Canadian North Resources Awarded $250,000 Nunavut's Discovery Program Grant for Exploration Project
May 16 2023 - 6:00AM
Canadian North Resources Inc. ("the Company," TSXV: CNRI; OTCQX:
CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that it has been
awarded a $250,000 grant from the Government of Nunavut's Discover,
Invest, Grow ("DIG") program. The Company has received an initial
contribution of $125,000, and an additional $125,000 is expected
upon the submission of an exploration report, which was completed
by the end of April.
The Nunavut Department of Economic Development
and Transportation supports the development of a sustainable and
viable mineral exploration sector in Nunavut through its DIG
Program, providing contributions to mineral exploration companies
conducting activities which advance exploration work on projects in
the region.
"We are thrilled to have been awarded this grant
from Nunavut's Discovery Department of Economic Development and
Transportation," said Dr. Kaihui Yang, President and CEO of the
Company. "It is an honor and a recognition of the exploration
achievements to-date for the Ferguson Lake project," added Dr.
Yang. "The support from Nunavut's Discovery Program further
validates our commitment to responsible exploration practices and
strengthens our relationship with the local community and
government."
The Company opened its 55-person camp at its
Ferguson Lake Project in March (Refer to the news release on April
3, 2023) and commenced a 20,000-metre drill program in 2023 to
further expand the mineralized zones along and surrounding the
15-km long main mineralization horizon and to test the lithium
potential of the pegmatites over the Ferguson Lake project. Those
mineralized zones were confirmed to be open along the strike and
down dip by the 18,144 meter drilling program that was completed In
2022.
The Company places a strong emphasis on
community engagement and environmental stewardship in its
exploration activities. The Company is actively interacting with
local communities (Baker Lake and Rankin Inlet) in the Kivalliq
Region of Nunavut, and the service providers in Winnipeg,
Yellowknife and Edmonton. The Company is engaged with local
technicians, consultants, and companies for the logistic supports,
transportation and the camp operation.
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
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). In addition, the Company has identified potential of
lithium minerals and planned a lithium-specific exploration program
at the Ferguson Lake project.
For further information please visit the website
at www.cnresources.com or contact:
Dr. Kaihui Yang, President and CEOPhone: 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, anticipated events,
except as expressly required by law.
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