Auranova Options the South Uchi Project from Kenorland Minerals Ltd.

Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Auranova Resources Inc. (the "Company") is pleased to announce that it has entered into a definitive agreement (the "Agreement") with Kenorland Minerals Ltd. ("Kenorland"), pursuant to which Kenorland has agreed to grant to the Company the right to acquire up to a 70% interest in the South Uchi Project (the "Project"), located in the Red Lake District of Northwestern Ontario.

Highlights

• 90 kilometre long (871.37 square kilometre) major claim package covering greenstones of the Uchi subprovince 45 kilometres east of Kinross Gold Corp. ("Kinross")'s Great Bear project.

• Barrick Gold Corporation ("Barrick") had the South Uchi Project under option until January 2023 after spending $5.5 million on regional exploration between January 2021 and January 2023.

• Kenorland spent a total of $2,776,000 in three programs consisting of regional studies, till sampling, prospecting and mapping during the field seasons of 2020, 2023 and 2024.

• Major gold-in-till targets including high gold grain counts and pristine gold grains were identified as a result of Barrick and Kenorland's work.

• Bedrock samples from 2024 have returned values up to 13.35 g/t gold in sheared, sulphide rich iron formation proximal to the centre of the Papaonga gold-in-till target. These samples suggest potential for "Musselwhite" style gold mineralization, but additional prospecting and drilling are required to confirm this model.

• To date there has been no drilling on any of the targets identified by Barrick or Kenorland.

• Auranova is raising $8 million to execute a 15,000 metre drill program, which will earn a 51% interest in the South Uchi Project. This can be increased to a 70% interest through subsequent additional work and consideration as described below.

• The area of the gold-in-till and bedrock targets is expected to be connected to a local logging road network for the first time by ongoing forestry activity starting in 2025.

Figure 1: Regional topography with South Uchi Project claims and local gold deposits with resources of over 5 million ounces. infrastructure and communities are also shown.

To view an enhanced version of this graphic, please visit:
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