Canadian North Resources Received a Governmental Grant for Community Engagement Support Program
August 22 2024 - 8:00AM
Canadian North Resources Inc. ("the Company," TSXV: CNRI; OTCQX:
CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that it has been
awarded a grant for its Community Engagement Support Program
(“CESP”) from the Government of Nunavut, represented by the
Minister of the Department of Economic Development &
Transportation (EDT).
The CESP aims to support the Company's ongoing
community engagement activities in Nunavut through contributions to
cover costs associated with engagement and consultation work
required during the permitting and regulatory stages of an
exploration project.
Under CESP, the Company has signed the CESP
Contribution Agreement (“the Agreement”) that the Government of
Nunavut will contribute $98,875, with an initial payment of
$49,437.50, which has just been received. The balance is expected
upon the submission of a final report to be completed on January
31, 2025.
The funds will be used to facilitate community
engagement activities, including community site visits and focus
groups at Ferguson Lake, translation of materials to ensure all
communications are accessible and inclusive, and professional
services related to community outreach. The Company has planned the
community engagement program and the environmental reconnaissance
study for the Ferguson Lake project to be conducted late this
summer.
Dr. Kaihui Yang, the Company’s President and
CEO, emphasized the importance of this Agreement: "We are committed
to building strong, respectful, and productive relationships with
the people of Nunavut. This support from the Government of Nunavut
is pivotal in ensuring that our exploration activities are aligned
with the values and expectations of local communities."
About Canadian North
Resources
Canadian North Resources Inc. is an exploration
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 that covers an area
of 253.8 km² of mining leases (96.9 km²) and surrounding
exploration claims (156.9 km²) 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%
Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt, 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
the System for Electronic Document Analysis and Retrieval
(“SEDAR+”) through the Internet at
https://www.sedarplus.ca/landingpage/ on May 3, 2024. The Technical
Report has also been posted on the Company’s website at
www.cnresources.com.)
For further information please visit the website
at www.cnresources.com or contact:
Dr. Kaihui Yang, President and CEOPhone: 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, anticipated events,
except as expressly required by law.
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