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Kenorland Announces 2023 Summer Drill Program at the Tanacross Project, Alaska
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - Kenorland Minerals Ltd. (TSXV: ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Announces 2023 Summer Drill Program at the Tanacross Project, AlaskaVancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or the \"Company\") is pleased to announce the 2023 exploration program and budget at the Tanacross Project (the \"Project\"), located in eastern Alaska and held under an earn-in agreement with Antofagasta Minerals S.A. (\"Antofagasta\"), a wholly-owned subsidiary of Antofagasta PLC (LSE: ANTO).2023 Summer Drill Program and BudgetThe summer drill program, operated by Kenorland, will include up to 4,500m of diamond drilling to test three primary target areas: East Taurus, West Taurus, and South Taurus. The approved 2023 budget for the drill program is approximately US$3.8 million and will be carried out from June through August.This drill program follows the surface work completed last summer, including the collection of 800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed ELF (EM) and ground gravity surveys over the South Taurus anomaly. Figure 1. Plan map of target areas and proposed drillhole locationsTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/163752_1c6ca556140ebbd4_001full.jpgAgreement Terms with AntofagastaAntofagasta 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 of US$30,000,000 on exploration over eight years, with a firm commitment to spend US$1,000,000 in year one, and delivering a preliminary economic assessment supported by a technical report defined in NI 43-101. 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.Figure 2. Location Map of the Tanacross ProjectTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/163752_1c6ca556140ebbd4...