Kenorland, Sumitomo form JV at Chicobi gold project in Quebec

Kenorland has 10 active exploration projects, including Chicobi, in 2022. Credit: Kenorland Minerals

Kenorland Minerals (TSXV: KLD; OTC: KLDCF) is forming a joint venture with Sumitomo Metal Mining Canada for Kenorland’s Chicobi gold project. Sumitomo earned a 51% interest by completing $4.9 million in exploration expenses.

The Chicobi property, 30 km northeast of Amos, Que., covers 512.6 sq. km over a 45-km strike length of the Chicobi deformation zone (CDZ). This zone is analogous to other major breaks in the Abitibi, such as the Cadillac-Larder Lake, Casa Berardi, Sunday Lake, and Lower Detour zones. The property hosts potential orogenic gold mineralization.

The next $1.5-million exploration phase will be 100% funded by Sumitomo. This phase of work includes 160 sonic infill drill holes within the Chicobi deformation zone (CDZ). Thereafter, exploration will be funded on a pro rata basis with Kenorland as operator.

The prospect generator recently inked an agreement with another big company — Chile’s Antofagasta (LSE: ANTO), which can earn up to a 70% interest in its Tanacross copper-gold project in Alaska.

On news of the Sumitomo JV, Kenorland shares gained 5¢ to a high of 71¢. The stock has traded in a 52-week range of 63-85¢ and the company has a market cap of $43.7 million.

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