Kenorland Minerals Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Kenorland Minerals Ltd. is a mineral exploration company focused on early to advanced stage exploration in North America. Kenorland currently holds five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the O'Sullivan Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc. In Alaska, Kenorland holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.

Business Strategy

• Exploration Partnerships (Option to Joint Venture) = Lower Risk
• Equity + Royalty Generation = Value Creation
• Sole-funded Exploration: Discovery-Focused

Exploration Strategy

• Safe Jurisdictions: politically stable and mining-friendly
• Commodity Focus: Au, Cu, Ni, Li
• Large-scale: exposure to 1,328,000 hectares mineral tenure
• Systematic: property-wide phased exploration surveys
• Under-explored: low exploration maturity and un-depleted search spaces
• Under-cover: glacial overburden or post-mineral cover
• Exploration 'Pipeline’: multiple projects from greenfields through to advanced stages

Projects in Hand

Quebec, Canada

• Frotet Project (Au) – JV with Sumitomo Metal Mining Co., Ltd.
• Chicobi Project (Au) – JV with Sumitomo Metal Mining Co., Ltd.
• O’Sullivan Project (Au) – Optioned to Sumitomo Metal Mining Co., Ltd.
• Chebistuan Project (Au) – Optioned to Newmont Corp.
• Hunter Project (Au) – Optioned to Centerra Gold Inc.
• Saguenay Project (Nb) – 100% Owned

Ontario, Canada

• South Uchi Project (Au, Ni, Cu, Li) – 100% Owned
• Separation Project (Li) – Optioned to Double O Seven Res. Ltd.

Manitoba, Canada

• South Thompson (Ni), Osik (Ni), Muskyak (Cu, Zn, Au) – 100% Owned

Alaska, USA

• Tanacross Project (Cu, Au, Mo) – Optioned to Antofagasta PLC
• Healy Project (Au) – JV with Newmont Corp.

Frotet Project, Northern Quebec

• Joint venture with Sumitomo Metal Mining (80% SMM, 20% KLD); exploration is funded pro-rata and Kenorland is presently the operator of the Project.
• Over 56,000 ha of greenstone belt staked in 2017
• Systematic till sampling 2018-2019 (~6,000 samples)
• Discovery of Regnault in March 2020 (29.08m at 8.47g/t Au)
• The initial metallurgical test work has demonstrated promising Au-Ag recoveries of the Regnault-style ore. Additional work has been planned to further maximize recovery (see press release dated Jan. 18, 2023).

Regnault Gold Discovery

• Since discovery in 2020: 56,989m (158 drillholes)
• 22,783m of drilling completed in 2022
• 2023 winter drill program planned

Regnault: New Discoveries 2022

22RDD111:2.00m at 20.43 g/t Au, including 0.70 m at 46.20 g/t Au

22RDD130A:3.85m at 44.95 g/t Au, including 1.20 m at 127.83 g/t Au

22RDD124:4.00 m at 10.17 g/t Au, including 1.35 m at 25.99 g/t Au

22RDD121:5.70 m at 8.10 g/t Au, including 230 m at 15.72 g/t Au

22RDD144:2.91 m at 31.52 g/t Au, including 0.34 m at 253.50 g/t Au

22RDD144:1.85 m at 31.75 g/t Au, including 0.33 m at 147.80 g/t Au

22RDD144:10.08 m at 4.43 g/t Au, including 0.59 m at 27.10 g/t Au

22RDD136:20.55 m at 2.80 g/t Au, including 3.50 m at 10.72 g/t Au

22RDD135:5.00 m at 5.46 g/t Au, including 0.90 m at 21.39 g/t Au

22RDD133:6.65 m at 19.50 g/t Au, including 1.06 m at 98.34 g/t Au

22RDD141A:20.79 m at 2.78 g/t Au, including 1.50 m at 15.28 g/t Au

2023 Winter Exploration Program and Budget

A total exploration budget of C$6.5 million has been approved by the joint venture for the winter drill program underway at the Regnault gold discovery on the Frotet Project. The drill program will include up to 22,000m of diamond drilling over 25 drill holes. Approximately 50% of the proposed drilling will focus on broad step-outs expanding the recent vein discoveries along the R5, R6, R7 and R8 structures. These thirteen drill holes are planned to extend mineralisation from 500m to 650m depth from surface, stepping out from and below high-grade intersections returned from the 2022 program.

Investment Highlights

• Team of highly skilled explorationists and geoscientists focused on the discovery of new mineral deposits
• Strong cash position and revenue generating business model
• Steady ‘pipeline’ of exploration projects being advanced under agreements with major mining companies (Sumitomo, Newmont, Centerra, Antofagasta)
• Up to C$29M of partner-funded expenditures in 2023
• “Regnault”, a major high-grade gold discovery in Quebec held under joint venture with Sumitomo Metal Mining
• Direct or royalty interests in over 1,300,000 hectares of mineral tenure across North America
• Significant insider and institutional ownership including strategic shareholder, Sumitomo Metal Mining Co., Ltd.

Management

Management, Directors and Advisors

Zach Flood, President, CEO and Director

Mr. Flood is an economic-exploration geologist with global experience focused on various commodities over the past 15 years. Mr. Flood co-founded Kenorland Minerals in 2016. Prior to Kenorland, Mr. Flood spent numerous years within the Ivanhoe Group, undertaking project generation and business development, including evaluation of early to advanced stage M&A opportunities in the mining sector.

Enoch Kong, CPA, Chief Financial Officer

Mr. Kong has more than 10 years of extensive experience in controllership and financial reporting for public companies in the oil and gas and junior exploration sectors listed in Canada and United States.

Scott Smits, Vice President of Exploration

Mr. Smits has been involved in a broad range of positions and responsibilities, including mineral exploration and project evaluations since 2007. His most recent role was Senior Geologist within Newmont Mining Corporation’s Exploration Development Group.

Janek Wozniewski, P.Geo., Vice President of Operations

Mr. Wozniewski is an exploration geologist and geoscientist with experience in early to late-stage mineral exploration projects as well as mid-stream oil and gas projects in Canada, US, Australia and Peru. Since 2009, he has consulted with several junior to major energy and resource companies and has gained a broad multidisciplinary skillset with a focus on program planning and project management.

Dave Stevenson, Chief Geoscientist

Andy Orr, Chief Geologist

Alex Gallardo, Exploration Manager

Vytautas Banys, Exploration Manager

Mikhail Minin, Data Scientist

Rick Trotman, Director

Jamie Levy, Director

Jay Sujir, Director

Jessica van Den Akker, Director

Yu Yamato, Director

Peter Meredith, Advisor

Francis MacDonald, Lead Technical Advisor

David Broughton, Technical Advisor

David I. Groves, Technical Advisor

News Update

On February 02, 2024, Kenorland Minerals Ltd. announced that the commencement of diamond drilling at the O'Sullivan Project (the "Project"), located in the Abitibi greenstone belt of Quebec and held under an option agreement with Sumitomo Metal Mining Canada Ltd. ("Sumitomo").

Q1 2024 Winter Exploration Program Budget : A total budget of C$1.71 million has been approved by Sumitomo for the Winter 2024 exploration program. The maiden drill program will include up to 4,150m of diamond drilling, comprised of 6 drill holes as an initial test of the Pusticamica North target identified through systematic exploration carried out over the previous three years. The proposed drill plan will test a number of interpreted structure orientations and coincident geophysical features within the mapped northeast trending deformation zone. Kenorland is operator of the Project, and drilling activities are expected to conclude mid-February.

On January 24, 2024, Kenorland Minerals Ltd. has commenced 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-per-cent interest in a joint venture with Sumitomo Metal Mining Canada Ltd. for a 4-per-cent net smelter return royalty (see press release dated Jan. 16, 2024). Kenorland is currently the operator of the project and expects to close the asset exchange with Sumitomo before the end of January.

Q1 2024 winter exploration program - The winter 2024 program will include up to 17,600 metres of diamond drilling at the Regnault gold discovery. This program follows the recently completed fall 2023 exploration program comprised of 20 drill holes for 11,918 m of drilling, of which results are expected to be released during Q1 2024. The proposed drill plan will focus on infill and stepout targets along the R1, R5, R6 and R7 mineralized structures, as well as broad stepouts along the R4 structures in toward the north, and R9, R10 and R11 structures within the southern portions of the deposit area.

On January 18, 2024, Kenorland Minerals Ltd. has entered into two option agreements to acquire a 100-per-cent interest in the Stormy project and the Goldstorm project located within the Western Wabigoon geologic subprovince of Ontario, Canada, near the company's Western Wabigoon project.

Zach Flood, president and chief executive officer of Kenorland Minerals, states: "We're very excited to grow our already expansive exploration footprint in western Ontario. We're currently planning large-scale systematic geochemical and prospecting surveys across all of our projects in the region for the upcoming summer field season. This approach is in line with Kenorland's broader exploration strategy of pursuing new discoveries in areas we believe are underexplored."

On Janaury 16, 2024, Kenorland Minerals Ltd. has entered into a definitive agreement dated Jan. 15, 2024, with Sumitomo Metal Mining Canada Ltd. to exchange the company's 20-per-cent participating interest in the Frotet project, located in Quebec, for a 4.0-per-cent net smelter return royalty on all minerals extracted from the project. The transaction results in Sumitomo consolidating 100% ownership of the Project and termination of the joint venture agreement dated April 17, 2018 between Kenorland and Sumitomo.

Zach Flood, President and CEO of Kenorland commented, "Today marks the beginning of an exciting new chapter as we exchange our participating project interest for a substantial royalty interest covering the Frotet Project. This includes the high-grade Regnault gold discovery, which has been steadily advancing under our joint venture with Sumitomo over the past year. This strategic transaction is poised to deliver long term value for our shareholders and allows Kenorland to allocate its capital towards generating new discoveries elsewhere while preserving substantial upside in the Frotet Project and the Regnault gold discovery. Meanwhile, under consolidated ownership, Sumitomo can advance the development of the Project utilizing the resources of a larger mining company. We look forward to continuing our involvement in the Project as we transition operatorship over the next year."

On November 28, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Aug. 29, 2023.

Number of shares: 22,470 shares

Purchase price: 73.68 cents per share

Number of placees: one placee

Total existing insider involvement: 22,470 (one insider)

On November 15, 2023, Kenorland Minerals Ltd. has provided an update of its 2023 exploration activities, highlighting advancements on projects located in Quebec, Ontario, Manitoba, British Columbia and Alaska, including projects held under agreements with Sumitomo Metal Mining Canada Ltd., Newmont Corp., Centerra Gold Inc. and Antofagasta Minerals.

The total updated forecast for exploration expenditures on properties in which Kenorland holds direct or royalty interests is anticipated to be over $31.4-million in 2023, which includes up to $26.4-million in exploration financed by partners. Forecasted 2023 revenue, including management fees and cash payments, is approximately $3.2-million. The company's current cash position is approximately $24-million. In addition, Kenorland holds equity positions of approximately $4.7-million in various private and publicly listed companies generated by past property transactions.

On September 20, 2023, Kenorland Minerals Ltd. has commenced the 2023 fall exploration program at the Frotet project, located in Northern Quebec and held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL). Q3 2023 Fall Exploration Program:

The Q3 2023 program will include up to 11,300 meters of diamond drilling at the Regnault gold discovery. This program follows the recently completed 13,360 meter drill program, which included reported highlights of 11.96 g/t Au over 4.45m and 55.70 g/t Au over 1.20m across newly discovered vein structures at approximately 1,000m below surface (see press releases dated May 31 and August 8, 2023). The planned exploration will also include an infill soil geochemical survey covering an area directly to the east of the Regnault discovery, targeting extensions of the Regnault gold system.

On September 01, 2023, Further to the investor rights agreement (IRA) dated Nov. 5, 2021, between Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd., Sumitomo has issued to the company its intent to exercise its top-up right and retain its 10.1-per-cent interest in the company.

An aggregate of 22,470 common shares will be issued at a price of 73.68 cents per share for aggregate consideration of $16,555.90 in accordance with the IRA, subject to the approval of the TSX Venture Exchange. A copy of the IRA is available on the company's SEDAR+ profile.

On August 15, 2023, Kenorland Minerals Ltd. has commenced a large-scale surface exploration program at its 100-per-cent-owned South Uchi project, located in the Red Lake district of Northwestern Ontario. 2023 Surface Exploration Program:

The 2023 surface exploration program includes detailed glacial till geochemical surveys and prospecting efforts covering several areas targeting gold, nickel-copper, and lithium mineral systems. This program follows the 2021 and 2022 regional property-scale geochemical surveys completed while the Project was under option to Barrick Gold (see press release dated January 19, 2023). The current 2023 survey will include the collection of approximately 3,300 fine-fraction till samples over priority gold and nickel-copper target areas as well as 700 heavy mineral concentrate (HMC) till samples covering multiple lithium target areas. Given the very limited amount of historical exploration across the property, and especially within these target areas, the Company believes there is significant potential to make new discoveries.

On August 08, 2023, Kenorland Minerals Ltd. has released final drill results from the 2023 winter drill program at the Frotet project, located in Northern Quebec and held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL). Assays from the remaining eight of 15 drill holes completed, including 6,679 metres of the 13,360-metre program, are reported herein. The company is also pleased to provide an update on the upcoming fall drill program and exploration activities planned to begin in September. Highlights include the following:

• Newly discovered R10 and R11 deep zones extended to over 500 m along strike;
• 23RDD172: 2.56 grams per tonne (g/t) gold (Au) over 41.85 m, including 11.96 g/t Au over 4.45 m at R11 (new vein discovery);
• 23RDD166: 3.28 g/t Au over 24.7 m, including 26.09 g/t Au over 1.77 m and including 34.50 g/t Au over 0.35 m at R5;
• 23RDD169: 98.80 g/t Au over 0.35 m at R5 and 5.31 g/t Au over seven m, including 36.30 g/t Au over 0.60 m at R6;
• 23RDD170: 6.25 m at 3.74 g/t Au, including 9.18 g/t Au over 0.80 m at R6;
• Updated geologic model of the Regnault vein system, defining R1 to R11 vein sets.

On July 21, 2023, Kenorland Minerals Ltd. has raised gross proceeds of $7-million through the sale of one million common shares of Li-FT Power Ltd. The sale was conducted through the Canadian Securities Exchange as a prearranged trade with an arm's-length party. The proceeds from the sale further strengthen Kenorland's cash position and brings its current cash balance to a total of approximately $23-million.

On June 27, 2023, Kenorland Minerals Ltd. has made a 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 Corp. Results from 2,170 metres of drilling, including seven drill holes, are reported herein.

Drill Highlights: 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.

Zach Flood, President and CEO of Kenorland Minerals, states, "The grassroots discovery of another significant gold system is a major milestone for our company and is a testament to our exploration strategy, as well as the expertise of our exploration team. Following over two years of systematic geochemical exploration, initially covering over 178,000 hectares of ground, we managed to make this discovery with a very limited initial drill program, and we believe we've only scratched the surface of this intrusion-related gold system. We're very excited to see how this evolves moving forward."

On June 05, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on April 21, 2023.

Number of shares: 14,389 shares

Purchase price: 78.08 cents per share

Number of shares: 5,617 shares

Purchase price: 77.68 cents per share

Number of placees: one placee

Total existing insider involvement: 20,006 (one insider)

On May 31, 2023, Kenorland Minerals Ltd. has released initial drill results from the 2023 winter drill program at the Frotet project, located in Northern Quebec and held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL). Assays from seven of 15 drill holes are completed and 6,681 metres of the 13,360-metre program are reported herein. The company is also pleased to report the discovery of multiple additional mineralized vein structures encountered in deep drilling of the Regnault gold system.

Drill highlights include the following:

• 23RDD163: 15 m at 14.88 grams per tonne (g/t) Au, including two m at 57.15 g/t Au at R1;
• 23RDD167: 3.15 m at 138.74 g/t Au, including 0.4 m at 476.4 g/t Au at R5;
• 23RDD167: 3.43 m at 43.23 g/t Au, including 0.44 m at 174.3 g/t Au at R5;
• 23RDD162: 7.1 m at 12.24 g/t Au, including 1.7 m at 45.14 g/t Au at R2-R8 gap;
• 23RDD159: 1.2 m at 55.7 g/t Au (new vein discovery).

Zach Flood, president and chief executive officer of Kenorland, states: "Incredible work by the team on this program and throughout the discovery of this major gold system. As our geologists have been developing a robust geologic model, Regnault is becoming remarkably predictable in the sense of geometry and repetition of subparallel vein structures at depth. Given our continued success in finding new veins on each drill program, I believe the odds of further discoveries in the future is great, and we will continue to grow what is already a very large, high-grade gold system."

On May 10, 2023, Kenorland Minerals Ltd. has provided a summary of its 2023 activities, highlighting significant advancements in exploration across the majority of the company's portfolio, as well as the addition of several new projects recently acquired through generative efforts.

The total planned exploration expenditures on properties in which Kenorland holds direct or royalty interests is anticipated to be approximately C$33 million, which includes approximately C$29 million in exploration financed by partners. With a significant project pipeline and a robust treasury of C$18 million, Kenorland is well positioned to achieve continued success. The Company remains committed to responsible exploration practices and looks forward to delivering positive results to its stakeholders in the coming year.

On April 26, 2023, Kenorland Minerals Ltd. has released details of the 2023 exploration program and budget at the Tanacross project, located in eastern Alaska and held under an earn-in agreement with Antofagasta Minerals SA, a wholly owned subsidiary of Antofagasta PLC. 2023 summer drill program and budget:

The summer drill program, operated by Kenorland, will include up to 4,500 metres of diamond drilling to test three primary target areas: East Taurus, West Taurus and South Taurus. The approved 2023 budget for the drill program is approximately $3.8-million (U.S.) and will be carried out from June through August.

This drill program follows the surface work completed last summer, including the collection of 800 infill soil samples along with detailed induced polarization and magnetotelluric surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed extremely low-requency electromagnetic (ELF EM) and ground gravity surveys over the South Taurus anomaly.

On April 21, 2023, Further to the investor rights agreement dated Nov. 5, 2021, between Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd., Sumitomo has notified the company of its intent to exercise its top-up right and retain its 10.1-per-cent interest in the company.

An aggregate of 20,006 common shares will be issued for aggregate consideration of $15,520.14, representing 14,289 common shares at a price of 78.08 cents per share, and an additional 5,617 shares at a price of 77.68 cents per share all in accordance with the IRA, subject to the approval of the TSX Venture Exchange. A copy of the IRA is available on the company's SEDAR profile.

On March 06, 2023, Kenorland Minerals Ltd. has commenced diamond drilling at the Chebistuan project, located in the northern Abitibi greenstone belt of Quebec, and held under an exploration agreement with Newmont Corp.

2023 exploration program and budget: A total exploration budget of $1.5-million has been approved by Newmont for the 2023 winter exploration program. The program will include 3,500 metres of diamond drilling, including three drill fences to test bedrock across a structural corridor at the Deux Orignaux target area. Drilling activities will be carried out from late February to early April, 2023.

February 16, 2023, Targa Exploration Enters into Operator Services Agreement with Kenorland Minerals

January 23, 2023, Kenorland Announces 2023 Winter Drill Program at the Frotet Project and Grants Stock Options

https://www.kenorlandminerals.com/news/kenorland-announces-2023-winter-drill-program-at-the-frotet-project-and-grants-stock-options/

January 19, 2023, Kenorland Announces Termination of South Uchi Earn-in Agreement with Barrick Gold Corp.

https://www.kenorlandminerals.com/news/kenorland-announces-termination-of-south-uchi-earn-in-agreement-with-barrick-gold-corp/

January 18, 2023, Kenorland Minerals Announces Preliminary Metallurgical Results at the Frotet Project

https://www.kenorlandminerals.com/news/kenorland-minerals-announces-preliminary-metallurgical-results-at-the-frotet-project/

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