Business
Canadian North Resources Announces Financial Results for the First Quarter Ended March 31, 2022
Highlights: Ended the quarter with cash and cash equivalents of $17,517,909; Confirmed the high-grade nickel, copper, palladium and platinum mineralized zones a
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" Highlights: Ended the quarter with cash and cash equivalents of $17,517,909; Confirmed the high-grade nickel, copper, palladium and platinum mineralized zones at the Ferguson Lake Project; Carrying out the resource estimate in compliance with the NI43-101 Standards; Started drilling to expand the mineral resources; Strengthened the Technical Team TORONTO, May 30, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to report the financial results for the first quarter ended March 31, 2022. “During the past quarter, we have strengthened the technical Team and started the over $11-million exploration programs at our 100% owned Ferguson Lake Project,” said Dr. Kaihui Yang, the President & CEO. “We are carrying out our first resource estimate in compliance with the NI43-101 Standards as well as drilling to expand the mineral resources. We have confirmed the high-grade nickel, copper, palladium and platinum mineralized zones at the Ferguson Lake Project.” Quarter 1 of 2022 Highlights: The Company ended the quarter with cash and cash equivalents of $17,517,909 The Company engaged in the following activities in the first quarter: The Company opened the field camp at the Ferguson Lake Project and moved in the supplies and fuel to prepare for the winter drilling programs. The Company planned $11-million exploration programs and retained independent consultants to start the resource estimation at the Ferguson Lake Project. On March 31, 2022, the Company successfully completed filing of its Prospectus with the securities’ regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick to enable the Corporation to become a reporting issuer under such applicable securities legislation and to qualify for distribution 2,223,698 common shares issuable for no additional consideration upon the exercise or deemed exercise of 2,223,698 special warrants of the Corporation (the “Special Warrants”) issued at a price of $1.00 per Special Warrant. The Prospectus also qualified for distribution stock options to be granted to directors, executive officer, and consultants for the purchase of 771,698 common shares at an exercise price of $1.00 per share, which options must be granted within 90 days of March 28, 2022. On January 20, the Company filed the Preliminary Long Form Prosp...