Mr. Zach Flood reports

KENORLAND INTERSECTS 138.74 G/T AU OVER 3.15M AT R5 AND ANNOUNCES NEW VEIN DISCOVERIES IN DEEPER DRILLING AT REGNAULT

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."

Discussion of results

The 2023 winter drill program was largely designed to test the strike and depth extent of multiple new vein discoveries made in 2022, including the R5, R6, R7 and R8 structures. Drilling was focused in an area between these new vein discoveries to the east, and the R2 and R3 structures to the west, where there had been limited drilling to date. All drill holes intersected significant mineralization across multiple structures, linking the eastern vein discoveries to the western structures, defining a corridor of up to 1.8 kilometres of strike containing multiple subparallel vein structures hosting high-grade gold mineralization.

In addition to stepout and infill drilling along known structures, deep drilling was designed to explore for additional subarallel veins at depth and toward the south of known mineralized structures. The deep holes, up to 1,614 metres in length (1,250 m vertical depth), successfully intersected multiple new vein discoveries, significantly extending the known footprint of the Regnault gold system to vertical depths of over one kilometre. Hole 23RDD159 intersected 1.2 m at 55.7 g/t Au, a new vein discovery, and the deepest known mineralization returned to date at 1,000 m vertical depth.

Fifteen drill holes completed during the 2023 winter drill program were designed to infill along the R1 trend while targeting deeper mineralization to the south. Highlights along the R1 trend include hole 23RDD163, which returned 15 m at 14.88 g/t Au, including 1.1 m at 37.04 g/t Au and including two m at 57.15 g/t Au, located 50 m down-dip from 21RDD024 (5.72 m at 90.56 g/t Au (see press release from May 26, 2021)). Drill holes targeting a large gap in drilling at depth along the R1 and R5 trends includes 23RDD167, which returned 3.43 m at 43.23 g/t Au, including 0.44 m at 174.3 g/t Au and 3.15 m at 138.74 g/t Au, including 0.4 m at 476.4 g/t Au, approximately 70 m to the west of 22RDD143 (1.83 m at 18.09 g/t Au and 2.31m at 8.97 g/t Au, including 0.44 m at 32.4 g/t Au (see press release from Nov. 14, 2022)).

To the south of the R1 trend, drilling has successfully intersected mineralization linking the R2-R3 (west) and R5-R6-R7-R8 (east) structural corridor, demonstrating a known strike length of 1,800 m. Drill holes completed within this gap zone include 23RDD159, which returned 9.62 m at 4.22 g/t Au, including 0.4 m at 57.6 g/t Au, located 230 m west of hole 23RDD162, which returned 7.1 m at 12.24 g/t Au, including 1.7 m at 45.14 g/t Au.

Drill holes 23RDD159, 23RDD162 and 23RDD172 were designed to explore for additional subparallel veins at depth toward the south of known mineralized structures. Hole 23RDD159 intersected several newly discovered mineralized structures, including 4.75 m at 5.97 g/t Au, including 0.5 m at 46.7 g/t Au and 1.2 m at 55.7 g/t Au. Drill hole 23RDD162 also intersected several new mineralized structures, approximately 275 m to the east of 23RDD159, including 17.57 m at 1.45 g/t Au, 6.25 m at 2.29 g/t Au and 2.01 m at 5.25 g/t Au, confirming the significance of these newly discovered mineralized structures. Assay results from hole 23RDD172 remain pending. Geologic and vein models will be updated once all assays have been received from the 2023 winter drill campaign.

Exercise of top-up right

The company announces that, further to its press release dated April 19, 2023, the company and SMMCL have completed the exercise of SMMCL's top-up right to retain its 10.1-per-cent interest in the company as granted within the investor rights agreement dated Nov. 5, 2021.

An aggregate of 20,006 common shares were issued for aggregate consideration of $15,520.14. The shares are subject to a statutory hold period, in accordance with applicable securities legislation, and the rules and policies of the TSX Venture Exchange, expiring on Sept. 5, 2023.

About the Frotet project

The Frotet project was first identified by Kenorland in 2017 after completing a regional prospectivity study over the Abitibi and Frotet-Evans greenstone belts of Quebec. The initial 55,921-hectare property was acquired through map staking in March, 2017, and optioned to Sumitomo Metal Mining Canada, a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd., in April, 2018. Two years of property-wide systematic till sampling led to a maiden drill program in 2020, which resulted in a significant grassroots discovery at the prospect now named Regnault. The project is currently under the joint venture agreement between SMMCL and Kenorland Minerals, with interests being held at 80 per cent and 20 per cent, respectively. Under the joint venture, exploration is financed pro rata and Kenorland is presently the operator of the project. Any party which does not contribute and is diluted below a 10-per-cent interest, converts its interest to an 2-per-cent uncapped net smelter royalty.

Quality assurance/quality control and core sampling protocols

All drill core samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody and transported from Chibougamau to Bureau Veritas Commodities (BV) laboratory in Timmins, Ont.

Sample preparation and analytical work for this drill program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to two millimetres (mm) (10 mesh), and a 250-gram split was pulverized to 75 microns (200 mesh) for analysis and then assayed for gold. Gold in samples were analyzed using BV method FA430, where a 30 g split is analyzed with fire assay by Pb (lead) collection and AAS (atomic absorption spectroscopy) finish. Overlimit gold samples were reanalyzed using BV method FA530, where a 30 g split is analyzed with fire assay by Pb collection and gravimetric finish. Multielement geochemical analysis (45 elements) was performed on all samples using BV method MA200, where a 0.25 g split is by multiacid digest with ICP-MS/ES (inductively coupled plasma mass spectrometry/emission spectroscopy) finish. All results passed the QA/QC screening at the lab; all company-inserted standards and blanks returned results that were within acceptable limits.

Qualified person

Cedric Mayer, MSc, PGeo (OGQ No. 02385), is the qualified person under National Instrument 43-101, and has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland Minerals is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, B.C., Canada. Kenorland's focus is early- to advanced-stage exploration in North America. The company 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 Corp., and the Hunter project is held under option to Centerra Gold Inc. In Alaska, the company holds the advanced-stage Tanacross porphyry Cu-Au-Mo (copper-gold-molybdenum) project, optioned to Antofagasta, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont.

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