Kenorland Minerals Ltd (CVE:KLD) has revealed the first set of drill results from a recently completed diamond drill program on its Regnault discovery that intersected high-grade gold.
Results from 15 of the 30 holes drilled included 5.72 metres at 90.56 grams per ton (g/t) gold, including 3.89 metres at 132.57 g/t gold.
Other results from the 3,487 metres drilled included 2.7 metres at 15.87 g/t gold, including 1.08 metres at 38.27 g/t gold, and 3.64 metres at 6.37 g/t, including 0.32 metres at 69.8 g/t.
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Regnault is located on Vancouver-based Kenorland’s Frotet project in northern Quebec. Kenorland is working with option partner Sumitomo Metal Mining Canada Ltd (SMMCL) on the project.
The company also told investors that SMMCL has fulfilled its requirement to ear-in to an 80% interest in the project, meaning that SMMCL and Kenorland will now contribute to additional exploration expenditures on an 80:20 basis respectively. Kenorland will continue to be the project’s operator under the joint venture agreement.
Kenorland CEO Zach Flood told shareholders that the company is “very excited” by the latest drill results at Regnault.
"This discovery continues to deliver high-grade gold intercepts, indicating the robust nature of the system,” Flood said in a statement. “Most importantly, our understanding of the orientation of these gold-bearing structures has evolved greatly throughout this latest round of drilling. Going forward, this will allow us to expand on known mineralization and target additional gold bearing structures within the Regnault trend.”
Kenorland plans to ramp up exploration efforts into the next phase starting in July, which will include up to 20,000 meters of additional diamond drilling, Flood added.
The junior resource company currently holds three projects where work is being completed under an earn-in agreement from third parties. Frotet and Chicobi are both located in Quebec and are optioned to SMMCL. The Chebistuan project, also located in Quebec, is optioned to Newmont Corporation.
Kenorland also owns 100% of the advanced stage Tanacross porphyry copper-gold project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in Alaska.
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