Kenorland Minerals Announces Option of the Rupert Lithium Project to Li-FT Power Ltd.
Kenorland Minerals Ltd. (TSXV:KLD)(FSE:3WQ0) (“Kenorland” or “the Company”) is pleased to announce it has entered into an option agreement (the “Option Agreement“) with Li-FT Power Ltd. (“Li-FT“), a private British Columbia company pursuant to which Li-FT has been granted the sole and exclusive option (the “Option“) to acquire a 100% interest in and to the Rupert property (the “Property“), located near James Bay, Quebec.
In order to exercise the Option, Li-FT will make aggregate cash payments of $200,000 and issue common shares representing 10% of the issued and outstanding shares of Li-FT at the time of closing and from time to time until the shares of Li-FT are directly or indirectly listed on a recognized stock exchange in North America, Australia or the United Kingdom. Upon the exercise of the option, Kenorland will be granted a 2% net smelter return royalty on the Property. The parties will also enter into an operating agreement whereby Kenorland will be engaged by Li-FT to operate the Property for an initial two year term.
About the Rupert Project
Figure 1. Map of Rupert
The Rupert Project covers approximately 155,533 hectares or 1,555 km2 of mineral tenure in the James bay region of Quebec, and is composed of three separate areas: the Pontax Trend, the Moyenne Trend, and the Whabouchi Trend.Â The Whabouchi and Pontax trends cover boundaries between the La Grande and Nemiscau geologic subprovinces, which are marked by Archean greenstone belts. The Whabouchi Trend covers ~ 950 km2 of the Lac des Montagnes greenstone belt which hosts the Whabouchi Li-pegmatite deposit (53.6 Mt at 1.45% Li2O total resources and reserves). The Pontax Trend covers ~350 km2 of the Pontax greenstone belt which hosts several Li pegmatite showings.Â The geology of the Pontax trend is similar to the Whabouchi Trend and has similar characteristics for Li prospectivity. Â The Moyenne Trend covers an east-trending shear zone which has potential to host Li pegmatites.
Mr.Â Jan Wozniewski, B. Sc., P. Geo., OGQ (#2239) is the “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. (TSX.V KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland’s focus is early to advanced stage exploration in North America.Â The Company currently holds three projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL), the Chicobi Project is optioned to SMMCL, and the Chebistuan Project is optioned to Newmont Corporation. The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in Alaska, USA.
Further information can be found on the Company’s website www.kenorlandminerals.com
|Kenorland Minerals Ltd.
President and CEO
Tel: +1 604 363 1779
|Kenorland Minerals Ltd.
Executive Vice President
Tel: +1 778 322 8705
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.
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