Kenorland Minerals Ltd. announced the grassroots discovery of an intrusion-related gold system during the maiden diamond drill program at the Chebistuan Project, located in the northern Abitibi greenstone belt of Quebec, and held under an exploration agreement with Newmont Corporation (Newmont). Results from 2,170m of drilling, including seven drill holes, are reported herein. Seven shallow holes, up to 358m in length were drilled along two fences to test across a structural and magnetic corridor within the Deux Orignaux target area.

Along the eastern drill fence, hole 23DODD005 intersected a mineralised porphyritic syenite intrusion over 157.20m averaging 0.41 g/t Au from 84.41m to 241.61m downhole, including 20.61m at 0.97 g/t Au with individual samples returning up to 7.14 g/t Au over 0.31m along the northern contact zone. The intrusion is mineralised throughout with minor disseminated pyrite and trace sphalerite associated with pervasive potassic and albite alteration (Kspar-albite-quartz-hematite-carbonate-sericite alteration assemblage). Hole 23DODD004 undercut 23DODD005, returning 21.50m at 0.40g/t Au, incl.

8.50m at 0.72 g/t Au, along the southern contact with the syenite and ended in mineralisation. The mineralised intrusion at Deux Orignaux, defined by coincident resistivity, chargeability, and magnetic anomalies, was intersected along the regional clastic sedimentary basin - volcanic rock contact marked by Timiskaming type polymictic conglomerates. There is strong potential to extend known mineralisation to the east and at depth where the geophysical signature remains open, as well as the potential for discovering additional mineralised intrusions, interpreted from geophysics, in the immediate area surrounding the discovery.

Alkaline, intrusive-hosted disseminated sulphide gold systems represent a significant deposit type across the Abitibi greenstone belt including the Young-Davidson deposit along the Larder Lake-Cadillac fault zone, and the Duparquet deposit along the Destor-Porcupine fault zone. Many of these systems have potential for higher grade mineralisation such as the Lac Bachelor-Moroy deposit, located approximately 75km to the southwest of the Deux Orignaux discovery. The Deux Orignaux target area was identified during property-wide systematic geochemical sampling in 2020, with subsequent infill sampling leading to an area of anomalous gold geochemistry and gold grains in glacial overburden.

The target area is spatially associated with the regional contact between a clastic sedimentary basin (Opemiska Group) and volcanic rocks along a first order basin bounding structure. The Chebistuan Project consists of 2,918 claims (158,635 ha) 100% owned by Kenorland. The property covers approximately 100 kilometers of a major east-west trending deformation zone which may represent the continuation of the Sunday Lake Deformation Zone; host to major gold deposits such as Detour Lake (Kirkland Lake Gold Ltd.) and Fenelon (Wallbridge Mining Company Ltd.).

The Chibougamau and Chapais mining camps, which have produced over 6.5Moz of gold and 1.6 billion pounds of copper historically, are located directly to the east of the Chebistuan property. The Project is largely covered with glacial till and is accessed through a network of logging roads and by helicopter. The Project is currently under an exploration agreement with a venture option with Newmont.

The Agreement provides an option for a two-phased exploration earn- in over three years, where Newmont can earn a 51% interest in the Project through certain exploration expenditures and cash payments to Kenorland. The initial phase of the Agreement consists of a property- wide geochemical sampling program, target definition and testing. Newmont then has the option to earn an additional 29% interest for a cumulative 80% interest in the Project over six years by defining a 1.5Moz Au resource through a pre-feasibility stage study inline with NI43-101 Standards of Disclosure for Mineral Projects, as well as making certain cash payments to Kenorland.

The parties may continue to explore and develop the property through an 80% Newmont, 20% Kenorland Joint Venture or, in the case of a construction decision, Kenorland can elect for Newmont to finance its portion of mine development cost. If Newmont elects not to continue with the Phase Two Earn-in, ownership interest in the project can switch to 51% Kenorland and 49% Newmont.