Kenorland Minerals Ltd. Closes Atlantic Project Acquisition

Published: 2025-06-13 08:20:21 ET KLD.V

Published on 06/13/2025 at 08:20

Kenorland Minerals Ltd. announced that it has completed the acquisition of a 100% interest in 31,052 hectares of mineral claims contiguous to the Atlantic Project (the "Project") in New Brunswick. The acquisition was completed pursuant to a purchase and sale agreement dated May 26, 2025 with a private British Columbia company, under which Kenorland has issued 118,425 common shares of the Company (the " Shares") at a deemed price of $1.473 per Share and granted a 0.5% net smelter return royalty on the claims forming the Project. The Shares issuable in the private placement are subject to a statutory hold period in accordance with applicable securities legislation and the rules and policies of the TSXV expiring on October 11, 2025.

The 150,831-hectare Atlantic Project is situated within the northern Appalachian orogen of western New Brunswick, covering a highly prospective segment of the Gander and Dunnage zones-recognized for hosting a variety of gold and polymetallic deposits. The project area encompasses a diverse assemblage of Silurian to Devonian volcanic, volcaniclastic, and sedimentary rocks intruded by felsic to mafic plutons. This setting is prospective for epithermal, VHMS and intrusion related mineralisation styles hosting significant Au, Ag, Pb, Zn, and Cu.

Key mineralised showings in the project area include the Williams Brook epithermal, Costigan Mountain epithermal, Sewell Brook VHMS, and Lewis Brook epithermal deposits. These occur within favorable structural corridors and lithologic contacts of the Tobique-Chaleur metallogenic belt, an emerging and active exploration district. The Atlantic Project area has seen limited historical work, presenting a unique opportunity for discovery through modern, systematic exploration approaches.

Kenorland also announces that, further to the investor rights agreement dated November 5, 2021 (the "Sumitomo IRA") between the Company and Sumitomo Metal Mining Canada Ltd. ("Sumitomo") and the investor rights agreement dated May 28, 2024 (the " Centerra IRA") between the Company and Centerra Gold Inc. (" Centerra"), each of Sumitomo and Centerra have issued to the Company notice of their respective intentions to exercise their 'top-up right' as it relates to certain share issuances completed by the Company, including the issuance of the Shares for the Project, and to retain their interests in the Company. An aggregate of 257,737 Shares will be issued for aggregate consideration of $408,162.85 representing 228,130 Shares at a price of $1.598 per share and 29,607 Shares at a price of $1.473 per share in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX Venture Exchange, of which 130,157 Shares will be issued to Sumitomo in order to retain its 10.1% interest in the Company and 127,580 Shares will be issued to Centerra in order to retain its 9.9% interest in the Company.