Kenorland optionee begins drilling at South Uchi

Executive Summary

• Kenorland Minerals Ltd. has commenced the Phase 3 diamond drill program at its South Uchi project in the Red Lake district of Ontario, in collaboration with partner Auranova Resources Inc.
• The 2026 spring exploration program targets the Papaonga area with up to 3,000 metres of drilling across six holes, designed to test strike extensions of a newly identified gold-bearing structural corridor.
• This phase follows the successful identification of a 200-metre-wide mineralized corridor during the Phase 2 fall 2025 program, which showed strong deformation, alteration, and disseminated sulphide mineralization.

Key Details

• Drilling Scope: Up to 3,000 metres of drilling across six drill holes at the Papaonga target area.
• Strategic Objective: Large stepouts toward the west and east to test strike extensions of the mineralized structural corridor concealed beneath deep glacial cover.
• Geological Context: The target is a belt-parallel, east-west-trending deformation zone concealed beneath deep till and glaciolacustrine cover.
• Previous Results (Phase 2): Drill holes 25PADD031 and 25PADD034 intersected an approximately 200-metre-wide mineralized corridor characterized by strong deformation, pervasive sericite-albite-silica alteration, and disseminated sulphide mineralization within mafic to felsic volcanic stratigraphy and feldspar porphyry intrusions.
• Assay Highlights: Multiple 10-metre-scale intervals within the corridor contain anomalous gold values. Grab samples from volcanic stratigraphy immediately north of the structural corridor returned values of up to 14.4 grams per tonne gold.
• Option Agreement Terms:
  • Auranova earned an initial 51% interest by paying $500,000, completing a $8-million drilling program (or 15,000m drilling), and issuing Kenorland 19.9% of Auranova's common shares.
  • Kenorland currently holds 9,242,267 common shares of Auranova.
  • Auranova may earn an additional 19% interest (totaling 70%) by incurring an additional $10-million in qualifying expenditures on or before the third anniversary of the election to proceed with the second option.
  • Kenorland retains a 30% carried interest through to the completion of a Preliminary Economic Assessment (PEA), after which a joint venture will be formed.
  • Kenorland holds a 2% net smelter return (NSR) royalty on the project.

Notable Quotes

• None provided in the text.