Mr. Zach Flood reports

KENORLAND AND AURANOVA ANNOUNCE COMPLETION OF WINTER DRILL PROGRAM AT THE SOUTH UCHI PROJECT, ONTARIO

Kenorland Minerals Ltd. and Auranova Resources Inc. have completed the 2025 winter drill program at the South Uchi project, located in the Red Lake district of Ontario.

2025 winter drill program

The maiden drill program consisted of 27 diamond drill holes totalling 14,363 metres, testing the Papaonga target over an eight-kilometre-by-three-kilometre area, within the large gold-in-till and heavy mineral concentrate gold grain anomalies, underlain by bedrock mineralization consisting of quartz-sulphide veins and disseminated sulphide (see press release dated Sept. 11, 2024). Widely spaced drill fences, roughly 500 metres to greater than one kilometre apart, were designed to test interpreted structural corridors concealed by deep overburden and Papaonga Lake. Complete assay results are expected to be reported in late second quarter or early third quarter 2025.

Papaonga target

This program marks the first ever drilling at the Papaonga target, following four years of systematic exploration. Prior to this work, no historical drilling or documented gold occurrences had been recorded within the target area. Drilling targeted three principal areas: the sheared margin of the Papaonga diorite, northeast-trending shear zones transecting folded clastic sedimentary rocks with interbedded iron formation and folded volcanic stratigraphy beneath Papaonga Lake cut by northeast- to east-west-trending shear zones. Within the diorite, variably developed quartz stockwork to sheeted vein systems was encountered, associated with silica-chlorite alteration, pyrite and trace chalcopyrite mineralization. The folded clastic sedimentary, iron formation, and volcaniclastic and mafic volcanic stratigraphy contain multistage veining including widespread early quartz-carbonate veins that are strongly folded and boudinaged associated with pyrite and pyrrhotite mineralization. Northeast- to east-west-trending structural corridors, defined by shear zones with strong strain development, host early quartz-carbonate and smoky quartz veins, which are deformed and crosscut by later-stage milky white quartz veins. Alteration consists of moderate silica-sericite-biotite-chlorite assemblages, associated with sulphide mineralization including arsenopyrite, pyrrhotite, pyrite and trace chalcopyrite, both within veins and disseminated in the wall rock. Trace, localized visible gold was also observed in association with quartz veining. The multiple vein and sulphide generations are indicative of the long-lived nature of fluid flow and deformation across the Papaonga target area. Although mineralization is present within the completed holes, it does not necessarily indicate economically significant gold grades.

Next steps

Following the completion of the 2025 winter drill program at the project, Kenorland will maintain the camp and infrastructure at Papaonga for an additional three months in preparation for a potential subsequent summer drill program.

About South Uchi project

The South Uchi project was first identified and staked by Kenorland based on the underexplored 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) is 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 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 an up-to-70-per-cent interest in the 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 metres 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. Kenorland has received the $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova. Further, Auranova may earn an additional 19-per-cent interest, for a total of 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 and PGO No. 3824), a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

William Yeomans, PGeo, a qualified person under National Instrument 43-101, has also reviewed and approved the scientific and technical information in this press release. Mr. Yeomans is a gold exploration professional with over 40 years of experience in all stages of gold exploration throughout the Americas, including the Superior province throughout Quebec and Ontario. He gained extensive exploration management experience across the entire Guiana Shield with BHP and has generated projects which resulted in significant National Instrument 43-101 gold resources. He has worked as a consultant to Iamgold and Dundee Precious Metals Inc., identifying acquisition opportunities across Canada, the United States and South America. He is currently the president of Yeomans Geological Inc. as well as 1127637 B.C. Ltd., and has many years of experience as a board member for several junior mining companies.

About Kenorland Minerals Ltd.

Kenorland 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 greenfield 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 greenfield discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, B.C., Canada.

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