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VANCOUVER, BC, March 4, 2021 /CNW/ - Kenorland Minerals Ltd. (TSXV: KLD) ("Kenorland" or "the Company") is pleased to announce the commencement of drilling at Regnault within the Frotet Project (the "Project") located in the Frotet-Evans greenstone belt of Quebec.
The program will include up to 9,000 meters of diamond drilling to follow-up on the initial discovery made in 2020 where the Company intersected 29.08m at 8.47g/t Au including 11.13m at 18.43g/t Au during the maiden drill program testing a greenfield target (see press release dated July 29, 2020).
The announced drill program will see approximately 6,000 meters of drilling allocated within the 'Regnault Discovery Area', stepping out from previous significant drill intercepts as well as testing new targets within the two kilometer strike length of known mineralization. The remaining 3,000 meters will be allocated to testing further targets within the 'Regnault South' area, a three kilometer trend of continual gold in till anomalism along strike of the initial discovery area.
The previously announced 129 line-km 3D IP survey is well underway and processed data covering the discovery area has been utilized for drill targeting. The remainder of the survey along Regnault South will be completed in the coming weeks. Further information regarding these targets will be communicated to the market once the entire survey is completed.
Zach Flood, CEO of Kenorland states, "We're delighted to have the drills turning again on this incredible discovery. In mineral exploration, the odds of finding a completely new, and significant gold system are extremely rare. I believe we've succeeded in that and the objective now is to expand the footprint, and define the limits and continuity of mineralization."
About the Frotet Project
The Frotet Project was first identified by Kenorland in 2017 after completing a regional prospectively study over the Abitibi and Frotet-Evans Greenstone Belts. The Frotet-Evans greenstone belt hosts the Troilus Au-Cu deposit which produced more than two million ounces of gold and ~70,000 tons of Cu between 1996-2010, and currently contains 3.97Moz Au indicated and 1.53Moz Au inferred (Troilus Gold website). 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.
Janek Wozniewski, P.Geo. (OGQ #2239), Exploration Manager of Kenorland Minerals Ltd., Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this 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 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
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.
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