Business
Kenorland Minerals Expands Portfolio in the Western Wabigoon Subprovince
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2024) - Kenorland Minerals Ltd. (TSX...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Minerals Expands Portfolio in the Western Wabigoon SubprovinceVancouver, British Columbia--(Newsfile Corp. - January 18, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or the \"Company\") is pleased to announce that it has entered into two option agreements (collectively the \"Agreements\") to acquire a 100% interest in the Stormy Project and the Goldstorm Project (the \"Optioned Projects\") located within the Western Wabigoon geologic subprovince of Ontario, Canada, near the Company's Western Wabigoon Project (the \"Project\").Figure 1. Geological map illustrating Kenorland's project locations in the West Wabigoon SubprovinceTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/194675_88f6ad19c4546a9d_001full.jpgZach Flood, President and CEO of Kenorland Minerals, states, \"We're very excited to grow our already expansive exploration footprint in Western Ontario. We're currently planning large-scale systematic geochemical and prospecting surveys across all of our projects in the region for the upcoming summer field season. This approach is in-line with Kenorland's broader exploration strategy of pursuing new discoveries in areas we believe are under-explored.\"Terms of the AgreementsPursuant to the Agreements, the Company is granted the option to acquire a 100% interest in the Optioned Projects by making a series of cash payments and issuances of common shares of the Company (\"Shares\") over a 3-year and 4-year period as follows:Stormy Project$25,000 cash payment due upon the extension of the claim anniversary by 12 months;$50,000 (distributed as 50% cash and 50% Shares) on the 1st anniversary of the Stormy Agreement; $60,000 (distributed as 50% cash and 50% Shares) on the 2nd anniversary of the Stormy Agreement; $75,000 (distributed as 50% cash and 50% Shares) on the 3rd anniversary of the Stormy Agreement; and$100,000 (distributed as 50% cash and 50% Shares) on the 4th anniversary of the Stormy Agreement.Additionally, the Company will grant a 1.5% net smelter return royalty on the Stormy Project with a 0.5% buyback provision, exercisable by the one-time payment of $1,000,000 in cash.Goldstorm ProjectAn initial signing payment of $200,000 (distributed as 25% cash and 75% Shares), with such Shares to be issued upon the extension of ...