TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) -- 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.)