Kenorland Minerals stakes Ontario claims

Apr 30, 2021

2021-04-30 10:13 ET – News Release

Mr. Zach Flood reports

KENORLAND ACQUIRES DISTRICT-SCALE LAND PACKAGE IN ONTARIO’S BIRCH-UCHI GREENSTONE BELT

Kenorland Minerals Ltd. has acquired, through staking, 65,657 hectares of mineral claims within the Birch-Uchi greenstone belt, in the Red Lake district of Northwestern Ontario. In addition, Kenorland has entered into an option agreement, dated April 29, 2021, with a private Ontario company pursuant to which Kenorland has been granted the sole and exclusive option to acquire a 100-per-cent interest in the Curie Lake and Root Lake West properties. The staked and optioned claims combine for a total of 76,511 hectares and are referred to as Kenorland’s South Uchi project.

About the South Uchi project

The project covers a portion of Confederation assemblage volcanic rocks, as well as the boundary between the volcanic-dominated Uchi subprovince to the north and the sedimentary-dominated English River subprovince to the south. Multiple major east-west-striking shear zones associated with the subprovince boundary transect the project along its 90-kilometre strike length. Deformation associated with these structures has resulted in zones of strong shearing, alteration and complex folded geometries of the metavolcanic-clastic metasedimentary-iron formation stratigraphy, which are favourable settings for orogenic gold mineralization.

The majority of gold deposits in the Red Lake district (Red Lake, Madsen, Hasaga and others) are located on the northern margin of the Confederation assemblage; however, the recent discoveries such as the LP fault on the Dixie project by Great Bear Resources Ltd. highlight the prospectivity of the entire Confederation assemblage along the southern margin of the Uchi subprovince.

In addition to the gold prospectivity, the project meets many of the criteria for potential lithium pegmatite deposits, including the presence of the large Alison Lake batholith (a fertile peraluminous granite), which is partly covered by the project. Numerous lithium pegmatite occurrences are located in the region, including the McCombe deposit (Ardiden Ltd.) located immediately to the east of the project.

“The South Uchi project is an excellent addition to our pipeline of greenfields exploration assets,” said Zach Flood, president and chief executive officer of Kenorland. “The project meets all of the criteria we look for, including an extensive amount of prospective geology concealed by glacial till, vastly underexplored, and favourable access and infrastructure. Our plan is to carry out a large-scale systematic geochemical survey over the entire property this summer. This approach has worked very well for us in Quebec and we will apply a similar methodology here in the Birch-Uchi belt.”

Option agreement

In order to exercise the option, Kenorland will make aggregate cash payments of $175,000 and issue common shares with an aggregate value of $175,000 over a two-year period from the date of the option agreement. Upon the exercise of the option, Kenorland will also grant to the optionor a 2-per-cent net smelter return royalty on the property, of which one-half (1 per cent) may be purchased by Kenorland at any time for an aggregate payment of $1-million, which may be paid in cash or through the issuance of common shares of Kenorland, at the discretion of the optionor.

All common shares of Kenorland issuable pursuant to the option agreement will have a deemed issuance price equivalent to the 20-day volume-weighted average trading price of Kenorland’s shares, for the period immediately prior to the date on which such common shares are due, subject to a floor price of 70 cents per share. The shares will also be subject to a four-month-and-one-day resale restriction from the date of their issuance.

The option agreement remains subject to the approval of the TSX Venture Exchange.

Qualified person

Jan Wozniewski, BSc, PGeo, OGQ (No. 2239), is the qualified person under National Instrument 43-101, and has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland Minerals is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, B.C., 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 Corp. The company also owns 100 per cent of the advanced-stage Tanacross porphyry copper-gold project as well as an option to earn up to 70 per cent from Newmont on the Healy project, both located in Alaska, United States.

We seek Safe Harbor.

https://kenorlandminerals.com/