Kenorland and Auranova Commence Phase 4 Drill Program at the South Uchi Project, Ontario
Kenorland begins South Uchi Phase 4 drilling as Franco-Nevada stakes a 12.4% interest in the project.
Kenorland Minerals Ltd. and Auranova Resources Inc. have announced the start of the 2026 fall (Phase 4) diamond drill program at the South Uchi Project in Ontario’s Red Lake District. The campaign plans approximately 5,000 metres of drilling focused on the North Papa trend within the Papaonga target area.
Objectives for the program include following up on previous mineralized intercepts, testing chargeability and resistivity anomalies identified during summer IP surveys, and defining the geometry of a mineralized corridor approximately 200 metres wide. The drilling is designed to build on historical results, including hole 26PADD046, which returned 14.00m @ 0.28 g/t Au, 65.45m @ 0.34 g/t Au including 21.00m @ 0.58 g/t Au, and 35.65m @ 0.31 g/t Au. Additional historical data includes a high-grade volcanic contact interval of 7.70m @ 1.13 g/t Au including 1.00m @ 7.07 g/t Au, and adjacent hole 26PADD043, which returned 3.75m @ 3.65 g/t Au including 1.45m @ 9.09 g/t Au.
Drilling is expected to be completed by mid-November. Under the active earn-in agreement with Auranova, Auranova holds a 51% interest in the project. Kenorland retains a 19.9% stake, which reduces to 10% pro-rata once Auranova raises $10M, along with a 2% net smelter return (NSR) royalty.
Kenorland Minerals Ltd. (KLD) has begun Phase 4 drilling at its South Uchi project, marking an expected incremental step in its ongoing exploration program. This development follows the successful Phase 3 results announced in April 2026 and an induced polarization (IP) survey conducted in July 2026.
The commencement of drilling confirms management’s commitment to advancing the project but does not include new assay results, financial updates, or strategic shifts that would materially alter the company's valuation or risk profile. The news aligns with previous expectations and represents a standard exploration milestone rather than an unexpected upside or a miss.
Contextual validation for the project is provided by the October 5, 2026, acquisition of a 12.42% stake by Franco-Nevada Corp. at $2.22 per share, totaling $22.2 million gross. This transaction signals institutional confidence and provides a capital buffer for the company.
Kenorland Minerals Ltd. operates as a project-generation and royalty company focused on early-stage to advanced gold exploration across Canada. Its flagship asset is the Frotet Project in Quebec, where the company holds a 4% NSR royalty on the Regnault deposit, which is operated 100% by Sumitomo Metal Mining Canada Ltd. The project hosts a maiden Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au (2.55 moz).
In Ontario, Kenorland holds a 19.9% carried interest in the South Uchi Project, which is optioned to Auranova Resources Inc. with a 51% interest held by the partner. This interest drops to 10% pro-rata after a $10M raise, and Kenorland retains a 2% NSR royalty. Recent drilling at the site has identified the North Papa intrusion-related gold system.
The company also holds interests in the Western Wabigoon and Flora Projects in Ontario, which are optioned to Centerra Gold Inc. Centerra can earn up to a 70% interest, while Kenorland retains a 30% carried interest through PFS and a 2% NSR royalty. Additionally, the company maintains a grassroots pipeline of over 1.5 million hectares of mineral claims staked across Canada, with extensive geochemical screening programs underway.