Kenorland Minerals (KLD.V) has started drilling at Chebistuan as part of an exploration agreement with Newmont (NEM, NEM.TO) whereby the latter can earn an initial stake of 51% in the project by completing C$2.7M in exploration expenditures. Newmont can obtain 80% ownership in Chebistuan by completing a pre-feasibility study while the project should contain at least 1.5 million ounces of gold. Not a bad deal for Kenorland considering the company staked the claims for a total cost of less than C$11,000.
As part of the 2023 winter drill program, Newmont has approved a C$1.5M exploration budget which will include 3,500 meters of diamond drilling to drill-test the bedrock across a structural corridor in the Deux Orignaux area which was identified through a substantial sampling program in 2020. Drilling is now well underway and is expected to be completed early next month.
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