Kenorland Minerals Ltd. (OTCMKTS:NWRCF) (TSXV:KLD) Stock Pulls Back After The Recent Rally
Kenorland Minerals Ltd. (OTCMKTS:NWRCF) (TSXV:KLD) dropped 8% after announcing the signing of a property option deal with a Centerra Gold Inc. subsidiary.
Market Stats
On Monday, NWRCF stock fell 8.16% to $0.5675 with more than 2.2k shares, compared to its average volume of 6.5K shares. The stock has moved within a range of $0.5675 – 0.5900 after opening trading at $0.59.
Kenorland Options Hunter Project to Centerra Gold Inc
As per the agreement terms, Kenorland will grant Centerra the option to purchase around 70% stake in the Hunter asset located in the southern Abitibi Greenstone Belt, Quebec. Kenorland CEO Zach Flood stated that they are looking forward to working with Centerra to commence a massive systematic greenfield exploration project in the Abitibi Greenstone Belt. Flood added that they feel this promising area is under-explored as a result of the vast glacier cover that obscures the underlying geology, and they are excited to work with their new partner to advance the project to discovery.
Centerra can gain an initial 51% stake in the Project under the Option Agreement by spending a total of $5 million on mineral exploration on or before the Option Agreement’s fourth anniversary. Also, Centerra can gain an extra 19% stake in the Property by finalizing a technical report on the Project establishing a mineral resource. So NWRCF is worth watching.
Key Quote
Zach Flood, CEO of Kenorland Minerals states, “We’re looking forward to working with Centerra on the Hunter Project and to kick-off another large-scale systematic greenfields exploration initiative in the Abitibi Greenstone Belt. We believe this prospective region is generally under-explored due to the extensive glacial cover masking the bedrock geology and we look forward to advancing the project towards discovery with our newest partner.”
