Q1 2024 Winter Exploration Program Budget
A total budget of
Pusticamica North Target Area
During the 2023 exploration campaign, the Company completed detailed magnetic, ground electromagnetic ('EM'), and induced polarisation ('IP') surveys followed by detailed mapping covering the Pusticamica North target area, as well as a regional-scale lake sediment geochemical survey, and an airborne versatile time domain electromagnetic ('VTEM') survey. The geophysical surveys covered the coherent gold-in-till anomaly along the northern shore of Lac Pusticamica, associated with strong deformation along a major felsic intrusive-volcanic contact. The drill program was designed to test a 1.6 kilometer strike length of the northeast trending deformation zone along a significant inflection in the granitoid margin, coincident with interpreted east-west structure intersections. Drill holes were targeted to cross chargeability and magnetic anomalies and where their margins coincide with discrete modelled Maxwell Plate EM anomalies, interpreted as near vertical, subparallel structures in the deformation zone. Drilling is planned to cross up to one kilometer of width in this favourable structural and lithological setting, prospective for orogenic gold.
About
The Project is located approximately 50 kilometers east of the city of
The Project is currently under an option agreement with Sumitomo (the 'Option Agreement'), whereby Sumitomo can earn an initial 51% interest in the Project by incurring an aggregate of
Following the earning of a 51% interest, Sumitomo has the option to earn an additional 19% (for a total of 70% interest), by delivering a NI 43-101 compliant feasibility study on the Project disclosing mineral resources in the measured and indicated categories of not less than 1,500,000 ounces of gold (or AuEq) within an additional seven years. Once Sumitomo has earned a 70% interest, Kenorland will have the option to forego a minority joint venture interest and immediately vest a net smelter returns royalty interest of 4% on the Project. In the event of joint venture participation, any party which dilutes to below a 10% interest will exchange its joint venture interest for a net smelter returns royalty of 3% (subject to a 1% buyback for
Exercise of Top-up Right with Sumitomo
Kenorland also announces that, further to the investor rights agreement dated
An aggregate of 67,409 common shares will be issued at a price of
About
Contact:
President, CEO & Director
Tel: +1 604 568 6005
Email: 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.
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