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or Name
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Canadian North Resources Inc
Symbol CNRI
Shares Issued 102,039,151
Close 2023-09-18 C$ 3.20
Market Cap C$ 326,525,283
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Cdn North completes 21,126.5m drilling at Ferguson Lake

2023-09-18 09:51 ET - News Release

Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES ANNOUNCES THE COMPLETION OF 21,126 METER DIAMOND DRILLING ON ITS 100% OWNED FERGUSON LAKE PROJECT IN CANADA

Canadian North Resources Inc. has completed 21,126.50 metres of drilling at its 100-per-cent-owned Ferguson Lake base metal (nickel, copper and cobalt) and platinum group metal (PGM; mainly palladium and platinum) project in Nunavut, Canada.

Highlights:

  • 2023 planned 20,000-metre drill program successfully completed with 21,126 metres in total drilled during the year;
  • 69 out of 78 holes intersected semi-massive to massive sulphides containing nickel, copper, cobalt, palladium and platinum;
  • Assays results received for samples from the first 21 holes; for example: 10.0 metres (from 47.57 metres to 57.57 metres) at 0.89 per cent copper, 0.53 per cent nickel, 0.08 per cent cobalt, 1.05 grams per tonne palladium, 0.12 gram per tonne platinum and 0.02 gram per tonne rhodium (see July 18, 2023, news release);
  • Over 3,200 samples from the remaining 57 drill holes submitted to ALS labs, with results pending.

The diamond drilling program consisting of 20,000 metres was planned for 2023 to focus on definition drilling of the East and West zones and to test extensions of the main and satellite mineralized horizons. The company successfully completed the program totalling 21,126.50 metres in 78 holes defining and/or upgrading potential volumes of mineral resources along strike to the west extension from the West zone, the east extension from the East zone, and the extensions of both East and West zones across Ferguson Lake; and testing satellite mineralized horizons named the M zone and the Anomaly-51 zone and its east extension.

During 2023, the company conducted the reprocessing and modelling of historic geophysical electromagnetic UTEM, VTEM (versatile time-domain electromagnetic), borehole TDEM (time-domain electromagnetic) survey data, which aided in the drill targeting during the summer program, as well as successfully completed new borehole TDEM surveys on selected deep drill holes. In addition, surface sampling was completed on selected outcrop on the project site.

"The drill program intersected semi-massive to massive sulphides of the main or satellite mineralized horizons in 69 out of the 78 holes and, in particular drilling, intersected a widening of the prospective host gabbro to hundreds of metres thickness carrying disseminated, semi-massive and massive sulphides in the west extension of the West zone," Said Dr. Trevor Boyd, vice-president of exploration, "The exploration program visually confirmed significant extensions of the sulphide zones along the 15-kilometre-long main mineralized horizon as well as the prospectivity of satellite horizons."

The assay results for the first 21 holes drilled in the spring of 2023 across Ferguson Lake were reported by the company in its July 18, 2023, news release. These holes intersected near-surface massive sulphides (for example: 10.0 metres (from 47.57 metres to 57.57 metres in hole FL23-504A) at 0.89 per cent copper, 0.53 per cent nickel, 0.08 per cent cobalt, 1.05 grams per tonne palladium, 0.12 gram per tonne platinum and 0.02 gram per tonne rhodium) and extended or defined the mineralized zones for 2,700 metres along strike.

During this summer program, 3,253 core samples have been collected from the 57 holes completed, which have been submitted for analyses with results pending. Most of the holes were drilled between 100 metres to 275 metres deep to test targets of near-surface mineralization. Selected holes were drilled to up to 1,000 metres downhole to test thickened mineralized gabbro sections of up to 500 metres widths within the west and downdip extensions of the West zone. These mineralized zones are still open along strike and at dip. These, together with the other mineralized zones such as West zone South and South Discovery zone as well as regional targets, will be further tested next year.

Once all the program results are received and compiled, they will be added to the project data set to improve the block deposit model and to update the filed 2022 Ferguson Lake mineral resource estimate (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 on SEDAR on July 13, 2022).

Qualified person

The technical contents of this news release have been reviewed by Dr. Trevor Boyd, PGeo, a qualified person as defined by National Instrument 43-101 standards.

About Canadian North Resources Inc.

Canadian North Resources is an exploration and development company focusing on the critical metals for the clean energy, electric vehicles, battery and high-technology industries. The company is advancing its 100-per-cent-owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project, which covers an area of 253.8 square kilometres of mining leases (96.9 square kilometres) and surrounding exploration claims (156.9 square kilometres) in the Kivalliq region of Nunavut, Canada.

The Ferguson Lake mining property contains substantial resources in compliance with NI 43-101 standards, which include indicated mineral resources of 24.3 million tonnes containing 455 million pounds copper at 0.85 per cent, 321 million pounds nickel at 0.60 per cent, 37.5 million pounds cobalt at 0.07 per cent, 1.08 million ounces palladium at 1.38 grams per tonne and 180,000 ounces platinum at 0.23 gram per tonne; and inferred mineral resources of 47.2 million tonnes containing 947 million pounds copper at 0.91 per cent, 551.5 million pounds nickel at 0.53 per cent, 62.4 million pounds cobalt at 0.06 per cent, 2.12 million ounces palladium at 1.4 grams per tonne and 380,000 ounces platinum at 0.25 gram per tonne. The resource model indicates significant potential for resource expansion along strike and at depth over the 15-kilometre-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 on July 13, 2022). In addition, the company has identified the pegmatites with lithium potential at the Ferguson Lake project.

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