Kenorland Minerals Ltd (TSX-V:KLD) has updated investors on its ongoing exploration activities across North America as it prepares for an active year of exploration with multiple projects located in Quebec, Ontario, Manitoba and Alaska being advanced through the exploration pipeline.
The Vancouver-based mineral exploration company said it is well funded to carry out its anticipated 2022 exploration activities having approximately C$8.2 million in working capital at the beginning of January 2022.
It also announced executive management changes and the granting of incentive options.
READ: Kenorland options Hunter Project in Quebec to Centerra Gold Inc
Eastern Canada Exploration Update:
Frotet Project, Quebec (joint venture with Sumitomo Metal Mining Co.): At the Regnault gold discovery, a 10,000-metre diamond drill program is underway targeting step-outs along strike and down dip of the R1 and R2 trends as well as targeting additional gold-bearing structures within the Regnault area. The drill program represents the final phase of exploration within the fiscal 2021 budget set in March of last year. Kenorland said it expects to announce the fiscal 2022 jointly-funded exploration program and budget later in the first quarter. In addition, complete results from the remaining 7,968 metres (m) of drilling, including 25 holes from the 17,792m drill program concluded in October 2021 are expected to be received and reported during the first quarter.
Chicobi Project, Quebec (Optioned to Sumitomo Metal Mining Co.): Kenorland recently completed detailed UAV magnetic, induced polarization (IP), and electromagnetic (EM) geophysical surveys at Target B, a coherent multi-element geochemical glacial till anomaly, within the Chicobi Project. It plans to carry out a 2,500m maiden diamond drill program beginning in March at Target B. This drill program will conclude the fiscal 2021 budget approved by Sumitomo Metal Mining. The fiscal 2022 partner-funded exploration program and budget is anticipated to be announced later in the first quarter.
Chebistuan Project, Quebec (Optioned to Newmont Corporation): Kenorland recently completed a high-resolution heli-magnetic survey and is currently carrying out an IP survey at Deux Orignaux, a coherent multielement geochemical glacial till anomaly identified last year following two phases of regional exploration, which covered the entire 161,025-hectare property. The company said it is awaiting assays from the boulder prospecting and bulk till sampling surveys carried out last fall within the same target area. The 2022 partner-funded exploration program and budget are expected to be announced later in the first quarter.
Hunter Project, Quebec (Optioned to Centerra Gold Inc): The company said the 2022 partner-funded exploration program and budget are anticipated to be announced in the coming weeks.
South Uchi Project, Ontario (Optioned to Barrick Gold Corp): In 2021, a property-wide regional till sampling program was completed including a total of 1,904 samples collected, covering the 65,657-hectare South Uchi Project in the Red Lake Mining District of Ontario. Kenorland said it expects to announce the 2022 partner-funded exploration program and budget within the first or second quarter.
Alaska Exploration Update:
Healy Project, Alaska (Joint Venture with Newmont Corporation): In 2021, Kenorland completed 5,200m of diamond drilling including 15 holes testing the Bronk, Thor and Spike target areas associated with an extensive gold system in the Goodpaster District of Alaska. In addition to the drill program, high-powered IP and magnetotellurics (MT) geophysical surveys were completed transecting the three target areas. The company said it is awaiting final assays from the drill program concluded in September 2021 and expects to announce results within the first quarter.
Kenorland also announced that it has completed its Phase 1 earn-in minimum work expenditures of US$4m for which it has earned a 70% interest in the Healy Project. Joint funding has commenced whereby it and Newmont are participating on a pro-rata basis of 70% and 30%, respectively.
Tanacross Project, Alaska (100% owned): In 2021 Kenorland completed an extensive soil geochemical and mapping survey covering East Taurus, West Taurus, South Taurus and Big Creek prospects. A total of 1,870 soil samples were collected for which complete assays have recently been received. Detailed UAV magnetic surveys, consisting of over 600 line kilometres were flown over the same target areas and IP and MT surveys were completed over the South Taurus target area. It expects results from these surveys along with the 2022 exploration program to be announced soon once the final compilation and targeting have been completed.
Project Generation:
Kenorland said it has recently applied for additional Mineral Exploration Licenses to add to its growing portfolio of early-stage exploration projects in the province of Manitoba, with a commodity focus on nickel and gold.
Executive Management Changes:
Kenorland also announced that it has appointed Francis MacDonald as president along with Scott Smits as vice president of exploration, and Janek Wozniewski as vice president of operations.
MacDonald is a co-founder of Kenorland and has been with the company since its formation in 2016 as executive vice president of exploration. The company noted that he is an exploration geologist who has spent much of his career with Newmont Corporation managing grassroots exploration projects in North America, West Africa, and East Africa.
Smits is also a co-founder of the company and has been chief geologist since 2016. His most recent role before joining Kenorland was senior geologist within Newmont Corporation's Exploration Development Group conducting project generation and evaluations in North America.
Wozniewski joined Kenorland in 2019 as exploration manager and has been an integral part of the team managing its exploration operations across North America. Before joining Kenorland, he consulted with numerous resource and energy companies focusing on program planning and project management.
Kenorland revealed that it has granted options to directors, officers, and employees to acquire a total of 1,375,000 of its common shares at the exercise price of $0.70 per share for five years. The options vest 25% immediately followed by 25% every six months thereafter, it said.
Kenorland's focus is early to advanced-stage exploration in North America. It currently holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties.
In Alaska, the company owns 100% of the advanced stage Tanacross porphyry copper-gold-molybdenum project as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Contact the author at stephen.gunnion@proactiveinvestors.com