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Kenorland Enters Definitive Agreement to Sell Lithium Projects to Targa Exploration
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2022) - Kenorland Minerals Ltd. ( T...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Enters Definitive Agreement to Sell Lithium Projects to Targa ExplorationVancouver, British Columbia--(Newsfile Corp. - December 13, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or \"the Company\") is pleased to announce it has entered into a definitive purchase agreement (the \"Purchase Agreement\") with Targa Exploration Corp., a British Columbia company, (\"Targa\") (CSE: TEX) pursuant to which Targa will acquire a 100% interest in and to 844 mining claims making up the Opinaca Lithium Project located within the James Bay region of northern Quebec (the \"Opinaca Project\"), along with rights to two mineral exploration license (MEL) applications which cover numerous lithium-bearing pegmatite occurrences in eastern Manitoba (the \"Superior Project\" and together with the Opinaca Project, the \"Projects\"). As consideration for the Projects, Targa will issue to Kenorland 4,377,375 common shares of Targa, grant Kenorland a 3% net smelter royalty over the Projects and pay Kenorland $100,000 in cash at the closing of the sale of the Projects (the \"Closing\"). Following the Closing, Kenorland shall be entitled to receive 9.9% of the common shares or other equity securities issued by Targa in future financings until Targa has raised an aggregate of not less than $5,000,000 pursuant to such financings. The parties expect that the Closing will occur in January 2023. About the Opinaca Project Figure 1. Location Map of the Opinaca ProjectTo view an enhanced version of Figure 1, please visit:https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_001full.jpgThe Opinaca Project covers 43,595 hectares and 40 kilometers of strike length within the Opinaca sub-province in the James Bay region of northern Quebec. The project covers a discrete cluster of highly anomalous and coincident regional lithium and cesium lake sediment geochemical anomalies which potentially suggest the presence of Li-Cs-Ta pegmatite mineralisation. There has been no recorded historical exploration completed in the project area. About the Superior ProjectFigure 2. Location Map of the Superior Project MEL applicationsTo view an enhanced version of Figure 2, please visit:https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_002full.jpgThe Superior Project includes two mineral exploration license (...