Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES INC. FURTHER EXTENDS THREE COPPER-NICKEL-COBALT-PGM SULPHIDE MINERALIZED ZONES AND CONTINUES UNVEILING GROWTH POTENTIAL AT THE FERGUSON LAKE PROJECT IN CANADA

Canadian North Resources Inc. has received assay results from 26 remaining holes drilled during the summer, which is the final portion of the 21,126-metre 2023 diamond drilling program completed at its 100-per-cent-owned Ferguson Lake project in Nunavut, Canada.

These results continue to significantly extend the West zone, M-zone and Anomaly-51 zone (A51 zone) along strike at the Ferguson Lake project and demonstrate the potential of two newly tested mineralized zones south of Central zone and southeast of the East zone for hosting significant widths of sulphide mineralization, as summarized below:

• Ten drill holes (FL23-496, 523A, 527 to 532A and 558) successfully extended the West zone along strike for another 200 metres to the west with the report of further widening intersections of up to 112.5 metres grading 0.16 per cent nickel, 0.23 per cent copper, 0.02 per cent cobalt, 0.35 gram [er tonne palladium and 0.06 g/t platinum from 312.5 to 425 metres down hole in FL23-527B. The West zone remains open locally to the west and down dip.
• Two drill holes (FL23-542 and 543) testing the newly defined M-zone, located 800 metres southeast of the East zone, confirmed its open extent for over 450 metres of strike length with a new reported intersection of 7.6 metres grading 0.32 per cent Ni, 0.40 per cent Cu, 0.05 per cent Co, 0.94 g/t Pd and 0.20 g/t Pt from 284.4 to 292 metres down hole in FL23-543.
• Five drill holes (FL23-549 to 552, 557) reported consistently the shallow intersections within the central part of the east-northeast-striking A51 zone, located 1.9 kilometres southeast of the East zone, defining an open volume of shallowly north-dipping significant mineralized zone over an area 300 by 200 metres with results of up to 10 metres grading 0.21 per cent Ni, 0.35 per cent Cu, 0.04 per cent Co, 0.31 g/t Pd and 0.03 g/t Pt from 103 to 113 metres down hole in FL23-549.
• Two reconnaissance drill holes (F23-553 and 556) testing the interpreted east extension of A51 (A51 zone extension), east of the mining lease boundary onto the staked claims, revealed the presence of encouraging multiple semi-massive sulphide layers. Reported results indicated three downhole mineralized intersections: three metres grading 0.17 per cent Ni, 0.12 per cent Cu, 0.03 per cent Co, 0.31 g/t Pd and 0.05 g/t Pt from 125.5 to 128.5 metres; two metres grading 0.26 per cent Ni, 0.24 per cent Cu, 0.04 per cent Co, 0.49 g/t Pd and 0.18 g/t Pt from 170.5 to 172.5 metres; and 2.5 metres grading 0.22 per cent Ni, 0.30 per cent Cu, 0.03 per cent Co, 0.37 g/t Pd and 0.03 g/t Pt from 175.5 to 178 metres, all in FL23-553.
• Reconnaissance drill hole F23-559 testing to the south of the Central zone on Ferguson Lake sited on an island confirmed the presence of a second parallel trending mineralized zone intersecting three metres grading 0.21 per cent Ni, 1.09 per cent Cu, 0.04 per cent Co, 0.43 g/t Pd and 0.01 g/t Pt from 46 to 49 metres down hole.

"These latest drill intersections from the 2023 program are particularly gratifying to the southeast of the East zone because they were generated from targets of the remodelling and reinterpretation of historic geophysical survey data at a minimal cost," said Dr. Trevor Boyd, the vice-president for exploration of the company. "These results are expected to significantly upgrade and add new resources to the current mineral resource estimates (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).

"Moreover, these drill results helped the project geologists to better understand the structural model for the mineralized zones. The new geological model indicated significant potential for further expansion of near-surface resources in East zone, M-zone and A51 zone, as all the mineralized zones are open along the strike and down dip."

Based upon review of the structure and geological setting, it was interpreted that the westerly trending main mineralized horizon which consists of the East and West zones was refolded and repeated to the south and exposed on the surface at the A51 zone and M-zone hosting the same subparallel trending mineralized horizon containing similar tenors of sulphides. These recent drilling results support this geological model and provide a vector showing the economic potential for the testing multiple exploration targets along this new interpreted mineralized horizon and along its regional trend up to 12 kilometres from the west-southwest of the A51 zone, westward to the West zone South and South Discovery zones, where the surface exposed gossans and sulphides were recorded historically.

Quality assurance and quality control (QA/QC)

Canadian North Resources has implemented a quality control program for its Ferguson Lake project to ensure best practice in the sampling and analysis of the drill cores, which includes the insertion of blanks, duplicates and certified standards into the sample stream. NQ-sized drill core is saw cut with half of the remaining drill core sampled at intervals based on geological criteria, including previous historic results, lithology, visual mineralization and alteration. The remaining part of the core is stored on site on the property.

Drill core samples are shipped by bonded carriers in secured containers and submitted to the ALS Geochemistry Yellowknife, NWT, facility for sample preparation and forwarded to the ALS Geochemistry facility in North Vancouver, B.C., for geochemical analyses. Some samples were sent to ALS Geochemistry Winnipeg, Man., for sample preparation due to the temporary disruption of the Yellowknife facility from forest fires.

Platinum group element and gold analyses are obtained via industry-standard fire assay with inductively coupled plasma atomic emission spectroscopy finish for Au, Pt and Pd and inductively coupled plasma mass spectrometry finish for rhodium using 30-gram nominal sample weights. For samples returning greater than 10 g/t follow-up fire assay analysis with a gravimetric finish is completed. Samples are also analyzed for 33 trace and major elements by ICP-AES following four-acid digestion. ALS Global quality systems conform to requirements of ISO/IEC standard 17025 guidelines and meet assay requirements outlined for National Instrument 43-101.

The sampling and QA/QC program were undertaken by company personnel under the direction and supervision of qualified person Dr. Boyd, PGeo. A secure chain of custody is maintained in storing and transporting of all samples to Yellowknife, Winnipeg and North Vancouver.

Qualified person

The technical contents of this news release have been reviewed and approved by Dr. Boyd, PGeo, a qualified person as defined by Canadian 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-tech industries. The company is advancing its 100-per-cent-owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project that covers an area of 253.8 square km of mining leases (96.9 square km) and surrounding exploration claims (156.9 square km) in the Kivalliq region of Nunavut, Canada.

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