Kenorland Minerals (TSXV:KLD) announces initial drill results at the Regnault gold discovery

• The Regnault gold discovery lies within the Frotet Project, located in northern Quebec
• The Regnault gold system was discovered during initial drill programs in early 2020
• Continued exploration drilling at Regnault since early 2020 has indicated a robust gold system hosting high-grade mineralization
• 14 of the reported 15 drill holes intersected notable mineralization
• Sumitomo Metal Mining has now exercised its option to acquire an 80% interest in the Frotet project
• The project is currently under a Joint Venture agreement between SMMCL and Kenorland Minerals Ltd.
• Kenorland Minerals is a mineral exploration company focused on early to advanced-stage exploration
• Kenorland Minerals Ltd. (TSX.V KLD) opened trading at C$1.32 per share

Kenorland Minerals (KLD) is pleased to announce initial drill results from the recently completed 8,591m diamond drill program at the Regnault gold discovery.

The Regnault discovery lies within the Frotet Project, located in northern Quebec.

Highlights from drilling include the following:

• 21RDD024: 5.72m at 90.56 g/t Au incl. 3.89m at 132.57 g/t Au
• 21RDD029B: 3.64m at 6.37 g/t Au incl. 0.32m at 60.80 g/t Au
• 21RDD031: 2.70m at 15.87 g/t Au incl. 1.08m at 38.27 g/t Au
• 21RDD037: 25.33m at 6.29 g/t Au incl. 0.51m at 48.90 g/t Au and incl . 4.59m at 22.06 g/t Au
• 21RDD038: 9.20m at 3.78 g/t Au incl. 2.80m at 9.81 g/t Au

Figure 3. Table of Results

Discussion of Results

The holes reported in this article were following up on mineralization encountered during the initial drill programs in early 2020 which resulted in the discovery of the Regnault gold system.

14 of the reported 15 drill holes intersected notable mineralization, including 21RDD024, which intersected 5.72m at 90.56 g/t Au, as well as 21RDD037, a 250-meter step-out to the west of 21RDD024, which intersected 25.33m at 6.29 g/t Au.

The gold mineralization is associated with shear zones transecting the multiphase Regnault intrusive complex, as well as along contacts between intrusive and volcanic rocks. Disseminated pyrite associated with biotite-calcite ± silica alteration occurs as broad zones of weak dissemination within the intrusive rocks, to strong mineralization (locally 3-10% pyrite, along with trace chalcopyrite-galena-molybdenite and occasional visible gold) within quartz-carbonate veins and alteration halos related to shear zones. An additional 15 drill holes from this latest drill program, which focused on near to regional targets within the Regnault trend, will be reported once all remaining assays have been received and compiled.

The company’s understanding of the Regnault gold system, namely the orientation of mineralized structures has developed significantly throughout this latest round of drilling. The R1 vein corridor which was intercepted on the initial discovery program (20RDD007: 29.08m at 8.49 g/t Au incl. 11.13m at 18.43 g/t Au) is now defined as a shear hosted, laminated quartz-carbonate-pyrite vein system hosted within the intrusive complex, striking in a general east-west direction and dipping steeply to the north. Step-outs from this program have delineated an approximate strike of 550 meters along the R1 structure, which remains open to the east, west, and down dip. True widths along this structure are not currently well defined with the amount of drilling to completed to date. The upcoming summer drill program, which will include up to 20,000 meters of drilling, will be designed to systematically infill and step-out further along this vein corridor, both horizontally and vertically, as well as target additional gold-bearing structures throughout the Regnault trend.

Continued exploration drilling at Regnault since early 2020 has indicated a robust gold system hosting high-grade mineralization along multiple structures within a growing footprint, which is now approximately two kilometres by 500 meters. The Company, along with its joint venture partner, Sumitomo Metal Mining, looks forward to the continued advancement of this discovery through the upcoming 2021 summer drill program.

Zach Flood , CEO of Kenorland Minerals, states,

” We are 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. 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. We are very excited to ramp up our exploration efforts into the next phase beginning in July, which will include up to 20,000 meters of additional diamond drilling.”

Figure 4. Drill Collar Table

Sumitomo Completes Earn-in, Joint Venture is Formed

Following completion of this recent drill program, Sumitomo Metal Mining has now exercised its option to acquire an 80% interest in the project by completing an additional C$4 million of expenditures within a one-year period of acquiring its initial 65% interest in the Project.

Going forward, the project will be held under Joint Venture between Sumitomo Metal Mining Canada Ltd. (80%) and Kenorland Minerals Ltd. (20%). Exploration will be go funded on a pro-rata basis.

About the Frotet Project

The Frotet Project was first identified by Kenorland in 2017 after completing a regional prospectivity study over the Abitibi and Frotet-Evans Greenstone Belts of Quebec.

The initial 55,921 ha property was acquired through map staking in March 2017 and optioned to Sumitomo Metal Mining Canada Ltd. (“SMMCL”), a wholly-owned subsidiary of Sumitomo Metal Mining Co., Ltd. in April, 2018.

Two years of property-wide systematic till sampling led to a maiden drill program in 2020 which resulted in a significant grassroots discovery at the prospect now named Regnault. The project is currently under a Joint Venture agreement between SMMCL and Kenorland Minerals Ltd., with interests being held at 80% and 20% respectively. Under the Joint Venture, exploration is funded pro-rata. Any party which does not contribute and is diluted below a 10% interest, converts its interest to a 2% uncapped net smelter royalty.

Kenorland Minerals is a mineral exploration company focused on early to advanced-stage exploration in North America.

Kenorland Minerals Ltd. (TSX.V KLD) opened trading at C$1.32 per share.