Mr. Zach Flood reports

KENORLAND MINERALS EXPANDS PORTFOLIO IN THE WESTERN WABIGOON SUBPROVINCE

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."

Terms of the agreements

Pursuant to the agreements, the company is granted the option to acquire a 100-per-cent interest in the optioned projects by making a series of cash payments and issuances of common shares of the company over a three-year and four-year period as follows:

Stormy project:

• $25,000 cash payment due upon the extension of the claim anniversary by 12 months;
• $50,000 (distributed as 50 per cent cash and 50 per cent shares) on the first anniversary of the Stormy agreement;
• $60,000 (distributed as 50 per cent cash and 50 per cent shares) on the second anniversary of the Stormy agreement;
• $75,000 (distributed as 50 per cent cash and 50 per cent shares) on the third anniversary of the Stormy agreement;
• $100,000 (distributed as 50 per cent cash and 50 per cent shares) on the fourth anniversary of the Stormy agreement.

Additionally, the company will grant a 1.5-per-cent net smelter return royalty on the Stormy project with a 0.5-per-cent buyback provision, exercisable by the one-time payment of $1-million in cash.

Goldstorm project:

• An initial signing payment of $200,000 (distributed as 25 per cent cash and 75 per cent shares), with such shares to be issued upon the extension of the claim anniversary by nine months;
• $200,000 (distributed as 25 per cent cash and 75 per cent shares) on the first anniversary of the Goldstorm agreement;
• $250,000 (distributed as 40 per cent cash and 60 per cent shares) on the second anniversary of the Goldstorm agreement;
• $300,000 (distributed as 50 per cent cash and 50 per cent shares) on the third anniversary of the Goldstorm agreement.

Additionally, the company will grant a 1.5-per-cent net smelter return royalty on the Goldstorm project with a 0.5-per-cent buyback provision, exercisable by the one-time payment of $1-million in cash.

All common shares of Kenorland issuable pursuant to the agreements will have a deemed issuance price equivalent to the market price of such shares at the time of issuance. The shares will also be subject to a four-month-and-one-day resale restriction from the date of their issuance. The agreements and the issuance of the shares thereunder are subject to the approval of the TSX Venture Exchange.

About the optioned projects

The consolidated land package encompasses approximately 40 kilometres strike length of the Mosher Bay-Washeibemaga deformation zone (MBWDZ), a major, crustal-scale east-trending deformation zone within the Western Wabigoon subprovince. The MBWDZ is marked by the syn-orogenic, Timiskaming-like polymictic conglomerate to coarse sedimentary and volcanic rocks of the Stormy Lake group, that juxtaposes older mafic volcanic rocks of the Boyer Lake group to the north and the Wapageisi group to the south.

The newly optioned land package, covering 25,400 hectares of ground, complements Kenorland's 100-per-cent-owned projects located in western Ontario, including the Flora project (47,800 hectares), the Western Wabigoon project (58,900 hectares) and the Algoman project (78,600 hectares), covering several regional-scale structures within the Western Wabigoon and Marmion subprovinces. In addition to the prospective geology, Kenorland believes that these project areas, totalling 210,700 hectares, are underexplored and is planning a number of large-scale systematic regional geochemical surveys to be completed during the 2024 summer field season.

Qualified persons

Janek Wozniewski, BSc, PGeo (EGBC No. 172781, APEGS No. 77522, EGMB No. 48045, PGO No. 3824), and Cedric Mayer, MSc, PGeo (OGQ No. 02385), each a qualified person under National Instrument 43-101, have reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland Minerals is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships, including option to joint venture agreements. Kenorland holds a 4-per-cent net smelter return royalty on the Frotet project in Quebec, which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada in 2020. Kenorland is based in Vancouver, B.C., Canada.

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