Toronto, November 23, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI, FSE:EO0, which is “E-O-zero”) is pleased to report its financial results for the third quarter ended September 30, 2022.
Key Results & Achievements:
- Updated Mineral Resources at the Ferguson Lake Project, including:
- 3 million tonnes Indicated Mineral Resource: 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 1.38 gram per tonne (gpt), 0.18Moz platinum at 0.23gpt
- 2 million tonnes Inferred Mineral Resource: 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
- 18,144 meters of diamond drilling completed in October 2022 at the Ferguson Lake Project, expanding the mineralized zones over 1,300 meters along the strike and at depth
- Listed on the Frankfurt Stock Exchange (FSE) under the trading symbol: EO0
- Quarter ended with $6,368,021 in cash and cash equivalents
“We have achieved a technical milestone in the third quarter, with the filing of the NI-43-101 Technical Report on an updated resource estimate at the Ferguson Lake Project.” said Dr. Kaihui Yang, President & CEO “In addition, we have completed 18,144 meters of drilling for the definition of near surface mineral resources, and the initial assay results indicated the extension of the mineralized zones over 1,300 meters along the strike and at depth. I am confident that the newly drilled holes will increase the current mineral resource estimates significantly.”
Operational Highlights in Quarter 3:
- July 13, 2022 – NI43-101 Independent Technical Report filed on the updated resource estimate for the Ferguson Lake Project in Nunavut, Canada, confirming the large open pit and underground Indicated and Inferred Mineral Resources with significant growth potential. Total Indicated Mineral Resources is 24.3 million tonnes with the NSR value of US$257 per tonne, 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. Total Inferred Mineral Resources is 47.2 million tonnes with the NSR value of US$244 per tonne, 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 news release on July 13, 2022)
- July 18, 2022 – Listed on the Frankfurt Stock Exchange (FSE) Open Market Quotation Board under the trading symbol: EO0 (“E”-“O”-zero). The Company’s common shares are now cross-listed on the TSXV and the FSE
- August, 2022 – Added a third drill rig on the Ferguson Lake Project to accelerate the drilling program and test the mineralization zone down to 1,200 meters deep (Refer to news release on August 29, 2022)
- September 12, 2022 – Reported the assay results for the first 28 holes totaling 7,594 meters of the drilling program at the Ferguson Lake Project, which confirmed significant extension of the near surface mineralized zones outside the recently released mineral resource model. 8 of the holes were drilled to infill previous holes in the West Zone, and confirmed the continuity of the known mineralized zones. The other 20 drill holes were stepped out by 50-100 meters from previous holes, and the results expanded the near surface mineralized zones to the west of the East Zone by 700 meters, to the east of the West Zone by 600 meters, and along the down-dip of the East and West Zones. (Refer to news release on September 13, 2022)
For the quarter ended September 30, 2022, the Company ended the quarter with cash and cash equivalents of $6,368,021 and reported a net loss and comprehensive loss of $1,264,080 or $0.01 per share.
Subsequent to Quarter 3, the Company achieved the following:
- October 25, 2022 – Completed 18,144 meters of diamond drilling at the Ferguson Lake Project. The completed drilling program was enlarged by 3,144 meters, compared with the planned drilling program of 15,000 meters, as the mineralization zones were confirmed to extend along strike and at depth beyond the previously defined resource boundaries. (Refer to news release on October 25, 2022). The assay results for 7,594 meters drill cores were released on September 12, 2022, and the results for the remaining 10,550 meters drill cores are still pending.
For the quarter end financial statements and Management’s Discussion and Analysis, please see the Company website at www.cnresources.com or on SEDAR.
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 (“the Ferguson Lake Project”) in Nunavut, Canada.
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)
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.