VANCOUVER, BC, July 8, 2021 /CNW/ - Kenorland Minerals Ltd.
("Kenorland") is pleased to announce it has entered into
a purchase agreement dated June 22,
2021 (the "Purchase Agreement") with Superior Nickel
Inc. ("Superior"), a private Ontario company pursuant to
which Superior will acquire a 100% interest in and to the Fox
River property (the "Property"), located in the Fox River
Belt, Manitoba.
As consideration for the Property, Superior will issue to
Kenorland 2,665,000 common shares in its capital and will grant to
Kenorland a 2% net smelter return royalty on the Property.
About the Fox River Belt and Kenorland's Fox River
Property
The Fox River Belt (FRB) forms a portion of the Circum-Superior
Belt in Northern Manitoba, Canada
which is analogous to Manitoba's
world class Thompson Nickel Belt (TNB) and the Cape Smith Belt
(CSB) of Northern Quebec, host of
the Ragland Nickel sulfide (NiS) deposits. Similar to the TNB and
CSB, the belt is composed of sedimentary rocks intercalated with
thick sequences of komatiitic basalts, and associated ultramafic
intrusive rocks which formed along the margin of the Superior
Craton during the Paleoproterozoic.
Within the belt, the Fox River Sill is comprised of a layered
mafic-ultramafic intrusive complex. Geochemical analysis of the
sill indicates the potential for economic concentrations of
Platinum group element (PGE) within the belt. This is supported by
areas of notable PGE occurrences and highlights the prospectivity
of the sill for significant undiscovered PGE deposits.
Additionally, the basin assemblages of the Superior margin are host
to world-class NiS districts such as the Thompson and Raglan Nickel camps. Geochemical
evidence, particularly the incorporation of sulfur (S) from rift
related sediments into the mantle derived rocks of the Fox River
Sill suggest the FRB to have high prospectivity for magmatic NiS
deposits, like those found in the TNB and CSB.
Kenorland has applied a two-pronged approach to nickel targeting
utilizing continental scale area selection coupled with high
resolution geophysical direct detection of massive sulfide bodies
to identify drill ready targets. This approach has led to the
acquisition of Kenorland's FRB and Thompson South nickel projects
(figure 1, inset). Kenorland's tenure in the FRB consists of three
~5000 hectare mineral exploration licenses (MEL), named the T-Bone,
Vector and Feeder Zones. Each of Kenorland's MEL cover coincident
magnetic and electromagnetic (EM) anomalies derived through
geophysical inversion, re-processing and interpretation of data,
which cover geology prospective for NiS and PGE mineralisation
which remain untested.
Zach Flood, President and CEO,
states, "This transaction represents one of the ways Kenorland is
able to create shareholder value and upside through its generative
efforts, which does not require significant capital expenditures
through direct exploration on the ground. We are very excited
to see what Superior Nickel will discover in the Fox River Belt, a
vastly under-explored, yet highly prospective geologic feature
within the Circum-Superior Belt."
Figure 1. Map of the Fox River Belt geology highlighting
Kenorland's Fox River Belt project
About Kenorland Minerals
Kenorland Minerals Ltd. (TSX.V 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 three 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 Canada Ltd. (SMMCL), the Chicobi Project is
optioned to SMMCL, and the Chebistuan Project is optioned to
Newmont Corporation. The Company also owns 100% of the advanced
stage Tanacross porphyry Cu-Au project as well as an option to earn
up to 70% from Newmont Corporation on the Healy Project, both
located in Alaska, USA.
Further information can be found on the Company's website
www.kenorlandminerals.com
Kenorland Minerals Ltd.
Zach Flood
President and
CEO
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Francis MacDonald
Executive Vice President
Tel: +1 778 322 8705
francis@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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SOURCE Kenorland Minerals Ltd.