Figure 2. Cross section through the Regnault gold system including highlights from this press release

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Broad spaced infill and step-out drill holes along the R6 mineralised structure has defined significant mineralisation over an approximate 1,300m strike length E-W, and 300m down dip. The winter 2024 drilling has confirmed the R6 structure is flat to shallow north dipping at depth, with a change in attitude towards the south and up dip, where the mineralisation strikes east-west, dipping steeply to the north. The large flexure to a shallow dip at depth appears to be controlling significant widths of mineralisation including 24RDD215 with 9.50m at 9.10 g/t Au including 1.20m at 45.92 g/t Au, a 60m step-out to the south from drill hole 23RDD167 (3.15m at 138.74 g/t Au including 0.40m at 476.40 g/t Au*). Other significant results from the R6 structure include 24RDD202 with 26.60m at 2.54 g/t Au including 2.10m at 6.04 g/t Au, located 150m south of 24RDD215, and 24RDD217 which returned 9.75m at 6.91 g/t Au including 0.95m at 44.99 g/t Au and 24RDD198 with 29.50m at 2.41 g/t Au including 7.20m at 6.27 g/t Au, located 390m and 550m to the west of 24RDD215 respectively. Geologic and vein model updates are currently underway to evaluate new geometries identified from the winter 2024 drill program.

One drill hole was completed through the southern deep portions of the Regnault gold system targeting the R2, R9, R10 and R11 trends. Drill Hole 24RDD195 returned 7.85m at 2.32 g/t Au including 0.50m at 16.80 g/t Au at R2, 9.50m at 2.76 g/t Au including 1.80m at 4.26 g/t Au within the R10 mineralised trend, and multiple intercepts of mineralisation within the R11 trend returning 1.20m at 5.11 g/t Au, 0.30m at 105.50 g/t Au, and 3.40m at 4.67 g/t Au including 0.60m at 16.90 g/t Au. The step-out at depth along the R11 trend is approximately 100m below drill hole 23RDD172 (41.85m at 2.56 g/t Au including 4.45m at 11.96 g/t Au**) and extends high grade mineralisation to vertical depths of 1,050m below surface.

Along the R4 trend to the north, a large step-out at depth was completed with drill hole 24RDD196 returning 9.60m at 3.55 g/t Au including 1.05m at 12.97, and 0.50m at 75.60 g/t Au located 160m down-dip from 23RDD187 (8.95m at 6.34 g/t Au including 1.45m at 20.27 g/t Au, and 3.20m at 2.25 g/t Au including 0.44m at 8.51 g/t Au***). Mineralisation along R4 remains open along strike, and at depth where it is projected to intersect with the R1 structures to the south and remains a priority target for additional follow-up drilling.

(* See press release May 31, 2023)
(** See press release August 8, 2023)
(*** See press release February 20, 2024)

Table 1. Table of assay results from the 2024 winter drill program

 

Table 2. Drill collar table of reported drill holes from the 2024 winter drill program

 

About the Frotet Project

The Project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological sub-province of Quebec. The property is adjacent to the past-producing Troilus Gold Corporation's Au-Cu mine (9.23Moz Au indicated resource) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting VMS deposits elsewhere in the belt. Kenorland initially staked the Project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo Metal Mining Canada Ltd. ("Sumitomo") in 2018.

The Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totaling 100,721 meters of drilling (220 drillholes).

On February 19, 2024, Kenorland closed a transaction to exchange its 20% participating interest in the Frotet Joint Venture with Sumitomo to a 4% NSR Royalty. Kenorland remains the operator for a minimum of one year from the transaction closure date (see press release dated February 20, 2024).

The Project is located 100 kilometers to the north of Chibougamau, Quebec. Favorable infrastructure exists in the Project area with an extensive forestry road network as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property which supplied power to the past producing Troilus mine.

Figure 3. Map of the Frotet Project and Royalty

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*Technical Report and Mineral Resource Estimate on the Troilus Gold-Copper Project, Mineral Resources Effective Date: 02 October 2023
**The Frotet Royalty is subject to the following buy down rights in favour of Sumitomo:
A 0.25% royalty interest may be purchased for a C$3,000,000 cash payment to Kenorland within five (5) years of the grant of the Frotet Royalty
A 0.50% royalty interest may be purchased for a C$10,000,000 cash payment to Kenorland within ten (10) years of the grant of the Frotet Royalty
In the event Sumitomo exercises the foregoing buy down rights, the Frotet Royalty would be reduced to an uncapped 3.25% net smelter return royalty on all minerals extracted from the Project

QA/QC and Core Sampling Protocols

All drill core samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed, and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from Chibougamau to Bureau Veritas Commodities ("BV") laboratory in Timmins, Ontario.

Sample preparation and analytical work for this drill program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm (10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by Pb collection and AAS finish. Over-limits gold samples were re-analyzed using BV method FA530 where a 30g split is analyzed with fire assay by Pb collection and gravimetric finish. Multi-element geochemical analysis (45 elements) was performed on all samples using BV method MA200 where a 0.25g split is by multi-acid digest with ICP-MS/ES finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks returned results that were within acceptable limits.

Qualified Person

Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), "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. (TSX.V KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.

Further information can be found on the Company's website www.kenorlandminerals.com

On behalf of the Board of Directors,

Zach Flood
President, CEO & Director

For further information, please contact:

Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
[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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