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Kenorland Announces 2022 Exploration Program and Budget at the Hunter Project
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2022) - Kenorland Minerals Ltd. (TSXV: ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Announces 2022 Exploration Program and Budget at the Hunter ProjectVancouver, British Columbia--(Newsfile Corp. - May 9, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) (\"Kenorland\" or \"the Company\") is pleased to announce the 2022 exploration program and budget at the Hunter Project (\"the Project\"), located in the Abitibi Greenstone Belt of Quebec and held under earn-in agreement (\"the Agreement\") with Centerra Gold Inc. (TSX: CG) (NYSE:CGAU).2022 Exploration Program and BudgetThe 2022 exploration program, operated by Kenorland, will include approximately 420 broad-spaced sonic drill holes, which will provide a systematic first-pass regional geochemical dataset covering the 18,177 hectare Hunter Project. Sonic drilling allows for the collection of glacial till for geochemical analysis. The glacial till sits stratigraphically above bedrock and below a thick layer of glacial lake sediments that cover much of the Abitibi greenstone belt. These glacial lake sediments impede conventional surface geochemical exploration methods such as surface soil and till sampling. The average depth to bedrock across the Hunter Project is approximately 15 vertical meters. The target till package above bedrock is 6.5m thick on average. The approved budget for the sonic 'drill-for-till' program, to be carried out from June to August, is CAD$1.5 million.Figure 1. 2022 Hunter Exploration ProgramFigure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/6489/123007_e67d8219b498bbae_001full.jpgCenterra Option AgreementUnder the Option Agreement, Centerra can earn an initial 51% interest in the Project by incurring an aggregate of $5,000,000 in mineral exploration expenditures on or before the fourth anniversary of the Option Agreement (the \"First Option\").Centerra can earn an additional 19% interest in the Project, for an aggregate 70% interest held (the \"Second Option\"), by completing a technical report in respect of the Project that establishes a mineral resource of at least one million ounces of Au Eq prepared in accordance with the requirements of National Instrument 43-101 of the Canadian Securities Administrators on or before the fourth anniversary of the exercise of the Second Option, provided that Centerra must provide notice of its intent to exercise the Second...