Toronto, April 11, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to announce it has commissioned the new resource estimation in accordance with National Instrument 43101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of its Ferguson Lake project (“Ferguson Lake Project”), which contains base metal and platinum-group metals (“PGM”), mainly of nickel, copper, cobalt, palladium and platinum in Nunavut, Canada. The new estimation will include previously excluded PGE mineralization plus diamond drilling and assays completed after the previous resource calculation.
The Ferguson Lake project has undergone a series of previous resource estimations which cumulated in 2011 with the completion of a Preliminary Economic Assessment (“PEA”) of the Ferguson Lake Property resulting in the filing of a National Instrument 43-101 Independent Technical Report by Roscoe Postle Associates Inc. for Starfield Resources Inc. (“Starfield”). At that time, Starfield did not include any of the PGM in its PEA due to insufficient work completed on separating these elements. In addition, diamond drilling was completed after publishing of this 43-101. Over the last few years, CNRI, in conjunction with SGS Canada at Lakefield, has concluded substantial metallurgical testing to economically recover such PGM. Therefore, the Company’s new resource calculation will take into account newly defined PGM.
Upon filing in 2011, the estimated tonnages and grades in the deposit based on the recovery of nickel, copper and cobalt were reported for the West Main, West Extension Zone and the East II Zones (see below) within three of the 10 sulfide-bearing zones identified along the 15-km-long main mineralized horizon and additional prospective horizons within the project area:
|West Main and West Extension
*NA= not available due to insufficient analyses. # These are historical estimates provided for information only. They were originally filed on SEDAR but are now outdated, no longer valid and not to be relied upon as being NI43-101 compliant.
The Company has engaged with geological consultants, Francis Minerals Ltd and Ronacher McKenzie Geoscience Inc., to independently re-evaluate the mineral resources at today’s metal prices and economic conditions. This program includes the examination of the historic database, additional drilling, re-sampling of historic drill cores and re-assaying of the newly collected samples. In addition, the remodeling of the mineral resources will incorporate both base metals (nickel, copper and cobalt) and PGM (palladium and platinum).
“The Ferguson Lake project contains high-grades of base metals and PGM over a 15-km-long mineralized horizon,” said Dr. Kaihui Yang, the President and CEO, “the historic resource estimates on the massive and semi-massive sulfides lenses within 2 the horizon did not report palladium and platinum recoveries. In addition, abundant stringer to disseminated sulfides and the high grade-PGM low sulfide zones were not included in the estimates. The remodelling will include the recovery of PGM in massive sulfides and variable-sulfide mineralized bodies for the Ferguson Lake Project, which is believed will verify its potential for hosting large tonnages of economic resources for nickel, copper, cobalt, palladium and platinum”.
The technical contents of this news release have been reviewed by Dr. Trevor Boyd, PGeo, 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 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 Nunavut, Canada.
Further information of the Company can be found at www.cnresources.com .
Also, for further information contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free) https://CNResources.com
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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.