Intersections And Additional Vein Discoveries At Regnault

VANCOUVER - Kenorland Minerals Ltd. reported on results from the 2021 summer-fall drill program at the Regnault gold discovery within the Frotet Project, located in northern Quebec and held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL). Assays from the remaining 25 of 57 drill holes completed, including 7,968 meters of the 17,792 meter program, are reported herein.

Zach Flood, CEO, said, "The last remaining results from the 2021 drill program continue to demonstrate the exceptional high-grade nature of the Regnault gold system, including the most significant intercept at R2 to date. We have also completed the 2022 winter drill program which concludes the fiscal 2021 budget cycle. On this program we pushed drilling southward well beyond the R1 veins and intersected a series of additional parallel shear veins at depth. The significance of this development cannot be understated as it confirms the potential for additional vein discoveries within the intrusive complex. We anticipate the 2022 fiscal budget to be finalized towards the end of the month and we look forward to continuing our advancement of this remarkable gold discovery."

The reported 25 drillholes (7,968m) follow the previously reported 32 drillholes of the 2021 summer-fall drill program completed in October 2021*. The drill program was designed to systematically test along strike and down-dip extents of the R1, R2 East and R2 West mineralized structures at Regnault. Along the R1 trend, highlights included hole 21RDD100 which stepped 80m down-dip from 21RDD074 (3.45m at 17.53g/t Au) and intersected 6.88m at 23.79g/t Au including 2.60m at 60.77g/t Au. Hole 21RDD089 stepped 60m down-dip from 21RDD024 (5.72m at 90.56g/t Au) and intersected 6.21m at 3.75g/t Au incl. 0.60m at 30.20g/t Au. Drillhole 21RDD094 stepped 80m down-dip from 21RDD056A (15.4m at 17.96g/t Au*) and intersected 0.92m at 22.04g/t Au. Hole 21RDD109A stepped 75m down-dip of 21RDD032 (4.87m at 3.80g/t Au) and intersected 17.75m at 1.26g/t Au including 2.50m at 3.92g/t Au. Drillhole 21RDD105 returned 2.5m at 11.15g/t Au including 0.30m at 84.60g/t Au near the top of the hole along a separate structure 200m north of R1 and 50m along strike from 20RDD021A (2.66m at 33.69g/t Au). These results extend the known mineralization along R1 to depths of 330m below surface and 750m along strike, remaining open to depth and along strike.

Gold mineralization along the R1 trend is associated with multiple east-west trending and north-dipping shear zones. Mineralized structures transect both the multiphase Regnault intrusive complex and surrounding volcanic rocks and are defined by zones of moderate-strong strain, biotite-calcite ± silica-chlorite alteration and disseminated pyrite (locally ranging from 3-10%). High grade intercepts are characteristically shear-hosted, laminated quartz-carbonate-pyrite veins, often haloed by variably deformed extensional stockwork quartz veining locally containing up to 20% pyrite along with trace chalcopyrite, Au ± Ag tellurides and visible gold.

Along the R2 trend, at R2 West, drillhole 21RDD088 returned 1.77m at 117.86g/t Au intersecting shear-related, vein-hosted mineralization 80m to the east of 21RDD082A (1.60m at 28.34g/t Au*), representing the highest grade x thickness intercept along R2 to date. Hole 21RDD085 returned 0.61m at 48g/t Au 30m up-dip of 21RDD082A. Known mineralization along the R2 trend extends over 950m of strike length with multiple veins trending east-northeast and to depths of 350m below surface. Veins include stacked, shallow north dipping extensional type quartz veins (dominant style for R2 West), and E-W trending, steeply north-dipping shear hosted quartz-carbonate veins (the dominant style of mineralization for R2 East and similar to the R1 Trend). The R2 trend also remains open along strike and to depth.

A winter drilling program has recently concluded which explored for additional mineralized structures at depth within Regnault gold system. Visual indications of shear-related mineralization including quartz-sulphide veining, biotite-calcite alteration and disseminated pyrite, along with locally visible gold and tellurides continue to be intercepted at depth beyond the previous limits of drilling along R1. Of significance is the definition of the R5 structure, which is located directly to the south and parallel to the R1 veins. The R5 structure is presently defined by 10 drillholes along 350m of strike and is open in all directions. In addition to the discovery of R5, 22DDH129, which was drilled to a depth of 624m, and 300m beyond the R5 structure encountered three additional shear-related and mineralized veins. Vein and mineralized envelopes range in thickness from less than a meter up to 5m. The observation of visible mineralization in the core is a positive sign but is not necessarily indicative that assay results with significant gold mineralization will be received.

The discovery of these additional structures has advanced the understanding of the Regnault system and resulted in a revised interpretation of a stacked set of mineralized vein/alteration corridors localized within and around the multiphase Regnault intrusive complex. This development in targeting has greatly increased the potential for the discovery of additional vein/alteration zones beyond the currently defined extents of the mineralized system.

Scott Smits, Vice President of Exploration, states, "The summer-fall 2021 drill campaign was a great success, extending the known mineralization to depth and consistently returning high-grade gold, demonstrating the continuity along the R1 and R2 trends. Ongoing geologic modeling of the Regnault gold system has also greatly increased our understanding of the structural controls and has refined our exploration model, proven by the definition of the R5 vein at depth and discovery of additional veins during the 2022 winter drill program."