Kenorland Minerals (KLD.V) and joint venture partner Antofagasta (ANTO.L) have started the 2022 summer exploration program on the Alaska-based Tanacross project.
The summer program will include several geochemical, geological and geophysical surveys on the four most important targets on the project. At South Taurus, the company has already completed ground gravity and extremely low frequency electro-magnetic surveys on top of the traditional soil sampling program. South Taurus is an area of interest because it is a magnetic and conductive anomaly associated with anomalous values discovered during a soil geochem program.
On the West Taurus, East Taurus and McCord Creek zones, Kenorland and Antofagasta will complete a 42 line kilometer Induced Polarization and Magneto-Tellurics survey in combination with more mapping and soil sampling. The exploration program should be completed by the end of next month, and results will likely be available sometime during the fourth quarter.
The total budget for the 2022 campaign (as well as some fixed costs for 2023) is US$2M. That’s a first step towards the US$30M exploration funding commitment from Antofagasta which can earn a 70% stake in the project over an eight year earn-in period with US$30M in required exploration expenditures, US$1M in cash payments and up to US$4M in success payments.
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