Canadian North Resources Inc. Further Extends Three Copper-Nickel-Cobalt-PGM Sulphide Mineralized Zones and Continues Unveiling Growth Potential at the Ferguson Lake Project in Canada

Canadian North Resources Inc. Further Extends Three Copper-Nickel-Cobalt-PGM Sulphide Mineralized Zones and Continues Unveiling Growth Potential at the Ferguson Lake Project in Canada

Highlights:

  • Three copper-nickel sulphide zones further extended along strike for: 200 m west of West Zone; 450 m of M-Zone, and 300 by 200 m of Anomaly-51 Zone;
  • Two new sulphide zones confirmed: northeast extension of Anomaly-51 Zone and south of Central Zone.
  • Significant (>3 – 15 metres) massive to semi-massive sulphides and widened (up to 112.5 metres) disseminated sulphide mineralized zones intersected:
    • 15.0 metres grading 0.36%Ni, 0.48% Cu, 0.05% Co, 0.70g/t Pd, 0.08g/t Pt and 0.06g/t Rh in FL23-527 hole.
    • 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd, 0.06g/t Pt and 0.02g/t Rh in FL23-527B hole.

Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the return of assay results from 26 remaining holes drilled during the summer, which is the final portion of the 21,126-metre 2023 diamond drilling program completed at its 100% owned Ferguson Lake Project ("Ferguson Lake Project") in Nunavut, Canada.

These results continue to significantly extend the West Zone, M-Zone and Anomaly-51 Zone ("A51 Zone") along strike at the Ferguson Lake Project and demonstrate the potential of two newly tested mineralized zones south of Central Zone and southeast of the East Zone for hosting significant widths of sulphide mineralization, as summarized below and within Figure 1 and Table 1:

  • Ten drillholes (FL23-496, 523A, 527 - 532A and 558) successfully extended the West Zone along strike for another 200 metres to the west with the report of further widening intersections of up to 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd and 0.06g/t Pt from 312.5 to 425 metres downhole in FL23-527B. The West Zone remains open locally to the west and down-dip.
  • Two drillholes (FL23-542 and 543) testing the newly defined M-Zone, located 800 metres southeast of the East Zone, confirmed its open extent for over 450 metres of strike length with a new reported intersection of 7.6 metres grading 0.32% Ni, 0.40% Cu, 0.05% Co, 0.94g/t Pd and 0.20g/t Pt from 284.4 to 292 metres downhole in FL23-543.
  • Five drillholes (FL23-549 – 552, 557) reported consistently the shallow intersections within the central part of east-northeast striking A51 Zone, located 1.9 km southeast of the East Zone, defining an open volume of shallowly north-dipping significant mineralized zone over an area 300 by 200 metres with results of up to 10 metres grading 0.21% Ni, 0.35% Cu, 0.04% Co, 0.31 g/t Pd and 0.03g/t Pt from 103 to 113 metres downhole in FL23-549.
  • Two reconnaissance drillholes (F23-553 and 556) testing the interpreted east extension of A51 ("A51 Zone Ext."), east of the mining lease boundary onto the staked claims, revealed the presence of encouraging multiple semi-massive sulphide layers. Reported results indicated three downhole mineralized intersections: 3.0 meters grading 0.17% Ni, 0.12% Cu, 0.03% Co, 0.31g/t Pd and 0.05 g/t Pt from 125.5 to 128.5 metres; 2.0 meters grading 0.26% Ni, 0.24% Cu, 0.04% Co, 0.49g/t Pd, and 0.18g/t Pt from 170.5 to 172.5 metres; and 2.5 meters grading 0.22% Ni, 0.30% Cu, 0.03% Co, 0.37g/t Pd and 0.03g/t Pt from 175.5 to 178 metres all in FL23-553.
  • Reconnaissance drillhole F23-559 testing to the south of the Central Zone on Ferguson Lake sited on an island confirmed the presence of a second parallel trending mineralized zone intersecting 3.0 metres grading 0.21% Ni, 1.09% Cu, 0.04% Co, 0.43 g/t Pd and 0.01g/t Pt from 46 to 49 metres downhole.

Geological map showing the mineralized zones and the mineralized intercepts in selected drill holes completed in the summer drilling program at Ferguson Lake Project.

Figure 1: Geological map showing the mineralized zones and the mineralized intercepts in selected drill holes completed in the summer drilling program at Ferguson Lake Project.

"These latest drill intersections from the 2023 program are particularly gratifying to the southeast of the East Zone because they were generated from targets of the re-modelling and re-interpretation of historic geophysical survey data at a minimal cost." Said Dr. Trevor Boyd, the Vice President for Exploration of the Company, "These results are expected to significantly upgrade and add new resources to the current mineral resource estimates (Refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd" filed by the Company to Sedar.com on July 13, 2022)."

"Moreover, these drill results helped the project geologists to better understand the structural model for the mineralized zones. The new geological model indicated significant potential for further expansion of near-surface resources in East Zone, M-Zone and A51 Zone, as all the mineralized zones are open along the strike and down dip."

Based upon review of the structure and geological setting, it was interpretated that the westerly trending main mineralized horizon which consist of the East and West zones were refolded and repeated to the south and exposed on the surface at the A51 and M zones hosting the same sub-parallel trending mineralized horizon containing similar tenors of sulphides. These recent drilling results support this geological model and provide a vector showing the economic potential for the testing multiple exploration targets along this new interpreted mineralized horizon and along its regional trend up to 12 km from the west-southwest of the A51 Zone, westward to the West Zone South and South Discovery zones, where the surface exposed gossans and sulfides were recorded historically.

Table 1. Assay results for selected intervals of initial drill holes completed during summer 2023

From (m) To
(m)
Length (m) Ni
%
Cu
%
Co
%
Pd
g/t
Pt
g/t
Rh
g/t
FL23-496 144 151.7 7.7 0.11 0.17 0.01 0.21 0.04
FL23-523A 139.5 142.5 3 0.21 0.31 0.03 0.39 0.04 0.03
147 150 3 0.14 0.16 0.03 0.25 0.03 0.02
FL23-527 276.5 363.5 87 0.13 0.15 0.02 0.27 0.05 0.01
incl 276.5 312.5 36 0.23 0.29 0.03 0.44 0.07 0.03
incl 297.5 312.5 15 0.36 0.48 0.05 0.70 0.08 0.06
incl 306.5 309.5 3 0.70 0.40 0.09 1.33 0.11 0.14
607.5 627 19.5 0.06 0.05 0.01 0.30 0.08
incl 607.5 610.5 3 0.08 0.05 0.01 0.59 0.17 0.03
FL23-527B 312.5 425 112.5 0.16 0.23 0.02 0.35 0.06 0.02
incl 312.5 380 67.5 0.23 0.32 0.03 0.46 0.07 0.02
incl 338.5 346.5 8 0.67 0.33 0.08 1.20 0.09 0.07
incl 358 363 5 0.37 0.59 0.05 0.75 0.17 0.07
593.5 634 40.5 0.05 0.05 0.01 0.32 0.07
incl 625 634 9 0.05 0.09 0.01 0.56 0.14
703 709 6 0.08 0.08 0.01 0.69 0.15 0.03
761.5 785.5 24 0.05 0.11 0.01 0.40 0.07
incl 761.5 766 4.5 0.04 0.06 0.01 0.83 0.11
FL23-528 192.1 196.6 4.5 0.47 0.73 0.07 0.81 0.07 0.08
FL23-529 411 412.5 1.5 0.03 0.01 0.01 1.06 0.03
420 421.5 1.5 0.03 0.01 0.01 0.73 0.21
FL23-530 No valuable intersects
FL23-532 189.5 192.5 3 0.07 0.04 0.01 0.69 0.40 0.05
FL23-532A No valuable intersects
FL23-542 284.4 292 7.6 0.32 0.40 0.05 0.94 0.20 0.01
FL23-543 216.5 218 1.5 0.50 0.61 0.06 1.44 0.25
FL23-547 45 46.5 1.5 0.53 0.43 0.07 1.48 0.21
FL23-548 45.4 46.4 1 0.44 0.35 0.05 1.30 0.26
FL23-549 103 113 10 0.21 0.35 0.04 0.31 0.03 0.01
FL23-550 106.5 110.5 4 0.13 0.20 0.02 0.25 0.08 0.01
FL23-551 117 122 5 0.21 0.18 0.04 0.35 0.06 0.01
FL23-552 126 130 4 0.32 0.18 0.05 0.56 0.07 0.06
FL23-553 125.5 128.5 3 0.17 0.12 0.03 0.31 0.05
170.5 172.5 2 0.26 0.24 0.04 0.49 0.18
175.5 178 2.5 0.22 0.30 0.03 0.37 0.03
FL23-554 No Valuable Intercepts
FL23-555 No Valuable Intercepts
FL23-556 15.25 16.25 1 0.12 0.25 0.01 0.20 0.06
FL23-557 86 89 3 0.21 0.13 0.03 0.31 0.09 0.01
FL23-558 290 293 3 0.18 0.28 0.03 0.37 0.07 0.02
624.5 644 19.5 0.10 0.13 0.01 0.49 0.12
incl 624.5 630.5 6 0.11 0.11 0.01 0.77 0.19 0.02
737 765.5 28.5 0.09 0.09 0.01 0.35 0.09
FL23-559 46 49 3 0.21 1.09 0.04 0.43 0.01
FL23-559A No Valuable Intercepts
FL23-560 No Valuable Intercepts

Quality Assurance and Quality Control (QA/QC):

Canadian North Resources Inc. has implemented a quality control program for its Ferguson Lake Project to ensure best practice in the sampling and analysis of the drill cores, which includes the insertion of blanks, duplicates, and certified standards into the sample stream. NQ-sized drill core is saw cut with half of the remaining drill core sampled at intervals based on geological criteria including previous historic results, lithology, visual mineralization, and alteration. The remaining part of the core is stored on-site on the property.

Drill core samples are shipped by bonded carriers in secured containers and submitted to the ALS Geochemistry Yellowknife, Northwest Territories facility for sample preparation and forwarded to the ALS Geochemistry facility in North Vancouver, British Columbia for geochemical analyses. Some samples were sent to ALS Geochemistry Winnipeg, Manitoba for sample preparation due to the temporary disruption of the Yellowknife facility from forest fires.

PGE and Gold analyses are obtained via industry standard fire assay with ICP-AES finish for Au, Pt and Pd and ICP-MS finish for Rh using 30g nominal sample weights. For samples returning greater than 10 g/t follow-up fire assay analysis with a gravimetric finish is completed. Samples are also analysed for 33 trace and major elements by ICP-AES following four-acid digestion. ALS Global quality systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.

The sampling and QA/QC program were undertaken by Company personnel under the direction and supervision of Qualified Person Dr. Trevor Boyd, P.Geo. A secure chain of custody is maintained in storing and transporting of all samples to Yellowknife, Winnipeg and North Vancouver.

Qualified Person:

The technical contents of this News Release have been reviewed and approved by Dr. Trevor Boyd, P.Geo., a Qualified Person as defined by Canadian National Instrument 43-101 standards.

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 that covers an area of 253.8 km 2 of mining leases (96.9 km 2 ) and surrounding exploration claims (156.9 km 2 ) in the Kivalliq Region of Nunavut, Canada.

The Ferguson Lake mining property contains a substantial N.I. 43-101 compliant Mineral Resource Estimate, 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 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd " filed by the Company to Sedar.com on July 13, 2022).

Further information of the Company can be found at www.cnresources.com .

Also, for further information contact:

Dr. Kaihui Yang, President and CEO

905-696-8288 (Canada) 1-888-688-8809 (Toll-Free) https://CNResources.com

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3329571-3cdd-4703-b92e-dc55e8602f92



Primary Logo

News Provided by GlobeNewswire via QuoteMedia

CNRI:CA
The Conversation (0)
Canadian North Resources Inc. Announces Results of Annual General Meeting

Canadian North Resources Inc. Announces Results of Annual General Meeting

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the voting results for the election of its Board of Directors at its Annual and Special Meeting of Shareholders held on June 18, 2024, in Mississauga, Ontario. A total of 75,369,669 common shares were voted at the Meeting, representing 65.81% of the common shares outstanding (114,527,617).

Shareholders approved the re-election of all Directors as listed in the Management Information Circular dated May 28, 2024, and the reappointment of MNP LLP, Chartered Professional Accountants, as auditors of the Company at a remuneration to be fixed by the directors. In addition, the resolution to ratify and approve the Company's Stock Option Plan was passed.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Highlights:

  • Filed the Mineral Resources Statement in compliance with the National Instrument 43-101 Standards that defines the large and high-grade Mineral Resources at the Ferguson Lake Project (Figure 1 and 2). 80% of the Indicated Mineral Resource is Open Pit, which   provides a solid Mineral Resource base for the initial development of a potential large mine.
  • Identified new targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones including M-Zone, A51-Zone, A51 Zone Extension, Small Island and Lake Zone, West Zone South and South Discovery Zone (Figure 1).
  • Planned new metallurgical tests, economic evaluation and infrastructure and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.

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, 2024.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Highlights:

  • Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
  • 80% of the Indicated Mineral Resources are Open Pit comprising 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.
  • Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.
  • The Mineral Resources are estimated only for the West, Central and East Zone of the 15km long main mineralized horizon. The potential to identify additional Mineral Resources exists along the strike and down dip of the currently defined Mineral Resources and on satellite zones including M-Zone, A51-Zone, A51 Far Side Zone, West Zone South and South Discovery Zone.

Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that following the release of the Mineral Resource estimate on March 19, 2024, it has filed its National Instrument 43-101 Technical Report on its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum-group metals ("PGM", palladium and platinum) Project ("the Ferguson Lake Project" or "the Project"), entitled "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, on SEDAR at http:www.sedar+.com . The Technical Report has also been posted on the Company's website at www.cnresources.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

2023 Operational and Project Highlights:

  • The Company raised over $17 million for exploration, with cash and cash equivalents of $5,540,312 at the year end
  • Completed aggressive exploration programs with 21,126 meters in 47 holes drilled in 2023.
  • Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the updated Mineral Resources estimation reported in Q1 2024, which includes:

    • A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
    • 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.
    • Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.

Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2023.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") which is proposed to commence on April 10, 2024 and terminate on April 9, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.

In the opinion of the Board of Directors of the Company, the market price of the Common Shares does not accurately reflect the value of those shares. As a result, the Company intends to repurchase CNRI's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Company.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Dore Copper Announces Filing and Mailing of Management Information Circular in Connection with Special Meeting and Encourages Shareholders to Access Meeting Materials Electronically

Dore Copper Announces Filing and Mailing of Management Information Circular in Connection with Special Meeting and Encourages Shareholders to Access Meeting Materials Electronically

Doré Copper Mining Corp. (" Doré Copper ") (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) today announced that it has filed and is in the process of mailing the management information circular (the " Circular ") and related materials for the special meeting (the " Meeting ") of shareholders of Doré Copper (" Doré Copper Shareholders ") to be held December 16, 2024. At the Meeting, Doré Copper Shareholders will be asked to consider and vote on a special resolution (the " Arrangement Resolution ") approving a statutory plan of arrangement (the " Plan of Arrangement ") pursuant to Section 192 of the Canada Business Corporations Act (the " Arrangement "), subject to the terms and conditions of an arrangement agreement dated October 14, 2024 (the " Arrangement Agreement ") entered into among Doré Copper, Cygnus Metals Limited (" Cygnus ") and 1505901 B.C. Ltd., a wholly owned subsidiary of Cygnus, all as more particularly described in the Circular.

The board of directors of Doré Copper (the " Doré Copper Board ") and the special committee of independent directors established by the Doré Copper Board (the " Special Committee ") have unanimously determined that the Arrangement is in the best interests of Doré Copper and that the Arrangement is fair to the Doré Copper Shareholders. The Special Committee and the Doré Copper Board reviewed and considered a significant amount of information and considered a number of factors relating to the Arrangement, with the benefit of advice from Doré Copper's management, and the financial and legal advisors of the Special Committee and the Doré Copper Board. The Special Committee unanimously recommended that the Doré Copper Board recommend to Doré Copper Shareholders that they vote FOR the Arrangement Resolution. The Doré Copper   Board unanimously recommends that Doré Copper   Shareholders vote   FOR   the Arrangement Resolution. See pages 33 to 36 of the Circular for a detailed description of the " Reasons for the Arrangement ".

In accordance with the interim order granted by the Ontario Superior Court of Justice (Commercial List) on November 12, 2024, providing for the calling and holding of the Meeting and other procedural matters relating to the Arrangement, the Arrangement can only proceed if, among other conditions, it receives the approval of not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting and not less than a majority (50% + 1) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting excluding the votes cast by certain interested or related parties or joint actors of Doré Copper in accordance with the minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions .

Under the Arrangement Agreement, the parties have agreed to effect the Arrangement, pursuant to which Cygnus will indirectly acquire all of the issued and outstanding common shares in the capital of Doré Copper (" Doré Copper Shares "), and Doré Copper Shareholders will be entitled to receive, for each Doré Copper Share held immediately prior to the effective time of the Arrangement (the " Effective Time "), 1.8297 fully paid ordinary shares (the " Consideration ") in the capital of Cygnus (each one whole share, a " Cygnus Share ").

As a result of, and immediately following the completion of, the Arrangement, Doré Copper will be an indirect wholly-owned subsidiary of Cygnus and the former Doré Copper Shareholders will be entitled to receive the Consideration for each Doré Copper Share previously held by them immediately prior to the Effective Time (subject to rounding, as provided for in the Plan of Arrangement).

Cygnus has applied for its Cygnus Shares to be listed on the TSX Venture Exchange (the " TSXV "). It is a condition of closing that Cygnus shall have received conditional listing approval from the TSXV to list the Cygnus Shares on the TSXV. Listing of the Cygnus Shares on the TSXV will be subject to Cygnus receiving approval from, and fulfilling all of the minimum listing requirements of, the TSXV.

Meeting and Circular

The Meeting of the Doré Copper Shareholders will be held at the offices of Bennett Jones LLP located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on December 16, 2024 at 12:00 p.m. (Toronto time). Doré Copper Shareholders of record as of the close of business on November 13, 2024 are entitled to receive notice of and to vote at the Meeting. Doré Copper Shareholders are urged to vote before the proxy deadline of 12:00 p.m. (Toronto time) on December 12, 2024.

The Circular provides important information on the Arrangement and related matters, including the background of the Arrangement, the rationale for the recommendations made by the Special Committee and the Doré Copper Board, and voting procedures. Doré Copper Shareholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is being mailed to Doré Copper Shareholders in compliance with applicable Canadian securities laws. The Circular is available under Doré Copper's profile on SEDAR+ at www.sedarplus.ca and on Doré Copper's website at www.dorecopper.com .

Impact of Canada Post Labour Strike

Due to the ongoing Canada Post labour strike, it is possible that Doré Copper Shareholders may experience a delay in receiving the Circular and related materials in respect of the Meeting. Doré Copper Shareholders are encouraged to access the Circular and related materials electronically as noted above. Registered holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials may contact Computershare Investor Services Inc. at 1-800-564-6253 to obtain their individual control numbers in order to vote their Doré Copper Shares. Registered holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.investorvote.com or via telephone at 1-866-732-VOTE (8683). Registered holders of Doré Copper Shares are also encouraged to complete and return letters of transmittal by hand or by courier to ensure the appropriate documents are received in a timely manner. Beneficial holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers in order to vote their Doré Copper Shares. Beneficial holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.proxyvote.com or via telephone at 1-800-474-7493 (English) or 1-800-474-7501 (French). It is recommended that any physical forms of proxy or voting instruction forms be delivered via courier to ensure that they are received in a timely manner.

Registered holders of Doré Copper Shares who wish to exercise their dissent rights in connection with the Arrangement are also cautioned to deliver their written objection to Doré Copper by mail using a method other than Canada Post or by facsimile transmission in accordance with the instructions set forth in the Circular to ensure that they are received in a timely manner.

Other Matters

Agreement with SOQUEM

Further to its news release dated July 3, 2024, on July 2, 2024, Doré Copper issued 1,190,476 Doré Copper Shares to SOQUEM at a deemed price of $0.105 per Doré Copper Share in connection with its acquisition of a 56.41% interest in a group of contiguous claims located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp.

About Doré Copper Mining Corp.

Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill 1 . Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. 2 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper's Copper Rand Mill.

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus' tenements range from early-stage exploration areas through to advanced drill-ready targets.

For further information about Doré Copper, please contact:

Ernest Mast Laurie Gaborit
President and Chief Executive Officer Vice President, Investor Relations
Phone: (416) 792-2229 Phone: (416) 219-2049
Email: ernest.mast@dorecopper.com Email: laurie.gaborit@dorecopper.com

Visit: www.dorecopper.com
Facebook: Doré Copper Mining
LinkedIn: Doré Copper Mining Corp.
Twitter: @DoreCopper
Instagram: @DoreCopperMining

Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Arrangement and the terms thereof, the completion of the Arrangement, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, the listing of the Cygnus Shares on the TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Arrangement and to consummate the Arrangement, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Doré Copper disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Silver47 Drills 2.9m of 1,078.8 g/t Silver Equivalent  at the West Tundra Flats Zone at Its Red Mountain Project, Alaska

Silver47 Drills 2.9m of 1,078.8 g/t Silver Equivalent at the West Tundra Flats Zone at Its Red Mountain Project, Alaska

Silver47 Exploration Corp. (TSXV: AGA) ("Silver47" or the "Company), is pleased to announce results from two diamond drill core holes at the West Tundra Flats resource area for a combined 331m at its wholly owned flagship Red Mountain Project in Alaska, USA. Both drill holes cut high-grade silver-zinc-lead-gold-copper zones within a wider sulfide mineralization horizon.

Highlights from 2024 West Tundra Flats Drill Holes:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Red Metal Resources Engages German Investor Awareness and Digital Marketing Consultants

Red Metal Resources Engages German Investor Awareness and Digital Marketing Consultants

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") The Company has engaged Investment-Zirkel-München ("IZM") that offers several services for German language investor awareness including news dissemination, conference calls, real-time investor forums and an active investors network throughout Europe. IZM has a select investor following that participate in both financings and open market buying. The IZM contract is for a two-year term at a cost of CAD$25,000.

IZM has a business address at Lena-Chris-Str 9, Nuebiberg, Germany. The services to be provided will be overseen by Mathias Voigt, President of the company, who can be contacted at mv@i-z-m.info. Mr. Voigt owns 150,000 shares of the Company.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
World Copper Initiates Strategic Review Process and Engages Advisor

World Copper Initiates Strategic Review Process and Engages Advisor

World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0) ("World Copper " or the "Company") announces that the Company has initiated a strategic review process and has engaged Origin Merchant Partners (the "Advisor") to assist it in its review. The Advisor will work with World Copper's management and Board to evaluate a range of strategic alternatives that may be available to the Company to grow and maximize value for all shareholders (the "Engagement"). There can be no assurance that this process will result in any specific strategic plan or financial transaction and no timetable has been set for its completion. The Company does not plan to provide updates on the status of the review unless there are material developments to report.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Heritage Mining Further Expands Land Position and Provides Exploration Update

Heritage Mining Further Expands Land Position and Provides Exploration Update

(TheNewswire)

Heritage Mining Ltd.

VANCOUVER, BC TheNewswire - November 19, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the claim package expansion at its flagship Drayton Black Lake (" DBL ")  based on experts recommendations Brett Davis and Dr. Gregg Morrison in addition to an update on the ongoing 2024 exploration program over the Ontario Project Portfolio. The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdevelopment greenstone belts in Northwestern Ontario.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Quetzal Copper Announces Brokered Private Placement Offering to Raise $3.0 Million

Quetzal Copper Announces Brokered Private Placement Offering to Raise $3.0 Million

Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") a North American focused copper exploration company is pleased to announce that it has entered into an agreement with Independent Trading Group ("ITG") to act as lead agent and sole bookrunner in connection with a "best efforts" private placement (the "Offering") for aggregate gross proceeds of up to $3,000,000 from the sale of the following:

  • up to 6,666,666 units of the Company (the "Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 from the sale of Units; and
  • up to 10,526,315 common shares of the Company (the "FT Shares", and together with the Units, the "Offered Securities") at a price of $0.19 per FT Share for gross proceeds of up to $2,000,000 from the sale of FT Shares. Each FT Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada).

Each Unit issued under the Offering shall consist of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.25 per Common Share for a period of 24 months from the Closing Date (as defined below).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×