Mr. Zach Flood reports

KENORLAND INTERSECTS 11.96 G/T AU OVER 4.45M ON R11 DEEP VEIN DISCOVERY AT THE FROTET PROJECT, QUEBEC, PROVIDES UPDATED GEOLOGIC MODEL

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 coming 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.

Zach Flood, president and chief executive officer of Kenorland, states: "The 2023 winter drill program was a great success, highlighted by the discovery of multiple high-grade gold-bearing structures intersected in the deepest drilling to date. The scale of this project is reaching critical mass and I believe the value of this will become recognized over time."

Discussion of results

The reported intersections are the final eight drill hole results from the 15-hole 2023 winter drill program at Regnault. The majority of drilling was designed with broad stepouts to follow up on multiple new vein discoveries of the 2022 program, including an area of limited drilling between the R5-R6-R7-R8 discoveries and the R2-R3 structures. Mineralization was intersected across multiple structures, linking these two vein corridors for a combined strike length of 1.8 kilometres (see press release dated May 31, 2023).

Additional deep drilling was completed to explore for subparallel structures south of known mineralized zones within the Regnault intrusive complex. These deep holes were successful in discovering new vein systems at vertical depths of up to 1,000 m (R9, R10 and R11 structures) and intersected mineralization over strike lengths of up to 450 m, remaining open in multiple directions. The intersections of high-grade gold mineralized, including 4.45 m at 11.96 g/t Au in 23RDD172, demonstrate the continued exploration potential of the Regnault system at depth.

Drill hole intersections along the R1-R5 structures include 23RDD169, which returned 0.35 m at 98.80 g/t Au. This hole extends mineralized on the R5 structure at 300 m vertical depth, and the structure at this area notably remains open at depth.

Drill hole 23RDD169 also tested parallel structures in the area of limited drilling between R2-R3 and the R5-R6-R7-R8 discoveries, returning seven m at 5.31 g/t Au, including 0.60 m at 36.30 g/t Au. Along with intersections in 23RDD166 of 24.70 m at 3.28 g/t Au, including 0.35 m at 34.50 g/t Au and 1.77 m at 26.09 g/t Au, as well as 23RDD168 of 4.89 m at three g/t Au, including 0.33 m at 34.30 g/t Au, a link between the structures is indicated at the 300 m to 375 m vertical depth, with mineralization notably remaining open at depth on these trends.

Deep-drilling testing for additional deep subparallel structures was successful, with drill hole 23RDD172 intersecting 0.34 m at 31.70 g/t Au at 650 m depth from surface and 41.85 m at 2.56 g/t Au, including 4.45 m at 11.96 g/t Au at 1,000 m depth from surface. These intercepts confirm the significance of the new vein discoveries. Along with previously reported 2023 winter results, including 23RDD159 which returned 4.75 m at 5.97 g/t Au and 1.20 m at 55.70 g/t Au, and 23RDD162 returning 2.01 m at 5.25 g/t Au on the R11 mineralized structure, a strike length of at least 450 m is indicated, attesting to the continued potential of the Regnault system at depth (see press release dated May 31, 2023).

Gold mineralization of the Regnault vein system is associated with multiple east-west-trending and north-dipping shear zones. Mineralized structures transect both the multiphase Regnault intrusive complex and surrounding volcanic rocks, and are defined by zones of moderate-strong strain, biotite-calcite-plus-or-minus-silica-chlorite alteration and disseminated pyrite (locally ranging from 3 per cent to 10 per cent). High-grade intercepts are characteristically shear-hosted laminated quartz-carbonate-pyrite veins, often haloed by variably deformed extensional stockwork quartz veining locally containing up to 20 per cent pyrite along with trace chalcopyrite, Au-plus-or-minus-Ag (silver) tellurides and visible gold.

Geological modelling

Systematic 3-D modelling was done at the Regnault system, utilizing logged geological data, and core-oriented structural and geochemical information. The broad exploration stepouts of the 2023 winter drilling have allowed for definition of important structural geometries in key areas hosting high-grade quartz-sulphide veins. Principal outcomes include: the presence and subparallel nature of the newly discovered R8-R9-R10-R11 structures, clear link between the R2-R3 and R5-R6-R7-R8 structures, and confirmation of the projected geometry of the Regnault intrusive complex at depth. This improved understanding of the system and orientation of mineralized zones indicates the potential for multiple mineralized structures of significant strike length within the Regnault system.

Regnault summer 2023 drill program update

At the conclusion of the 2023 winter drill program, a total of 70,356 m over 173 holes have been drilled to date at Regnault, beginning with the discovery drill program in 2020. The coming fall drill program, anticipated to begin in mid-September, will include up to 11,300 m of diamond drilling. A large-scale surface geochemical program, including the collection of approximately 1,200 soil samples (glacial till substrate), will also be completed immediately to the east of the Regnault discovery to define additional targets for drill testing next winter.

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 Ltd., 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 Ltd., 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-gram 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), a qualified person under National Instrument 43-101, 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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