Exploration and development company Canadian North Resources has received the first installment of C$125 000 of the C$250 000 grant it has been awarded by the government of Nunavut’s Discover, Invest, Grow (DIG) programme in support of its ongoing 2023 exploration programme.
This grant comes on the heels of the C$250 000 received in two installments in May and June for the successful completion of its 2022 programme, reaffirming the company’s commitment to advancing mineral exploration in the emerging mining region of Nunavut.
The company is completing its 20 000 m drill and other exploration programme this year to further expand the mineralised zones at the Ferguson Lake project.
It says it is actively engaged with local communities in the Kivalliq region of Nunavut, and the service providers in Rankin Inlet, Baker Lake, Winnipeg, Yellowknife and Edmonton for logistics support, transportation, camp operation, and wildlife and environmental protection.
The Nunavut Department of Economic Development and Transportation supports the development of a sustainable and viable mineral exploration sector in Nunavut through its DIG programme, providing contributions to mineral exploration companies conducting activities which advance exploration work on projects in the region.
Canadian North Resources thanked the government for this financial support.
“We are honoured to have once again been awarded this grant from the DIG programme. This is a strong encouragement and support to us, and it is a recognition of the exploration achievements and efforts we have made to-date on the Ferguson Lake project,” says CEO and president Dr Kaihui Yang.
“This funding will be allocated to further exploration of the Ferguson Lake property, but more importantly, it also underscores the collaborative spirit between the company and the government of Nunavut. We share a mutual vision of leveraging the rich mineral reserves within Nunavut to create meaningful opportunities for the community while contributing to the region's economic prosperity,” Yang adds.
The company also announces that it has granted to certain officers options to purchase a total of 110 000 common shares of the corporation.