Kenorland Minerals Ltd (TSX-V:KLD). has provided an update on its 2021 exploration activities covering multiple projects located across North America.
Francis MacDonald, Kenorland’s executive vice president of exploration, noted that the current program is shaping up to be its largest yet in terms of both sole-funded and partner-funded budgets.
“There is over C$17 million of exploration happening across our portfolio, with the majority of that spend going towards drill programs at the Frotet Project, in Quebec, which is currently under JV with Sumitomo Metal Mining, as well as the Healy Project, in Alaska, which we have optioned from Newmont Corporation, with the balance advancing our 'pipeline' of greenfield projects, located in Quebec and Ontario,” MacDonald said in a statement.
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“With over C$11 million of these expenditures funded through partners on projects which we remain operator, Kenorland not only shares the risk of exploration but also generates significant revenue through management fees and cash payments, which we estimate will be over C$2 million this year alone," MacDonald added.
Kenorland provided a summary of the 2021 summer-fall exploration program:
- Frotet Project, Quebec (Joint Venture with Sumitomo Metal Mining): 18,000 meter (m) diamond drill program
- Healy Project, Alaska (Optioned from Newmont Corporation): 5,000m maiden diamond drill program
- Tanacross Project, Alaska (100% owned): soil geochemistry, UAV magnetic, and IP surveys
- Chicobi Project, Quebec (Optioned to Sumitomo): Geophysics (UAV magnetics, IP, EM)
- Hunter Project, Quebec (100% owned): Property-wide airborne VTEM geophysical survey
- Chebistuan Project (Optioned to Newmont): Phase 2 soil geochemistry survey
- South Uchi Project, Ontario (100% owned): LIDAR survey and regional till sampling (planned for fall)
"Our mission at Kenorland has always been to maximize shareholder return through exploration success, We take a long-term approach with multiple grassroots projects being advanced through the pipeline at all times,” said Kenorland CEO Zach Flood.
“Some of our projects are sole funded, some are farmed out, while other assets are sold entirely for equity and royalty interests, depending on how a project fits within our risk profile. We believe that scale, creativity and flexibility are fundamental to building value and optionality within an exploration portfolio. Any of these projects may result in a significant discovery, as we have already witnessed at Frotet through the grassroots discovery of Regnault last year. With interest in over 1 million acres of ground, all of which has seen various stages of systematic exploration and being actively explored, we are confident that our efforts will return significant gains to our shareholders."
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