Kenorland Minerals (KLD.V) has announced its Japanese partner Sumitomo has completed all requirements to establish a 51% stake in the Chicobi gold project in Quebec. By spending C$4.9M on exploration, Sumitomo has completed the required work and decided to establish a 51/49 joint venture and both companies will now contribute to additional exploration activities on a pro rata basis but both parties have now also settled on a C$1.5M exploration plan which will be fully funded by Sumitomo.
This C$1.5M plan will include 160 sonic drill holes for geochemical sampling along the Roch_Can trend which transects the Abitibi greenstone belt where previously drilled sonic holes identified a 17 kilometer long trend with anomalous gold, silver and zinc values in the glacial till.
As you may remember, Sumitomo and Kenorland (the operator of the exploration activities at Chicobi) completed four drill holes for a total of just over 1,900 meters in April of this year. That small drill program was drill-testing Target B but no significant values were detected and an additional round of sonic drilling for geochemical sampling along the trend could potentially help to further narrow down the exploration targets.
Disclosure: The author has a long position in Kenorland Minerals. Kenorland is a sponsor of the website. Please read our disclaimer.
