Kenorland Minerals (TSXV:KLD), recently announced the initiation of their Fall 2023 exploration program at the Frotet Project. Located in northern Quebec, the project is being conducted under a joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL).
Zach Flood, President and CEO of Kenorland Minerals, commented in a press release: “We’re excited to see the drills turning again at Regnault. During the previous phase of drilling, completed in the first quarter, we discovered a number of additional high-grade veins in the deepest parts of the system explored to date. This program will include step-outs on those discoveries as well as advancing drill targets directly to the east of the Regnault discovery. We are now at a stage where we can leverage a strong understanding of the geometry and controls on mineralisation to continue growing the footprint of the gold system.”
The Q3 2023 exploration program is set to include up to 11,300 meters of diamond drilling, with a focus on the Regnault gold discovery. The decision for this program comes after a recently concluded 13,360-meter drill program. Among the notable results from the last drill were findings of 11.96 g/t Au over a span of 4.45m and 55.70 g/t Au over 1.20m. These results were found in new vein structures approximately 1,000m below the surface, as per press releases on May 31 and August 8, 2023.
Details on the Fall Exploration Program
The exploration will also comprise an infill soil geochemical survey to the east of the Regnault discovery, intending to target further extensions of the gold system in this area.
For a more detailed breakdown:
A major component of the exploration is the collection of approximately 1,200 soil samples from the glacial till substrate. These samples will be obtained from a grid area adjacent to the Regnault gold discovery. The objective of this survey is to gain insights from previous gold anomalies detected from one of the Frotet Project’s initial geochemical surveys. Current structural interpretations, based on magnetics, indicate the gold mineralization-controlling structures from the Regnault discovery could extend eastward.
The data and targets derived from this survey are expected to guide the subsequent phase of drilling planned for early 2024.
Kenorland Minerals first recognized the potential of the Frotet Project in 2017. The project spans the Abitibi and Frotet-Evans Greenstone Belts of Quebec. The initial acquisition of the property was in March 2017, and by April 2018, it was optioned to SMMCL, a subsidiary of Sumitomo Metal Mining Co., Ltd.
Systematic sampling over two years paved the way for the first drill program in 2020, leading to a grassroots discovery at the now-named Regnault prospect. Currently, the joint venture between SMMCL and Kenorland Minerals Ltd. holds the project, with interest divisions at 80% and 20%, respectively. Under the agreement, Kenorland is the current operator, and exploration funding is proportionate between the two entities. If a party’s contribution falls below a 10% interest, their stake converts to a 2% uncapped net smelter royalty.
Kenorland Minerals (TSXV: KLD) has unveiled its ambitious 2023 exploration program and budget for the Tanacross Project, which is situated in eastern Alaska and operates under an earn-in agreement with Antofagasta Minerals S.A., a wholly-owned subsidiary of Antofagasta PLC (LSE: ANTO).
This summer, Kenorland will be conducting an extensive drill program, which will involve up to 4,500 meters of diamond drilling. The primary target areas for this operation include East Taurus, West Taurus, and South Taurus. The budget for the drill program is set at around US$3.8 million, and the drilling activities will take place from June to August.
The upcoming drill program is preceded by surface work carried out last summer, which encompassed the collection of 800 infill soil samples, detailed IP and MT surveys along the West Taurus-McCord Creek-East Taurus trend, and ELF (EM) and ground gravity surveys focusing on the South Taurus anomaly.
As part of the agreement, Antofagasta has the opportunity to acquire a 70% interest in Tanacross by making cash payments totaling US$1,000,000 and a success payment of US$4,000,000 upon the exercise of the option. Additionally, they must commit to spending US$30,000,000 on exploration over an eight-year period, with a firm pledge of US$1,000,000 in the first year. A preliminary economic assessment supported by a technical report, as defined in NI 43-101, must also be delivered. Throughout the option period, Antofagasta will finance all exploration efforts, while Kenorland will act as the initial operator.
Once Antofagasta acquires its 70% interest, a 30:70 joint venture between Kenorland and Antofagasta will be formed. If either party’s interest drops below 10%, their share will be converted to a 2% NSR. The other party can then purchase one quarter of this interest for US$2,000,000.
Located 70 kilometers northeast of Tok, along the Alaska Highway, the Tanacross Project spans 45,000 hectares of state-owned land. Hosting a group of late Cretaceous (68-73Ma) porphyry copper (+/- gold, molybdenum) occurrences, the project features East Taurus, West Taurus, and Bluff. The age of mineralization in the project is akin to the massive Casino porphyry copper system (Western Copper and Gold Corp.), which is situated 140 kilometers southeast in Yukon Territory, Canada, and the Tetlin Au Skarn system (Contango Ore Inc.), 70 kilometers southwest of the Tanacross Project.
Since the discovery of East Taurus in 1971 by Duval Corporation, the Tanacross Project has experienced a total of 17,076 meters of drilling across over 67 drill holes. Nine different companies have conducted multiple drill campaigns, with the latest drill program in 2019 under option to Freeport-McMoRan. The project’s most impressive historical results occurred at East Taurus, where drill hole 08DDH040 intersected 232.56 meters at 0.31% Cu, 0.25 g/t Au, and 0.036% Mo.
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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