Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0
(E-O-zero)) is pleased to announce the financial results for the
year ended December 31, 2022.
”Canadian North Resources has accomplished a lot
since it successfully listed on TSX Venture Exchange last year.”
said Dr. Kaihui Yang, the President & CEO, “ The Company raised
over $32 million for exploration; updated and confirmed a
high-grade and enlarged mineral resource of base metal (nickel,
copper, cobalt) and PGM (palladium and platinum) at its 100% owned
Ferguson Lake Project (Refer to “Independent Technical Report,
Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut,
Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis
Minerals Ltd .” filed by the Company on Sedar.com, July 13, 2022);
and have since diamond drilled 18,144 meters in 68 holes to
significantly extend the mineralized zones outside the mineral
resource model.”
“This year we will continue to expand and
upgrade the mineral resources at the Ferguson Lake project.” Dr.
Yang added, “We have commenced a 20,000-meter drilling program in
2023 to focus on the high-grade base metal and PGM targets along
the 15-km-long main mineralized horizon, and to test the lithium
potential of the pegmatites over the 256.8 km2 area of mining
leases and exploration claims.”.
2022 Highlights:
• The Company raised over $32 million
for exploration, with cash and cash equivalents of $11,067,170 at
the year end
• Updated NI43-101 Mineral Resources
Estimates and confirmed large and high-grade resources of nickel,
copper, cobalt, palladium and platinum at its 100% owned Ferguson
Lake Project (Figure 1, Refer to “Independent Technical
Report, Updated Mineral Resource Estimate, Ferguson Lake Project,
Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and
Francis Minerals Ltd .” filed by the Company to Sedar.com, July 13,
2022).
• Drilled 18,144 meters to extend the
mineralized zones outside the current resource model
Figure 1, the 3D model of the mineral
resources for the West Zone of the Ferguson Lake
Project
• The Company also engaged
in the following activities in 2022:
- The Company was successfully listed
on the TSX Venture Exchange and trading started on April 7, 2022.
The Company closed the offering by way of Offering Memorandum of
Special Warrants at a price of $1 per Special Warrant for gross
proceeds of $2,223,698.
- Prior to the listing, the Company
raised $19,999,089 from strategic investors through the
subscriptions of 26,665,453 Units at a price of $0.75 per Unit.
Each Unit consists of one common share and one-half of each common
share purchase warrant of the Company. Each purchase warrant
entitles the holder to acquire one common share of the Company at
an exercise price of $1.50 per common share at any time on or after
June 30, 2022 and on or before December 29, 2023.
- The Company completed an updated
resource estimate for the Ferguson Lake Project (Figure 1). The
resources include Indicated Mineral Resources of 24.3
million tonnes containing 455 million pounds (Mlb) copper at 0.85%,
321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million
ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt;
Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb
copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%,
2.12Moz palladium at 1.4gpt and 0.38Moz platinum at
0.25gpt. (Refer to “Independent Technical Report, Updated
Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada”,
announced June 13, 2022, Prepared by Ronacher McKenzie Geoscience
Inc. and Francis Minerals Ltd).
- On July 13, 2022, the Company filed
to Sedar the NI43-101 Independent Technical Report (“Independent
Technical Report, Updated Mineral Resource Estimate, Ferguson Lake
Project, Nunavut, Canada”, Prepared by Ronacher McKenzie Geoscience
Inc. and Francis Minerals Ltd.”) with the updated resource estimate
for the Ferguson Lake Project.
- The Company staked 11 exploration
claims over an area of 15,694.63 hectares (156.9
km2) surrounding the 10 mining leases of 9.686 hectares (96.9
km2) at the Ferguson Lake Project. This land package covers all the
known base metals and PGM mineralized zones and outcrops in the
Ferguson Lake area. The Company also staked 268-unit claims
(5,027.64 hectares or 50.3 km2) at the Quartzite Lake area and
155-unit claims (2,917.68 hectares or 29.2 km2) at the Kaminak Lake
area, covering the gold mineralized zones with previously drill
intervals up to 69 metres at 2.16 g/t.
- On July 18, 2022, the Company
reported the listing on the Quotation Board of the Open Market of
the Frankfurt Stock Exchange (FSX) under the trading symbol:
EO0, which is E-O-zero, which
provides a trading platform for the European investors to invest in
the Company.
- On May 19, 2022, the Company
announced grant of options to the management and employees with the
total number of 2,695,000 with the exercise price of $1.92 per
share. The option will expire on May 18, 2027
- On September 12, 2022, the Company
reported the assay results for the first 28 holes totaling 7,594
meters of the drilling program at its Ferguson Lake property, which
confirmed significant extension of the mineralized zones outside
the recently released mineral resource model.
- After commencing its 2022 field
program in March, by mid-October the Company had completed 18,144
meters of diamond drilling at its Ferguson Lake property. The
completed drilling program successfully extended the mineralization
zones along strike and at depth beyond the presently defined
resource boundaries.
- In December, 2022, the Company
completed the issuance of Flow-through Shares of 3,254,324 shares
with the amount of $9,838,667 at the weighted average price of
$3.02 per share.
• For the year ended December
31, 2022, the Company reported a net loss of $3,986,677 or $0.04
per share.
Subsequent to Year End, the Company has
conducted the following work:
- On January 7, 2023, the Company
reported 5 new mineralized areas identified from the surface
sampling programs over the 156.9 km2 prospecting area surrounding
the 96.9 km2 mining leases of the Ferguson Lake Project. High-grade
nickel-copper-PGM (up to 5.0% Cu, 0.99% Ni, 2.70g/t Pd, 0.62g/t Pt,
1.14g/t Au) was found in the samples from the outcrops. The Company
also reported high-grade gold (up to 52.3g/t) found at the Mac
Island and South Mac Island prospects in the Kaminak Lake area
(29.2 km2), and copper & gold mineralization samples found on
outcrops throughout the staked area.
- On February 21, 2023, the Company
reported the geochemical assay results for the remaining 40 holes
(of total 68 holes drilled) consisting of 10,550 meters (of the
total 18,144 meters) from the diamond drilling program completed by
the Company at its 100% owned Ferguson Lake property. The results
extended the mineralized zones for 1,500 meters outside the block
model for the updated mineral resources estimates (Refer to
“Independent Technical Report, Updated Mineral Resource Estimate,
Ferguson Lake Project, Nunavut, Canada. Prepared by Ronacher
McKenzie Geoscience Inc. and Francis Minerals Ltd.” filed by the
Company to Sedar.com on July 13, 2022).
- On March 6, 2023, the Company
reported the identification of extensive granitic pegmatites
potentially hosting lithium-bearing minerals over the 253.8 km2
area of the 100% owned Ni-Cu-Co-Pd-Pt Ferguson Lake property. The
potential for lithium minerals has never been explored at the
Ferguson Lake area. The Company will undertake its first
lithium-specific exploration programs during 2023.
- On April 3, 2023, the Company
announced the commencement of a new 20,000-meter diamond drilling
program to continue focusing on the drill testing of high-grade
base metal and PGM targets along the 15-km-long main mineralized
horizon, to expand and up-grade the mineral resources, and to test
the new identified base metal and PGM targets throughout the
Property.
For the Year End 2022 financial statements and
Management’s Discussion and Analysis, please see the Company
website at www.cnresources.com or on SEDAR.
The Company also announces the change of
Treasurer. Mr. Yu Leung Yau has resigned from the position of the
Company’s Treasurer, and Mr. Yunfeng Ma (CPA) has been appointed as
the new Treasurer of the Company.
Qualified Person:
The technical contents of this news release have
been reviewed by Dr. Trevor Boyd, P.Geo., a qualified person as
defined by Canadian National Instrument 43-101 standards.
About Canadian North Resources
Inc.:
Canadian North Resources Inc. is an exploration
and development company focusing on the metals for the
clean-energy, electric vehicles, battery and high-tech industries.
The company is advancing its 100% owned Ferguson Lake nickel,
copper, cobalt, palladium, and platinum project that covers an area
of 253.8 km2 of mining leases (96.9 km2) and surrounding
exploration claims (156.9 km2) in the Kivalliq Region of Nunavut,
Canada.
The Ferguson Lake mining property contains
substantial resources in compliance with NI43-101 standards, which
include Indicated Mineral Resources of 24.3 million tonnes
containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel
at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz)
palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred
Mineral Resources of 47.2 million tonnes containing 947Mlb copper
at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%,
2.12Moz palladium at 1.4gpt and 0.38Moz platinum at
0.25gpt. The resource model indicates significant
potential for resource expansion along strike and at depth over the
15 km long mineralized belt. (Refer to “Independent Technical
Report, Updated Mineral Resource Estimate, Ferguson Lake Project,
Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and
Francis Minerals Ltd ” filed by the Company to Sedar.com on July
13, 2022).
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809
(Toll-Free)
Email: info@cnresources.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this news
release, including statements which may contain words such as
“expects”, “anticipates”, “intends”, “plans”, “believes”,
“estimates”, or similar expressions, and statements related to
matters which are not historical facts, are forward-looking
information within the meaning of applicable securities laws. Such
forward-looking statements, which reflect management’s expectations
regarding the Company’s future growth, results of operations,
performance, business prospects and opportunities, are based on
certain factors and assumptions and involve known and unknown risks
and uncertainties which may cause the actual results, performance,
or achievements to be materially different from future results,
performance, or achievements expressed or implied by such
forward-looking statements.
These factors should be considered carefully,
and readers should not place undue reliance on the Company’s
forward-looking statements. The Company believes that the
expectations reflected in the forward-looking statements contained
in this news release and the documents incorporated by reference
herein are reasonable, but no assurance can be given that these
expectations will prove to be correct. In addition, although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. The Company undertakes no
obligation to release publicly any future revisions to
forward-looking statements to reflect events or circumstances after
the date of this news or to reflect the occurrence of unanticipated
events, except as expressly required by law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/54334d86-73d3-4674-b6c6-defc2f9df00f
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