22:24:12 EDT Mon 15 Jul 2024
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Kenorland Minerals Ltd
Symbol KLD
Shares Issued 65,365,959
Close 2024-03-28 C$ 0.75
Market Cap C$ 49,024,469
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Kenorland Minerals optionee cancels Tanacross option

2024-03-28 12:50 ET - News Release

Mr. Zach Flood reports

KENORLAND MINERALS ANNOUNCES TERMINATION OF TANACROSS PROJECT EARN-IN AGREEMENT WITH ANTOFAGASTA PLC AND HIGHLIGHTS EXPLORATION UPSIDE AT SOUTH TAURUS

Antofagasta PLC has terminated the Tanacross earn-in option to joint venture agreement dated July 19, 2022, and Kenorland Minerals Ltd. remains the 100-per-cent owner of the Tanacross project, located in eastern Alaska, United States.

Zach Flood, President and CEO states, "We greatly appreciate the efforts made by Antofagasta to advance the Tanacross Project with us over the last two years. During that period, we have refined a number of new drill targets generated from additional geophysical and geochemical surveys, some of these targets remain completely untested. The drill program last summer was focused on East Taurus and West Taurus, which are the known mineralised porphyry centers where the majority of historical drilling has occurred. Kenorland's focus moving forward will be targets which remain completely untested, including South Taurus, which shows strong evidence for a concealed copper system."

South Taurus Exploration Target

The South Taurus target was initially identified from a property-wide audio-frequency magnetic technique (AFMAG) ZTEM survey flown in 2018. The survey highlighted a large-scale magnetic and highly conductive geophysical anomaly a few kilometres to the south of the known porphyry Cu-Au-Mo-Ag and Mo systems at East Taurus and West Taurus, respectively. In 2020, the Company completed a systematic soil geochemical grid covering South Taurus as well as East Taurus, West Taurus, and McCord Creek targets. The Company also completed a TITAN induced polarisation (IP) and magnetotellurics (MT) survey extending 5km across the South Taurus anomaly. This survey imaged a large and discrete near surface conductivity anomaly that also extends to the depth extent of the survey, over 5km below surface, which could represent a significant deep-rooted mineralising-fluid pathway through the earth's crust. The geochemical survey highlighted widespread soil anomalism over the anomaly including copper as well as a broad suite of elements indicative of a high level or distal porphyry environment. Surface bedrock geology within the target area has been mapped as non-magnetic quartz-mica-schist, which does not explain the large coincident magnetic and highly conductive anomalies imaged by the geophysical surveys. Alteration assemblages of quartz-garnet-epidote and amphibole-pyrrhotite have been noted, indicating reactive host rocks that may be concealing an unroofed mineralised center at depth. The South Taurus target is ready for drill-testing and Kenorland is actively exploring partnership opportunities for a future drill program.

Exploration Completed Under the Agreement

As previously reported (see press releases dated April 26, 2023, and November 15, 2023), under the Option Agreement the Company completed surface geochemical and geophysical surveys consisting of 800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed extremely low frequency electromagnetics (ELF-EM) and ground gravity surveys over the South Taurus anomaly.

2,541m of diamond drilling covering the West Taurus and East Taurus target areas. Two drill holes were completed at West Taurus as large step-outs to test for concealed mineralisation, targeting geophysical and geochemical anomalies. The holes encountered variably altered and mineralised intrusions, however, did not return any economically significant intervals. At East Taurus, another two holes were completed stepping out along strike on the east and west flanks of the target area. Drill hole 23ETD062, completed across the eastern extent of East Taurus returned 174.22m at 0.14 per cent Cu, 0.02 per cent Mo, 0.05 g/t Au including 40.10m at 0.19 per cent Cu, 0.04 per cent Mo, 0.09 g/t Au hanging wall to a late mineral granodiorite intrusion. The South Taurus target area, one of the Company's priority targets, remains untested along with the McCord Creek, Big Creek and East Denison targets.

About the Tanacross Project

The 100 per cent owned Tanacross Project covers 46,173 hectares of prospective ground in the Yukon-Tanana Terrane, which hosts the Casino porphyry Cu-Au-Mo-Ag deposit and the Coffee & Pogo orogenic Au deposits. The Tanacross Project is located in eastern Alaska, 80km to the northeast of Tok, near the Yukon-Alaska border. The property can be accessed by fixed wing aircraft to one of three gravel airstrips located at the East Taurus, West Taurus and Bluff prospects or by a winter access road which connects to the Taylor Highway near the town of Tok. A 25-person semi-permanent camp is located next to the 600-meter airstrip at West Taurus.

Within the Project, widespread hydrothermal alteration and several notable occurrences of porphyry style mineralisation are associated with Late Cretaceous (67-72 Ma) intrusive centers including Bluff, East Dennison, McCord Creek, West Taurus and the advanced stage East Taurus porphyry Cu-Au-Mo-Ag system. The Bluff target hosts a large phyllic alteration system characterized by overprinting zones of quartz-sericite-pyrite, chlorite-sericite, silicification and tourmaline breccia pipes with rarely identified Kspar-biotite alteration. West Taurus is a molybdenum porphyry system characterized by quartz-chlorite-sericite-pyrite-magnetite with local K-feldspar alteration hosting quartz-molybdenum-chalcopyrite veining, that zones outward to widespread quartz-sericite-pyrite alteration. East Taurus has received the majority of historical exploration, a well mineralised multi-phase porphyry with a core of potassic alteration (Kspar-biotite-magnetite) and quartz-sulphide stockwork surrounded and overprinted by later quartz-sericite-pyriteplus or minuschlorite-illite alteration. Cu-Au-Mo-Ag mineralisation has been intersected by drilling over an 800m strike, varying from 100 to 200m in width with historical results summarized in Table 1.

QA/QC 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 a 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 the project site to Bureau Veritas Commodities ("BV") laboratory in Fairbanks, Alaska.

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 2mm (10 mesh) and a 250g split was pulverized to 75mum (200 mesh) for analysis and then assayed for copper and gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by Pb collection and AAS finish. Multi-element geochemical analysis (59 elements) was performed on all samples using BV method MA250 where a 0.25g split is by multi-acid digest with ICP-MS 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

Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824), "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 Ltd. (TSXV: KLD) 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 Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.

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