VANCOUVER, BC, July 28, 2021 /CNW/ - Kenorland Minerals
Ltd. (TSXV: KLD)(FSE: 3WQ0) ("Kenorland" or "the
Company") is pleased to announce it has entered into an option
agreement (the "Option Agreement") with Li-FT Power Ltd.
("Li-FT"), a private British
Columbia company pursuant to which Li-FT has been granted
the sole and exclusive option (the "Option") to acquire a
100% interest in and to the Rupert property (the
"Property"), located near James
Bay, Quebec.
In order to exercise the Option, Li-FT will make aggregate cash
payments of $200,000 and issue common
shares representing 10% of the issued and outstanding shares of
Li-FT at the time of closing and from time to time until the shares
of Li-FT are directly or indirectly listed on a recognized stock
exchange in North America,
Australia or the United Kingdom. Upon the exercise of the
option, Kenorland will be granted a 2% net smelter return royalty
on the Property. The parties will also enter into an operating
agreement whereby Kenorland will be engaged by Li-FT to operate the
Property for an initial two year term.
Figure 1. Map of the Rupert Project
About the Rupert Project
The Rupert Project covers approximately 155,533 hectares or
1,555 km2 of mineral tenure in the James Bay region of Quebec, and is composed of three separate
areas: the Pontax Trend, the Moyenne Trend, and the Whabouchi
Trend. The Whabouchi and Pontax trends cover boundaries
between the La Grande and Nemiscau
geologic subprovinces, which are marked by Archean greenstone
belts. The Whabouchi Trend covers ~ 950 km2 of the Lac
des Montagnes greenstone belt which hosts the Whabouchi
Li-pegmatite deposit (53.6 Mt at 1.45% Li2O total
resources and reserves). The Pontax Trend covers ~350
km2 of the Pontax greenstone belt which hosts several Li
pegmatite showings. The geology of the Pontax trend is
similar to the Whabouchi Trend and has similar characteristics for
Li prospectivity. The Moyenne Trend covers an east-trending
shear zone which has potential to host Li pegmatites.
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. (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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kenorland-minerals-announces-option-of-the-rupert-lithium-project-to-li-ft-power-ltd-301342620.html
SOURCE Kenorland Minerals Ltd.