Kenorland Minerals Ltd. (TSXV: KLD) (FSE: 3WQ0) ( "Kenorland" or "the Company" ) is pleased to announce the commencement of the 2021 summer exploration program at the Frotet Project ( "the Project" ), located in northern Quebec and held under joint venture (the "Joint Venture" ) with Sumitomo Metal Mining Canada Ltd (" SMMCL" ).
2021 Summer Exploration Program
The summer exploration program will include up to 20,000 meters of diamond drilling at the Regnault gold discovery. This program follows the recently concluded winter drill program, where the company defined the orientation of multiple gold bearing structures, including R1 and R2, which produced numerous high-grade intercepts, including 5.72m at 90.56 g/t Au (21RDD024) and 25.33m at 6.29 g/t Au (21RDD037) (see press release dated May 26, 2021 ). In addition to the drill program, follow-up surface exploration, including mapping, prospecting, infill till and soil geochemical sampling, along with induced polarization (IP) geophysical surveys, will be completed over multiple regional target areas within the Frotet Project.
Figure 1. 2021 Summer Exploration Program at the Frotet Project, Quebec
Regnault Drill Program
Approximately 10,000 meters will be allocated for infill and step-out drilling along the R1 structure. The vein system will be drilled on approximately 50 meter centers, testing down to 300m depth, as well as testing extensions along strike to the east and west. A further 4,000 meters will be allocated to step-out and infill drilling along the R2 structure. The remainder of the drilling budget will be used for follow-up on additional zones of mineralization encountered along the two kilometer Regnault trend. The drill program is expected to be completed by late October with three drills active on site. Since the initial discovery in early 2020, 16,641m of drilling has been completed at Regnault.
Figure 2. Plan Map and Long Section of Proposed Drilling along R1 and R2 Structures
Zach Flood , President and CEO, states, "We're very excited to begin drilling again and look forward to the most significant program the project has seen to date, in terms of size. Now that we are gaining a better understanding of the structural controls of the gold system at Regnault, we can begin to advance this discovery significantly. In addition, we look forward to developing some of our more regional target areas to drill stage. We believe there is great potential for further discovery, not only at Regnault, but within the rest of the Frotet Project as well."
Mr. Jan Wozniewski , B. Sc., P. Geo., OGQ (#2239) is the "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
About the Frotet Project
The Frotet Project was first identified by Kenorland in 2017 after completing a regional prospectivity study over the Abitibi and Frotet-Evans Greenstone Belts of Quebec . The initial 55,921 ha property was acquired through map staking in March, 2017 and optioned to Sumitomo Metal Mining Canada Ltd. ("SMMCL"), a wholly owned subsidiary of Sumitomo Metal Mining Co., Ltd. in April, 2018. Two years of property-wide systematic till sampling led to a maiden drill program in 2020 which resulted in a significant grassroots discovery at the prospect now named Regnault. The project is currently under Joint Venture agreement between SMMCL and Kenorland Minerals Ltd., with interests being held at 80% and 20% respectively. Under the Joint Venture, exploration is funded pro-rata. Any party which does not contribute and is diluted below a 10% interest, converts its interest to a 2% uncapped net smelter royalty.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSX.V KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia , Canada. Kenorland's focus is early to advanced stage exploration in North America. The Company currently holds three projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL), the Chicobi Project is optioned to SMMCL, and the Chebistuan Project is optioned to Newmont Corporation. The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in Alaska, USA .
Further information can be found on the Company's website www.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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SOURCE Kenorland Minerals Ltd.
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