Kenorland Minerals (TSXV:KLD) has commenced exploration activities as part of the 2022 exploration program at the Tanacross Project in Eastern Alaska. The project is held under an earn-in agreement with Antofagasta Minerals. The company’s 2022 field program includes geophysical, geological, and geochemical surveys. This work will cover the McCord Creek, East Taurus, West Taurus, and South Taurus targets.
Figure 1: Location of exploration surveys conducted at the Tanacross Project in 2022
At the East Taurus-McCord Creek-West Taurus complex, a 42-kilometre induced polarization and magneto telluric survey will be done with detailed mapping and soil sampling. The complex hosts many mineralized intrusions and alteration systems which are enriched with copper, gold, and molybdenum.
Figure 2: Location map of the Tanacross Project
Zach Flood, CEO of Kenorland commented in a press release: “We are very excited to be back in Alaska, with Antofagasta, advancing the Tanacross Project towards discovery. This comprehensive exploration program will create a strong foundation for future drill targeting. We believe there’s incredible potential in this fertile and target-rich environment.”
The program includes work at South Taurus of a detailed ground gravity and extremely low-frequency electromagnetic survey and soil sampling that have already been completed. The target is still an untested coincident magnetic and conductive feature associated with anomalous soil geochemistry. Surveys done in 2022 in combination with historical datasets give the company the fundamental information for drill targeting across all areas.
The approved budget for this year’s summer exploration program combined with fixed costs in 2023 totals US$2,000,000. Exploration has already begun and will continue through August and September 2022. Another update will be provided by the end of the year.
Kenorland Minerals (TSXV:KLD) has announced that an earn-in agreement with Antofagasta (LSE:ANTO) has been signed for the Tanacross copper-gold project in eastern Alaska. Antofagasta is granted the option to acquire a 70% interest in the Tanacross project by spending US$30,000,000 over 8 on exploration. As part of the agreement, the company will need to deliver a NI 43-101 compliant preliminary economic assessment report for the project.
The Tanacross project is 45,000 hectares of Alaskan state-owned land roughly 70 kilometres northeast of Tok. Located near the Alaska Highway, Tanacross hosts a cluster fo late Cretaceous porphyry coper occurrences. These are spread out across West Taurus, East Taurus, and Bluff. The region is known for similar systems, locating the project in an advantageous zone. Tanacross has already had 17,076 metres of drilling over 67 drill holes since 1971 when the initial discovery of East Taurus was made by the Duval Corporation.
Zach Flood, CEO of Kenorland, commented in a press release: “We’re very excited to be working with Antofagasta on the Tanacross Project. The property, which covers numerous mineralised systems and target areas, warrants significant exploration to unlock the discovery potential that we believe exists. We look forward to getting back on the ground as soon as possible to begin work which will lead towards drill-target definition.”
Antofagasta can earn a 70% interest in Tanacross by making cash payments in an aggregate amount of US$1,000,000 plus a success payment of US$4,000,000 upon exercise of the option and spending US$30,000,000 on exploration over eight years, with a firm commitment to spend US$1,000,000 in year one, and delivering the Report. During the option period, Antofagasta will fund all exploration and Kenorland will be the initial operator.
Once Antofagasta has earned its 70% interest, Kenorland and Antofagasta will form a 30:70 joint venture. If either party’s interest in the joint venture falls below 10%, that party’s interest will be converted to a 2% NSR, one quarter of which can be purchased by the other party for US$2,000,000.
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