Dr. Kaihui Yang reports
CANADIAN NORTH RESOURCES INC. ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2023
Canadian North Resources Inc. has released financial results for the first quarter ended March 31, 2023.
"Based on the results of the 18,144-metre drilling completed in 2022, we have commenced a new 20,000-metre drilling program at our 100-per-cent-owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project during the past quarter," said Dr. Kaihui Yang, the president and chief executive officer of the company. "We continue to expand the mineral resources from the current resource model (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 on July 13, 2022), and to test the lithium potential in the 256.8-square-kilometre area of mining leases and exploration claims."
Highlights for Q1 2023:
- The company ended the quarter with cash and cash equivalents of $9,350,351.
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The company commenced a new 20,000-metre diamond drilling program focusing the high-grade targets along the 15 km long main mineralized horizon within the mining leases at the Ferguson Lake project.
- The company
identified five new near-surface targets for nickel, copper, cobalt, palladium and platinum mineralization in the exploration claims surrounding the mining leases.
The company engaged in the following activities in the first quarter:
- On Jan. 7, 2023, the company reported five new mineralized areas identified from the surface sampling programs over the 156.9 square km prospecting area surrounding the 96.9 square km mining leases of the Ferguson Lake project. High-grade nickel-copper-PGM (platinum group metal) (up to 5 per cent Cu, 0.99 per cent Ni, 2.70 grams per tonne Pd, 0.62 g/t Pt, 1.14 g/t gold) was found in the gossan samples from the outcrops. The company also reported multiple high-grade gold assays of up to 52.3 g/t at the Mac Island and South Mac Island prospects in the Kaminak Lake area (29.2 square km), and multiple samples containing anomalous copper and gold found on outcrops over an area of 8,500 m by 4,000 m area at the Quartzite Lake project (50.3 square km).
- On Feb. 21, 2023, the company reported the geochemical assay results for the remaining 40 holes (of total 68 holes drilled) totalling 10,550 metres (of the 18,144 metres) for the diamond drilling program completed by the company at its 100-per-cent-owned Ferguson Lake property. The results expanded the mineralized zones totally for 1,500 metres outside the block model for the updated mineral resources estimates filed on June 13, 2022.
- On March 6, 2023, the company reported the identification of extensive granitic pegmatites potentially hosting lithium-bearing minerals over the 253.8 square km area of the 100-per-cent-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.
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In mid-March, the company opened the field camp at Ferguson Lake, shipped in fuel and drill materials, and prepared for the winter/spring drilling program at Ferguson Lake.
- For the quarter ended March 31, 2023, the company reported a net loss of $335,735 or nil per share.
Subsequent to Q1, the company achieved the following:
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On April 3, 2023, the company announced a 20,000-metre drilling program in 2023 and commenced diamond drilling at its Ferguson Lake project. This drilling program was based on the results of the 18,144-metre drilling completed in 2022, to further expand the nickel, copper, cobalt, palladium and platinum mineral resources along the 15 km long main mineralized horizon and to test the new identified base metal and PGM targets and the prospects for lithium mineralization within the 256.8 square km area of mining leases and exploration claims.
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On May 8, the company announced its engagement with Paradox Public Relations Inc. to enhance the company's investor relations efforts and increase its visibility in the investment community. It was anticipated that its expertise and connections would help the company to improve the market performance and achieve a fair market value for its shareholders.
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On May 10, the company began to trade at OCTQX Market, which provides a platform to enhance its visibility and liquidity among U.S. investors. This marks an important step forward for the company as it continues to expand its reach and engage with investors in North America.
- On May 15, the company announced that it was granted $250,000 from Nunavut's Discovery Department of Economic Development and Transportation. It is an honour and a recognition of the exploration achievements to date for the Ferguson Lake project. The support from Nunavut's Discovery program further validates the company's commitment to responsible exploration practices and strengthens its relationship with the local communities and government.
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On May 29, the company announced it had completed its spring diamond drilling program on ice consisting of 6,151 metres in 21 holes for its 100-per-cent-owned Ferguson Lake project. The purpose of the spring on-ice program was to test the main mineralized horizon trending across Ferguson Lake with the focus of completing definition drilling of the East zone 1 and extending it to the west plus, as well, extending the West zone farther to the east to join it to the Central zone in the lake. The drill program intersected massive sulphides of the main horizon in 17 out of the 21 holes and successfully intersected a second parallel-trending disseminated sulphide zone approximately 200 metres south of the Central zone.
For the quarter-end financial statements and management's discussion and analysis, please see the company website or SEDAR.
Qualified person
The technical contents of this news release have been reviewed by Dr. Trevor Boyd, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards.
About Canadian North Resources Inc.
Canadian North Resources 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-per-cent-owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project that covers an area of 253.8 square km of mining leases (96.9 square km) and surrounding exploration claims (156.9 square km) in the Kivalliq region of Nunavut, Canada.
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