Latest news with #PGE
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4 days ago
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PGE disputes city's rejection of its Forest Park transmission line project
PORTLAND, Ore. () — Portland General Electric is disputing the city's decision to strike down the next phase of a project that would remove several acres of trees from Forest Park. As first reported by , the Land Use Board of Appeals received the utility company's notice of intent to appeal on Wednesday. The notice is the latest update in the involving PGE's Harborton Reliability Project. Portland has the worst housing crisis outlook, LendingTree finds The project aims to install a new quarter-mile transmission line and upgrade a pre-existing line in Forest Park by cutting 376 trees from five acres of the 5,200-acre site. A Portland hearings officer approved the plan in March, despite testimony from several environmental advocates with concerns that the proposal would harm the urban park and its plant and animal communities. But city councilors tentatively granted Forest Park Conservancy's appeal against the project in April, before earlier this month. The most recent appeal from the utility company 'introduces the possibility of mediation in pursuit of our shared interests in serving Portlanders,' according to PGE Vice President of Policy and Resource Planning Kristen Sheeran. 'This project is urgently needed and the least impactful — affecting about one-tenth of one percent of Forest Park when stacked against alternatives that would condemn private property, affect Forest Park and additionally impact other environmentally and culturally sensitive areas, all while increasing the cost of the project that all customers would bear,' Sheeran added in a statement. 'We need the City to work with us on this project that is crucial to maintain reliable power for Portlanders.' Estacada man's arrest marks largest drug bust in Multnomah County history have argued it conflicts with Portland's 1995 management plan focused on preserving Forest Park's natural resources. Members of the Urban Forestry Commission have also highlighted the potential wildfire risks associated with the addition of transmission lines. However, PGE has contended the proposed tree removal would actually prevent safety hazards. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
5 days ago
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Azimut and KGHM Launch Exploration Campaign at Kukamas
New Assay Results Confirm High-Grade Platinum Group Elements at the Perseus Zone LONGUEUIL, Quebec, May 29, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. ('Azimut' or the 'Company') (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce that a comprehensive partner-funded exploration program is commencing on the Kukamas Property (the 'Property'), located in the Eeyou Istchee James Bay ('James Bay') region of Quebec, Canada (see Figures 1 to 4). The Property is subject to an option agreement with KGHM International Ltd ('KGHM'). Azimut is the operator. This press release also reports new assay results for the complete suite of Platinum Group Elements ('PGE'), further confirming the high-grade PGE content of the Perseus Nickel Zone discovered in 2024. 2025 Exploration Program The $3.6 million exploration program will comprise two (2) phases of work: Phase 1: Detailed mapping, prospecting and advanced reprocessing of high-resolution electromagnetic and magnetic heliborne data; and Phase 2: 4,000 metres of diamond drilling planned for late summer, based on results of phase 1. The primary objective is to follow up on the significant progress in 2024 with the discovery of the Perseus Zone, confirmed by five (5) drill holes, all of which yielded excellent results (see press releases of September 23 and October 28, 2024 and January 20, 2025). Perseus is a high-grade nickel and PGE mineralized system associated with komatiitic volcanics. The features of the mineralization (high-grade Ni, high Ni/Cu ratio, high Pd/Pt ratio) and the lithological context highlight a fertile system, with similarities to Archean Kambalda-type komatiitic nickel deposits, exemplified by the Kambalda district in Western Australia. Previously reported results notably include: 2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m, incl. 3.74% Ni, 0.41% Cu, 2.82 g/t PGE over 6.0 m (channel) 1.10% Ni, 0.15% Cu, 1.02 g/t PGE over 9.0 m, incl. 1.42% Ni, 0.19% Cu, 1.36 g/t PGE over 6.0 m (channel) 1.64% Ni, 0.11% Cu, 1.12 g/t PGE over 8.5 m incl. 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m; and 0.90% Ni, 0.32 g/t PGE over 9.05 m (Hole KUK24-001) 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m (Hole KUK24-002) 0.81% Ni, 0.52 g/t PGE over 24.2 m, incl. 1.63% Ni, 0.14% Cu, 1.61 g/t PGE over 1.25 m; and 3.46% Ni, 0.21% Cu, 2.44 g/t PGE over 0.75 m (Hole KUK24-003) 6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m incl. 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m; and 3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.7 m (Hole KUK24-007) The Perseus Zone remains open in all directions. In addition, several under-explored, kilometre-scale, ultramafic formations identified on the Property during previous reconnaissance mapping are considered strong nickel exploration targets. The Property also has gold and copper-gold targets, which will be further assessed. Reporting of Additional Assay Results for PGE (Table 1) Thirty (30) selected high-grade nickel samples from the Perseus Zone, all with grades higher than 3.0% Ni, ranging from 3.46% to 19.60% Ni, were analysed for the complete suite of PGE, including platinum (Pt), palladium (Pd), and the rarest PGEs, rhodium (Rh), iridium (Ir), ruthenium (Ru) and osmium (Os). These nickel samples are commonly associated with high palladium grades ranging from 1.16 g/t Pd to 12.15 g/t Pd, and high platinum grades up to 3.65 g/t Pt. These samples also returned significant grades for the rarest PGEs, with up to 1.16 g/t Rh, 0.43 g/t Ir, 2.75g/t Ru and 0.45 g/t Os, adding significant potential value to the Perseus Zone. For indicative purposes only, the current prices in US$ of the following PGEs are: Rhodium: $5,325/ounce (oz); iridium: $4,150/oz; and ruthenium: $615/oz (prices as of May 27, 2025; source: Johnson Matthey Gold and tellurium contents are also anomalous, with grades up to 1.13 g/t Au and 32.1 g/t Te respectively. Table 1: Thirty samples analyzed for PGEs (platinum, palladium, rhodium, iridium, ruthenium, osmium) Platinum Group Elements (PGE) Sample Sample Ni Co Cu Au Te Pt Pd Rh Ir Ru Os TOTAL PGE ID Type (%) (%) (%) (ppb) (ppm) (ppb) (ppb) (ppb) (ppb) (ppb) (ppb) (g/t) G435306 grab 4.72 0.07 3.04 109 6.29 383 3120 373 165 1065 145 5.25 G435307 grab 5.93 0.07 0.39 178 19.20 3310 6390 105 26 108 18 9.96 G435308 grab 5.04 0.08 2.00 179 6.15 363 3460 418 193 1200 188 5.82 G435309 grab 9.35 0.15 1.10 48 10.05 293 2110 185 21 61 10 2.68 G435311 grab 7.08 0.12 0.81 31 32.10 2370 8990 69 11 12 3 11.46 G435312 grab 5.76 0.08 0.52 119 6.63 1320 2690 210 71 361 58 4.71 G435313 grab 5.91 0.11 0.39 24 4.53 672 2140 255 85 410 64 3.63 G435318 grab 8.04 0.18 1.02 344 13.20 255 2960 666 290 1750 260 6.18 G435401 grab 4.41 0.12 0.27 54 8.15 477 2430 267 89 581 84 3.93 G435402 grab 3.48 0.07 0.33 78 6.65 1020 1880 121 33 174 23 3.25 G435403 grab 6.85 0.12 0.99 80 14.05 1915 4510 302 123 676 110 7.64 G435404 grab 4.88 0.09 0.46 169 6.02 646 2810 425 147 910 165 5.10 G435405 grab 3.78 0.06 1.44 27 6.47 731 2320 312 97 671 102 4.23 G435406 grab 5.53 0.09 1.90 519 10.30 3650 3880 353 94 571 93 8.64 G435407 grab 4.28 0.08 2.91 250 11.45 808 3520 289 128 797 122 5.66 G435408 grab 4.12 0.05 0.45 109 6.50 819 2040 204 81 471 79 3.69 G435409 grab 3.58 0.06 0.72 48 6.62 1080 3290 214 91 552 78 5.31 G435410 grab 6.86 0.09 2.35 438 15.15 2420 3540 460 190 1225 199 8.03 G435433 channel 4.70 0.06 0.46 102 4.37 712 2090 283 121 755 109 4.07 G435434 channel 4.02 0.06 0.48 111 4.34 1045 2100 219 80 497 67 4.01 G435435 channel 5.56 0.08 0.57 72 5.38 919 2560 301 109 659 106 4.65 G435436 channel 4.77 0.07 0.43 74 5.53 1170 2540 206 77 413 73 4.48 G435457 grab 3.69 0.07 0.21 28 6.22 560 1830 272 106 728 93 3.59 L596016 core 4.47 0.07 0.24 20 9.12 612 4810 161 38 275 40 5.94 L596017 core 4.55 0.07 0.26 41 3.57 555 1160 185 61 318 52 2.33 L596189 core 17.25 0.21 0.89 1135 9.97 477 4770 953 288 1370 228 8.09 L596190 core 7.41 0.10 0.70 80 22.40 3230 12150 91 12 29 7 15.52 L596398 core 3.46 0.07 0.21 21 6.07 459 2140 239 88 556 84 3.57 L596963 core 19.60 0.27 0.81 240 9.18 2200 6640 1160 436 2750 453 13.64 L597023 core 5.30 0.12 0.12 12 7.68 469 1530 184 146 394 213 2.94 About the Kukamas Property Kukamas covers a cumulative strike length of 41 kilometres and comprises 665 claims in two claim blocks for a total surface area of 337.8 square kilometres. The project benefits from major infrastructure, including high-voltage power lines, and its proximity to the Trans-Taiga Road, an all-weather regional highway 4 kilometres to the south, and the La Grande-3 airstrip and hydroelectric generating station. The closest town is Radisson, 80 kilometres to the west-northwest. Analytical Methods Thirty (30) high-grade samples of the Perseus Zone, with grades ranging from 3.46% to 19.60% Ni, were selected for additional analysis and sent to ALS Laboratories in Johannesburg, South Africa, where they were analyzed for the complete suite of platinum group elements (Pt, Pd, Ph, Ir, Os, Ru) by nickel sulphide collection fire assay and ICP-MS finish. These samples consist of nineteen (19) sawed grab samples collected from the discovery outcrop, four (4) one-metre-long channel samples from the same outcrop, and seven (7) sawed half-core drill core samples. Note that grab samples are selective by nature and unlikely to represent average grades. Project Management and Qualified Person Rock Lefrançois ( Azimut's Vice-President Exploration, is responsible for project management. Dr. Jean-Marc Lulin ( Azimut's President and CEO, prepared this press release and approved the scientific and technical information disclosed herein, including the previously reported results presented by Azimut in the figures supporting this press release. He is acting as the Company's qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. About KGHM International KGHM International is a subsidiary of the Polish corporation KGHM Polska Miedź S.A., a leading producer of copper and silver for over 60 years, with mining projects in Europe, North America and South America. Under the option agreement, KGHM can acquire an initial 50% interest in the Property from Azimut by funding $5.0 million in work expenditures over four years. KGHM has a second option to earn an additional 20% interest according to certain terms and conditions, which include delivering a preliminary economic analysis (a PEA*), and incurring work expenditures of at least $4.2 million over three years (see press release of December 8, 2022). About Azimut Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec, controlling strategic land positions for gold, copper, nickel and lithium. The Company's wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated and 513,900 oz Inferred using a gold price of US$1,800 per ounce**) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects. Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. The Company's competitive edge is based on systematic regional-scale data analysis. Azimut maintains rigorous financial discipline and a strong balance sheet. Contact and Information Jean-Marc Lulin, President and CEOTel.: (450) 646-3015 – Fax: (450) 646-3045 Jonathan Rosset, Vice President Corporate DevelopmentTel: (604) 202-7531info@ Notes The results of Azimut's work on the Kukamas Property since the acquisition of the project by the Company in 2019, have been presented in 11 press releases, including the results disclosed in this release. The press releases are available on the Company's website or through SEDAR ( The technical reports related to these programs have been filed with Quebec's Ministry of Natural Resources and Forests and are accessible via SIGÉOM. (*) PEA: Early-stage technical and economic study conducted for a mining project. It evaluates the potential viability of a mineral resource by outlining preliminary estimates of mining methods, production rates, capital and operating costs, and potential economic returns. (**) Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec. Canada, dated January 4, 2024, and prepared by Martin Perron, Chafana Hamed Sako, Vincent Nadeau-Benoit, and Simon Boudreau, of InnovExplo note regarding forward-looking statements. This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events related to the drilling results from the Kukamas Property. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as 'consider', 'anticipate', 'expect', 'estimate', 'intend', 'project', 'plan', 'potential', 'suggest' and 'believe'. The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Many factors could cause such differences, particularly volatility and sensitivity to market metal prices, the impact of changes in foreign currency exchange rates and interest rates, imprecision in reserve estimates, recoveries of gold and other metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, community and non-governmental organization actions, changes in government regulations and policies, including laws and policies, global outbreaks of infectious diseases, including COVID-19, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Report filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company's business. 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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6 days ago
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Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025
Highlights: Continued evaluation of multiple metal processing technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint mine for the Ferguson Lake Ni-Cu-Co PGE Project located in southeast Nunavut, Canada. Commenced follow-up extensive bio-metallurgical programs from initial bio-leaching tests indicating metal extraction of 97.86-98.5% nickel and 96.9-97.7% cobalt, with the goal of achieving similarly high recoveries of copper and PGE metals. Enhanced engagement with local governments, Indigenous communities, investors, and potential partners to support the future development of the Ferguson Lake Project TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- 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, 2025. Dr. Kaihui Yang, President and CEO of the Company, commented: 'In the first quarter, we commenced more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and the PGE metals can be recovered with additional testing.' 'We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leach extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson Lake Project.' 'Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the communications with local communities, local governments and investors for the potential mine development of the Ferguson Lake Project.' Quarter 1 of 2025 Highlights: The Company engaged in the following activities in the first quarter: On February 20, 2025, the Company provided an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. Since December 5, 2024, the Company has repurchased a total of 162,500 Common Shares at an average price of $0.97 per share under the NCIB. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. The completion of this initial phase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On March 3, 2025, the Company announced to start new metallurgical tests using the low-carbon footprint bio-leaching technologies. Based on the exceptional initial results that indicated 96-98% extraction rates of nickel and cobalt, the Company moved forward to expanding the bio-leaching test program to recover copper and PGM in addition to nickel and cobalt. In early March, the Company participated in the PDAC 2025 Annual Conference with a booth to display recent drill cores from the Ferguson Lake project and new metallurgical tests. The team met with investors and potential partners with updated mineral resources and the results of new metallurgical tests using the low-carbon footprint, bio-leaching technology for the Ferguson Lake project. Subsequent Events: In April and May, the Company's team attended the Nunavut Mining Symposium and communicated with local governments and communities for the potential development of the Ferguson Lake Project. The Company also transported the exploration and construction materials from Baker Lake to the camp, in preparation for the upcoming summer work programs. The Management has increased communications with shareholders, investors and potential strategic partners for the further development of the Company and its Ferguson Lake Project. On April 15, 2025, the Company filed its operational and financial results for the fiscal year 2024. During the year, it also publicly disclosed an updated NI 43-101 Mineral Resource Estimate for the Ferguson Lake Project, confirming it as one of the largest and highest-grade copper-nickel-cobalt-PGE deposits in North America. In addition, the Company initiated bio-leaching tests, which achieved 96–98% extraction rates for nickel and cobalt, supporting the potential use of this technology in developing a low-carbon, environmentally sustainable mining operation at Ferguson Lake. On April 16, 2025, the Company filed with the TSX Venture Exchange ('TSXV') an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. During the past year (from April 5, 2024, to April 4, 2025), the Company has repurchased a total of 202,300 Common Shares at an average price of $0.98 per share under the NCIB. The completion of this repurchase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On April 24, 2025, the Company announced that it has filed with the TSX Venture Exchange ('TSXV') a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on April 28, 2025 and terminate on April 27, 2026 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share. For the quarter end Financial Statement and Management's Discussion and Analysis, please see the Company website at or on SEDAR. Qualified Person: Dr. Trevor Boyd, and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination. 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 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% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, 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 SEDAR at on May 3, 2024. The Technical Report has also been posted on the Company's website at Further information please visit the website at or contact: Dr. Kaihui Yang, President and CEOPhone: 905-696-8288 (Canada)1-888-688-8809 (Toll-Free)Email: info@ 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.
Yahoo
6 days ago
- Business
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Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025
Highlights: Continued evaluation of multiple metal processing technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint mine for the Ferguson Lake Ni-Cu-Co PGE Project located in southeast Nunavut, Canada. Commenced follow-up extensive bio-metallurgical programs from initial bio-leaching tests indicating metal extraction of 97.86-98.5% nickel and 96.9-97.7% cobalt, with the goal of achieving similarly high recoveries of copper and PGE metals. Enhanced engagement with local governments, Indigenous communities, investors, and potential partners to support the future development of the Ferguson Lake Project TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- 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, 2025. Dr. Kaihui Yang, President and CEO of the Company, commented: 'In the first quarter, we commenced more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and the PGE metals can be recovered with additional testing.' 'We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leach extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson Lake Project.' 'Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the communications with local communities, local governments and investors for the potential mine development of the Ferguson Lake Project.' Quarter 1 of 2025 Highlights: The Company engaged in the following activities in the first quarter: On February 20, 2025, the Company provided an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. Since December 5, 2024, the Company has repurchased a total of 162,500 Common Shares at an average price of $0.97 per share under the NCIB. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. The completion of this initial phase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On March 3, 2025, the Company announced to start new metallurgical tests using the low-carbon footprint bio-leaching technologies. Based on the exceptional initial results that indicated 96-98% extraction rates of nickel and cobalt, the Company moved forward to expanding the bio-leaching test program to recover copper and PGM in addition to nickel and cobalt. In early March, the Company participated in the PDAC 2025 Annual Conference with a booth to display recent drill cores from the Ferguson Lake project and new metallurgical tests. The team met with investors and potential partners with updated mineral resources and the results of new metallurgical tests using the low-carbon footprint, bio-leaching technology for the Ferguson Lake project. Subsequent Events: In April and May, the Company's team attended the Nunavut Mining Symposium and communicated with local governments and communities for the potential development of the Ferguson Lake Project. The Company also transported the exploration and construction materials from Baker Lake to the camp, in preparation for the upcoming summer work programs. The Management has increased communications with shareholders, investors and potential strategic partners for the further development of the Company and its Ferguson Lake Project. On April 15, 2025, the Company filed its operational and financial results for the fiscal year 2024. During the year, it also publicly disclosed an updated NI 43-101 Mineral Resource Estimate for the Ferguson Lake Project, confirming it as one of the largest and highest-grade copper-nickel-cobalt-PGE deposits in North America. In addition, the Company initiated bio-leaching tests, which achieved 96–98% extraction rates for nickel and cobalt, supporting the potential use of this technology in developing a low-carbon, environmentally sustainable mining operation at Ferguson Lake. On April 16, 2025, the Company filed with the TSX Venture Exchange ('TSXV') an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. During the past year (from April 5, 2024, to April 4, 2025), the Company has repurchased a total of 202,300 Common Shares at an average price of $0.98 per share under the NCIB. The completion of this repurchase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On April 24, 2025, the Company announced that it has filed with the TSX Venture Exchange ('TSXV') a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on April 28, 2025 and terminate on April 27, 2026 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share. For the quarter end Financial Statement and Management's Discussion and Analysis, please see the Company website at or on SEDAR. Qualified Person: Dr. Trevor Boyd, and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination. 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 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% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, 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 SEDAR at on May 3, 2024. The Technical Report has also been posted on the Company's website at Further information please visit the website at or contact: Dr. Kaihui Yang, President and CEOPhone: 905-696-8288 (Canada)1-888-688-8809 (Toll-Free)Email: info@ 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 in to access your portfolio
Reuters
7 days ago
- Business
- Reuters
Polish utility PGE Q1 core profit jumps on lower CO2 emission costs
GDANSK, May 27 (Reuters) - Poland's biggest energy utility PGE ( opens new tab reported a first-quarter recurring core profit of 4.33 billion zlotys ($1.16 billion) on Tuesday, up 71% on the year, primarily due to lower CO2 emission costs and regulatory revenue gains. The results were in line with the company's preliminary estimates reported in mid-May. PGE, like other Polish utilities, is navigating structural shifts in the country's energy landscape as growing renewable adoption slowly diminishes coal's longstanding dominance. Coal's share in Poland's electricity production fell to 57.1% in 2024, while renewable energy sources reached a record 29.6% of the country's total electricity generation, according to Forum Energii think-tank data. The company's core profit rise was mainly driven by lower CO2 emission costs, and higher government-regulated payments for grid stabilization services and capacity mechanisms. Improved results from electricity sales to end customers and higher revenue from heat sales also contributed positively to the result. PGE's net profit for the first quarter rose over 170% to 2.42 billion zlotys. Sales revenue rose around 2% to 17.17 billion zlotys from 16.84 billion zlotys a year ago. The company's cost of goods sold reached 13.34 billion zlotys in the quarter, down 11% from 15.05 billion zlotys in the first quarter of 2024. ($1 = 3.7484 zlotys)
