Kenorland Minerals Ltd (TSX-V:KLD) announced that Barrick Gold Corporation has terminated the South Uchi earn-in option to joint venture agreement, with Kenorland now regaining 100% control of the project located in the Red Lake District of northwestern Ontario.
The mineral exploration company said under the option agreement, about US$4.31 million of expenditures were incurred between 2021 and 2023, with Barrick completing a property-wide glacial till geochemical survey in 2021 that included the collection of 1902 till samples.
Kenorland noted that in 2022, detailed follow-up exploration included a drill-for-till program, which resulted in the collection of 459 overburden samples and 56 top of bedrock samples.
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It added that detailed mapping was also carried out over multiple target areas along with the collection 1069 rock samples.
The company said results from the surveys outlined a large, coherent, and highly anomalous area of coincident nickel and copper in glacial overburden, with nickel values returning up to 674 parts per million (ppm) and copper up to 306ppm in till, potentially indicating a bedrock source of mineralisation below cover.
Kenorland stated that elevated levels of sulfur were also observed within the nickel-copper anomaly, which occurs in an area broadly mapped as mafic-ultramafic rocks, suggesting the area has the potential to host magmatic nickel-copper sulfide mineralisation.
As well, the company noted the results also highlighted multiple lithium-cesium (Li-Cs) anomalies, which could indicate potential sources of lithium-cesium-tantalum (LCT) pegmatite systems along the geological sub-province boundary and margin of the Alison Lake batholith.
Kenorland said it will continue to advance the project, including follow-up exploration on both the nickel-copper anomaly as well as the Li-Cs anomalies.
Kenorland Minerals is focused on early to advanced stage exploration in North America. The company currently holds five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties.
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