Kenorland Options the Flora, Western Wabigoon and Algoman Projects to Centerra Gold
Kenorland Minerals (OTCQX: KLDCF) has entered into a definitive agreement with Centerra Gold's subsidiary Thompson Creek Metals for three projects in Northwestern Ontario: Flora, Western Wabigoon, and Algoman. Under the agreement, Centerra can acquire up to 70% interest through a two-stage option process.
The First Option allows Centerra to gain 51% interest by spending C$10 million in exploration within three years, including C$3.5 million in the first year and completing 10,000 meters of diamond drilling. The Second Option enables an additional 19% interest by completing a Preliminary Economic Assessment with a minimum 1 million ounce gold equivalent resource within seven years.
Kenorland will retain a 30% free-carried interest through to the completion of a Preliminary Feasibility Study and will serve as the initial operator during the First Option period, receiving a 15% management fee.
Kenorland Minerals (OTCQX: KLDCF) ha stipulato un accordo definitivo con la filiale di Centerra Gold, Thompson Creek Metals per tre progetti nel Nord-Ovest dell'Ontario: Flora, Western Wabigoon e Algoman. Secondo l'accordo, Centerra può acquisire fino al 70% di partecipazione tramite un processo di opzione in due fasi.
La Prima Opzione consente a Centerra di ottenere il 51% di partecipazione investendo 10 milioni di dollari canadesi in esplorazione entro tre anni, di cui 3,5 milioni nel primo anno e completando 10.000 metri di perforazioni diamantate. La Seconda Opzione permette di acquisire un ulteriore 19% di partecipazione completando una Valutazione Economica Preliminare con una risorsa minima di 1 milione di once equivalenti in oro entro sette anni.
Kenorland manterrà un interesse gratuito del 30% fino al completamento di uno Studio di Fattibilità Preliminare e fungerà da operatore iniziale durante il periodo della Prima Opzione, ricevendo un compenso di gestione del 15%.
Kenorland Minerals (OTCQX: KLDCF) ha firmado un acuerdo definitivo con la filial de Centerra Gold, Thompson Creek Metals para tres proyectos en el noroeste de Ontario: Flora, Western Wabigoon y Algoman. Según el acuerdo, Centerra puede adquirir hasta un 70% de participación mediante un proceso de opción en dos etapas.
La Primera Opción permite a Centerra obtener el 51% de participación gastando 10 millones de dólares canadienses en exploración en un plazo de tres años, incluyendo 3,5 millones en el primer año y completando 10,000 metros de perforación diamantina. La Segunda Opción permite un 19% adicional al completar una Evaluación Económica Preliminar con un recurso mínimo de 1 millón de onzas equivalentes de oro en un plazo de siete años.
Kenorland mantendrá un 30% de participación libre de aportes hasta la finalización de un Estudio de Factibilidad Preliminar y actuará como operador inicial durante el periodo de la Primera Opción, recibiendo una tarifa de gestión del 15%.
Kenorland Minerals (OTCQX: KLDCF)는 Centerra Gold의 자회사인 Thompson Creek Metals와 온타리오 북서부에 위치한 Flora, Western Wabigoon, Algoman 세 프로젝트에 대해 최종 계약을 체결했습니다. 이 계약에 따라 Centerra는 두 단계 옵션 과정을 통해 최대 70% 지분을 취득할 수 있습니다.
첫 번째 옵션은 Centerra가 3년 내에 1,000만 캐나다 달러 규모의 탐사비용을 지출하고, 그 중 첫 해에 350만 캐나다 달러를 사용하며 10,000미터의 다이아몬드 시추를 완료함으로써 51% 지분을 획득할 수 있게 합니다. 두 번째 옵션은 7년 내에 최소 100만 온스 금환산 자원을 포함하는 예비 경제성 평가를 완료함으로써 추가로 19% 지분을 취득할 수 있게 합니다.
Kenorland는 예비 타당성 조사가 완료될 때까지 30% 무상 지분을 유지하며, 첫 번째 옵션 기간 동안 초기 운영자로 활동하고 15% 관리 수수료를 받게 됩니다.
Kenorland Minerals (OTCQX : KLDCF) a conclu un accord définitif avec la filiale de Centerra Gold, Thompson Creek Metals pour trois projets dans le nord-ouest de l'Ontario : Flora, Western Wabigoon et Algoman. Selon cet accord, Centerra peut acquérir jusqu'à 70 % des parts via un processus d'option en deux étapes.
La Première Option permet à Centerra d'obtenir 51 % des parts en dépensant 10 millions de dollars canadiens en exploration sur trois ans, dont 3,5 millions la première année, et en réalisant 10 000 mètres de forage diamanté. La Seconde Option permet d'acquérir 19 % supplémentaires en réalisant une étude économique préliminaire avec une ressource minimale de 1 million d'onces équivalent or sous sept ans.
Kenorland conservera une participation gratuite de 30 % jusqu'à la finalisation d'une étude de faisabilité préliminaire et agira en tant qu'opérateur initial pendant la période de la Première Option, percevant une commission de gestion de 15 %.
Kenorland Minerals (OTCQX: KLDCF) hat eine endgültige Vereinbarung mit der Centerra Gold-Tochter Thompson Creek Metals für drei Projekte im Nordwesten Ontarios geschlossen: Flora, Western Wabigoon und Algoman. Im Rahmen der Vereinbarung kann Centerra bis zu 70% Beteiligung durch einen zweistufigen Optionsprozess erwerben.
Die Erste Option ermöglicht Centerra, 51% Beteiligung zu erlangen, indem innerhalb von drei Jahren 10 Millionen kanadische Dollar in Exploration investiert werden, davon 3,5 Millionen im ersten Jahr, sowie die Durchführung von 10.000 Metern Diamantbohrungen. Die Zweite Option erlaubt eine zusätzliche 19% Beteiligung durch den Abschluss einer vorläufigen Wirtschaftlichkeitsbewertung mit einer Mindestressource von 1 Million Unzen Goldäquivalent innerhalb von sieben Jahren.
Kenorland behält eine 30% kostenfreie Beteiligung bis zum Abschluss einer vorläufigen Machbarkeitsstudie und fungiert während der ersten Optionsphase als anfänglicher Betreiber, wobei eine 15% Managementgebühr gezahlt wird.
- Potential to earn C$10 million in exploration expenditures from Centerra within three years
- Kenorland maintains 30% free-carried interest through PFS completion
- 15% management fee as initial operator during First Option period
- Minimum C$3.5 million exploration commitment in first year
- Significant exploration targets identified across all three projects
- Potential dilution of interest to 1% NSR if stake falls below 10%
- Required to complete 10,000 meters of diamond drilling during earn-in period
- Seven-year timeline for Second Option completion could mean extended development period
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce that it has entered into a definitive agreement dated June 24, 2025 (the "Agreement") with Thompson Creek Metals Company Inc., a subsidiary of Centerra Gold Inc. ("Centerra"), pursuant to which the Company has agreed to grant to Centerra the right to acquire up to a
Figure 1. Flora, Western Wabigoon and Algoman Project locations
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Option Agreement
First Option
Pursuant to the Agreement, Centerra would have the option (the "First Option") to acquire an initial
Second Option
Upon exercising the First Option, Centerra will hold an exclusive right (the "Second Option") to earn an additional
Following completion of the Second Option and formation of a joint venture, Kenorland would retain a
Joint Venture Agreement and Carried Interest
Centerra and Kenorland would enter into an industry-standard JVA for the Projects upon the earlier of (a) the completion of the Interest Reversion; or (b) the acquisition of the Second Interest by Centerra. The JVA will reflect the respective pro-rata property interests at the time of execution. Subject to Kenorland's right to a free-carried interest through to the completion of a PFS following Centerra's acquisition of the Second Option, each party would then contribute on a pro-rata basis to the further development of the Projects, as may be determined and proposed by a management committee established under the terms of the JVA. Representation on the management committee would be in proportion to each party's interest in the Projects.
Operatorship
Kenorland will act as the initial operator of the Projects during the First Option period, receiving a
Proposed 2025 Exploration Programs
Flora Project
The Flora Project is located within the Western Wabigoon subprovince of the Archean Superior Province. The major Wabigoon Fault (WF) transects the 80km strike-length of the property and juxtaposes Warclub assemblage rocks in the north against the Populus Lake Group mafic volcanics-ultramafic intrusions to the south. Mineralisation styles within the region include orogenic Au deposits such as the Cameron deposit 15km to the south along the northwest trending Pipestone-Cameron Deformation Zone (PCdz) and the Goliath deposit 50km to the northeast along the Wabigoon Fault, and magmatic Ni-Cu sulphide deposits such as the Kenbridge deposit 3km east of the property.
The summer 2024 first pass property-wide glacial till geochemical survey, included the collection of approximately 2,600 samples at 1000m x 200m sample spacing. The survey identified two targets, subparallel to the southwest-northeast trending Wabigoon Fault. The F1 target is a high tenor, coherent gold-in-till anomaly extending over 7km within a sheared diorite, characterized by Au-Mo metal associations. The F2 target, located approximately 16km along strike to the southwest is defined by a strong Au-W correlation. The proposed summer 2025 exploration will include a detailed airborne magnetic and VLF-EM survey, an infill till sampling grid to 200m x 100m sample spacing and a 250m x 250m heavy mineral concentrate (HMC) till sampling survey for gold grain analysis over the F1 target. Follow-up work to be completed on the F2 target will include infill till sampling to 200m x 100m spacing.
Figure 2. Flora Project regional glacial till sampling gold geochemistry (2024)
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Western Wabigoon Project
The Western Wabigoon Project is located in the Western Wabigoon subprovince and covers intersections of major deformation zones within the Archean greenstone belt. Within the northern portion of the project area is the intersection of the regional Pipestone-Cameron Deformation Zone (PCdz), the Manitou-Dinorwic Deformation Zone (MDdz), and the Helena-Pipestone Deformation Zone (HPdz). The PCdz hosts the Cameron orogenic Au deposit 30km to the northwest of the property, and the HPdz hosts the Rainy River deposit 50km to the southwest. These high strain structural corridors host a number of additional gold showings and deposits, associated with iron carbonate veins, altered shear zones and porphyry dykes.
Systematic, geochemical screening of the Western Wabigoon Project during 2024 included the collection of approximately 2,800 till samples at 1000m x 200m sample spacing. A significant, approximately 19km trend of gold-in-till anomalism follows the southwest-northeast trending Manitou-Dinorwic Deformation Zone. Within that trend, the W1 target is defined by continuous high tenor gold-in-till results, with Au-As±Sb-Te-W metal associations. A second zone of strong geochemical anomalism, located 6km along strike to the southwest, the W2 target (Au-As-Sb), is concentrated where the MDdz orientation changes from a northeast-southwest trend to east-west. The W3 target (Ag-Mo-Te-W±Au-Cu), located 5km to the southeast follows a regional contact between mafic volcanic rocks and gabbro intrusive rocks. Planned work for the summer 2025 exploration campaign will include a detailed airborne magnetic and VLF-EM survey, infill till sampling grids to 200m x 100m sample spacing and 250m x 250m spaced HMC till sampling over the W1 and W2 targets. Follow-up work to be completed on the W3 target will include infill till sampling to 200m x 100m spacing.
Figure 3. Western Wabigoon Project regional glacial till sampling gold geochemistry (2024)
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Algoman Project
The Algoman Project area encompasses 75km strike-length of the Rainy Lake-Seine River Fault system (RLSRF), the structural boundary between the Western Wabigoon and Marmion geological subprovinces to the north, and the Quetico subprovince to the south. The Western Wabigoon and Marmion subprovinces include volcanic and metasedimentary greenstone belts and surrounding felsic plutonic batholiths transected by several major east-west to northeast striking deformation zones including the Quetico Fault (QF) and the Marmion Fault (MF), host to the Hammond Reef deposit located 27km to the northeast. The project area has potential for several mineralisation styles including vein hosted to disseminated sulphide orogenic gold associated with these regional deformation zones, similar to the nearby deposits including Hammond Reef to the northeast, and vein systems of the Mine Centre to the west.
The summer 2024 large scale geochemical surveys included till sampling (approximately 3,100 samples) and HMC/MDMC till sampling (approximately 500 samples) for gold grain analysis and spodumene grain counts, covering the entire property. The till geochemical survey outlined two distinct trends of Au-As±Sb-Ag-Cu anomalism, hosted within volcanics and structures sub-parallel to the Marmion-Quetico subprovince boundary immediately to the south. The A1 target is spatially associated with the intersection of the regional Quetico Fault and the Rainy Lake-Seine River Fault system. The A2 target, located 19km to the east, lies along trend with other known high grade gold mineral occurrences further to the east. Follow-up work to be completed during 2025 will include additional HMC till sampling for gold grain analysis over the A1 and A2 trends.
Figure 4. Algoman Project regional glacial till sampling gold geochemistry (2024)
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Qualified Person
Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824), "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 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
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
Corporate Development and Investor Relations Manager
Tel +1 604 568 6005
info@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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FAQ
What are the terms of Kenorland Minerals' (KLDCF) option agreement with Centerra Gold?
How much will Centerra Gold spend on the Flora, Western Wabigoon and Algoman Projects in the first year?
What is Kenorland's (KLDCF) role in the project operations?
What happens to Kenorland's interest after Centerra completes the Second Option?
Where are the Flora, Western Wabigoon and Algoman Projects located?
