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Canadian North Resources Announces Financial Results for the First Quarter Ended March 31, 2023
TORONTO, May 31, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" TORONTO, May 31, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the financial results for the first quarter ended March 31, 2023. “Based on the results of the 18,144 meter drilling completed in 2022, we have commenced a new 20,000-meter drilling program at our 100% owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”) during the past quarter,” said Dr. Kaihui Yang, the President & CEO 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.com on July 13, 2022), and to test the lithium potential in the 256.8 km2 area of mining leases and exploration claims.” Highlights for Quarter 1, 2023: • The Company ended the quarter with cash and cash equivalents of $9,350,351 Commenced a new 20,000-meter 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 (Figure 1) Identified 5 new near-surface targets for nickel, copper, cobalt, palladium and platinum mineralization in the exploration claims surrounding the mining leases (Figure 2) Figure 1, Drilling targets within the 96.9km2 mining leases of the Ferguson Lake Project. Figure 2, Five new targets identified in the exploration claims (156.9km2) outside the mining leases (96.9km2) of the Ferguson Lake Project. • The Company engaged in the following activities in the first quarter: On January 7, 2023, the Company reported 5 new mineralized areas identified from the surface sampling programs over the 156.9 km2 prospecting area surrounding the 96.9 km2 mining leases of the Ferguson Lake Project. High-grade nickel-copper-PGM (up to 5.0% Cu, 0.99% Ni, 2.70g/t Pd, 0.62g/t Pt, 1.14g/t Au) was found in the gossan samples from the outcrops. The Company also reported multiple high-grade gold assays of up to 52.3g/t at the Mac Island and South Mac Island prospects in the Kaminak Lake area (29.2 km2), and multiple samples containing anomalous copper and gold found on outcrops over an area of 8,50...