October 24, 2022
Kenorland Announces Joint Venture with Sumitomo at the Chicobi Project, Quebec, and Provides Exploration Update
Vancouver, British Columbia, October 24, 2022 – Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE:3WQ0) (“Kenorland” or “the Company”) is pleased to provide an update on exploration activities at the Chicobi Project, located in Quebec, Canada (“the Project”). The Company also announces that Sumitomo Metal Mining Canada Ltd. (“SMMCL”) has fulfilled its requirement to earn a 51% interest in the Chicobi Project and has elected to form a joint venture (“the Joint Venture”).
Sumitomo Completes Earn-in, Joint Venture is Formed
SMMCL has exercised its option to acquire an initial 51% interest in the Project after recently completing over C$4.9 million in exploration expenditures. SMMCL has also elected to form a joint venture, and as a result, the Project will be held under a Joint Venture Agreement (“the Agreement”) between SMMCL (51%) and Kenorland (49%). Under the Agreement, exploration will be funded on a pro-rata basis. Kenorland will remain as operator for the next phase of exploration.
An exploration plan and budget has been approved for an additional C$1.5 million in work which SMMCL will fund on a 100% basis. The exploration plan includes 160 infill sonic drill holes for geochemical sampling along the ‘Roch-Can’ trend. The Roch-Can trend is located along a major first order structure within the Chicobi Deformation Zone (CDZ) which transects the Abitibi greenstone belt. Limited historical drilling and previously completed sonic drill holes have identified an alteration corridor 17 kilometers in strike length, which is composed of strong sericite-carbonate-silica ± fuchsite-chloritoid alteration associated with a massive to semi-massive sulphide-quartz breccia zone within mafic volcanic-felsic volcanic-clastic sedimentary rock stratigraphy. The planned 160 infill sonic drill holes will cover the 17 kilometer Roch-Can trend, where previously completed wide-spaced sonic drill testing returned anomalous Au-Zn-Ag results in glacial till.
Kenorland, along with SMMCL, has been exploring the Chicobi Project since 2019 using overburden drilling methods to sample glacial till and top of bedrock below the layer of glaciolacustrine clay that obscures vast areas of the northern Abitibi greenstone belt. To date, three phases of sonic drilling, totaling 441 drill holes have been completed across the Project producing ~1,500 samples for gold grain counts, heavy mineral concentrate assays, and till geochemistry assays.
A reconnaissance diamond drill program totalling 1,908m over four holes was completed in April 2022 to test “Target B”, a glacial till multi-element geochemical anomaly. A single fence of drillholes tested across stratigraphy and interpreted structures up-ice of the geochemical anomaly. Wide intervals of strong deformation and sericite-carbonate ± chloritoid alteration, associated with localised zones of quartz-carbonate veining and pyrite mineralisation were encountered. The alteration corridor was focused at the south dipping, structurally controlled volcanic-clastic sedimentary rock contact along the CDZ which transects the Chicobi project. While the alteration and mineralisation indicate fluid flow, assays failed to report any precious or base metal concentrations of economic significance. Exploration will re-focus on further sonic drilling for geochemical sampling along the Roch-Can trend.
Figure 1. Property Map of Chicobi with Target Areas
About the Chicobi Project
Figure 2. Location Map of the Chicobi
The Chicobi Project covers 51,257 hectares and over 45 kilometers of strike along the Chicobi Deformation Zone (CDZ), a major, yet under-explored structural break transecting the Abitibi greenstone belt of Ontario and Quebec. Along the strike length of the Project, the CDZ is marked by the juxtaposition of a large sedimentary basin and volcanic packages, and “Timiskaming-type” late-basin polymictic conglomerates. The CDZ is analogous to the other major breaks that host world-class Au deposits of the Abitibi, such as the Cadillac-Larder Lake, Casa-Berardi, and Sunday Lake – Lower Detour deformation zones, and has the potential to host significant orogenic gold and VMS mineralisation.
Janek 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 Kenorland Minerals
Kenorland Minerals Ltd. (TSX.V 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 four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Further information can be found on the Company’s website www.kenorlandminerals.com
|Kenorland Minerals Ltd.
President and CEO, Director
Tel: +1 604 363 1779
|Kenorland Minerals Ltd.
Vice President of Exploration
Tel: +1 250 686 8135
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.
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