VANCOUVER, BC, April 14, 2021 /CNW/ - Kenorland Minerals
Ltd. (TSXV: KLD) (FSE: 3WQ0) ("Kenorland" or
"the Company") and Sumitomo Metal Mining Canada Ltd.
("SMMCL") are pleased to announce plans for additional
exploration on the Frotet Project, Quebec ("the Project").
Summer 2021 Exploration Budget
An additional C$6,600,000
exploration budget has been approved by the Frotet Management
Committee for continued exploration during the summer months at the
Frotet Project, located in northern Quebec. The majority of the budget will be
allocated to diamond drilling at the Regnault discovery, in
addition to surface exploration on other target areas within the
39,365 hectare property. Upon completion of the current drill
program, it is anticipated that SMMCL will meet its expenditure
requirements to earn an additional 15% interest (for a total of
80%) in the Project. The announced additional budget will be
funded pro-rata, with Kenorland contributing 20% of the total
exploration expenditures. Kenorland will remain operator of the
joint venture throughout the next phase of exploration.
Regnault Exploration Update
The current 9,000m drill program
is well underway with approximately 5742m completed to date, including 22 of the
planned 32 drill holes. 4680m of core samples have been
shipped to Bureau Veritas (BV) labs with the first batch of results
expected around mid-May. Initial drilling was focussed on the
"Discovery Area" following up on known mineralized structures
identified in early 2020 during the discovery drill program.
Current drilling is focussed along strike and to the south of the
Discovery Area testing additional regional targets within the
Regnault trend. The previously announced 3D induced polarization
(IP) survey, covering the entire five-kilometer trend, has now been
completed and the remaining drill targets for the current program
have been finalized.
Zach Flood, President and CEO
states, "We are very excited to continue our exploration efforts
at the Frotet Project, and in particular Regnault, as we, along
with our partners at Sumitomo Metal Mining develop our
understanding of this significant gold discovery. We're
encouraged enough by what we are seeing in the current drilling to
commit to further substantial exploration this summer. With
the first batches of samples now at the lab, we anticipate initial
drill results to be announced in late May."
Qualified Person
Mr. Jan Wozniewski, B. Sc.,
P. Geo., OGQ (#2239) is the "Qualified Person" under National
Instrument 43-101, has reviewed and approved the scientific and
technical information in this press release.
About the Frotet Project
The Frotet Project was first identified by Kenorland in 2017
after completing a regional prospectivity study over the Abitibi
and Frotet-Evans Greenstone Belts of Quebec. The initial 55,921 ha property was
acquired through map staking in March, 2017 and optioned to
Sumitomo Metal Mining Canada Ltd. ("SMMCL"), a wholly owned
subsidiary of Sumitomo Metal Mining Co., Ltd. in April, 2018. Two
years of property-wide systematic till sampling led to a maiden
drill program in 2020 which resulted in a significant grassroots
discovery at the prospect now named Regnault. The project is
currently owned 65% SMMCL and 35% Kenorland. SMMCL has the
option to earn an additional 15% (80% total) by funding an
additional C$4 million before
October 1st, 2021. Once a joint
venture is formed, any party which is diluted below a 10% interest
will convert their interest to a 2% uncapped net smelter
royalty.
About Kenorland Minerals
Kenorland Minerals Ltd (TSXV: KLD) is a mineral exploration
Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada.
Kenorland's focus is early to advanced stage exploration in North
America. The Company currently holds three projects where
work is being completed under an earn-in agreement from third
parties. The Frotet and Chicobi Projects, which are both located in
Quebec, Canada, are optioned to
Sumitomo Metal Mining Canada Ltd. and the Chebistuan Project, also
located in Quebec, is optioned to
Newmont Corporation. The Company also owns 100% of the advanced
stage Tanacross porphyry Cu-Au project as well as an option to earn
up to 70% from Newmont Corporation on the Healy Project, both
located in Alaska, USA.
Further information can be found on the Company's website
www.kenorlandminerals.com
Kenorland Minerals Ltd.
Zach Flood
President and
CEO
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Francis
MacDonald
Executive Vice President, Exploration
Tel: +1 778 322 8705
francis@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.
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SOURCE Kenorland Minerals Ltd.