Canadian North Resources financing Ferguson Lake polymetallic project, Nunavut
Canadian North Resources Inc. [CNRI-TSXV; EO0-FSE] closed the first tranche of its non-brokered private placement of 1,082,621 common shares (charity flow-through shares) on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of $2.877 per share for gross proceeds of $3,114,700.62.
Gross proceeds of the Charity Flow-Through Offering will be used to fund the company’s exploration activities targeting critical minerals on its Ferguson Lake project in Nunavut, northern Canada, and will also be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit.
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 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.
The Ferguson Lake mining property contains substantial NI 43-101 resources which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4 g/t and 0.38Moz platinum at 0.25 g/t.
The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. In addition, the company has identified the pegmatites with lithium potential at the Ferguson Lake project.