KENORLAND MINERALS LTD - KLDCF STOCK NEWS

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) has reported positive results from its 2024 exploration program at the South Uchi Project in Ontario's Red Lake District. The program identified widespread gold mineralisation at the Papaonga target area, covering approximately 40km². Key highlights include:

1. Large gold-in-till and HMC gold grain anomaly
2. Gold mineralisation in intrusive, sedimentary, and volcanic rocks
3. Strong multi-element signature (Au-Ag-Te-W±As-Sb-Mo)
4. Presence of a significant, previously unrecognized gold system

The company conducted heavy mineral concentrate (HMC) till sampling and systematic mapping. Results showed up to 951 total gold grains (91% pristine) and rock samples assaying up to 8.97 g/t Au and 60.4 g/t Ag. Kenorland is now planning a maiden diamond drill program to further explore this promising discovery.

Kenorland Minerals (TSXV: KLD, OTCQX: KLDCF) has entered into a definitive agreement to sell its South Thompson Nickel Project to Evolution Nickel The deal includes:

1) Evolution issuing 26,000,000 common shares to Kenorland (50% equity ownership)
2) Granting Kenorland a 2% net smelter return royalty
3) Kenorland receiving the right to appoint a director to Evolution's board
4) A pre-emptive right for Kenorland to maintain its pro-rata ownership
5) Kenorland continuing as the project operator post-closing

The transaction is expected to close by December 31, 2024, subject to Evolution completing a minimum C$4,000,000 equity financing and TSX Venture Exchange approval.

Kenorland Minerals has initiated engineering and baseline studies at the Frotet Project in Quebec, in partnership with Sumitomo Metal Mining Canada , the project's full owner. BBA Consultants has been engaged to conduct a comprehensive scoping study, which includes preliminary cost estimates and necessary baseline environmental and technical assessments. The study will facilitate year-round exploration activities and support permitting for an underground exploration decline aimed at delineating the Regnault Gold Deposit. Environmental studies will focus on flora, fauna, and water quality, while technical studies will assess ground and water conditions. Completion of these studies is expected by early 2025, with resource estimates anticipated by late 2025.

Kenorland Minerals (TSXV: KLD, OTCQX: KLDCF, FSE: 3WQ0) has initiated exploration programs across its five 100%-owned projects in Ontario, covering 331,000 hectares. The projects include South Uchi, Western Wabigoon, Flora, Algoman, and Stormy Lake, focusing on gold and various mineral deposits. Exploration efforts comprise detailed mapping, geochemical surveys, and heavy mineral concentrate till surveys, with a total budget of approximately C$3.2 million. The South Uchi project aims to define drill targets for 2025, featuring a budget of C$550,000. The Flora project, with a budget of C$570,000, will investigate gold and spodumene occurrences. Western Wabigoon's first phase, budgeted at C$640,000, targets gold deposits. Algoman's program, costing C$765,000, focuses on orogenic gold and LCT pegmatite. Stormy Lake's first phase, budgeted at C$677,000, includes LIDAR and geochemical surveys. Kenorland retains full ownership of the Separation Rapids Project post-termination of an agreement with Double O Seven Resources.

Kenorland Minerals has announced the final results from its 2024 winter drill program at the Frotet Project in Quebec. The program included 27 drill holes, totaling 18,448 meters. Key highlights include:

24RDD197: 4.70m at 24.16 g/t Au incl. 0.40m at 261.20 g/t Au at R2

24RDD215: 9.50m at 9.10 g/t Au incl. 1.20m at 45.92 g/t Au at R6

The results confirmed significant mineralization in the R1, R5, R6, and R7 structures, with some veins showing as much as 163.70 g/t Au. The data will contribute to updating the geological model, potentially leading to a maiden resource estimate. Broad-spaced infill and step-out drill holes along the R6 structure defined mineralization over approximately 1,300m E-W and 300m down dip. In the R11 trend, mineralization extends to vertical depths of 1,050m below the surface. CEO Zach Flood sees this as a milestone for the high-grade Regnault gold deposit.

Kenorland Minerals has completed a non-brokered private placement of C$9.86 million, issuing 8,315,871 flow-through shares. Centerra Gold acquired 9.9% of Kenorland's common shares as part of this offering. An investor rights agreement was also established between Kenorland and Centerra, allowing Centerra to maintain its ownership level in future equity issuances. Sumitomo Metal Mining Canada maintained its 10.1% interest in Kenorland through this placement. The raised funds will advance exploration projects in Quebec, Ontario, Manitoba, British Columbia, and Saskatchewan. All issued shares will adhere to a statutory hold period until September 29, 2024.

Kenorland Minerals has announced a strategic investment by Centerra Gold through a non-brokered private placement worth C$9.86 million. The deal involves the issuance of 8,315,871 flow-through shares, allowing Centerra to acquire roughly 9.9% of Kenorland's outstanding common shares. An investor rights agreement will grant Centerra rights to participate in future equity issuances. The funds will support exploration projects in Quebec, Ontario, Manitoba, British Columbia, and Saskatchewan. Sumitomo Metal Mining will also exercise its equity participation rights to maintain its 10.1% stake in Kenorland. The closing of the offering is anticipated around May 28, 2024, subject to TSX Venture Exchange approval.

Kenorland Minerals provides a comprehensive update on its 2024 exploration activities, partnerships, financial position, and key project developments. The company anticipates over $24.0 million in exploration expenditures, with a current working capital of $23.5 million. Significant high-grade gold results were reported from the Frotet Project in Quebec, with ongoing drilling programs at the Regnault gold deposit. Various other projects in Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, and Alaska are progressing with exploration activities and partnerships with Sumitomo, Newmont, and Centerra Gold. The company plans to conduct detailed fieldwork, regional surveys, and drill targeting across its diverse portfolio of projects.

Kenorland Minerals completes the 2024 winter exploration program at the Frotet Project in Northern Quebec, reaching a major milestone with over 100,000 meters drilled. The company holds a 4% NSR Royalty and is the temporary operator on the Project. Assay results from the drill program are expected to be reported over the coming months, with a focus on high-grade gold discovery at Regnault.