Kenorland options Separation to Double O
2022-04-08 10:06 ET – News Release
Mr. Zach Flood reports
KENORLAND OPTIONS THE SEPARATION LITHIUM PROJECT TO DOUBLE O SEVEN RESOURCES LTD.
Kenorland Minerals Ltd. has entered into an option agreement with Double O Seven Resources Ltd., a private British Columbia company, pursuant to which Double O has been granted the sole and exclusive option to acquire a 100-per-cent interest in and to the Separation project, located within the English River domain in the Kenora mining district of Northwestern Ontario.
Option agreement
Upon signing, Double O has made an initial $100,000 payment to the company and can earn up to a 100-per-cent interest in the project by incurring aggregate payments of $1.5-million to Kenorland on or before the fifth anniversary of the option agreement. Pursuant to the option agreement, Double O will make annual payments to the company on or before the agreement anniversary dates under the following schedule: $150,000 at the first anniversary, $200,000 at the second anniversary, $250,000 at the third anniversary, $300,000 at the fourth anniversary and $500,000 at the fifth anniversary. Upon completion of the option agreement, Kenorland will retain a net smelter returns royalty of 2.5 per cent. For an initial two-year term, Kenorland will remain operator of the project and receive a 10-per-cent management fee of exploration expenditures.
About the Separation project
The Separation lithum project covers approximately 80 kilometres of the contact between the English River and Winnipeg River geologic subprovinces. This subprovince boundary is spatially associated with the Tanco lithium-caesium-tantalum (Li-Cs-Ta) pegmatite deposit in Mantioba, as well as the Big Whopper Li pegmatite in the Separation Rapids area. The presence of these two significant Li pegmatite deposits suggests that the entire English River-Winnipeg River domain contact is prospective for additional Li pegmatite mineralization.
Qualified person
Jan Wozniewski, BSc, PGeo, OGQ, 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 British Columbia and based in Vancouver, B.C., Canada. Kenorland’s focus is early-stage 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 is held under joint venture with Sumitomo Metal Mining Co. Ltd., the Chicobi project is optioned to Sumitomo Metal Mining, the Chebistuan project is optioned to Newmont Corp. and the Hunter project is optioned 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 Corp. In Alaska, United States, the company owns 100 per cent of the advanced-stage Tanacross porphyry copper-gold-molybdenum (Cu-Au-Mo) project, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont.
We seek Safe Harbor.
Related Posts
Tags
Share This
