Canuc Resources Corporation reports developments tied to its mineral exploration and development activities in Ontario. The company owns the East Sudbury Project, a gold, copper, cobalt and critical-mineral property near the Sudbury Mining Camp that includes the historical Scadding Gold Mine and related tailings project.
Recurring updates for CNUCF include drilling and assay verification at East Sudbury, geological reviews following the acquisition of MacDonald Mines, project governance for Scadding-related work, flow-through private placements, warrant and option adjustments, and capital-structure actions such as its completed share consolidation.
Canuc Resources (OTCQB: CNUCF) reported results from the first three diamond drill holes testing Gold Lens 1 at its 100% owned East Sudbury Project on December 1, 2025. The program targets a near-surface, Fe-chlorite hosted gold zone that outcrops beside the past-producing North Pit Gold Mine.
Key results: SM-25-120 returned 10.0 m @ 5.11 g/t Au (14.5–24.5 m), including 5.0 m @ 10.02 g/t Au and 1.0 m @ 40.9 g/t Au. True width at this location is estimated at ~90%. Holes SM-25-118 and SM-25-119 did not intersect the main zone.
The company plans a maiden resource estimate for Gold Lens 1 and further exploration across the ~80 m strike where widths of 3–5 m have been observed.
Canuc (OTCQB: CNUCF) announced that Natural Resources Canada has commissioned a seismic survey for early 2026 on the McLaren Lake Fault Zone within Canuc's 100% owned East Sudbury Project (ESP).
The work, to be performed by Optiseis Solutions Ltd., will target Metasomatic Iron Alkali Calcic (MIAC) signatures and potential IOCG-affiliated copper, gold and cobalt systems using surface seismic surveys combined with fiber-optic borehole sensing to image faults, fractures and alteration zones. Canuc acquired 100% of ESP on May 8, 2025. Technical information was reviewed by Seymour Sears, P.Geo.
Canuc Resources (OTCQB: CNUCF) has begun a diamond core drilling program at its East Sudbury Project (ESP) after acquiring 100% ownership on May 8, 2025. The company verified historical gold assays and identified multiple gold prospects near historic mine workings.
Key facts: 32,685 m of drill core is stored on site; historical assays in the target zone range up to 735.51 g/t Au (0.96 m) and include 36.27 g/t Au over 12.27 m. At least 46 historic holes previously intersected the zone. A minimum of 15 holes are planned in this phase to provide infill data aimed at producing a maiden Mineral Resource Estimate for Gold Lens 1.
Canuc Resources (OTCQB:CNUCF) completed a gold assay verification program at the East Sudbury Project (ESP) using 85 reject samples from 17 holes plus reference materials.
The work confirms historical gold assays across 32,685 m of core, finding close agreement overall (original average 3.82 g/t Au vs reject average 3.92 g/t Au) and good correlation for samples 5 g/t; higher variability occurs above 5 g/t due to coarse visible gold. Canuc acquired ESP on and will use larger 50 g samples and metallic screen assays for >5 g/t results going forward.
Canuc Resources (OTCQB: CNUCF) has provided an update on its recently acquired East Sudbury Project (ESP), obtained through the May 8, 2025 acquisition of MacDonald Mines Exploration. The ESP spans approximately 197 square kilometers and consists of 906 unpatented mining claims and 6 Mining Leases.
The project features three significant gold lenses, with Gold Lens 1 showing high-grade intersections of 36.27 g/t Au over 12.27m. A 15-hole drilling program is scheduled for October 2025 to establish a maiden resource. The historical Scadding Gold Mine on the property previously produced 140,000 tonnes at 7.22 g/t Au.
The property demonstrates strong IOCG (Iron Oxide-Copper-Gold) potential, particularly along the McLaren Lake Fault Zone. Notable copper-gold mineralization includes historical production of 6,300 tonnes grading 1% Cu and 5.67 g/t Au from the Alwyn prospect in 1902.
Canuc Resources Corporation (CNUCF) has appointed Kevin Olson to its Board of Directors. Olson brings over 20 years of experience in oil and gas technology and innovation, most recently serving as Director of Global Sales at Core Laboratories N.V. His expertise includes successful business expansion in the Permian Basin and Middle East regions. The company expects Olson's industry network and technology experience to benefit their West Texas natural gas operations and help explore cash flow opportunities while minimizing shareholder dilution.
Additionally, the company announced the resignation of Paul Davis, BSc (Hon), MSc from the Board of Directors.
Canuc Resources Corporation (CNUCF) has completed the acquisition of Macdonald Mines Exploration Ltd. through an arrangement where Canuc issued 73,768,343 shares at an exchange ratio of 1.497 Canuc shares for each Macdonald Mines share. The acquisition combines two significant mining projects: the SPJ Project in east Sudbury, Canada, spanning 19,710 hectares, and the San Javier Project in Sonora State, Mexico.
The merger strategy focuses on implementing AI-enhanced geological modeling and developing cash flow opportunities from abandoned mine tailings and old mine workings. Outstanding options and warrants of Macdonald Mines can be exercised into Canuc shares at the exchange ratio, representing approximately 2,867,504 shares from options and 14,970,000 shares from warrants.
Canuc Resources Corporation (CNUCF) and Macdonald Mines Exploration Inc. (BMK) have announced a revised timeline for their previously announced acquisition transaction. The expected trading halt of Macdonald Mines shares on May 5, 2025, did not occur as planned. Following TSXV's request, Macdonald Mines will be delisted from TSXV at market close on May 6th. The definitive record date for Macdonald Mines shareholders to receive Canuc shares is set for May 7th, with the transaction expected to close post-market on or around the same date.
Canuc Resources (OTCQB: CNUCF) has completed the final tranche of its previously announced $3.2 million CAD private placement. The final tranche raised $930,000 CAD through the issuance of 9.3 million units at $0.10 per unit. Each unit includes one common share and one warrant, with warrants exercisable at $0.15 for two years. The proceeds will fund the acquisition of MacDonald Mines Exploration Ltd. and support development and exploration of the company's mineral assets. The closing is pending TSX Venture Exchange approval.