, and Alaska and partnerships with Sumitomo Metal Mining Canada Ltd. ("Sumitomo"), Newmont Corporation ("Newmont") and Centerra Gold Inc. ("Centerra").
The Company's current working capital position is approximately
Frotet Project
The Company announced on July 2, 2024 that it retained BBA Consultants to commence engineering and baseline studies in preparation for permitting an underground decline at the Regnault gold deposit. The environmental and technical baseline studies commenced in the summer of 2024 and will progress through 2025, along with engineering and design work. Sumitomo's decision to proceed with the development of the decline will be contingent on the outcomes of the baseline studies, the successful acquisition of necessary permits, and results of future resource and economic studies at the Regnault gold deposit.
During 2024, Kenorland and Sumitomo completed 33 diamond drill holes for 21,713m of drilling at the Regnault gold deposit, including 6 holes for 3,266m of drilling recently completed during the summer drill program. Exploration drilling continues to deliver exceptional results including 4.70m at 24.16 g/t Au including 0.40m at 261.20 g/t Au at R2 returned from the 2024 winter campaign (see press release dated June 18, 2024), and 3.30m at 26.67 g/t Au including 0.60m at 137.30 g/t Au at R6 from the 2024 summer drill program (see press release dated November 6, 2024). The Company and Sumitomo are currently planning a winter drill program for early 2025 with Kenorland continuing as operator of the Frotet Project.
South Uchi Project, Ontario: Kenorland completed a 2024 summer exploration campaign including a heavy mineral concentrate (HMC) till sampling survey along with systematic mapping and prospecting over the Papaonga target and Target B areas (see press release dated September 11, 2024). The HMC till sampling returned strong gold grain counts (up to 951 total gold grains) with high pristine grain morphologies spatially coincident with the previously delineated fine fraction gold-in-till anomaly. Prospecting identified widespread, newly discovered gold mineralisation across the Papaonga target area returning anomalous to strong gold results associated with multiple northeast-trending shear zones. Gold mineralisation is hosted within intrusive, sedimentary and volcanic rock types with rock assay results up to 13.35 g/t Au and 60.4 g/t Ag.
On September 16, 2024, the Company granted to its wholly owned subsidiary, 1431275 B.C. Ltd., a
Kenorland announced on December 2, 2024, that it had entered into a definitive agreement with Auranova Resources Inc. ("Auranova"), granting Auranova the right to earn up to a
Chebistuan Project, Quebec: On November 13, 2024, Kenorland announced that Newmont provided an election notice to enter Phase 2 of the earn-in agreement to potentially earn an additional
In addition, a follow-up drill program has been approved by Newmont, which will include up to 3,500m of drilling at the Deux Orignaux target area, and is expected to commence in Q1 2025. The Company completed an initial 2,170m, 7 drill hole program in 2023 at the Deux Orignaux prospect which returned 157.20m at 0.41 g/t Au including 20.61m at 0.97 g/t Au from hole 23DODD005, hosted within a mineralised syenite intrusion (see press release dated June 27, 2023). This second phase of drilling will test lateral and down-dip extents of the known mineralised syenite, as well as additional targets, identified as potential syenite plugs based on geophysical characteristics.
Hunter Project, Quebec: Results from the detailed winter sonic overburden drilling consisting of 160 drill holes covering priority target areas from the initial regional program completed in 2022, identified a large multi-element geochemical anomaly (Cu-Mo-Au-W-Bi±Ag). An induced polarization (IP) survey was recently completed to refine targets to be drill tested in 2025, pending final approval from Centerra.
South Thompson Project, Manitoba: On July 30, 2024, Kenorland entered into a definitive purchase and sale agreement with Evolution Nickel Corporation ("Evolution") pursuant to which Evolution acquired
Kenorland is currently completing a prospectivity analysis and maxwell plate modelling, utilizing geophysical data sets from the regional scale ~12,100 line-km Versatile Time Domain Electromagnetic (VTEM) survey completed in Q1 of 2024, to generate and prioritize targets for follow-up. It is anticipated that priority drill targets will be ready for drill testing in Q2 or Q3 2025.
Tanacross Project, Alaska: Kenorland recently completed an Extremely Low Frequency ("ELF") electromagnetic survey and infill soil sampling program over the South Taurus target during the 2024 field season. The ELF survey was an extension to the previously completed grid in 2022, and soil sampling was completed for detailed infill data across the South Taurus target area. The Company is currently drill targeting and planning for a potential scout drill program in 2025. The Tanacross Project is
O'Sullivan Project, Quebec: The Company completed a maiden drill program of 5 drill holes for 3,801m of drilling at the Pusticamica North target area in Q1 of 2024. Hole 24OSDD001 identified visible gold at 475m depth and returned 56.80 g/t Au and 23.60 g/t Ag over 0.30m core length associated with a brecciated quartz-calcite-sulphide vein. The Company, along with Sumitomo, is currently evaluating next steps for the O'Sullivan Project.
Chicobi Project, Quebec: The 2024 winter phase of sonic overburden drilling included an additional 66 infill drill holes, a continuation of the 55 hole program completed in 2023, totaling 121 infill sonic holes along the 17 km strike length of the Roch-Can trend within the Chicobi Deformation Zone. On November 18, 2024, the Company announced that Sumitomo elected to terminate the Joint Venture and Exploration Agreement, resulting in Kenorland regaining
Opinaca Project, Quebec: Kenorland operated Targa Exploration's Opinaca Project during its two phases of exploration completed during the 2024 field season. Kenorland entered into a purchase agreement with Targa Exploration (see press release dated December 13, 2022), in which Targa acquired
Flora Project, Ontario: The Company completed a first pass property-wide glacial till geochemical survey, including the collection of approximately 2,560 samples (1000m x 200m sample spacing) covering the 57,706-hectare property. In addition, 91 rock samples were collected along previously known mineral occurrence trends, and 35 HMC/medium density mineral concentrate (MDMC) till samples for spodumene grain counts to define an undocumented spodumene bearing pegmatite dyke occurrence discovered in 2023 by a local prospector. The till geochemical survey identified two targets, the F1 target (Au-Mo metal associations) and the F2 target (Au-W association) located 16 km along strike to the southwest, subparallel to the southwest-northeast trending Wabigoon Fault. The F1 target is a high tenor, coherent gold-in-till anomaly extending over 7 km within a sheared diorite. Prospecting confirmed the presence of a north-south trending pegmatite dyke with rock samples returning up to
Western Wabigoon Project, Ontario: Systematic, property-wide geochemical screening was completed at the Western Wabigoon Project, with the collection of approximately 2,820 till samples (1000m x 200m sample spacing) covering the 69,008-hectare property. A significant, approximately 19 km trend of gold-in-till anomalism follows the Manitou-Dinorwic Deformation Zone that transects the northern portion of the property. Within that trend, the W1 target with Au-As±Sb-Te-W metal associations, and the W2 target (Au-As-Sb) have been identified as priority areas for follow-up. The W3 target (Ag-Mo-Te-W±Au-Cu), located 5 km to the southeast follows a regional contact between mafic volcanic rocks and gabbro intrusive rocks. Follow-up programs are being planned for the 2025 field season.
Algoman Project, Ontario: Large-scale geochemical surveys including fine fraction till sampling (approximately 3,110 samples) and HMC/MDMC till sampling (approximately 500 samples) for gold grain analysis and spodumene grain counts were carried out covering the 94,394-hectare property. The till geochemical survey outlined two distinct trends of Au-As±Sb-Ag-Cu anomalism, the A1 and A2 targets, hosted within volcanics and structures sub-parallel to the Marmion-Quetico subprovince boundary immediately to the south. Results from the HMC/MDMC till sampling program covering the metasedimentary rocks of the Quetico subprovince remain pending.
Stormy Lake Project, Ontario: The Company completed a first pass property-wide glacial till geochemical survey, including the collection of approximately 3,180 till samples (500m x 200m sample spacing) covering the 42,366-hectare property. Areas of anomalous Au±As-Mo associated with the Mosher Bay-Washeibemaga Deformation Zone, and Ag-Zn-Te-W-Bi have been identified. The Company is currently planning next steps for the Stormy Lake Project.
Muskayk Project, Manitoba: The Company completed an initial property-wide regional geochemical survey, including the collection of 1,343 samples covering the 39,640-hectare property. Numerous gold ± base metal till geochemical anomalies have been identified. The Company is currently determining next steps for the Muskayk Project.
Settee Project, Saskatchewan: The 5,834 hectare Settee Project was staked by Kenorland in 2023 based on a regional multi-element till anomaly within the McLean Belt (MLB), part of the Kisseynew sedimentary subprovince. An initial property-wide regional geochemical survey (680 till samples) was completed, with positive results of gold and base metals. The Company recently expanded the Settee Project's land tenure through online staking for a total 79,870 hectares of land.
Critical Minerals, British Columbia & Ontario: In British Columbia, Kenorland contracted Anomalous Exploration Ltd. to carry out a regional prospecting program across the rare-earth element (REE) Omineca Project. The program included geological mapping and reconnaissance-style prospecting across various target areas, defined by stream sediment geochemistry and airborne geophysics. Anomalous rock results up to
Eeyou Istchee Project, Quebec: The Company acquired the Eeyou Istchee Project through map staking between 2023 and 2024. Comprised of two large claim blocks in northern Quebec covering 268,941 hectares, the Eeyou Istchee Project covers vast areas of prospective geology within the Opinaca subprovince in the James Bay region, an area with low exploration maturity. The Company completed a LIDAR survey in 2024 to facilitate planning for a first-pass regional till geochemical sampling survey.
Stock Option Grant
The Company also announces that it has granted stock options (the "Options") to its directors, officers, employees and consultants to acquire a total of 5,230,000 common shares of the Company at an exercise price of
Qualified Person
Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824), and Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), each a "Qualified Person" under National Instrument 43-101, have reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals Ltd.
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a
Further information can be found on the Company's website www.kenorlandminerals.com
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
info@kenorlandminerals.com
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234085
FAQ
What is Kenorland Minerals' current working capital position as of October 2024?
What are the terms of Kenorland's royalty agreement for the Frotet Project in 2024?
What were the significant drill results from Regnault gold deposit in 2024?
How many stock options did Kenorland (KLDCF) grant in December 2024?