Vancouver, British Columbia--(Newsfile Corp. - November 6, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce the results from the 2024 summer exploration program at the Frotet Project (the "Project"), located in northern Quebec. Assays from the six drill holes, totaling 3,266m of drilling completed during the program, are reported herein. Kenorland currently holds a 4% net smelter return royalty and is operator of the Project.
Highlights include the following:
24RDD223:3.30m at 26.67 g/t Au incl. 0.60m at 137.30 g/t Au at R6
24RDD224: 6.35m at 9.78 g/t Au incl. 0.40m at 112.70 g/t Au at R4
24RDD223: 5.40m at 7.35 g/t Au incl. 0.75m at 26.80 g/t Au at R6
24RDD223: 1.90m at 18.40 g/t Au at R6
Updated geologic model of the Regnault vein system defining R1-R12 vein sets
The 2024 summer drill program primarily tested step-out targets generated from the recently completed geologic model update of the Regnault gold system. Five drill holes testing down-dip extensions of the north dipping R1 and R6 trends and south dipping R4 trend successfully intersected the mineralised structures. One drill hole was completed through the area of the preliminary exploration decline design for technical baseline studies, condemnation purposes and testing the R6 mineralised structure at depth.
Figure 1. Plan map of Regnault drilling including highlights from this press release
The updated geologic model indicated potential for structural complexity where the north dipping R1 and R6 mineralised structures are projected to intersect with the south dipping R4 vein sets. The main objective of the 2024 summer drill program was to test the extension of these known vein sets. Drill hole 24RDD223 returned significant results along the R6 trend, including 5.40m at 7.35 g/t Au including 0.75m at 26.80 g/t Au, 3.30m at 26.67 g/t Au including 0.60m at 137.30 g/t Au, and 1.90m at 18.40 g/t Au, a 70m step-out at depth below 22RDD143 which returned 1.83m at 18.09 g/t Au, and 2.31m at 8.97 g/t Au including 0.44m at 32.40 g/t Au (see press release dated November 14, 2022). Along the R4 mineralised structures, drill hole 24RDD224 returned 6.35m at 9.78 g/t Au including 0.40m at 112.70 g/t Au, a 100m step-out to the east and down dip from drill hole 22RDD132 that returned 3.30m at 3.97 g/t Au including 0.80m at 8.70 g/t Au (see press release dated July 11, 2022). These encouraging results suggest potential for additional mineralisation at depth within this portion of the Regnault gold system and remains a priority target for additional follow-up drilling.
Figure 2. Cross section through the Regnault gold system including highlights from this press release
Drill hole 24RDD226ED was completed through the area of the preliminary exploration decline design for geotechnical and geochemical studies, refining the geologic model and for condemnation purposes. Data will be used for the technical baseline studies to support the permitting process, and design and development of the exploration decline. Low-grade mineralisation was returned within the area of the proposed exploration decline design before intersecting the R6 mineralised structure at depth returning 6.35m at 1.31 g/t Au including 0.30m at 11.10 g/t Au.
Geological Modelling
Systematic 3D modelling was done at the Regnault system, utilizing logged geological data, core-oriented structural information, and geochemical results for grade shell domaining. The updated model includes refined diorite intrusive phases and differentiated cross-cutting mafic dikes which show structural control and spatial distribution of specific mineralised structures. Grade shell domaining of mineralisation included high-grade shells at greater than 2.50 g/t Au (shear hosted quartz-sulphide veining), and low-grade halos at greater than 0.30 g/t Au (shear hosted disseminated sulphide +/- minor quartz-sulphide veining). This improved understanding of the system will guide priority step-out targeting, and identified areas where additional infill drilling is required as the project moves towards an initial resource estimate.
Figure 3. Oblique view of the updated 2024 Regnault mineralised structure model
Table 1. Table of assay results from 2024 summer drill program
HOLE ID
From (m)
To (m)
Interval (m)†
Au (g/t)
Ag (g/t)
Residual Au (g/t)‡
24RDD221
338.75
339.75
1.00
20.40
14.30
And
356.00
363.55
7.55
1.17
0.78
And
367.65
368.45
0.80
16.80
3.70
24RDD222
72.00
73.50
1.50
4.43
2.50
And
113.60
113.90
0.30
21.60
9.90
And
383.00
393.00
10.00
0.99
0.92
24RDD223
98.20
99.40
1.20
4.23
2.20
And
243.30
247.70
4.40
2.59
2.12
1.41
Incl.
243.30
243.70
0.40
14.40
9.80
And
282.65
286.80
4.15
1.35
1.43
And
297.00
298.70
1.70
4.17
1.64
1.08
Incl.
297.00
297.35
0.35
16.10
4.20
And
344.15
349.35
5.20
3.71
1.24
1.25
Incl.
349.02
349.35
0.33
40.10
7.30
And
381.00
387.00
6.00
2.30
3.23
1.69
Incl.
381.00
381.30
0.30
14.00
22.60
And
432.90
445.00
12.10
1.85
2.42
1.04
Incl.
435.10
436.10
1.00
5.89
7.30
And Incl.
443.00
444.44
1.44
4.47
5.58
And
469.35
474.75
5.40
7.35
6.00
4.21
Incl.
474.00
474.75
0.75
26.80
22.40
And
506.20
509.50
3.30
26.67
20.65
2.08
Incl.
508.90
509.50
0.60
137.30
105.70
And
529.45
531.35
1.90
18.40
13.89
24RDD224
12.00
14.70
2.70
6.56
8.10
1.03
Incl.
13.35
14.25
0.90
17.61
23.16
And
277.75
284.10
6.35
9.78
8.42
2.86
Incl.
283.70
284.10
0.40
112.70
93.00
And
334.20
337.80
3.60
2.96
2.13
1.82
Incl.
334.20
335.05
0.85
6.63
2.84
And
407.20
408.30
1.10
10.17
5.39
And
418.20
418.60
0.40
30.60
24.70
And
438.00
441.70
3.70
3.11
3.42
1.49
Incl.
439.90
440.20
0.30
21.50
32.20
And
446.00
449.80
3.80
3.29
4.62
2.21
Incl.
448.75
449.30
0.55
9.70
16.20
And
451.80
462.00
10.20
0.61
0.79
24RDD225
357.00
376.50
19.50
1.06
0.89
And
433.70
442.10
8.40
1.08
0.54
And
447.00
447.40
0.40
27.20
5.90
And
495.00
496.50
1.50
4.57
0.80
And
506.00
521.50
15.50
1.11
0.85
24RDD226ED
396.40
402.00
5.60
0.94
0.26
And
545.65
552.00
6.35
1.31
1.13
0.83
Incl.
547.40
547.70
0.30
11.10
5.60
† Assay intervals reported are core lengths, true widths have not been determined ‡ Residual Au (g/t) represents the average grade of the drill hole interval excluding the highlighted internal interval
Table 2. Drill collar table of reported drill holes from the 2024 summer drill program
Hole ID
Easting (NAD83)
Northing (NAD83)
Elevation (m)
Depth (m)
Dip
Azimuth
24RDD221
520063
5620996
380.4
452.33
-55
330
24RDD222
520110
5620902
376.2
552.00
-63
330
24RDD223
519864
5621156
376.3
614.50
-69
163
24RDD224
519951
5620986
376.9
477.00
-69
332
24RDD225
519950
5621215
379.2
561.00
-65
162
24RDD226ED
520047
5620398
380.3
609.00
-47
319
About the Frotet Project
The Project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological sub-province of Quebec. The property is adjacent to the past-producing Troilus Gold Corporation's Au-Cu mine (9.32Moz Au indicated resource) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting VMS deposits elsewhere in the belt. Kenorland initially staked the Project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo Metal Mining Canada Ltd. ("Sumitomo") in 2018.
The Project hosts the Regnault Gold Deposit, a greenfields discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totaling 103,987 meters of drilling (226 drillholes).
On February 19, 2024, Kenorland closed a transaction to exchange its 20% participating interest in the Frotet Joint Venture with Sumitomo to a 4% NSR Royalty. Kenorland remains the operator for a minimum of one year from the transaction closure date (see press release dated February 20, 2024).
The Project is located 100 kilometers to the north of Chibougamau, Quebec. Favorable infrastructure exists in the Project area with an extensive forestry road network as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property which supplied power to the past producing Troilus mine.
*Technical Report and Mineral Resource Estimate on the Troilus Gold-Copper Project, Mineral Resources Effective Date: 02 October 2023 ** Mineral Resource Estimate on Moblan Lithium Project, Mineral Resources Effective Date: 21 March, 2023 ***The Frotet Royalty is subject to the following buy down rights in favour of Sumitomo: A 0.25% royalty interest may be purchased for a C$3,000,000 cash payment to Kenorland within five (5) years of the grant of the Frotet Royalty A 0.50% royalty interest may be purchased for a C$10,000,000 cash payment to Kenorland within ten (10) years of the grant of the Frotet Royalty In the event Sumitomo exercises the foregoing buy down rights, the Frotet Royalty would be reduced to an uncapped 3.25% net smelter return royalty on all minerals extracted from the Project
QA/QC and Core Sampling Protocols
All drill core samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed, and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from Chibougamau to Bureau Veritas Commodities ("BV") laboratory in Timmins, Ontario.
Sample preparation and analytical work for this drill program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm (10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by Pb collection and AAS finish. Over-limits gold samples were re-analyzed using BV method FA530 where a 30g split is analyzed with fire assay by Pb collection and gravimetric finish. Multi-element geochemical analysis (45 elements) was performed on all samples using BV method MA200 where a 0.25g split is by multi-acid digest with ICP-MS/ES finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks returned results that were within acceptable limits.
Qualified Person
Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
