Kenorland Minerals Ltd. announced the commencement of the 2024 winter exploration program at the Frotet Project, located in northern Quebec. The Company recently entered into a definitive agreement to exchange its 20% interest in a joint venture with Sumitomo Metal Mining Canada Ltd. for a 4% NSR royalty. Kenorland is currently the operator of the Project and expects to close the asset exchange with Sumitomo before the end of January.

First Quarter 2024 Winter Exploration Program. The Winter 2024 program will include up to 17,600m of diamond drilling at the Regnault gold discovery. This program follows the recently completed Fall 2023 exploration program comprised of 20 drill holes for 11,918m of drilling, of which, results are expected to be released during First Quarter 2024.

The proposed drill plan will focus on infill and step-out targets along the R1, R5, R6 and R7 mineralized structures, as well as broad step-outs along the R4 structures in towards the north, and R9, R10, and R11 structures within the southern portions of the deposit area. Regnault Drill Program. The priority objective of the Winter 2024 drill program is to increase confidence of the vein system geometry and grade continuity along the R1, R6 and R 7 mineralized structures and to determine how these structures intersect with the R2, R3, and R8 trends.

Approximately 70% of the proposed drilling will be targeting infill and step-outs along the R5, R6, and R7 mineralized structures at depth, optimized to infill mineralization of the R1 structure. Seventeen drill holes are planned to infill the R1 vein system to 50m spacing or less, while targeting the R5, R7 and R8 mineralized structures with 50-100m infill and step-out pierce points at depth down to 750m below surface. Within the central portion of the Regnault deposit, seven drill holes for 20% of the proposed program will target possible intersections between the R2 and R3 structures with the R6, R7 and R8 Mineralization, associated with veins in drill hole 23RDD162 which returned 7.10m at 12.24 g/t Au including 1.70m at 45.14 g/t Au in 2023.

The remaining 10% of planned drilling will target broad step-outs at depth along the R4 structures, and the recently discovered R10 and R11 vein systems from drill hole 23RDD172 which returned 41.85m at 2.56 g/t Au including 4.45m at 11.96 g/t Au. 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 (9.23Moz 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 82,273 meters of drilling (193 drill holes).

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.