Frotet Project Drill Program Demonstrates High Grade Results

VANCOUVER – Kenorland Minerals Ltd. reported on the fall drill program at the Frotet Project, located in northern Quebec. The Company has completed the exchange with Sumitomo Metal Mining Canada Ltd. of the Company’s 20% participating interest in the Frotet Project for a 4.0% net smelter return royalty on all minerals extracted from the Project. Assays from the 20 drill holes, totaling 11,918m of drilling completed during the 2023 fall drill program. Highlights include: 23RDD185: 19.25m at 19.95 g/t Au incl. 1.90m at 106.48 g/t Au at R6; 23RDD177: 1.00 m at 174.54 g/t Au incl. 0.30m at 579.30 g/t Au at R1; 23RDD193: 35.45m at 2.90 g/t Au incl. 1.70m at 15.52 g/t Au at R4; 23RDD175: 17.65m at 4.59 g/t Au incl. 1.08m at 43.96 g/t Au at R5; 23RDD177: 11.31m at 6.89 g/t Au incl. 2.12m at 26.37 g/t Au at R5; 23RDD176: 10.70m at 5.67 g/t Au incl. 2.00m at 14.99 g/t Au at R5; 23RDD182: 1.00m at 54.40 g/t Au at R2; and 23RDD187: 8.95m at 6.34 g/t Au incl. 1.45m at 20.27 g/t Au at R4.

Zach Flood, President and CEO, reported, “The latest results from the fall 2023 drill program continue to demonstrate the exceptional high-grade nature of the Regnault gold deposit. It’s an incredible gold system and we’ve been fortunate to take it from grassroots discovery to the advanced stages of exploration. In addition, we’re delighted to announce the close of a transaction resulting in Kenorland now owning a 4% NSR royalty on the project, received in exchange for our 20% minority interest in the prior joint venture with Sumitomo Metal Mining. Sumitomo is a well-established, leading global mining and materials company, and we look forward to continuing to work with them closely as we operate the project over the upcoming year.”

Much of the reported drilling was designed as broad step-outs and infill along known mineralised trends throughout the Regnault deposit. Along the R5, R6, R7 and R8 structural corridors, significant step-out results include 23RDD176 intersecting 10.70m at 5.67 g/t Au including 2.00m at 14.99 g/t Au, 23RDD175 returning 17.65m at 4.59 g/t Au including 1.08m at 43.96 g/t Au, and 23RDD177 returning 11.31m at 6.89 g/t Au including 2.12m at 26.37 g/t Au. These holes successfully extended R5 mineralisation to the west, to 450m vertical depth and remains open. Infill and step-out targets along the eastern portions of the R1, R5, R6, R7 and R8 mineralised structures intersected additional high-grade mineralisation including 23RDD192 with 2.20m at 17.45 g/t Au including 0.30m at 98.50 g/t Au, a step-out at depth along R1. 23RDD185 intersected 19.25m at 19.95 g/t Au including 1.90m at 106.48 g/t Au, infill along R6, located 70m to the west of hole 22RDD144 that returned 10.08m at 4.43 g/t Au including 0.59m at 27.10 g/t Au. Drilling within this area has extended known mineralisation to greater than 775m vertical depth with 23RDD188 returning 3.40m at 2.72 g/t Au including 0.50m at 12.20 g/t Au along the R8 vein set.

Broad step-outs along the R4 vein system extended high-grade mineralisation for a known strike length of 300m and to 300m vertical depth. Significant results include 23RDD193 which intersected 35.45m at 2.90 g/t Au including 1.70m at 15.52 g/t Au, a 70m step-out at depth below 20RDD004 which returned 2.59m at 9.89 g/t Au including 1.49m at 15.26 g/t Au. Other significant results include 23RDD187 with 8.95m at 6.34 g/t Au including 1.45m at 20.27 g/t Au, which remains open at depth.

Infill drilling along the R2 and R3 mineralised structures continued to intersect narrow high-grade mineralisation including 23RDD182 with 1.00m at 54.40 g/t Au, located 50m to the west of hole 21RDD088 which returned 1.77m at 117.86 g/t Auwithin the R2 vein system. Some of the highest grade mineralisation returned to date along the R3 structures were obtained during the 2023 fall infill drill program including 23RDD181 with 0.35m at 134.30 g/t Au, 23RDD178 with 0.40m at 62.10 g/t Au, and 23RDD183 returning 2.30m at 7.85 g/t Au including 0.53m at 30.50 g/t Au.

Two drill holes were designed to test the shallower portions of the Regnault diorite up dip from the 2023 winter discovery holes that intersected mineralisation down to 1,000m vertical depth including 23RDD172 which returned 2.56 g/t over 41.85m including 11.96 g/t Au over 4.45m. These large step-outs (200-300m) returned narrow, moderate grade mineralisation within the R9, R10, and R11 shear zones including 23RDD174 which returned 3.70m at 2.14 g/t Au including 0.40m at 10.70 g/t Au, a 215m up dip step-out from 23RDD159 that returned 1.20m at 55.70 g/t Au.