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Canadian North Resources Reports Financial Results for the Year Ended December 31, 2022 and the Change of the Treasurer
TORONTO, May 01, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0 (E-O-zero)) is pleased to announce the financial re
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" TORONTO, May 01, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0 (E-O-zero)) is pleased to announce the financial results for the year ended December 31, 2022. ”Canadian North Resources has accomplished a lot since it successfully listed on TSX Venture Exchange last year.” said Dr. Kaihui Yang, the President & CEO, “ The Company raised over $32 million for exploration; updated and confirmed a high-grade and enlarged mineral resource of base metal (nickel, copper, cobalt) and PGM (palladium and platinum) at its 100% owned Ferguson Lake Project (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 on Sedar.com, July 13, 2022); and have since diamond drilled 18,144 meters in 68 holes to significantly extend the mineralized zones outside the mineral resource model.” “This year we will continue to expand and upgrade the mineral resources at the Ferguson Lake project.” Dr. Yang added, “We have commenced a 20,000-meter drilling program in 2023 to focus on the high-grade base metal and PGM targets along the 15-km-long main mineralized horizon, and to test the lithium potential of the pegmatites over the 256.8 km2 area of mining leases and exploration claims.”. 2022 Highlights: • The Company raised over $32 million for exploration, with cash and cash equivalents of $11,067,170 at the year end • Updated NI43-101 Mineral Resources Estimates and confirmed large and high-grade resources of nickel, copper, cobalt, palladium and platinum at its 100% owned Ferguson Lake Project (Figure 1, 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, July 13, 2022). • Drilled 18,144 meters to extend the mineralized zones outside the current resource model Figure 1, the 3D model of the mineral resources for the West Zone of the Ferguson Lake Project • The Company also engaged in the following activities in 2022: The Company was successfully listed on the TSX Venture Exchange and trading started on April 7, 2022. The Company closed the offering by way of Offering Memorandum ...