Gap 24RDD213 reduce 4.5 metres grading 16.11 grams gold from 16.5 metres downhole, together with 0.4 metre at 163.7 grams gold within the R1 pattern. The corporate revealed outcomes from 18,448 metres throughout 27 holes in whole on the undertaking in west-central Quebec.
“The 2024 winter program marks one other milestone on the Regnault high-grade gold deposit, with over 100,000 metres drilled to this point,” Kenorland CEO Zach Flood mentioned. “The elevated density of drilling throughout the vein system will lend in direction of a complete replace of the geologic mannequin, which can pave the way in which for a future maiden useful resource estimate.”
The outcomes at Frotet, about 800 km north of Montreal within the Chibougamau area, come virtually one month after Centerra Gold (TSX: CG) took a 9.9% stake in Kenorland as a part of a $9.9-million personal placement. Centerra joined Sumitomo as one of many junior’s greatest backers. The Japanese firm agreed in January to finish a three way partnership at Frotet by which Kenorland had a 20% curiosity, in favour of full management whereas Kenorland will get a 4% internet smelter return royalty. That deal closed in February.
Confidence enhance
The winter drilling program at Frotet was aimed toward boosting confidence concerning the vein system geometry and grade continuity on the website alongside the R1 and R5 to R7 mineralized constructions. It was additionally aimed toward seeing how these intersect with the R2 pattern.
Infill drilling alongside R1 has returned important assays. Gap 24RDD213 confirmed 4.5 metres at 16.11 grams gold from 16.5 metres, together with 0.4 metre at 163.7 grams gold; and 24RDD202 returned 12 metres grading 5.94 grams gold from 208.1 metres, together with 2.5 metres at 21.99 grams gold and 1.9 metres at 31.09 grams gold.
Drilling has confirmed the geometry of parallel shear hosted veins alongside the R1 principal mineralized construction placing east to west with a steep north dip, Kenorland mentioned.
The 393.7-sq.-km Frotet undertaking is adjoining to Troilus Gold’s (TSX: TLG) namesake past-producing gold-copper mine that produced 2 million oz. of gold and virtually 70,000 tonnes of copper between 1996 and 2010.
Kenorland shares had been flat at C$0.94 apiece on Tuesday morning, valuing the corporate at C$69.3 million. Its shares traded in a 52-week vary of C$0.57 and C$1.19.