Business
Canadian North Resources Reports Successful Operational and Financial Results for the Second Quarter Ended June 30, 2023
Highlights: 5 drill rigs have been operating to complete the planned 20,000-meter drill program in 2023 Completed resource definition drilling (of 6,151 meters
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" Highlights: 5 drill rigs have been operating to complete the planned 20,000-meter drill program in 2023 Completed resource definition drilling (of 6,151 meters in 21 holes) of the extensions of West Zone and East Zone on Ferguson Lake Made significant technical achievements by expanding the mineralized horizons by over 2,700 meters Intersected near-surface massive sulphide zones, e.g, 10.0m (from 47.57 – 57.57m) at 0.89% Cu, 0.53% Ni, 0.08% Co, 1.05g/t Pd, 0.12g/t Pt and 0.02 g/t Rh Ended the quarter with cash and cash equivalents of $4,816,637, and subsequently raised additional $5,899,548 for exploration Awarded $375,000 in grants to-date from the Government of Nunavut's Discover, Invest, Grow (\"DIG\") program TORONTO, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the operational and financial results for the second quarter ended June 30, 2023. Dr. Kaihui Yang, the President & CEO of the Company said, “During the spring of 2023, the Company has made significant technical achievements by expanding laterally over 2,700 meters of mineralized horizons at our 100% owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”, Figure 1)”. “During Q2, 2023, the Company was awarded a $250,000 grant from the Government of Nunavut's Discover, Invest, Grow (\"DIG\") program for the successful exploration programs at the Ferguson Lake project. The Company also received over $2,150,000 from the early exercise of warrants by KRE Development Co. Ltd (\"KRE\"), the biggest shareholder of the Company. “ “Subsequent to the end of the quarter, in July 2023, the Company has raised over $5,899,000 from the flowthrough financings to support its aggressive drilling and other exploration programs at the Ferguson Lake project.” “We are highly encouraged by the strong supports from the major shareholders, investors and the government. We continue drilling into the summer to further 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 new targe...