02:29:47 EDT Mon 24 Jun 2024
Enter Symbol
or Name

Kenorland Minerals Ltd
Symbol KLD
Shares Issued 63,890,766
Close 2024-03-18 C$ 0.74
Market Cap C$ 47,279,167
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Kenorland receives $200,000 OJEP grant for South Uchi

2024-03-19 11:43 ET - News Release

Mr. Zach Flood reports


Kenorland Minerals Ltd. was approved for a $200,000 grant from the government of Ontario under the Ontario Junior Exploration Program (OJEP) on July 17, 2023, and received the final tranche of funds on March 7, 2024.

The OJEP program is designed to promote early-stage exploration in Ontario, whereby companies can receive up to $200,000 per project to cover 50 per cent of eligible exploration costs.

Zach Flood, chief executive officer and president, states: "On behalf of Kenorland, I'd like to express our gratitude to the government of Ontario for its support of early-stage exploration through the Ontario Junior Exploration Program. The funds provided by OJEP will help Kenorland generate new drill targets at the South Uchi project, located in the prolific Red Lake district of Northwestern Ontario."

"Early exploration projects taking place in Ontario by companies such as Kenorland Minerals Ltd. are vital to tapping into the critical minerals potential in the north," said George Pirie, Minister of Mines. "Through the Ontario Junior Exploration Program, our government is creating the conditions to ensure the continued success of Ontario's mining industry, keeping our mines operating for generations to come."

About the South Uchi project

The South Uchi project is a 100-per-cent-owned project targeting gold, nickel-copper and lithium mineral systems, located in the Confederation assemblage volcanics within the Red Lake mining district of Northwestern Ontario. The South Uchi project is approximately 45 kilometres along strike to the east of Kinross Gold's Great Bear project. The company recently announced a widespread 40-square-kilometre gold-in-till anomaly at the Papaonga target area with multielement silver-tellurium-tungsten plus or minus arsenic-antimony signatures, an area with limited exploration and no historic drilling (see press release dated Feb. 28, 2024). Multiple discrete Ni-Cu plus or minus cobalt-platinum anomalies were identified, and multiple new pegmatite occurrences were identified and sampled on the project, some of which note beryl, apatite and lepidolite.

Kenorland completes top-up right exercise with Sumitomo

Kenorland is also pleased to announce that further to its press release dated March 8, 2024, the company and Sumitomo Metal Mining Canada Ltd. have completed the exercise of Sumitomo'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 24,075 common shares were issued for aggregate consideration of $16,852.50. The common shares issuable in the placement 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 July 13, 2024.

As Sumitomo is the beneficial owner of more than 10 per cent of Kenorland's outstanding shares, it is a related party to the company within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. As such, the transaction constituted a related party transaction within the meaning of MI 61-101.

The company has relied upon on exemptions from formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of either transaction does not constitute more than the 25 per cent of the company's market capitalization.

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. 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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