Kenorland Minerals Ltd. Aug. 24 announced the launch of a US$2 million exploration program funded by Antofagasta PLC at the Tanacross porphyry copper-gold project in eastern Alaska.

In July, Kenorland announced that Antofagasta Minerals S.A, a subsidiary of Antofagasta, agreed to pay Kenorland an initial US$1 million in cash and spend US$30 million on exploration over eight years to earn a 70% joint venture interest in Tanacross, a 113,400-acre property lying alongside the Alaska-Yukon border that hosts world-class porphyry copper-gold deposit potential.

Since the discovery of the East Taurus deposit in 1971, 17,076 meters of drilling in 67 holes have been completed at Tanacross.

Highlights from historical drilling include:

• 175 meters averaging 0.31% copper, 0.1 grams per metric ton gold, and 0.032% molybdenum in hole 96DDH030.

• 208.5 meters averaging 0.23% copper, 0.14 g/t gold, and 0.32% molybdenum in hole 96DDH032.

• 232.6 meters averaging 0.31% copper, 0.25 g/t gold, and 0.036% molybdenum in hole 08DDH040.

• 285 meters averaging 0.23% copper, 0.16 g/t gold, 1.08 g/t silver, and 0.036% molybdenum in hole 19ETD050.

• 412.4 meters averaging 0.11% copper, 0.12 g/t gold, 1.17 g/t silver, and 0.015% molybdenum in hole 19ETD051.

In 2021, Kenorland completed detailed soil sampling and mapping carried out over the East Taurus, West Taurus, South Taurus, and Big Creek target areas of the property. High-resolution drone magnetic surveys were flown over the same area, and a Titan high-powered induced polarization and magnetotelluric survey was completed at South Taurus.

Continuing this effort to gain a broader understanding of Tanacross to determine the best targets for further drilling, the 2022 field program includes various geophysical, geological, and geochemical surveys covering the East Taurus, McCord Creek, West Taurus, and South Taurus target areas.

This is slated to include a 42-line-kilometer induced polarization and magnetotelluric geophysical survey out over the East Taurus-McCord Creek-West Taurus complex, along with detailed mapping and soil sampling over this complex that hosts numerous mineralized intrusions and alteration systems variably enriched in copper, gold, and molybdenum.

At South Taurus, an untested coincident magnetic and conductive feature associated with anomalous soil geochemistry, detailed ground gravity and extremely low-frequency electromagnetic surveys, as well as detailed soil sampling, have already been carried out.

Kenorland says the detailed surveys carried out in 2022, combined with historical datasets, will provide fundamental information for drill targeting across multiple target areas.

Kenorland Minerals Ltd.

A map of the soil sampling and geophysical surveys to be carried out on the Tanacross copper-gold project this year.

"We are very excited to be back in Alaska, with Antofagasta, advancing the Tanacross Project towards discovery. This comprehensive exploration program will create a strong foundation for future drill targeting," said Kenorland Minerals CEO Zach Flood. "We believe there's incredible potential in this fertile and target rich environment."

The US$2 million approved budget for the 2022 summer exploration program includes certain fixed costs in 2023. This year's exploration is expected to continue through September.

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