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TSX.V: KLD $0.760.00

Chicobi
Project

Location:
Quebec, Canada

Size:
51,257 ha

Stage:
Grassroots

Deposit Type(s):
Orogenic Au, VMS

The Chicobi Project covers 41,775 ha and over 45 kilometers of strike along the Chicobi Deformation Zone (CDZ), a major, yet under-explored structural break transecting the Abitibi greenstone belt of Ontario and Quebec.  The CDZ is analogous to the other major breaks of the Abitibi, such as the Cadillac-Larder Lake, Casa-Berardi, and Sunday Lake – Lower Detour deformation zones, all which host world-class orogenic Au and VMS deposits.

The Chicobi Project is held under an earn-in option to joint venture agreement with Sumitomo Metal Mining Canada Limited (SMMCL) where SMMCL has an option to earn up to 51% interest by funding C$4.9 million in exploration expenditures.  SMMCL then has the option to earn an additional 19% by funding an additional C$10 million in exploration expenditures within three years of the initial vesting period. Kenorland would then retain a 30% participating interest.  If either party is diluted below 10% their interest would convert to a 2% uncapped NSR.

The project is located 30 kilometers northeast of the town of Amos, Quebec.  Infrastructure in the vicinity is excellent with a road network throughout the project area providing easy access. Power transmissions lines and a railway also cross through the property.

The Chicobi Deformation Zone spans over 400 kilometers across the Abitibi greenstone belt.  Reflection seismic and magnetotelluric (MT) studies suggest the CDZ represents a crustal-scale to trans-lithospheric structure. The stratigraphy along the CDZ consists of volcanic rocks of the Kidd-Munro and Stoughton-Roquemaure Assemblages, which have been structurally juxtaposed against clastic sediments and iron formations of the Porcupine Assemblage. Extensive polymictic conglomerates occur along the structural corridor of the CDZ. These conglomerates are analogous to other late-basin sedimentary rocks spatially associated with mineralised systems elsewhere in the Abitibi (i.e. Timiskaming, Opemisca). The geological setting and crustal architecture of the CDZ make the Chicobi Project prospective for significant orogenic gold and volcanogenic massive sulphide (VMS) mineralisation.

In general, the CDZ has seen far less exploration than the other major deformation zones throughout the Abitibi.  Most of the historical exploration conducted throughout Kenorland’s claim package consisted of targeting conductive anomalies identified from airborne electromagnetic surveys (INPUT) flown in the 1970’s and 1980’s. Although gold and base-metal mineralisation had been discovered during these early campaigns, the area has seen very little follow-up exploration largely due to the challenges related to extensive and thick quaternary cover such as glacial till and glacial lake sediments which blanket the region.  Significant mineral occurrences associated with the CDZ include the Destiny gold deposit, which occurs a few kilometers north of the Chicobi Project, the past producing Normetal VMS deposit near the Quebec-Ontario border, and AMEX Exploration’s flagship Perron Gold Project.

The Chicobi Project was acquired by Kenorland through map staking in October, 2016 and was optioned to NX Gold in April, 2017.  NX Gold completed an airborne VTEM-magnetic survey in 2017-2018, along with a 2D crustal-scale reflection and refraction seismic survey.  NX Gold terminated the option agreement in May 2018 and Kenorland retained 100% ownership of the property.

In 2019 Sumitomo Metal Mining entered into an option agreement on the Chicobi Project and began funding the Phase 1 regional sonic drilling program in the summer of 2019. The objective of the sonic drill-for-till program was to systematically sample the glacial till beneath, on average, 10 meters of glaciolacustrine clay. Sonic holes were drilled along existing access corridors at a spacing of 500m and averaged 16m depth to bedrock. A complete section of the glacial stratigraphy was collected as well as a top of bedrock sample.  Glacial till samples were sent for several different analyses:  fine-fraction geochemistry, gold grain counts, heavy mineral concentrate assays.  Top of bedrock samples were sent for lithogeochemical and assay analyses.

The Phase 2 exploration program begin in 2020 and included an additional 143 sonic holes following up on the initial Phase 1 regional program.  Subsequently, the Phase 3 sonic drill-for-till program was completed during the winter of 2020-2021, further infilling till sampling over 5 target areas within the Chicobi Project.

To date, 441 sonic drill holes have been completed across the project producing ~1,500 samples for gold grain counts, heavy mineral concentrate analysis, and till geochemistry assays.  These drill campaigns have systematically screened the property from the regional scale, covering over 50,000 hectares, down to a coherent gold and multi-element till anomaly (Target B) of approximately 1.5km x 3km in extent.

Follow-up exploration at Target B, including high-resolution drone magnetics, induced polarization (IP), and ground electromagnetics (EM), was completed in the fall of 2021. Initial diamond drill testing is tentatively scheduled for Q1 2022.