- Kenorland Minerals (KLD) has announced plans for surface exploration at the 161,025 hectare Chebistuan Project
- 800 infill B-horizon soil samples along with 220 C-horizon till samples will be analyzed for gold grain counts
- The company also plans to carry out additional first-pass regional till sampling covering an additional 35,000 hectares
- The Chebistuan Project consists of 3,000 claims (161,025 ha) 100 per cent owned by Kenorland
- The property hosts major gold deposits such as Detour Lake and Fenelon
- The Project is currently under an Exploration Agreement with Venture Option with Newmont
- The initial phase of the agreement consists of a property-wide geochemical sampling program
- Kenorland Minerals Ltd. (KLD) is a Canadian based mineral exploration company
- Kenorland Minerals Ltd. opened trading at C$0.92 per share
Kenorland Minerals (KLD) has announced plans for surface exploration during the 2021 summer field season at the Chebistuan Project.
The project is located in the northern Abitibi greenstone belt of Quebec.
The 2021 follow-up surface work will include approximately 800 infill B-horizon soil samples (glacial till substrate) along with 220 C-horizon till samples which will be analyzed for gold grain counts.
Sampling will be carried out within 15 areas of interest (AOIs), covering broad multi-element geochemical anomalies that the company identified from its property-wide regional till sampling program carried out in the fall of 2020.
The company also plans to carry out additional first-pass regional till sampling ( 1240 B -horizon soil samples) covering an additional 35,000 hectares of ground staked in October 2020.
The approximate budget for the planned surface program is C$400,000. The exploration will be funded by Newmont Corporation under an Exploration Agreement with Venture Option. Kenorland remains the operator of the project.
About the Chebistuan Project
The Project consists of 3,000 claims (161,025 ha) 100 per cent owned by Kenorland. The property, which covers approximately 100 kilometres of a major east-west trending deformation zone hosts major gold deposits such as Detour Lake (Kirkland Lake Gold Ltd.) and Fenelon (Wallbridge Mining Company Ltd.).
The Chibougamau and Chapais mining camps, which have produced over 6.5 Moz of gold and 1.6 billion pounds of copper historically, are located directly to the east of the Chebistuan property.
The project is largely covered with glacial till and is accessed by a large network of logging roads as well as by helicopter.
The Project is currently under an Exploration Agreement with Venture Option with Newmont.
The agreement provides an option for a two-phased exploration earn-in over 3 years, where Newmont can earn a 51% interest in the Chebistuan Project through certain exploration expenditures and cash payments to Kenorland.
The initial phase of the agreement consists of a property-wide geochemical sampling program, target definition and testing. Newmont then has the option to earn an additional 29% interest for a cumulative 80% interest in the Chebistuan Project over 6 years by completing a 43-101 compliant pre-feasibility study on a minimum 1.5 Moz Au resource as well as meeting certain cash payments to Kenorland.
The parties may continue to explore and develop the property through an 80 per cent Newmont, 20 per cent Kenorland joint venture or, in the case of a construction decision, Kenorland can elect for Newmont to finance its portion of mine development cost. If Newmont elects not to continue with the phase two earn-in, then ownership interest in the project will switch to 51 per cent Kenorland and 49 per cent Newmont.
Zach Flood , President and CEO of Kenorland states,
"We're looking forward to getting back on the ground this summer at Chebistuan as we continue working with Newmont to advance this extensive greenfield exploration project. This property covers a vast amount of prospective geology, including over 100 kilometres of strike along a major deformation zone, most of which is concealed below glacial till and largely under-explored. In terms of exploration strategy, we're applying the same approach that we took in the Frotet-Evans greenstone belt, which led to the significant gold discovery made at Regnault in 2020."
Kenorland Minerals Ltd. (KLD) is a mineral exploration company based in Vancouver, British Columbia.
Kenorland's focus is early to advanced-stage exploration in North America.
Kenorland Minerals Ltd. opened trading at C$0.92 per share.