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Kenorland Minerals Ltd. (TSXV: KLD,OTC:KLDCF) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce that the maiden Mineral Resource Estimate ("MRE") for the Regnault gold deposit, located within the Frotet Project (the "Project") in northern Quebec, is in the final stages of completion. The MRE, prepared on behalf of the Company and Sumitomo Metal Mining Canada Ltd. ("Sumitomo"), the 100% owner and operator of the Project, is expected to be announced in the coming weeks. Kenorland holds a 4% NSR royalty across the entirety of the Frotet Project.
The upcoming Mineral Resource Estimate will incorporate 127,217 metres across 265 drill holes, and will represent the first formal quantification of the high-grade gold mineralisation first discovered by Kenorland and Sumitomo in 2020. The MRE is being prepared by SLR Consulting (Canada) Ltd., and will adhere to CIM Definition Standards as required under NI 43-101.
Zach Flood, President and CEO of Kenorland Minerals, stated, "The upcoming maiden Mineral Resource Estimate at Regnault will be a defining milestone for Kenorland, providing the first tangible valuation anchor for our 4% NSR royalty on the Frotet Project. Situated in a premier jurisdiction and underpinned by Sumitomo's operational strength, this maiden resource-together with our large-scale portfolio of grassroots assets-will continue to drive Kenorland's long-term value and optionality."
The Regnault gold system comprises multiple subparallel, steeply dipping shear zones hosting quartz-carbonate veining and disseminated sulfides within an area exceeding two kilometres in strike length. Mineralisation remains open along strike and at depth, with numerous step-out and regional targets identified for future drilling.
About 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 in 2018.
The Project hosts the Regnault gold system, 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 131,713 metres of drilling (271 drill holes) to date.
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.
The Project is located 100 kilometres 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.
Qualified Person
Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), Senior Project Geologist 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 Ltd.
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 operated 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.
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:
Alex Muir, CFA
Corporate Development and Investor Relations Manager
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275978
