Kenorland Minerals (TSXV:KLD) Commences Maiden Drill Program at O’Sullivan Project in Quebec

Figure 1. Plan map of Pusticamica North target with planned hole locations and gold-in-till geochemistry. Source: Kenorland Minerals

Kenorland Minerals (TSXV:KLD) has announced the start of its maiden diamond drill program at the O’Sullivan Project located in the Abitibi greenstone belt of Quebec. The Project is being explored under an option agreement with Sumitomo Metal Mining Canada Ltd.

A total budget of C$1.71 million was approved by Sumitomo for the Winter 2024 exploration program which includes up to 4,150 meters of diamond drilling in 6 initial holes. Drilling will test the Pusticamica North target identified through systematic exploration over the past three years. The drill targets were designed to test interpreted structures and coincident geophysical anomalies within the northeast trending deformation zone mapped on the property. Kenorland is operator of the Project and drilling is expected to finish by mid-February.

During 2023, Kenorland completed detailed geophysics and mapping over the Pusticamica North area. Surveys included magnetics, electromagnetic, induced polarization, lake sediment sampling, an airborne versatile time domain electromagnetic survey and mapping. The work outlined a 1.6 kilometer strike length of the deformation zone along an inflection point in the granitoid margin, coincident with interpreted east-west structure intersections. Drill holes were sited to cross chargeability and magnetic anomalies where they coincide with modelled electromagnetic plate anomalies in the deformation zone.

Figure 2. O’Sullivan Project with gold-in-till geochemistry, with inset of the Abitibi greenstone belt. Source: Kenorland Minerals

The O’Sullivan Project covers 27,979 hectares along the Casa Berardi Deformation Zone which hosts the Casa Berardi mine operated by Hecla Mining. Casa Berardi has produced over 1.9 million ounces of gold since 1988. Other major deposits along the deformation zone include the Douay deposit with 2.35 million ounce inferred resource and Nelligan with a 3.2 million ounce inferred resource. The O’Sullivan property covers 15 kilometres of strike length where the deformation zone intersects favourable volcanic host rocks.

Sumitomo can earn an initial 51% interest in the Project by spending $4.9 million on exploration within three years under the option agreement. Kenorland is the operator during the initial earn-in period. Sumitomo then has the option to earn an additional 19% by delivering a feasibility study within 7 years. Once earning 70%, Kenorland can elect to convert to a 4% net smelter royalty or retain a minority joint venture interest.



The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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