(Kitco News) - Kenorland Minerals (TSXV: KLD) said today that Sumitomo Metal Mining Canada has fulfilled its requirement to earn a 51% interest in the Chicobi project, and the two companies have agreed to form a joint venture.
SMMCL has exercised its option to acquire an initial 51% interest in the project after recently completing over C$4.9 million in exploration expenditures.
Kenorland, along with SMMCL, has been exploring the Chicobi Project since 2019 using overburden drilling methods to sample glacial till and top of bedrock below the layer of glaciolacustrine clay that obscures vast areas of the northern Abitibi greenstone belt, said Kenorland in a news release. To date, three phases of sonic drilling, totaling 441 drill holes have been completed across the project producing ~1,500 samples for gold grain counts, heavy mineral concentrate assays, and till geochemistry assays.
Kenorland holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc.
