Vancouver, British Columbia--(Newsfile Corp. - March 17, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce the commencement of the maiden diamond drill program at the Hunter Project, located in the southern Abitibi greenstone belt of Quebec and held under an option agreement with Centerra Gold Inc. ("Centerra").
2025 Winter Exploration Program
The Winter 2025 exploration campaign and budget have been approved by Centerra for the maiden drill program at the Hunter Project. The program will include up to 4,300m of diamond drilling as an initial test of the targets identified through systematic exploration carried out since 2021. Two phases of drill-for-till sonic drilling in 2022 and 2024 identified a large multielement Au-Cu-Mo-Ag-W-Bi geochemical anomaly, both in glacial till and bedrock sampling over a 3.5 by 2.0 kilometre footprint, where bedrock alteration remains fully concealed beneath thick overburden. Kenorland remains operator of the Project, with drilling activities expected to conclude in early April.
Figure 1. Plan map of target area with planned drill hole locations
Systematic, property-wide exploration at the Hunter Project included a VTEM survey flown in 2021, followed by a drill-for-till sonic program completed in 2022. Priority target areas identified for follow-up were advanced through the completion of a high-resolution airborne magnetics survey in 2023, and a detailed sonic drill program and induced polarisation ("IP") survey in 2024 ahead of drill targeting.
Underlying geology of the target area includes stratigraphy dominated by felsic volcanic rocks, which are intruded by multiple felsic-intermediate porphyritic intrusive rock phases. These intrusive phases are focused within an interpreted north-south trending structural corridor coeval with the syn-volcanic Poularies Batholith. Widespread silica-epidote-sericite±K-feldspar alteration within both volcanic and intrusive rocks is associated with variable quartz, quartz-sulphide, and sulphide veining. Sulphide mineralisation includes pyrite with lesser chalcopyrite and molybdenite, occurring as fine-grained disseminations to vein controlled blebs and stringers. Mineralisation within the target area is interpreted to be intrusion related, which may be syn-volcanic (disseminated sulphide to VMS type mineral systems), or related to younger magmatism similar to the Duparquet gold deposit 6.5 kilometres to the south, located along the Destor-Porcupine Fault Zone.
About the Hunter Project
The Hunter Project covers 19,262 hectares of mineral tenure over a felsic volcanic complex within the southern Abitibi greenstone belt. These complexes are highly prospective for syn-volcanic, intrusion-related to Au-VMS type systems, such as the world-class Horne and LaRonde deposits. The southern margin of the property is underlain by a regional east-west trending high strain structural corridor, a splay structure off the Destor-Porcupine Fault Zone, prospective for orogenic gold mineralisation. The property is dominantly covered by glacial till and lake sediments, resulting in sparse bedrock exposure with very little systematic exploration due to the challenges of exploring through thick glacial sedimentary cover.
The Hunter Project is held under an option to joint venture agreement (the "Agreement") with Centerra. Pursuant to the Agreement, Centerra can earn an initial 51% interest in the Project by incurring an aggregate of $5,000,000 in mineral exploration expenditures on or before the fourth anniversary of the Agreement. Centerra can then earn an additional 19% interest in the Project, for an aggregate 70% interest, by completing a technical report that establishes a mineral resource of at least one million ounces of gold equivalent on or before the fourth anniversary of the exercise of the first option, provided that Centerra must provide notice of its intent to exercise the second option within 90 days of the first option exercise. Following the earning of a 70% interest, Centerra and Kenorland will form a joint venture in respect of the Project. In the event a joint venture participant's interest is diluted to below 10%, it will exchange its joint venture interest for a net smelter returns royalty of 2% on currently unencumbered claims and 1.5% on claims currently encumbered by an existing royalty.
Qualified Person
Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), 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 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.
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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