Canadian North Resources Inc. Financial Results Overview
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Canadian North Resources Inc. Reports Financial Results
Highlights:
- Filed the new National Instrument 43-101 Technical Report that defines the large and high-grade Mineral Resources at the Ferguson Lake Project. 80% of the Indicated Mineral Resource is Open Pit, which provides a solid Mineral Resource base for the initial development of a potential large mine.
- Planned geophysical programs for generating new exploration targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones.
- Based on the new Technical Report, planned new metallurgical tests, community engagement programs, economic evaluation, and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.
Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0) is pleased to report its operational and financial results for the second quarter.
Dr. Kaihui Yang, the President and CEO, commented: "During this quarter, we filed the new National Instrument 43-101 Technical Report that demonstrates the Ferguson Lake project is one of the highest-grade and largest undeveloped copper, nickel, cobalt, palladium, and platinum projects in North America. The Technical Report has also been posted on the Company’s website.”
“The Technical Report indicates the definition of substantial Mineral Resources and provides a solid Mineral Resource base for the initial development of a potential large mine. We are conducting follow-up metallurgical testing, including new technologies, and have started community engagement programs and environmental studies for a low-carbon footprint mine development plan at the Ferguson Lake Project.”
Operational Highlights from the Quarter
“The Technical Report indicates high potential for resource expansion within a number of undefined mineralization zones and prospective areas. We have planned geological and geophysical evaluation programs to identify targets along the confirmed high-grade mineralized zones at the Ferguson Lake Project.”
For the quarter ended June 30, 2024, the Company reported a net loss and comprehensive loss of $1,227,973 or $0.01 per share. The Company ended the quarter with cash and cash equivalents amounting to $3,775,557.
Technical Report Insights
The Mineral Resource estimation work, including geological modeling and grade estimation, was completed by qualified professionals. The estimation process involved rigorous protocols to ensure accuracy and compliance with industry standards.
The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate with Indicated Mineral Resources of 66.1 million tonnes (Mt) containing significant grades of copper, nickel, cobalt, palladium, and platinum. Particularly, 80% of the Indicated Mineral Resources is from Open Pit mining.
Future Plans and Developments
In the second quarter, activities engaged by the Company included: planning geological and geophysical programs that identify new targets, metallurgical testing with promising results for producing payable concentrates, and the filing of a Normal Course Issuer Bid (NCIB) to repurchase shares as deemed financially strategic.
In addition, the Company reported on its significant advancements in exploration with over 39,270 meters drilled across its properties, alongside detailed environmental assessments that support a sustainable and efficient mining operation.
Community Engagement Initiatives
The Company is committed to community engagement programs to ensure local stakeholders are informed and involved in the development of the Ferguson Lake Project. Recognizing the importance of environmental stewardship, Canadian North aims to maintain open communication with surrounding communities throughout its mining activities.
Contact Information
For further information, please visit the Company’s website or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
Email: info@cnresources.com
Frequently Asked Questions
What is the focus of Canadian North Resources Inc.?
Canadian North Resources Inc. focuses on the development of critical metals for clean-energy and high-tech industries, particularly through its Ferguson Lake Project.
What significant milestones were reached in the second quarter?
The Company filed a new Technical Report confirming its high-grade mineral resources, and initiated community engagement and environmental studies for sustainable mining.
What are the key financial results for this quarter?
The Company reported a net loss of $1,227,973 and maintained cash and cash equivalents of $3,775,557 at quarter's end.
How much is the Indicated Mineral Resource at Ferguson Lake?
The Ferguson Lake Project has an Indicated Mineral Resource of 66.1 million tonnes, containing various critical minerals essential for modern technology.
How does Canadian North manage community relations?
The Company is dedicated to engaging with local communities, ensuring transparency and collaborative efforts throughout its mining and exploration processes.
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