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Kenorland Options the Flora, Western Wabigoon and Algoman Projects to Centerra Gold
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Kenorland Minerals Ltd. (TSXV: ...
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":"Kenorland Options the Flora, Western Wabigoon and Algoman Projects to Centerra GoldVancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (\"Kenorland\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement dated June 24, 2025 (the \"Agreement\") with Thompson Creek Metals Company Inc., a subsidiary of Centerra Gold Inc. (\"Centerra\"), pursuant to which the Company has agreed to grant to Centerra the right to acquire up to a 70% interest in the Flora, Western Wabigoon and Algoman Projects (collectively, the \"Projects\"), located in Northwestern Ontario. Figure 1. Flora, Western Wabigoon and Algoman Project locationsTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/256768_7769974e04978bf0_001full.jpgOption AgreementFirst OptionPursuant to the Agreement, Centerra would have the option (the \"First Option\") to acquire an initial 51% interest (the \"Initial Interest\") in the Projects by incurring an aggregate of C$10,000,000 in qualifying exploration expenditures within three years of the Agreement, including C$3,500,000 within the first year. The First Option requires the completion of at least 10,000 metres of diamond drilling during the earn-in period.Second OptionUpon exercising the First Option, Centerra will hold an exclusive right (the \"Second Option\") to earn an additional 19% interest in the Projects (the \"Second Interest\"), bringing its total interest to 70%, by completing a Preliminary Economic Assessment (\"PEA\"), as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"), based on a mineral resource of not less than one million ounces of gold equivalent, within seven years of acquiring the Initial Interest. During the Second Option period, Centerra must incur a minimum of C$100,000 in annual expenditures or provide equivalent value through cash or share payments to Kenorland. If Centerra elects not to exercise the Second Option, a 2% interest will revert to Kenorland, resulting in a 51% interest in the Projects for Kenorland and 49% for Centerra (the \"Interest Reversion\").Following completion of the Second Option and formation of a joint venture, Kenorland would retain a 30% free-carried interest through to ...