A majority of the financing proceeds (80%) will probably be allotted in the direction of Kenorland’s exploration actions, with the remaining 20% for use for normal and administrative functions.
Kenorland has numerous mineral exploration tasks throughout North America. In Quebec alone it holds three orogenic gold tasks, the place work is being accomplished below three way partnership and earn-in settlement from third events.
The Frotet venture, one of many firm’s three flagships, is at present held below a three way partnership with Sumitomo. Chicobi, a grassroots venture, can be optioned to Sumitomo, whereas the Chebistuan venture is below choice to Newmont.
In Ontario, Kenorland holds the South Uchi venture below an earn-in settlement with a completely owned subsidiary of Barrick Gold.
The corporate additionally owns 100% of the advanced-stage Tanacross porphyry copper-gold venture, in addition to an choice to earn as much as 70% from Newmont on the Healy gold venture, each situated in Alaska.
“We’re delighted to welcome Sumitomo Metallic Mining as a strategic investor in Kenorland,” CEO Zach Flood mentioned in a media assertion. “Sumitomo’s funding is a big milestone for us and represents a powerful endorsement of our crew, the Frotet venture, and our further tasks and partnerships throughout the exploration portfolio.”
With the information of Sumitomo turning into a big shareholder, shares of Kenorland Minerals surged 9.8% by 12:10 p.m. in Toronto. The Canadian-based miner has a market capitalization of C$36.2 million ($29.1m).