Kenorland Minerals Ltd (TSX-V:KLD) has announced that Sumitomo Metal Mining Canada Ltd has fulfilled its requirement to earn a 51% interest in the Chicobi project in Quebec, after recently completing more than C$4.9 million in exploration expenditures, and has elected to form a joint venture (JV).
The Quebec-focused exploration company, which will hold the remaining 49% interest in the project, said it will remain as operator for the next phase of exploration, with all exploration being funded under the agreement on a pro-rata basis.
Kenorland also noted that an exploration plan and budget have been approved for an additional C$1.5 million in work, 100% of which will be funded by Sumitomo.
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It added that the exploration plan includes 160 infill sonic drill holes for geochemical sampling that will cover the 17-kilometer Roch-Can trend, where previously completed wide-spaced sonic drill testing returned anomalous gold-zinc-silver results in glacial till.
As well, the company said to date, three phases of sonic drilling, totaling 441 drill holes have been completed across the project producing about 1,500 samples for gold grain counts, heavy mineral concentrate assays, and till geochemistry assays.
The Chicobi project covers 51,257 hectares and over 45 kilometers of strike along the Chicobi Deformation Zone (CDZ), which is analogous to the other major breaks that host world-class gold deposits of the Abitibi, such as the Cadillac-Larder Lake, Casa-Berardi, and Sunday Lake - Lower Detour deformation zones, and has the potential to host significant orogenic gold and volcanogenic massive sulphide (VMS) mineralisation, according to the company.
Kenorland Minerals is focused on early to advanced stage exploration in North America. The company currently holds four projects in Quebec, where work is being completed under joint venture and earn-in agreements from third parties.
Contact Sean at sean@proactiveinvestors.com