Kenorland plans 2023 summer drill program at Tanacross

Apr 27, 2023

2023-04-26 12:46 ET – News Release

Mr. Zach Flood reports

KENORLAND ANNOUNCES 2023 SUMMER DRILL PROGRAM AT THE TANACROSS PROJECT, ALASKA

Kenorland Minerals Ltd. has released details of the 2023 exploration program and budget at the Tanacross project, located in eastern Alaska and held under an earn-in agreement with Antofagasta Minerals SA, a wholly owned subsidiary of Antofagasta PLC.

2023 summer drill program and budget

The summer drill program, operated by Kenorland, will include up to 4,500 metres of diamond drilling to test three primary target areas: East Taurus, West Taurus and South Taurus. The approved 2023 budget for the drill program is approximately $3.8-million (U.S.) and will be carried out from June through August.

This drill program follows the surface work completed last summer, including the collection of 800 infill soil samples along with detailed induced polarization and magnetotelluric surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed extremely low-requency electromagnetic (ELF EM) and ground gravity surveys over the South Taurus anomaly.

Agreement terms with Antofagasta

Antofagasta can earn a 70-per-cent interest in Tanacross by making cash payments in an aggregate amount of $1-million (U.S.) plus a success payment of $4-million (U.S.) upon exercise of the option and spending of $30-million (U.S.) on exploration over eight years, with a firm commitment to spend $1-million (U.S.) in year 1, and delivering a preliminary economic assessment supported by a technical report defined in National Instrument 43-101. During the option period, Antofagasta will finance all exploration and Kenorland will be the initial operator.

Once Antofagasta has earned its 70-per-cent interest, Kenorland and Antofagasta will form a 30:70 joint venture. If either party’s interest in the joint venture falls below 10 per cent, that party’s interest will be converted to a 2-per-cent net smelter return, one-quarter of which can be purchased by the other party for $2-million (U.S.).

About the Tanacross project

The Tanacross project covers 45,000 hectares of Alaska state-owned land, approximately 70 kilometres northeast of Tok, along the Alaska Highway. The project hosts a cluster of late Cretaceous (68 million to 73 million years) porphyry copper (plus/minus gold, molybdenum) occurrences, including East Taurus, West Taurus and Bluff. This age of mineralization is similar to the giant Casino porphyry copper system (Western Copper and Gold Corp.), which is located 140 kilometres to the southeast in Yukon, Canada, as well as the Tetlin Au skarn system (Contango Ore Inc.), located 70 kilometres to the southwest of the Tanacross project. The project has seen a total of 17,076 m of drilling in over 67 drill holes, since the initial discovery of East Taurus in 1971 by Duval Corp. Multiple drill campaigns have been carried out by nine different companies, including the most recent drill program in 2019 when the property was held under option to Freeport-McMoRan. The best historical results from the project include drilling at East Taurus, where 08DDH040 intersected 232.56 m at 0.31 per cent Cu, 0.25 gram per tonne Au and 0.036 per cent Mo.

Qualified person

Janek Wozniewski, BSc, PGeo, OGQ (No. 2239), a 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 Corp., and the Hunter project is held under option to Centerra Gold Inc. In Alaska, the company holds the advanced-stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont.

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https://www.kenorlandminerals.com/