Toronto, October 25, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE:EO0 (E-Ozero)) is pleased to report that the Company has completed 18,144 meters of diamond drilling at its 100% owned Ferguson Lake property (“Ferguson Lake Project”) that contains base metals (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum).
“We have drilled more than the planned drilling program to have significantly expanded the mineralization zones along the 15-km mineralized horizon,” Said Dr. Kaihui Yang, the President and CEO of the Company, “We expect the results would expand the block model and significantly enlarge the high-grade and near surface mineral resources for the potential mine development of the Ferguson Lake Project.”
The planned drilling program consists of 15,000 meters in some 60 holes to focus on the expansion and upgrade of mineral resources along the West and East Zones of the main mineralized horizon (rf. News release on April 19, 2022). By the end of the summer drilling season ended in mid October, a total of 18,144 meters were drilled in 68 holes to infill or step out from the historic holes that were previously drilled in the West Zone and the East Zone. The completed drilling program was enlarged by 3,144 meters as the mineralization zones were confirmed to extend along strike and at depth beyond the presently defined resource boundaries.
The assay results of the first 28 holes totaling 7,594 meters confirmed two styles of mineralization: nickelcopper-PGM massive sulfides (up to 31 meters) and PGM-enriched low sulfide (up to 36 meters) bodies in the West and East Zones with the highlights of selected holes below (rf. News release on September 12, 2022):
- 31.0m at1.28% Cu, 0.81% Ni, 0.09% Co, 2.02g/t Pd and 0.29g/t Pt (hole FL22-442 at 55 to 86m);
- 28.45m at 0.80% Cu, 0.52% Ni, 0.06% Co, 1.38g/t Pd and 0.19g/t Pt (hole FL22-443 at 30-55m) and
16.0m at 0.28% Cu, 0.22% Ni, 0.03% Co, 0.69g/t Pd and 0.13g/t Pt (at 86-102m);
- 10m at 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t Pd and 0.23g/t Pt (hole FL21-436 at 123133m);
- 7.40m at 1.15% Cu, 0.64% Ni, 0.08% Co, 1.70g/t Pd and 0.24g/t Pt (hole FL21-435 at 94-100.4m) and
11.52m at 0.56% Cu, 0.48% Ni, 0.06% Co, 1.01g/t Pd and 0.22g/t Pt (at 72.6-84.12m);
- 12.35m at 0.99% Cu, 0.54% Ni, 0.09% Co, 1.11g/t Pd and 0.15g/t Pt (hole FL22-457 at 178.35 -191m);
- 36.0m at 0.02% Cu, 0.03% Ni, 0.01% Co, 1.08g/t Pd and 0.25g/t Pt (hole FL22-460 at 148184m);
- 18.2m at 0.54% Cu, 0.21% Ni, 0.03% Co, 0.56g/t Pd and 0.12g/t Pd (hole FL21-434 at 107.8126m);
- 9.0m at 0.52% Cu, 0.28% Ni, 0.04% Co, 0.76g/t Pd and 0.16g/t Pt (hole FL21-438 at 140-149m) and
10.0m at 0.39% Cu, 0.40% Ni, 0.05% Co, 0.95g/t Pd and 0.24g/t Pt (at 154-164m);
- 6.0m at 0.78% Cu, 0.87% Ni, 0.12% Co, 1.80g/t Pd and 0.13g/t Pt (hole FL22-459 at 45-61m) and
5.3m at 1.00% Cu, 0.62% Ni, 0.07% Co, 1.28g/t Pd and 0.14g/t Pt (at 92-97.3m) and
6.5m at 0.50% Cu, 0.55% Ni, 0.06% Co, 1.13g/t Pd and 0.14g/t Pt (at 108.5-115m) and
10.6m at 0.24% Cu, 0.28%Ni, 0.04% Co, 0.80g/t Pd and 0.09g/t Pt (at 126.4-137m).
The assay results for the remaining drill holes are pending. Once all of the program results are received and compiled, they will be added to the dataset to improve the block model and to update the Mineral Resource estimate that was announced on June 13, 2022 (referred to the NI43-101 Technical Report filed on Sedar.com July 13).
In detail, 4,675 metres in 26 holes were drilled in the East Zone. These holes were designed to infill and expand the near surface mineralization that has been historically drilled since the 1950s. The drill holes were stepped out by 50 to up to 400 meters from previous holes and confirmed the strike extension of the mineralization to the west and east of the East Zone. Another 38 holes were infilled or stepped out for 50-100 meters from the historic drilling in the West Zone and confirmed its strike extension to the east and west. The drill holes extended the mineralized horizon down-dip at multiple locations. Finally, four holes successfully tested adjacent satellite mineralized horizons in the vicinity of the East Zone.
The technical contents of this news release have been reviewed 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 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.
The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, 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. (Referred to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022” filed by the Company to Sedar.com).
Further information please visit the website at www.cnresources.com or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
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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.