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.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1501ca25-57e7-46b4-beed-9e3719818754
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