Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") and Auranova Resources Inc. ("Auranova") are pleased to announce the completion of the 2025 Winter drill program at the South Uchi Project (the "Project"), located in the Red Lake District of Ontario.
2025 Winter Drill Program
The maiden drill program consisted of 27 diamond drill holes totaling 14,363 metres, testing the Papaonga target over an 8km by 3km area, within the large gold-in-till and heavy mineral concentrate (HMC) gold grain anomalies, underlain by bedrock mineralisation consisting of quartz-sulphide veins and disseminated sulphide (see press release dated September 11, 2024). Widely spaced drill fences, roughly 500 metres to greater than 1 kilometre apart were designed to test interpreted structural corridors concealed by deep overburden and Papaonga Lake. Complete assay results are expected to be reported in late Q2 or early Q3 2025.
Figure 1. Plan map showing geology and drill hole locations in the Papaonga target area
This program marks the first-ever drilling at the Papaonga target, following four years of systematic exploration. Prior to this work, no historical drilling or documented gold occurrences had been recorded within the target area. Drilling targeted three principal areas: the sheared margin of the Papaonga diorite, northeast-trending shear zones transecting folded clastic sedimentary rocks with interbedded iron formation, and folded volcanic stratigraphy beneath Papaonga Lake cut by northeast to east-west trending shear zones. Within the diorite, variably developed quartz stockwork to sheeted vein systems were encountered, associated with silica-chlorite alteration, pyrite and trace chalcopyrite mineralisation. The folded clastic sedimentary, iron formation, volcaniclastic and mafic volcanic stratigraphy contain multi-stage veining including widespread early quartz-carbonate veins that are strongly folded and boudinaged associated with pyrite and pyrrhotite mineralisation. Northeast to east-west trending structural corridors, defined by shear zones with strong strain development, host early quartz-carbonate and smoky quartz veins, which are deformed and crosscut by later-stage milky white quartz veins. Alteration consists of moderate silica-sericite-biotite-chlorite assemblages, associated with sulphide mineralisation including arsenopyrite, pyrrhotite, pyrite, and trace chalcopyrite, both within veins and disseminated in the wall rock. Trace, localised visible gold was also observed in association with quartz veining. The multiple vein and sulphide generations are indicative of the long-lived nature of fluid flow and deformation across the Papaonga target area. Although mineralisation is present within the completed holes, it does not necessarily indicate economically significant gold grades.
Next Steps
Following the completion of the 2025 Winter drill program at the Project, Kenorland will maintain the camp and infrastructure at Papaonga for an additional three months in preparation for a potential subsequent summer drill program.
Figure 2. Regional volcanic assemblages with significant gold deposits and South Uchi Project location
1 Kinross reports 2023 fourth-quarter and full-year results: (Date February 14, 2024) - Updated resource to the technical report titled Great Bear Project Ontario, Canada prepared by Nicos Pfeiffer, P.Geo., John Sims, CPG, Yves Breau, P.Eng., Rick Greenwood, P.Geo., Agung Prawasono, P.Eng., issued February 13, 2023
About South Uchi Project
The South Uchi Project was first identified and staked by Kenorland based on the under-explored region's prospectivity to host significant gold mineralised systems. The Project covers a portion of Confederation Assemblage volcanic rocks, as well as the boundary between the Uchi geological subprovince to the north and the English River geological subprovince to the south. Multiple major east-west striking deformation zones associated with the subprovince boundary transect the Project, resulting in zones of strong shearing and folding of the supracrustal stratigraphy, which are favourable settings for orogenic gold mineralisation. Prior to Kenorland staking the Project, records indicated little to no systematic exploration had been completed, and the land package remained under-explored. 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, recent discoveries such as the LP Fault Zone on the Dixie Project by Great Bear Resources Ltd. (acquired by Kinross Gold and renamed Great Bear Project) highlight the prospectivity of the entire Confederation Assemblage along the southern margin of the Uchi subprovince.
Kenorland announced on December 2, 2024, that it had entered into a definitive agreement with Auranova, granting Auranova the right to earn up to a 70% interest in the Project. Pursuant to the agreement, Auranova may earn an initial 51% interest in the Project by making cash payments totalling $500,000 to Kenorland, completing a diamond drilling program with at least $8,000,000 in qualifying expenditures or completing 15,000 metres of drilling within two years of receiving a drill permit, issuing Kenorland 19.9% of Auranova's common shares, and maintaining Kenorland's 19.9% share position until Auranova raises a minimum of $10,000,000 through share issuances, after which Kenorland's stake will remain at 10% on a pro-rata basis through to the completion of a Preliminary Economic Assessment (the "PEA"). Kenorland has received the $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova. Further, Auranova may earn an additional 19% interest, for a total of 70% interest in the Project, by incurring an additional $10,000,000 in qualifying expenditures on or before the third anniversary of Auranova's election to proceed with the second option. Kenorland will also retain a 30% carried interest in the Project through to the completion of the PEA, at which point a joint venture will be formed.
Kenorland also holds a 2% net smelter return royalty on the Project (see press release dated September 16, 2024).
Qualified Persons
Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824), a "Qualified Person" under National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical information in this press release.
William Yeomans, P.Geo., a "Qualified Person" under National Instrument 43-101, has also reviewed and approved the scientific and technical information in this press release. Mr. Yeomans is a gold exploration professional with over 40 years of experience in all stages of gold exploration throughout the Americas, including the Superior Province throughout Quebec and Ontario. He gained extensive exploration management experience across the entire Guiana Shield with BHP and has generated projects which resulted with significant NI 43-101 gold resources. He has worked as a consultant to IAMGOLD and Dundee Precious Metals Inc., identifying acquisition opportunities across Canada, the USA and South America. He is currently the President of Yeomans Geological Inc. as well as 1127637 B.C. Ltd. and has many years of experience as a board member for several junior mining companies.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.
The Company is an unlisted reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan and Manitoba. Its directors and major shareholders are Thomas Obradovich, Chris Taylor, Timothy Young and William Rand.
Further information about Auranova can be found on www.sedarplus.ca.
On behalf of the Board of Directors of Kenorland Minerals Ltd.,
Zach Flood President, CEO & Director
For further information, please contact:
Alex Muir, CFA Corporate Development and Investor Relations Manager Tel +1 604 568 6005 info@kenorlandminerals.com
On behalf of the Board of Directors of Auranova Resources Inc.,
Thomas Obradovich Chief Executive Officer Tel +1 416 985 7140
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.
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