Mr. Zach Flood reports

KENORLAND MINERALS COMMENCES 2024 WINTER DRILL PROGRAM AT THE FROTET PROJECT, QUEBEC AND GRANTS STOCK OPTIONS

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.

Regnault drill program

Zach Flood, president and chief executive officer of Kenorland Minerals, states: "We're very excited to commence winter drilling at the Regnault gold discovery after very recently completing an asset exchange agreement with Sumitomo to convert our joint venture interest to a 4-per-cent NSR Royalty. Kenorland will remain operator of the project throughout the year, and we look forward to providing further updates as the exploration continues."

The priority objective of the winter 2024 drill program is to increase confidence of the vein system geometry and grade continuity along the R1, R5, R6 and R7 mineralized structures and to determine how these structures intersect with the R2, R3 and R8 trends. Approximately 70 per cent of the proposed drilling will be targeting infill and stepouts along the R5, R6 and R7 mineralized structures at depth, optimized to infill mineralization of the R1 structure. Seventeen drill holes are planned to infill the R1 vein system to 50 m spacing or less, while targeting the R5, R6, R7 and R8 mineralized structures with 50 to 100 m infill and stepout pierce points at depth down to 750 m below surface. Within the central portion of the Regnault deposit, seven drill holes for 20 per cent of the proposed program will target possible intersections between the R2 and R3 structures with the R6, R7 and R8 mineralization, associated with veins in drill hole 23RDD162 which returned 7.10 m at 12.24 grams per tonne gold, including 1.70 m at 45.14 g/t Au in 2023. The remaining 10 per cent of planned drilling will target broad stepouts at depth along the R4 structures, and the recently discovered R10 and R11 vein systems from drill hole 23RDD172 which returned 41.85 m at 2.56 g/t Au, including 4.45m at 11.96 g/t Au.

About the Frotet project

The project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological subprovince of Quebec. The property is adjacent to the past-producing Troilus Gold Corp.'s gold-copper mine (9.23 million ounces Au indicated resource) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting volcanogenic massive sulphide deposits elsewhere in the belt. Kenorland initially staked the project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo in 2018.

The project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totalling 82,273 metres of drilling (193 drill holes).

On Jan. 16, 2024, Kenorland announced the conversion of its 20-per-cent participating interest in the Frotet project to a 4-per-cent NSR royalty, which was previously held under a joint venture agreement between Sumitomo and Kenorland Minerals. Kenorland is the current operator of the project and is transitioning operatorship to Sumitomo over the next year.

The project is located 100 kilometres to the north of Chibougamau, Que. Favourable infrastructure exists in the project area with an extensive forestry road network as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property which supplied power to the past-producing Troilus mine.

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 (10 mesh) and a 250-gram split was pulverized to 75 micrometres (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 lead collection and atomic absorption spectroscopy finish. Overlimits gold samples were reanalyzed using BV method FA530 where a 30-gram 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-gram split is by multiacid digest with 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), qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

Stock option grant

The company also announces that it has granted stock options to its directors, officers, employees and a consultant to acquire a total of 2.18 million common shares of the company at an exercise price of 75 cents per share for a period of five years. The options vest one-third immediately, followed by one-third every year thereafter.

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 has agreed to exchange a 20-per-cent participating interest for a 4-per-cent net smelter return royalty on the Frotet project in Quebec which will then be 100 per cent owned by Sumitomo Metal Mining Canada. 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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