North of 60 Mining News - The mining newspaper for Alaska and Canada's North

With a propensity to attract major mining companies to the mineral exploration projects it generates, Kenorland Minerals Ltd. cut a deal in 2022 to option its Tanacross project in eastern Alaska to Chilean copper miner Antofagasta PLC.

Lying alongside the Alaska-Yukon border, the 113,400-acre Tanacross property 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 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.

The culmination of this work has drawn the interest of Antofagasta.

To earn a 70% joint venture interest in Tanacross, Antofagasta Minerals S.A, a subsidiary of Antofagasta, has agreed to pay Kenorland an initial US$1 million cash payment and spend US$30 million on exploration over eight years, including a minimum of US$1 million in the first year. Upon completion of its work commitment and delivering a PEA that outlines the economic and engineering parameters of developing a mine at Tanacross, the Chilean copper miner will pay Kenorland an additional US$4 million.

During the option period, Antofagasta will fund all exploration and Kenorland will be the initial operator.

This work began with a US$2 million field program carried out last year that included various geophysical, geological, and geochemical surveys covering the East Taurus, McCord Creek, West Taurus, and South Taurus target areas.

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

"This comprehensive exploration program will create a strong foundation for future drill targeting," said Kenorland Minerals CEO Zach Flood.

Healy gold project

Kenorland cut a deal with Newmont Corp. in 2018 to earn up to a 70% joint venture interest in Healy by completing at least US$4 million of exploration on the property by the end of 2022.

Mapping, soil sampling, geophysical surveys, and reverse circulation drilling carried out during the 2018 through 2020 field seasons identified three primary drill targets – Bronk, Thor, and Spike.

The company tested these targets with a 14-hole diamond drill program carried out in 2021.

Highlights from this drilling include:

• 11.9 meters averaging 1.29 g/t gold in hole 21HDD017 (Thor).

• 13.38 meters averaging 1.22 g/t gold in hole 21HDD019 (Thor).

Drilling also cut multiple intervals of lower-grade gold at Bronk.

Kenorland says the broadly disseminated and vein-hosted low-level gold mineralization encountered confirms the presence of a large gold system.

Induced polarization and magnetotelluric geophysical surveys completed towards the end of the 2021 drill program revealed significant untested geophysical anomalies associated with mineralization, controlled by structural and lithological traps.

Kenorland Minerals Ltd.

A drill tests the Bronk target during Kenorland's 2021 program at the Healy gold project in Alaska's Goodpaster District.

"While there are many indications that Healy represents a significant greenfields gold discovery within Alaska's prolific Goodpaster Mining District, it will require additional drill testing to fully evaluate the economic potential," said Flood. "We will provide an update on our exploration plans going forward after we have completed a detailed review of the results and targets with Newmont Corporation, who currently holds a 30% participating interest in Healy."

Kenorland's portfolio also includes the Frotet gold property in Quebec, being explored under a JV with Sumitomo Metal Mining Company Ltd .; Chicobi gold project in Quebec, optioned to Sumitomo Metal Mining; the Chebistuan gold project in Quebec, optioned to Newmont; Hunter gold project in Quebec, optioned to Centerra Gold Inc .; O'Sullivan gold project in Quebec: South Uchi gold project in Ontario, optioned to Barrick Gold Corp .; South Thompson nickel project in Manitoba; Oisk nickel project in Manitoba; and Wheatcroft gold project in Manitoba.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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