Kenorland starts phase 2 drill program at South Uchi

Executive Summary

• Kenorland Minerals and partner Auranova Resources have launched the Phase 2 diamond drill program at South Uchi, Ontario, targeting up to 6,000 m in 13 holes.
• The program builds on a successful maiden drill campaign earlier in 2025, focusing on tighter step‑outs around hole 25PADD023 and broader extensions along the east‑west deformation zone.
• Auranova has exercised its option to earn a 51 % interest by delivering $500k cash; it now holds a majority stake with potential to increase to 70 % after further qualifying expenditures.

Key Details

• Drill Program Scope: Up to 6,000 m across 13 holes at the Papaonga target area (South Uchi project).
• Objective: Refine geometry and continuity of gold‑bearing shear zones identified in hole 25PADD023; test lateral extensions between holes 25PADD016–025PADD023; explore previously untested structures beneath deep overburden.
• Target Structures: Volcaniclastic and mafic volcanic rocks intersected by strongly mineralized shear zones with quartz‑carbonate stockwork and visible gold.
• Option Agreement Highlights (Dec 2 2024):
• Auranova may earn up to a 70 % interest; has already earned 51 % by paying $500,000 cash and meeting drilling spend requirements.
• Additional 19 % can be earned with $10 M qualifying expenditures before the third anniversary of option election.
• Kenorland retains a 30 % carried interest through PEA completion and holds a 2 % NSR royalty.
• Equity Position: Kenorland holds 9,242,267 Auranova common shares (≈10 % post‑option).
• Qualified Person: Janek Wozniewski, VP of Operations, NI 43‑101 qualified, reviewed and approved technical information.

Notable Quotes

“We’re excited to return to South Uchi following a very successful maiden drill program earlier this year… The current drill program will step out from this discovery as well as test additional targets concealed beneath thick overburden.” – Zach Flood, President & CEO, Kenorland Minerals Ltd.