Canadian North Resources Inc. (“Canadian North” or
the “Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is
pleased to announce it has completed 21,126.50 meter drilling at
its 100% owned Ferguson Lake base metal (nickel, copper, cobalt)
and platinum group metal (“PGM”, mainly palladium and platinum)
project in Nunavut, Canada.
The diamond drilling program consisting of
20,000 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 meters 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, Anomaly-51 Zone and its east extension (Figure 1).
During 2023 the Company conducted the
reprocessing and modelling of historic geophysical electromagnetic
UTEM, VTEM, borehole TDEM survey data which aided in the drill
targeting during the summer program, as well as successfully
completing new borehole TDEM surveys on selected deep drillholes.
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 meters
thickness carrying disseminated, semi-massive and massive sulphides
in the west extension of the West Zone.” Said Dr.
Trevor Boyd, the Vice President of Exploration, “The exploration
program visually confirmed significant extensions of the sulphide
zones along the 15-km long main mineralized horizon as well as the
prospectivity of satellite horizons.“
Figure 1 Map showing all the drill holes completed in 2023 at
the Ferguson Lake project.
Figure 2 The Extensions of West Zone and East
Zone as defined by the drill holes completed in the springs of 2022
and 2023 in addition to historic drill holes.
The assay results for the first 21 holes drilled
in the spring 2023 across Ferguson Lake were reported by the
Company in its July 18, 2023, news release. These holes intersected
near surface massive sulfides, e.g, 10.0m (from 47.57 – 57.57m in
Hole FL23-504A) at 0.89% Cu, 0.53% Ni, 0.08% Co, 1.05g/t Pd,
0.12g/t Pt and 0.02 g/t Rh, and extended or defined the mineralized
zones for 2,700 meters along strike (Figure 2).
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 100-275 meters 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 down-dip 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 dataset 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 to Sedar.com on July 13,
2022).
Qualified Person:
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)
Email: info@cnresources.com
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c68be90a-2eaf-436b-869d-675e9027bbb5
https://www.globenewswire.com/NewsRoom/AttachmentNg/afe7a79e-18d0-4781-a4a2-9568b2bd8f61
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