Toronto, May 29th, 2023 – Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI) is pleased to announce it has completed its spring diamond drilling program on ice consisting of 6,151 metres in 21 holes for its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum group metal (“PGM”, mainly palladium and platinum, project in Nunavut, Canada.
The purpose of the spring on-ice program was to test the main mineralized horizon trending across Ferguson Lake with the focus of completing definition drilling of the East Zone 1 and extending it to the west plus, as well, extending the West Zone further to the East to join it to the Central Zone in the lake.
“The drill program intersected massive sulphides (Figure 1) of the main horizon in 17 out of the 21 holes and successfully intersected a second parallel trending disseminated sulphide zone approximately 200 metres south of the Central Zone.” Said Dr. Trevor Boyd, the Vice President of Exploration, “This encouraging second zone has been identified as a separate target from the compilation and re-plotting of an interpreted historic airborne VTEM conductor. It will be followed up with additional drill testing during the summer using a nearby island as a platform. “
Figure 1 Massive sulfides intersected in Hole FL23-504 at Ferguson Lake Project.
Core samples have been submitted for analyses with results pending. Once all the program results are received and compiled, they will be added to the project dataset to improve the block model and to update the Mineral Resource estimate that was filed in 2022 at the end of 2023. (refer to the NI43-101 Technical Report filed on Sedar.com on July 13, 2023).
The Company has now temporarily paused drilling for the spring break-up of the ice on Ferguson Lake and for the caribou migration to pass through the property. The Company plans to resume diamond drilling in June, utilizing up to four drills with the goal of completing a total of at least 20,000 metres and 75 holes during the 2023 exploration season.
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 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 that covers an area of 253.8 km2 of mining leases (96.9 km2) and surrounding exploration claims (156.9 km2) in the Kivalliq Region of 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. (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd ” filed by the Company to Sedar.com on July 13, 2022). In addition, the Company has identified the pegmatites with lithium potential at the Ferguson Lake project.
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)
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.