Kenorland Minerals begins drilling at Chebistuan

Mar 7, 2023

2023-03-06 12:00 ET – News Release

 

Mr. Zach Flood reports

KENORLAND MINERALS ANNOUNCES THE COMMENCEMENT OF DRILLING AT CHEBISTUAN

Kenorland Minerals Ltd. has commenced diamond drilling at the Chebistuan project, located in the northern Abitibi greenstone belt of Quebec, and held under an exploration agreement with Newmont Corp.

2023 exploration program and budget

A total exploration budget of $1.5-million has been approved by Newmont for the 2023 winter exploration program. The program will include 3,500 metres of diamond drilling, including three drill fences to test bedrock across a structural corridor at the Deux Orignaux target area. Drilling activities will be carried out from late February to early April, 2023.

Deux Originaux target area

The Deux Orignaux target area was identified during property-wide systematic geochemical sampling in 2020, with subsequent infill sampling leading to an area of anomalous gold geochemistry and gold grains in glacial overburden. The target area is spatially associated with the regional contact between a clastic sedimentary basin (Opemiska group) and volcanic rocks along a first-order basin-bounding structure. Multiple second-order structures occur at oblique angles to the basin-bounding structure in the form of a horse-tail splay structural pattern, prospective for orogenic gold deposition.

Quality assurance/quality control and sampling protocols

Soil samples were collected from the B-horizon of soil developed on a till substrate. Approximately one kilogram of material was collected from each sample site and shipped to Bureau Veritas (BV) in Timmins, Ont., for preparation. Samples were prepared for analysis according to BV method SS230; sieve individual samples to 230 mesh (minus 63 microns). Samples were analyzed at BV in Vancouver, B.C., with BV method AQ252_EXT; 30 grams of material digested in aqua regia with an inductively coupled plasma mass spectrometry finish.

About the Chebistuan project

The Chebistuan project consists of 3,078 claims (161,025 hectares) 100 per cent owned by Kenorland. The property covers approximately 100 kilometres of a major east-west-trending deformation zone, which may represent the continuation of the Sunday Lake deformation zone, host to major gold deposits such as Detour Lake (Kirkland Lake Gold Ltd.) and Fenelon (Wallbridge Mining Company Ltd.). The Chibougamau and Chapais mining camps, which have produced over 6.5 million ounces of gold and 1.6 billion pounds of copper historically, are located directly to the east of the Chebistuan property. The project is largely covered with glacial till and is accessed through a network of logging roads and by helicopter.

The project is currently under an exploration agreement with a venture option with Newmont. The agreement provides an option for a two-phased exploration earn-in over three years, where Newmont can earn a 51-per-cent interest in the project through certain exploration expenditures and cash payments to Kenorland. The initial phase of the agreement consists of a property-wide geochemical sampling program, target definition and testing. Newmont then has the option to earn an additional 29-per-cent interest for a cumulative 80-per-cent interest in the project over six years by completing a prefeasibility study on a minimum 1.5 Moz Au resource in accordance with National Instrument 43-101 standards, as well as making certain cash payments to Kenorland. The parties may continue to explore and develop the property through an 80-per-cent-Newmont/20-per-cent-Kenorland joint venture or, in the case of a construction decision, Kenorland can elect for Newmont to finance its portion of mine development cost. If Newmont elects not to continue with the phase 2 earn-in, ownership interest in the project will switch to 51 per cent Kenorland and 49 per cent Newmont.

Qualified person

Jan Wozniewski, BSc, PGeo, OGQ (No. 2239), the qualified person under National Instrument 43-101, 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 five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet project and Chicobi project are held under joint venture with Sumitomo, the O’Sullivan project is optioned to Sumitomo, the Chebistuan project is optioned to Newmont, and the Hunter project is held under option to Centerra Gold Inc. In Alaska, the company holds the advanced-stage Tanacross porphyry copper-gold-molybdenum project, optioned to Antofagasta, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont.

We seek Safe Harbor.

https://www.kenorlandminerals.com/

Related Posts

Tags

Share This