Canadian North Resources Inc. Announces Financial Results for the First Quarter Ended March 31, 2022
Canadian North Resources Inc. 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 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 – 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, w e have strengthened the te chnical 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 applica ble 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 Prospectus with the securities
regulatory authorities in the Provinces of Ontario, Alberta, British Columbia and New Brunswick .
• For the quarter ended March 31, 2021, the Company reported a net loss of $295,418 or $0.00 per share.
Subsequent to Quarter 1, the Company achieved the following:
• On April 5, 2022, the Company’s common shares were listed and admitted to trading on the TSX Venture
Exchange and trading started on April 7, 2022. The 2,223,698 special warrants of the Company were
automatically converted into common shares. On April 5, 2022, the Company entered into option
agreements with its directors and officers to purchase an aggre gate of 771,698 common shares, at an
exercise price of $1.00 per share. These options expire on April 4, 2027.
• On April 11, 2022, the Company announced it commissioned the new resource estimation in accordance with
NI 43 – 101 in respect of its Ferguson Lake Property. The new estimation will include previously excluded PGE
mineralization plus diamond drilling and assays completed after the previous resource calculation.
• On April 19, 2022, the Company announced that two drill rigs commenced diamond drilling at its Ferguson
Lake Property in Nunavut, Canada.
• On May 16, the Company announced that the re-sampling and re -assaying programs confirmed the high -
grade nickel copper massive and high -grade palladium and platinum low sulfide mineralization zones in its
Ferguson Lake mining property.
• On May 19, the Company appointed Dr. Trevor Body as the Vice President for Exploration.
For the quarter end financial statements and Management’s Discussion and Analysis, please see the
Company website at www.cnresources.com or on SEDAR.
About Canadian North Resources Inc.
Canadian North Resources Inc. is an explora tion and development company focusing on the metals for
the clean-energy, electric vehicles, battery and high -tech industries. The company is advancing its 100%
owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.
Further information please visit the website at www.cnresources.com,
or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and
statements related to matters which are not historica l facts, are forward-looking information within the
meaning of applicable securities laws. Such forward -looking statements, which reflect management’s
expectations regarding the Company’s future growth, results of operations, performance, business
prospects and opportunities, are based on certain factors and assumptions and involve known and
unknown risks and uncertainties which may cause the actual results, performance, or achievements to be
materially different from future results, performance, or achieve ments expressed or implied by such
forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the
Company’s forward -looking statements. The Company believes that the expectations reflected in t he
forward-looking statements contained in this news release and the documents incorporated by reference
herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In
addition, although the Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward looking statements, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
The Company undertakes no obligation to release publicly any future revisions to forward -looking
statements to reflect events or circumstances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law.