Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025
Highlights:
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Canadian North Resources Inc. ('Canadian North' or the 'Company') (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2025.
Dr. Kaihui Yang, President and CEO of the Company, commented: 'In the first quarter, we commenced more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and the PGE metals can be recovered with additional testing.'
'We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leach extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson Lake Project.'
'Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the communications with local communities, local governments and investors for the potential mine development of the Ferguson Lake Project.'
Quarter 1 of 2025 Highlights:
Subsequent Events:
For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share.
For the quarter end Financial Statement and Management's Discussion and Analysis, please see the Company website at
www.cnresources.com
or on SEDAR.
Qualified Person:
Dr. Trevor Boyd, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination.
About Canadian North Resources Inc.
Canadian North Resources Inc. is an exploration and development company focusing on the critical 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 the Kivalliq Region of Nunavut, Canada.
The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to 'Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ('the Technical Report')', prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at
http://www.sedarplus.ca
on May 3, 2024. The Technical Report has also been posted on the Company's website at
www.cnresources.com
.)
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:
info@cnresources.com
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 historical 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 achievements 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 the 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.
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