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Kenorland Minerals Ltd. (TSXV: KLD,OTC:KLDCF) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Golden Sidewalk Project (the "Agreement Area") from Prosper Gold Corp. for total consideration of $1,000,000 in cash. The acquisition will consolidate and form part of Kenorland's recently staked Central Uchi Project (the "Project"), which now covers approximately 75,913 hectares in the Birch-Uchi Greenstone Belt of Ontario, approximately 60 kilometres east of Red Lake.
Figure 1. Geological map showing the location of the Central Uchi Project within the Birch-Uchi Greenstone Belt
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About the Central Uchi Project
The Central Uchi Project, which includes the Golden Sidewalk Agreement Area, is a district-scale gold project covering approximately 75,913 hectares of mineral claims and mining leases in the Birch-Uchi Greenstone Belt, approximately 60 kilometres east of Red Lake, Ontario. The Project spans approximately 30 kilometres of Mesoarchean greenstone stratigraphy, including extensive coverage of the unconformable contact with Neoarchean assemblages.
This regional-scale structural boundary is analogous to the geological contacts associated with major gold deposits across the Red Lake district including the Springpole deposit within the Birch-Uchi Belt. Despite its favourable geological setting, much of the Project area has seen limited systematic modern exploration and represents a compelling opportunity for additional grassroots gold discoveries.
Gold mineralisation identified across the Project is characteristic of Archean orogenic systems, consisting of quartz-carbonate veining associated with deformation zones hosted primarily within mafic volcanic rocks and related intrusive units.
Golden Sidewalk Agreement Area
The Golden Sidewalk Agreement Area hosts several historical gold occurrences, including the past-producing Bathurst Mine and the Joe, KT, Dunkin, and Vihonen prospects, where historical drilling returned high-grade gold intercepts. Previous exploration focused primarily on near-surface vein systems, with limited systematic testing of broader structural and lithological targets associated with regional unconformities and major deformation corridors, including the Swain Lake structural zone, which hosts multiple gold occurrences along strike. Numerous mineralised zones remain open along strike and at depth, while large portions of the property remain untested by modern drilling.
More recent exploration identified the "Golden Corridor," a greater than 5-kilometre trend of coincident magnetic and resistivity lineaments located immediately north of a regional unconformity between the Balmer and Narrow Lake assemblages. The corridor is supported by a strong and coherent gold-in-till anomaly and represents a priority exploration target. Along the eastern extent of the anomaly, a major east-west to northwest-trending flexure of the corridor remains untested by drilling, with the target open in this direction.
Additional underexplored target areas across the Project are associated with prominent structural corridors, including the east-west trending Swain Lake deformation zone, which transects the northern portion of the Agreement Area, as well as north-south trending structural corridors interpreted to separate the Narrow Lake and Woman Lake assemblages. These target areas are characterised by strong geophysical lineaments and widespread gold grain anomalism suggestive of nearby bedrock gold sources. Regional till surveys returned highly angular and pristine gold grains, indicating limited transport distance and supporting the potential for proximal mineralisation beneath shallow cover.
Kenorland believes the combination of favourable structural architecture, historical high-grade gold mineralisation, district-scale gold-in-till anomalies, and limited historical systematic exploration provides strong potential for the discovery of additional gold systems within the consolidated Central Uchi Project area.
Figure 2. Regional geology and HMC gold grain counts of the consolidated Central Uchi ProjectÂ
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Terms of the Agreement
Under the terms of the agreement, the Company will acquire a 100% interest in the Golden Sidewalk Project from Prosper Gold Corp. for total consideration of $1,000,000 in cash. The Company will also assume underlying royalties on the claims representing the Golden Sidewalk Project. The transaction is subject to the receipt by Prosper Gold Corp. of (i) the approval of its shareholders for the disposition and (ii) the approval of the TSX Venture Exchange.
Historic Exploration Material and Adjacent Properties
Historical exploration information referenced in this news release, including historical drilling results, gold occurrences, gold-in-till anomalies, and gold grain count data, is derived from publicly available sources and information provided by Prosper Gold Corp. The Company has not independently verified all such information; however, it considers the information relevant for evaluating the exploration potential of the Project and defining exploration targets. References to adjacent, nearby, or geologically analogous properties are provided for context only and are not necessarily indicative of mineralisation on the Central Uchi Project.
Qualified Person
Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824, APEGNB #8348), Vice President of Operations at Kenorland, a "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,OTC:KLDCF) 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, which contains an Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Moz of gold. Kenorland is based in Vancouver, British Columbia, Canada.
Further information can be found on the Company's website www.kenorlandminerals.com.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Tel +1 604 568 6005
info@kenorlandminerals.com
Cautionary Statement Regarding Forward-Looking Statements
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.
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