Canadian North Resources Inc. had a successful year in 2023, achieving significant milestones for its Ferguson Lake base metal and PGM project. The company raised over $17 million for exploration activities, with cash and cash equivalents amounting to $5,540,312 at the year-end. They completed aggressive exploration programs, with a total of 21,126 meters drilled in 47 holes, adding 39,270 meters in 145 holes to the project database for an updated Mineral Resources estimation reported in Q1 2024.
The updated Mineral Resources estimation revealed a 172% increase in Indicated Mineral Resources to 66.1 million tonnes, containing high-grade nickel, copper, cobalt, and PGM elements. The project database now includes Inferred Mineral Resources of 25.9 million tonnes as well, indicating the potential for further mineralization.
Dr. Kaihui Yang, the President & CEO of Canadian North Resources Inc., expressed his satisfaction with the results, emphasizing the company’s commitment to expanding the mineral resources at the Ferguson Lake project. Plans for the upcoming year include follow-up metallurgical testing, economic evaluation, and environmental studies for a low-carbon footprint mine development plan.
In addition to the exploration activities, the company engaged in various initiatives throughout the year, including attending mining conferences, conducting roadshows for investors, and receiving grants from the Government of Nunavut to support exploration expenditures. The company also announced the commencement of a new diamond drilling program, completed private placements, and received considerable funds from warrant exercises.
Looking ahead, Canadian North Resources Inc. is poised for further growth and development as they continue to advance their Ferguson Lake project and explore the potential of their mineral resources. With a strong focus on critical metals for clean energy and high-tech industries, the company is well-positioned for success in the coming year.
