Mr. Zach Flood reports

KENORLAND REPORTS 24.16 G/T AU OVER 4.70 m AT THE FROTET PROJECT, QUEBEC

Kenorland Minerals Ltd. has released final drill results from the 2024 winter drill program at the Frotet project, located in Northern Quebec. Assays from the 27 drill holes, totalling 18,448 metres of drilling completed during the program, are reported herein. Kenorland currently holds a 4-per-cent net smelter return royalty and is operator of the project.

Highlights include the following:

• 24RDD197: 4.70 metres at 24.16 grams per tonne Au including 0.40 m at 261.20 g/t Au at R2;
• 24RDD215: 9.50 m at 9.10 g/t Au including 1.20 m at 45.92 g/t Au at R6;
• 24RDD213: 4.50 m at 16.11 g/t Au including 0.40 m at 163.70 g/t Au at R1;
• 24RDD199: 5.83 m at 12.36 g/t Au including 1.11 m at 48.24 g/t Au at R9;
• 24RDD202: 12.00 m at 5.94 g/t Au including 2.50 m at 21.99 g/t Au at R1;
• 24RDD198: 29.50 m at 2.41 g/t Au including 7.20 m at 6.27 g/t Au at R6;
• 24RDD202: 26.60 m at 2.54 g/t Au including 2.10 m at 6.04 g/t Au at R6;
• 24RDD217: 9.75 m at 6.91 g/t Au including 0.95 m at 44.99 g/t Au at R6;
• 24RDD202: 1.90 m at 31.09 g/t Au including 0.55 m at 103.50 g/t Au at R1;
• 24RDD200A: 5.15m at 11.10 g/t Au including 0.60 m at 73.40 g/t Au at R8;
• 24RDD207: 11.10 m at 5.08 g/t Au including 0.40 m at 106.90 g/t Au at R6;
• 24RDD198: 2.90 m at 17.71 g/t Au including 0.30 m at 153.70 g/t Au at R1.

Zach Flood, president and chief executive officer of Kenorland Minerals, states: "The 2024 winter program marks another milestone at the Regnault high-grade gold deposit, with over 100,000 metres drilled to date. The increased density of drilling across the vein system will lend towards a comprehensive update of the geologic model, which will pave the way for a future maiden resource estimate."

Discussion of results

The priority objective of the 2024 winter drill program was to increase confidence of the vein system geometry and grade continuity along the R1, R5, R6 and R7 mineralized structures, and to determine how these intersect with the R2 trend. Infill drilling along R1 continues to return significant results including 24RDD213 with 4.50 m at 16.11 g/t Au including 0.40 m at 163.70 g/t Au, and 24RDD202 returning 12.00 m at 5.94 g/t Au including 2.50 m at 21.99 g/t Au, and 1.90 m at 31.09 g/t Au including 0.55 m at 103.50 g/t Au. The completed drilling has confirmed the geometry of parallel shear hosted veins along the R1 main mineralized structure striking E-W (east-west) with a steep north dip, along with stacked splay structures along the hangingwall of the R1 main structure trending toward the northeast, dipping north-northwest. Highlights from the R1 hangingwall splay structures include 24RDD198 with 2.90 m at 17.71 g/t Au including 0.30 m at 153.70 g/t Au, and 24RDD204 returning 2.10 m at 8.55 g/t Au including 0.40 m at 34.40 g/t Au.

Broad spaced infill and stepout drill holes along the R6 mineralized structure has defined significant mineralization over an approximate 1,300 m strike length E-W, and 300 m down dip. The winter 2024 drilling has confirmed the R6 structure is flat to shallow north dipping at depth, with a change in attitude toward the south and up dip, where the mineralization strikes east-west, dipping steeply to the north. The large flexure to a shallow dip at depth appears to be controlling significant widths of mineralization including 24RDD215 with 9.50 m at 9.10 g/t Au including 1.20 m at 45.92 g/t Au, a 60 m stepout to the south from drill hole 23RDD167 (3.15 m at 138.74 g/t Au including 0.40 m at 476.40 g/t Au). Other significant results from the R6 structure include 24RDD202 with 26.60 m at 2.54 g/t Au including 2.10 m at 6.04 g/t Au, located 150 m south of 24RDD215, and 24RDD217 which returned 9.75 m at 6.91 g/t Au including 0.95 m at 44.99 g/t Au and 24RDD198 with 29.50 m at 2.41 g/t Au including 7.20 m at 6.27 g/t Au, located 390 m and 550 m to the west of 24RDD215, respectively. Geologic and vein model updates are currently under way to evaluate new geometries identified from the winter 2024 drill program.

One drill hole was completed through the southern deep portions of the Regnault gold system targeting the R2, R9, R10 and R11 trends. Drill hole 24RDD195 returned 7.85m at 2.32 g/t Au including 0.50 m at 16.80 g/t Au at R2, 9.50 m at 2.76 g/t Au including 1.80 m at 4.26 g/t Au within the R10 mineralized trend, and multiple intercepts of mineralization within the R11 trend returning 1.20 m at 5.11 g/t Au, 0.30 m at 105.50 g/t Au, and 3.40 m at 4.67 g/t Au including 0.60 m at 16.90 g/t Au. The stepout at depth along the R11 trend is approximately 100 m below drill hole 23RDD172 (41.85 m at 2.56 g/t Au including 4.45 m at 11.96 g/t Au) and extends high-grade mineralization to vertical depths of 1,050 m below surface.

Along the R4 trend to the north, a large stepout at depth was completed with drill hole 24RDD196 returning 9.60 m at 3.55 g/t Au including 1.05 m at 12.97, and 0.50 m at 75.60 g/t Au located 160 m down dip from 23RDD187 (8.95 m at 6.34 g/t Au including 1.45 m at 20.27 g/t Au, and 3.20 m at 2.25 g/t Au including 0.44 m at 8.51 g/t Au). Mineralization along R4 remains open along strike, and at depth where it is projected to intersect with the R1 structures to the south and remains a priority target for additional follow-up drilling.

About the Frotet project

The project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological subprovince of Quebec. The property is adjacent to the past-producing Troilus gold corporation's Au-Cu (gold-copper) mine (9.23-million-ounce Au indicated resource) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting VMS deposits elsewhere in the belt. Kenorland initially staked the project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo Metal Mining Canada Ltd. in 2018.

The project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totalling 100,721 metres of drilling (220 drill holes).

On Feb. 19, 2024, Kenorland closed a transaction to exchange its 20-per-cent participating interest in the Frotet joint venture with Sumitomo to a 4-per-cent NSR (net smelter return) royalty. Kenorland remains the operator for a minimum of one year from the transaction closure date (see press release dated Feb. 20, 2024).

The project is located 100 kilometres to the north of Chibougamau, Que. Favoruable infrastructure exists in the project area with an extensive forestry road network as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property which supplied power to the past producing Troilus mine.

QA/QC and core sampling protocols

All drill core samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from Chibougamau to Bureau Veritas commodities (BV) laboratory in Timmins, Ont.

Sample preparation and analytical work for this drill program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to two millimetres (10 mesh) and a 250-gram split was pulverized to 75 microns (200 mesh) for analysis and then assayed for gold. Gold in samples were analyzed using BV method FA430 where a 30 g split is analyzed with fire assay by Pb collection and AAS finish. Overlimits gold samples were reanalyzed using BV method FA530 where a 30 g split is analyzed with fire assay by Pb collection and gravimetric finish. Multielement geochemical analysis (45 elements) was performed on all samples using BV method MA200 where a 0.25 g split is by multiacid digest with ICP-MS/ES finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks returned results that were within acceptable limits.

Qualified person

Cedric Mayer, MSc, PGeo (OGQ No. 02385), qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland Minerals is a well-financed mineral exploration company focused on project generation and early stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4-per-cent net smelter return royalty on the Frotet project in Quebec which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, B.C., Canada.

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