Mr. Zach Flood reports

KENORLAND COMMENCES 2025 WINTER DRILL PROGRAM AT THE SOUTH UCHI PROJECT, ONTARIO

Kenorland Minerals Ltd. has begun the maiden diamond drill program at the South Uchi project, located in the Red Lake district of Ontario and held under an option agreement with Auranova Resources Inc.

First quarter 2025 winter exploration program

A total budget of $8-million has been approved by Auranova for the winter 2025 exploration program. The maiden drill program will include up to 15,000 metres of diamond drilling as an initial test of the Papaonga target identified through systematic exploration carried out since 2021. During the 2024 exploration campaign, prospecting identified newly discovered, widespread gold mineralization across the target area, with rock sampling assay results of up to 13.35 grams per tonne gold. Kenorland is operator of the project, and drilling activities are expected to conclude in late March.

Papaonga target drill program summary

The maiden 15,000 m drill program will consist of approximately 30 drill holes testing high-priority structural corridors over the six-kilometre strike length of the Papaonga target. It is defined by a large gold-in-till and heavy mineral concentrate (HMC) gold grain anomaly, with newly discovered bedrock gold mineralization consisting of quartz-sulphide veins and disseminated sulphide (see press release dated Sept. 11, 2024). The underlying geology lies within the eastern pressure shadow of an interpreted early (pretectonic to syntectonic) diorite pluton bounded by regional, first-order, major, east-west-trending deformation zones to the north and south. Northeast-trending, second-order structures have intensely deformed, folded and offset the geologically complex stratigraphy. Drilling will target three principal target areas: the sheared margin of the Papaonga diorite; northeast-trending shear zones transecting folded clastic sedimentary rocks, iron formation and volcanic stratigraphy underlying the north arm of Papaonga Lake; and east-west-trending shear zones through folded calc-alkaline and tholeiitic volcanic rocks along the eastern arm of Papaonga Lake. No historical drilling has been conducted within the Papaonga target area.

About the South Uchi project

The South Uchi project was first identified and staked by Kenorland based on the region's prospectivity to host significant gold-mineralized systems. The project covers a portion of Confederation assemblage volcanic rocks, as well as the boundary between the Uchi geological subprovince to the north and the English River geological subprovince to the south. Multiple major east-west-striking deformation zones associated with the subprovince boundary transect the project, resulting in zones of strong shearing and folding of the supracrustal stratigraphy, which are favourable settings for orogenic gold mineralization. Prior to Kenorland staking the project, records indicated little to no systematic exploration had been completed, and the land package remained underexplored. The majority of gold deposits in the Red Lake district (Red Lake, Madsen, Hasaga and others) are located on the northern margin of the Confederation assemblage. However, recent discoveries, such as the LP fault zone on the Dixie project by Great Bear Resources Ltd. (acquired by Kinross Gold and renamed the Great Bear project), highlight the prospectivity of the entire Confederation assemblage along the southern margin of the Uchi subprovince

Kenorland announced on Dec. 2, 2024, that it had entered into a definitive agreement with Auranova, granting Auranova the right to earn up to a 70-per-cent interest in the South Uchi project. Pursuant to the agreement, Auranova may earn an initial 51-per-cent interest in the project by making cash payments totalling $500,000 to Kenorland, completing a diamond drilling program with at least $8-million in qualifying expenditures or completing 15,000 m of drilling within two years of receiving a drill permit, issuing Kenorland 19.9 per cent of Auranova's common shares, and maintaining Kenorland's 19.9-per-cent share position until Auranova raises a minimum of $10-million through share issuances, after which Kenorland's stake will remain at 10 per cent, on a pro rata basis, through to the completion of a preliminary economic assessment (PEA). Auranova may earn an additional 19-per-cent interest, for a total 70-per-cent interest in the project, by incurring an additional $10-million in qualifying expenditures on or before the third anniversary of Auranova's election to proceed with the second option. Kenorland will also retain a 30-per-cent carried interest in the project through to the completion of the PEA, at which point a joint venture will be formed.

Kenorland also holds a 2-per-cent net smelter return royalty on the project (see press release dated Sept. 16, 2024).

Qualified person

Janek Wozniewski, BSc, PGeo (EGBC No. 172781, APEGS No. 77522, EGMB No. 48045, PGO No. 3824), 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 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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