Canadian North Resources Announces the Completion of 21,126 meter Diamond Drilling on its 100% Owned Ferguson Lake Project in Canada
Canadian North Resources Announces the Completion of 21,126 meter Diamond Drilling on
its 100% Owned Ferguson Lake Project in Canada
Highlights:
• 2023 planned 20,000-meter 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, e.g., 10.0m (from 47.57 –
57.57m) at 0.89% Cu, 0.53% Ni, 0.08% Co, 1.05g/t Pd, 0.12g/t Pt and 0.02 g/t Rh (July
18, 2023 News Release).
• Over 3,200 samples from the remaining 57 drill holes submitted to ALS labs with
results pending.
Toronto, September 18, 2023 – 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 Zone s, 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 mineral ized horizons named the M-Zone, A nomaly-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 m etres 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 km 2) and surrounding exploration claims (156.9 km 2) 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 Resour ces 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: [email protected]
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 historica l 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 achieve ments 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 publ icly 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.