Vancouver, 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 Project
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_001full.jpg
The 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 Project
Figure 2. Location Map of the Superior Project MEL applications
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https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_002full.jpg
The Superior Project includes two mineral exploration license (MEL) applications totalling 19,029 hectares, located in eastern Manitoba, which cover the Red Sucker Lake and Red Cross Lake lithium-bearing pegmatite occurrences. At Red Cross Lake, the Eastern showing has been noted to contain a pegmatite dyke swarm with 17 parallel dykes with individual width up to 4m wide within a 50 meter wide corridor (Assessment Report 95009)*. Historical trenching and drill results have returned assays up to 1.25% Li2O and 2.86% Cs2O (Assessment Report 95009)*. Grab samples from the Western showing have returned assays up to 2.97% Li2O (Jambor 1967)** At Red Sucker Lake, historical grab samples at the SQ dyke returned assays of up to 3.4% Li2O (Chackowsky 1987)***. At the Tin Bar showing, historical grab samples returned up to 1.72% Li2O(Chackowsky 1987)***.
* Manitoba Assessment Report 95009
** Jambor, J L; Potter, R R. 1967, Rubidium-bearing Dykes, Gods River area, Manitoba; Geological Survey of Canada, Paper 67-15, 1967
*** Chackowsky, L.E. 1987, Mineralogy, geochemistry and petrology of pegmatitic granites and pegmatites at Red Sucker Lake and Gods Lake, northeastern Manitoba; M. Sc. thesis, University of Manitoba, 170 p.
Qualified Person
Janek 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 and Chicobi Project are held under joint venture with Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option 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, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, 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
President and CEO, Director
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Scott Smits
Vice President of Exploration
Tel: +1 250 686 8135
scott@kenorlandminerals.com
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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