Kenorland Minerals Ltd says it is well funded as it prepares for 2022 exploration activities

The company said it has an active year of exploration ahead with several projects located in Quebec, Ontario, Manitoba and Alaska moving through the exploration pipeline.

Kenorland Minerals Ltd (TSX-V:KLD) has updated investors on its ongoing exploration activities in North America as it prepares for a year of active exploration with several projects located in Quebec, Ontario, Manitoba and Alaska moving through the exploration pipeline.

The Vancouver-based mining exploration company said it was well funded to carry out its planned exploration activities for 2022, with working capital of approximately C$8.2 million at the start of January 2022. .

He also announced senior management changes and the granting of incentive options.

READ: Kenorland options Hunter project in Quebec to Centerra Gold Inc

Eastern Canada Exploration Update:

Frotet Project, Quebec (joint venture with Sumitomo Metal Mining Co.): At the Regnault gold discovery, a 10,000 meter diamond drill program is underway, targeting extensions along strike and dip of the R1 and R2 trends, as well as additional gold structures in the Regnault area . The drilling program represents the final phase of exploration under the fiscal year 2021 budget set in March last year. Kenorland said it expects to announce the jointly funded exploration program and budget for fiscal year 2022 later in the first quarter. Additionally, full results from the remaining 7,968 meters (m) of drilling, including 25 holes from the 17,792m drill program completed in October 2021, are expected to be received and reported in the first quarter.

Chicobi Project, Quebec (optioned to Sumitomo Metal Mining Co.): Kenorland recently completed detailed UAV magnetic, induced polarization (IP) and electromagnetic (EM) geophysical surveys over Target B, a coherent multi-element glacial till geochemical anomaly, as part of the Chicobi project. It plans to carry out an initial 2,500m diamond drill program starting in March on Target B. This drill program will conclude the fiscal year 2021 budget approved by Sumitomo Metal Mining. The partner-funded exploration program and budget for fiscal 2022 is expected to be announced later in the first quarter.

Chebistuan Project, Quebec (optioned to Newmont Corporation): Kenorland recently completed a high resolution helical magnetic survey and is currently conducting an IP survey at Deux Orignaux, a consistent glacial till geochemical anomaly identified last year following two phases of regional exploration, which covered the entire property of 161,025 hectares. The company said it is awaiting the results of boulder prospecting and bulk till sampling drilled last fall in the same target area. The partner funded exploration program and budget for 2022 is expected to be announced later in the first quarter.

Hunter Project, Quebec (optional to Centerra Gold Inc.): The company said the partner-funded exploration program and budget for 2022 is expected to be announced in the coming weeks.

South Uchi Project, Ontario (optional to Barrick Gold Corp): In 2021, a property-wide regional till sampling program was completed, comprising a total of 1,904 samples collected, covering the 65,657 hectare South Uchi project in the Red Lake mining district of Ontario. Kenorland said it expects to announce the 2022 partner-funded exploration program and budget in the first or second quarter.

Alaska Exploration Update:

Healy Project, Alaska (joint venture with Newmont Corporation): In 2021, Kenorland completed 5,200m of diamond drilling, including 15 holes testing the Bronk, Thor and Spike target areas associated with an extensive gold system in the Goodpaster District of Alaska. In addition to the drilling program, high power IP and magnetotelluric (MT) geophysical surveys were completed, intersecting the three target areas. The company said it is awaiting final assays from the completed drilling program in September 2021 and expects to announce results in the first quarter.

Kenorland also announced that it had completed its minimum Phase 1 work expenditure of US$4 million for which it had acquired a 70% interest in the Healy project. Joint financing has commenced, in which Newmont and Newmont participate on a pro rata basis of 70% and 30%, respectively.

Tanacross Project, Alaska (100% owned): In 2021, Kenorland completed an extensive soil geochemical and mapping survey covering the East Taurus, West Taurus, South Taurus and Big Creek prospects. A total of 1,870 soil samples were collected for which complete analyzes have recently been received. Detailed UAV magnetic surveys, comprising over 600 line kilometres, were conducted over the same target areas and IP and MT surveys were completed over the South Taurus target area. He expects the results of these studies as well as the 2022 exploration program to be announced soon once final compilation and targeting is complete.

Project generation:

Kenorland said it had recently applied for additional mineral exploration licenses to add to its growing portfolio of early-stage exploration projects in the province of Manitoba, with a commodity focus on nickel and gold.

Changes to senior management:

Kenorland also announced that it has appointed Francis MacDonald as President, Scott Smits as Vice President of Exploration and Janek Wozniewski as Vice President of Operations.

MacDonald is a co-founder of Kenorland and has been with the company since its inception in 2016 as executive vice president of exploration. The company noted that he is an exploration geologist who spent much of his career with Newmont Corporation managing grassroots exploration projects in North America, West Africa and East Africa. ‘East.

Smits is also a co-founder of the company and has served as chief geologist since 2016. His most recent role prior to joining Kenorland was senior geologist in Newmont Corporation’s exploration development group, responsible for generating and evaluating projects in North America.

Wozniewski joined Kenorland in 2019 as Director of Exploration and is an integral part of the team that manages its exploration operations in North America. Prior to joining Kenorland, he consulted with numerous resource and energy companies focusing on program planning and project management.

Kenorland disclosed that it had granted options to directors, officers and employees to acquire a total of 1,375,000 of its common shares at an exercise price of $0.70 per share for five years. Options acquire 25% immediately followed by 25% every six months thereafter, he said.

Kenorland is focused on early to late stage exploration in North America. It currently has four projects in Quebec where the work is carried out under a joint venture and a participation agreement with third parties.

In Alaska, the company owns 100% of the advanced Tanacross copper-gold-molybdenum porphyry project as well as a 70% interest in the Healy project, held in joint venture with Newmont Corporation.

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