Kenorland Options the Separation Lithium Project to Double O Seven Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ("Kenorland" or "the Company") is pleased to announce it has entered into an option agreement (the "Option Agreement") with Double O Seven Resources Ltd. ("Double O"), a private British Columbia company pursuant to which Double O has been granted the sole and exclusive option (the "Option") to acquire a 100% interest in and to the Separation Project (the "Project"), located within the English River domain in the Kenora Mining District of northwestern Ontario.
Option Agreement
Upon signing, Double O has made an initial $100,000 payment to the company, and can earn up to a 100% interest in the Project by incurring aggregate payments of $1,500,000 to Kenorland on or before the fifth anniversary of the Option Agreement. Pursuant to the Option Agreement Double O will make annual payments to the company on or before the agreement anniversary dates under the following schedule: $150,000 at the 1st anniversary, $200,000 at the 2nd anniversary, $250,000 at the 3rd anniversary, $300,000 at the 4th anniversary, and $500,000 at the 5th anniversary. Upon completion of the Option Agreement, Kenorland will retain a net smelter returns royalty of 2.5%. For an initial 2 year term, Kenorland will remain operator of the project and receive a 10% management fee of exploration expenditures.
Figure 1. Separation Rapids Project Location
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About the Separation Project
The Separation Lithum Project covers approximately 80 kilometers of the contact between the English River and Winnipeg River geologic subprovinces. This subprovince boundary is spatially associated with the Tanco Li-Cs-Ta pegmatite deposit in Mantioba, as well as the Big Whopper Li pegmatite in the Separation Rapids area. The presence of these two significant Li pegmatite deposits suggests that the entire English River - Winnipeg River domain contact is prospective for additional Li pegmatite mineralisation.
Qualified Person
Mr. Jan Wozniewski, B. Sc., P. Geo., OGQ (#2239) is the "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland's focus is early to advanced stage exploration in North America. The Company currently holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo Metal Mining Co., Ltd., the Chicobi Project is optioned to Sumitomo Metal Mining Co., Ltd., the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is optioned to Centerra Gold Inc. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, USA, the Company owns 100% of the advanced stage Tanacross porphyry Cu-Au-Mo project as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Further information can be found on the Company's website www.kenorlandminerals.com.
Kenorland Minerals Ltd.
Zach Flood
CEO, Director
Tel: +1 604 363 1779
[email protected]
Kenorland Minerals Ltd.
Francis MacDonald
President
Tel: +1 778 322 8705
[email protected]
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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