Dr. Kaihui Yang reports

CANADIAN NORTH RESOURCES INC. REPORTS RESULTS OF BOREHOLE GEOPHYSICAL SURVEYS INDICATING EXTENSIONS OF DEEP NICKEL-COPPER-PGM SULPHIDE ZONES AT THE FERGUSON LAKE PROJECT

Canadian North Resources Inc. has released the results from the processing of borehole time-domain electromagnetic (BHTEM) surveys from deep West zone drill holes FL22-481A and FL23-481B completed at its 100-per-cent-owned Ferguson Lake project in Nunavut, Canada.

"The combination of the drilling and geophysical survey results confirms the continuing high-grade prospectivity of the West zone downdip for over 200 metres at depths of 650 to over 850 metres," said Dr. Kaihui Yang, president and chief executive officer of the company. "Further geophysical modelling is ongoing to define precisely new drill targets for follow up in 2024."

As previously announced, the two geophysical surveyed drill holes, which were drilled from the same site during the 2022 and 2023 exploration programs, intersected excellent widths of high-grade copper-nickel-cobalt-palladium-platinum (Cu-Ni-Co-Pd-Pt) massive sulphide plus additional downhole widths of footwall low sulphide PGE-type (platinum group element) mineralized sections as presented in the attached table.

Spatial interpretation of the drilling results found that FL22-481A intersected the zone approximately 80 to 100 metres downdip from historic intersections of the West zone horizon and FL22-481B intersected 100 to 140 metres further downdip from the FL22-481A pierce points through the mineralization. In general, this extends the West zone at this locality for greater than 200 metres further downdip.

BHTEM surveys were completed on both these holes during the late summer of 2023 while the drilling program was operational. The surveys were especially configured to focus on the measurement of lateral and downdip electromagnetic anomalies minimizing signal interference from the known updip main mineralized horizon.

Processed results indicated multiple significant electromagnetic conductors in the holes. Based upon initial interpretations, highly conductive electromagnetic responses were found associated with the first two sulphidic intersections for both holes which were found to decay to off-hole anomalies at late time-domains generating vectors to multiple centres of greater conductivity off-hole.

The company also announces the retirement of Dr. Trevor Boyd as vice president, exploration, dated Dec. 31, 2023. The management and board of directors thank Dr. Boyd for his excellent service to the company for 10 years and extend their best wishes to Dr. Boyd for the future. Dr. Boyd will continue serving the company as a technical adviser and a qualified person.

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.

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