Company description

Kenorland Minerals Ltd. (TSXV:KLD) is a mineral exploration company based in Vancouver, British Columbia, Canada. Kenorland’s focus is early to advanced stage exploration in North America. The company currently holds three flagship projects where work is being completed under an earn-in agreement from third parties. The Frotet Project, which is located in Quebec, Canada, is JV-ed with Sumitomo Metal Mining Canada Ltd (20/80%). The company is also earning into 70% (from Newmont) of  the Healy Project, a gold system located in Alaska, and also owns 100% of the advanced stage Tanacross porphyry Cu-Au project in Alaska as well. Antofagasta is earning into 70% of Tanacross. Besides these three projects, the company also holds a string of other projects, and is doing work programs on most of them during the year.

The company is co-founded and led by President and CEO Zach Flood, who is considered by many a next generation mining prodigy. He was trained for many years at the Ivanhoe Group, and finetuned his geologist crafts under the guidance of legends like David Broughton, and entrepreneurial thinking in mining by the likes of Robert Friedland. Together with former President Francis MacDonald, who has a similar background but left the company to become CEO of LiFT Power, an ambitious lithium junior, he developed an ingenious method to explore large, grass roots land packages in Greenstone belts, covered by glacial till, for gold.

The flagship Frotet project is located adjacent the Troilus deposit (7Moz Au Ind and Inf), owned by Troilus Gold. Frotet drilling  by Kenorland returned a very high percentage of mineralized hits at the Regnault target, which is the focus of attention since the discovery. Regnault was a greenfields target, and was a completely blind discovery. The company has Sumitomo as a partner, and they decided to establish the JV, and keep funding the project. My estimates peg the mineralized potential at about 3Moz Au at the moment (summer 2023).

The formerly fully owned Tanacross project in Alaska is a project formerly explored in 2018-2019 by Freeport McMoRan and others. These parties drilled results like 239m @ 0.30%Cu and 0.23g/t Au, and 276m @0.23%Cu and 0.16g/t Au. It is a district scale collection of alteration footprints, covering porphyry centers, analogues to very large low grade deposits like Pebble and Casino. After completing reconnaissance exploration (mapping, geochemistry, geophysics), the company decided to option it out to Antofagasta in 2022.

Kenorland’s other Alaska project is the Healy project, which it is earning into from Newmont Corporation. This project is also of considerable scale, has seen extensive soil sampling and 10 holes of near surface RC drilling, with a highlight of 49.4m @ 0.42g/t Au. The intersected mineralization is characterized by broadly disseminated gold in bedrock.

Their cash position (August 2023) stands at C$21M, management and insiders hold 27%, and the company has a free float of only 32% as it is tightly held by lots of HNWs, institutionals, Sumitomo and individuals like Rick Rule.

Share price Kenorland Minerals Ltd.: