PRECIOUS METALS

Kenorland, Sumitomo boost exploration spend at Frotet

Kenorland Minerals and Sumitomo Metal Mining Canada are adding a further C$6.6 million to the exploration budget at their Frotet gold joint venture in Quebec.

 Exploration is being boosted at Kenorland Minerals and Sumitomo Metal Mining Canada’s Frotet JV in Quebec

Exploration is being boosted at Kenorland Minerals and Sumitomo Metal Mining Canada’s Frotet JV in Quebec

Kenorland identified Frotet, adjacent to the past-producing Troilus copper-gold mine, in 2017 and the following year optioned it to Sumitomo, which is set to increase its stake to 80%.

Sumitomo currently owns 65% and is expected to meet the expenditure requirements to earn a further 15% after the completion of the current drill programme.

Kenorland, which remains operator throughout the next phase of exploration, said the majority of the budget would be allocated to the Regnault discovery area.

The July 2020 discovery hole had intersected 29.08m at 8.47g/t gold. 

"We are very excited to continue our exploration efforts at the Frotet project, and in particular Regnault, as we, along with our partners at Sumitomo Metal Mining develop our understanding of this significant gold discovery," president and CEO Zach Flood said.

The junior expected initial drill results in late May.

The company's other key projects are in Alaska, 100%-owned Tanacross and Healy, where it can earn up to 70% from Newmont.

Separately, Newmont can earn up to 80% of Kenorland's Chebistuan project in Quebec.

Kenorland shares (TSXV: KLD) debuted in mid-January after the company's reverse takeover of Northway Resources and subsequent C$10 million placement in January.

They closed up 1.1% to 91c yesterday, at the lower end of a 70c-$1.75 range to date, capitalising it at $41.8 million (US$33.4 million).

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