Canadian North Resources Inc. (“Canadian North” or the “Company”)
(TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to
report its operational and financial results for the first quarter
ended March 31, 2024.
”During this quarter, we filed the Mineral
Resource Statement and subsequently the new NI43-101 Technical
Report, which included the results of 39,270 meter drilling
programs completed during 2022-23 (Refer to “Independent Technical
Report on the Mineral Resource Estimate for the Ferguson Lake
Project, Nunavut, Canada (“the Technical Report”)”, prepared by SRK
Consulting and Ronacher McKenzie Geoscience Inc., effective March
19, 2024, filed by the Company to the System for Electronic
Document Analysis and Retrieval (“SEDAR+”) through
the Internet at https://www.sedarplus.ca/landingpage/ on May 3,
2024. The Technical Report has also been posted on the Company’s
website at www.cnresources.com).” Said Dr. Kaihui Yang, the
President and CEO, “The result demonstrates that the Ferguson Lake
project is one of the highest-grade and largest undeveloped copper,
nickel, cobalt, palladium and platinum projects in North America,
and possesses high potential for resource expansion along the
strike and down dip of the 15-main mineralized horizon and within a
number of undefined mineralization zones and prospective
areas.”
“We will continue to build up the shareholders’
value.” Dr. Yang added, “We will expand the mineral resources from
surface to the depth of 1,200 meter along the confirmed the
high-grade mineralized zones at the Ferguson Lake Project. We will
also conduct more metallurgical testing, including new technologies
such as bio-hydrometallurgy, and commence economic evaluation,
infrastructure and environmental studies for a low-carbon footprint
mine development plan at the Ferguson Lake Project.”
Figure 1, Geological map showing mineralization
zones. The Mineral Resources incorporate West, Central and East
Zones.
Figure 2, the 3D model of the mineral resources
for the West and Central Zones of the Ferguson Lake Project
Quarter 1 of 2024
Highlights:
- The
Company ended the quarter with cash and cash equivalents of
$4,749,941
- The Company
engaged in the following activities in the first quarter:
- January 2, 2024, the Company
reported the results from the processing of Borehole Time-Domain
Electromagnetic (BHTEM) surveys from deep West Zone drillholes
FL22-481A and FL23-481B completed at its 100% owned Ferguson Lake
Project. The results demonstrate the continuance of the West Zone
greater than 200 metres beyond the historically defined down-dip
drilled extent of the zone and show its open potential for
continued expansion both laterally and further down-dip at depths
of 650 to >800 metres. The Company also announced that Dr.
Trevor Boyd was retired from the VP Exploration and would continue
to be a Technical Advisor and QP for the Company.
- January 18, 2024, the Company
announced that its IR team would attend the Vancouver Resource
Investment Conference (the VRIC) in Vancouver on January 21-22,
2024. During and after the VRIC, the IR team would do the roadshows
to the investors in Vancouver.
- February 27, 2024, the Company
announced that its participation in the Prospectors and Developers
Association of Canada (PDAC) in Toronto on March 3-6, 2024. Dr.
Kaihui Yang, the President of CEO was invited to present an
overview of the Company and its Ferguson Lake project at the
Corporate Presentation Forum for Investors (“CPFI”). During and
after the PDAC, the IR team would do the roadshows to the investors
in Toronto.
- March 19, 2024, the Company
announced an updated Mineral Resource estimate for its 100% owned
Ferguson Lake project. The updated Mineral Resources includes (1) a
172% increase of Indicated Mineral Resources to 66.1 million tonnes
(Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb
nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz)
palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t, of which
80% is the Open pit Indicated Mineral Resources with 52.7Mt at
0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt; (2) an
Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at
0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz
palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t. The updated
Mineral Resource Model shows the successful major upgrade of
Mineral Resource tonnages from Inferred to Indicated category
combined with continued expansion of overall Mineral Resource size
along strike and down / up dip, and the potential for continued
Mineral Resource expansion along strike and at depth over the 15 km
long main mineralized horizon and within the open satellite
mineralized zones.
- March 21, 2024, the Company
announced the amendment on the exercise price of options to
purchase a total of 1,600,000 Common Shares from $2.45 to $1.70 per
share, for options previously granted to consultants to the
Corporation.
- For the quarter ended March 31,
2024, the Company reported a net loss and comprehensive loss of
$791,061 or $0.01 per share.
Subsequent to Quarter 1, the Company
achieved the
following:
- April 3, 2024, the Company provided
an update for the metallurgical testing programs. Metallurgical
flotation and gravity test results indicate the reasonable
probability of producing three payable copper, nickel and PGM
bearing concentrates from the various types of mineralized
materials that comprise its National instrument 43-101 Mineral
Resource of the Ferguson Lake Project, suggesting a potential
low-capital cost option for the project development. Alternatively,
hydrometallurgy is considered as an effective option albeit with
higher capital and operating cost. The Company will focus on
follow-up investigations using new technologies for metal
extraction.
- April 5, 2024, the Company
announced that it has filed with the TSX Venture Exchange a Notice
of Intention to Make a Normal Course Issuer Bid (“NCIB”) which will
commence on April 10, 2024 and terminate on April 9, 2025 or the
earlier of the date all shares which are subject to the Normal
Course Issuer Bid are purchased. In the opinion of the Board of
Directors of the Company, the market price of the Common Shares
does not accurately reflect the value of those shares. As a result,
the Company intends to repurchase CNRI’s Common Shares that may
become available for purchase at prices, which make them an
appropriate use of funds of the Company. The Company intends to
attempt to acquire up to an aggregate of 5,726,380 of its Common
Shares over the next 12-month period, representing approximately 5%
of the issued and outstanding Common Shares of CNRI.
- April 24, 2024, the Company filed
the annual financial results and operational updates for 2023.
During the year, the Company raised over $17 million for
exploration, with cash and cash equivalents of $5,540,312 at the
year end. The Company completed an aggressive exploration program
with 21,126 meters drilled in 2023 for a cumulative total of 39,270
meters in 145 holes of new diamond drilling to the project database
for the updated Mineral Resources estimation reported on March 19,
2024. The statement of the updated Mineral Resources demonstrates
the Ferguson Lake project is one of the highest-grade and largest
undeveloped critical mineral projects in North America. The Company
plans to continue drilling to expand the mineral resources and to
conduct follow-up metallurgical testing, commence economic
evaluation, infrastructure and environmental studies for a
low-carbon footprint mine development plan at the Ferguson Lake
Project.
- May 6, 2024, the Company filed the
Independent Technical Report on the Mineral Resources Estimation
for the Ferguson Lake project. The Technical Report supports the
definition of the large and high-grade Mineral Resource at the
Ferguson Lake Project, including 52.7Mt of high-grade open pit
Indicated Mineral Resources at 0.65% Cu, 0.43% Ni, 0.05% Co,
0.97g/t Pd and 0.17% Pt, which provides a solid Mineral Resource
base for the initial development of a potential large mine. Mineral
Resources are estimated for West, Central and East Zones along the
15km-long main mineralized horizon. The Mineral Resource model
indicates potential for continued Mineral Resource expansion along
strike and at depth over the mineralized horizon. Significant
resource upside potential outside the main mineralized zone is also
anticipated when sufficient grid definition drilling is completed
on additional zones including M-Zone, A51-Zone, A51 Zone Extension,
West Zone South and South Discovery Zone.
For the quarter end Financial Statement and
Management’s Discussion and Analysis, please see the Company
website at www.cnresources.com or on SEDAR.
Qualified Person:
Dr. Trevor Boyd, P.Geo. and Technical Advisor
for Canadian North Resources, a qualified person as defined by
Canadian National Instrument 43-101 standards, has reviewed the
technical content of this news release and has approved its
dissemination.
About Canadian North Resources
Inc.
Canadian North Resources Inc. is an exploration
and development company focusing on the critical 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 in the Kivalliq
Region of Nunavut, Canada.
The Ferguson Lake mining property contains a
substantial National Instrument 43-101 compliant Mineral Resource
Estimate announced on March 19 2024, which include
Indicated Mineral Resources of 66.1 million tonnes (Mt)
containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb
nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz)
palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred
Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%,
333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium
at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of
the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65%
Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt, which
provides a solid Mineral Resource base for the initial development
of a potential large mine. The Mineral Resource model indicates
significant potential for resource expansion along strike and at
depth over the 15 km long mineralized belt and a number of
undefined mineralization zones and prospective areas. (Refer to
“Independent Technical Report on the Mineral Resource Estimate for
the Ferguson Lake Project, Nunavut, Canada (“the Technical
Report”)”, prepared by SRK Consulting and Ronacher McKenzie
Geoscience Inc., effective March 19, 2024, filed by the Company to
the System for Electronic Document Analysis and Retrieval
(“SEDAR+”) through the Internet at
https://www.sedarplus.ca/landingpage/ on May 3, 2024. The Technical
Report has also been posted on the Company’s website at
www.cnresources.com.)
For further information please visit the website
at www.cnresources.com, or contact:
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.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf0138be-71cb-4530-872b-9d4a21bc3585
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f42e24b-4197-44ad-a024-b236539f637a
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