Canadian North Resources Inc. Completed 18,144 meters drilling at its Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project in Canada
Canadian North Resources Inc. Completed 18,144 meters drilling at its Ferguson Lake Nickel, Copper,
Cobalt, Palladium and Platinum Project in Canada
Toronto, October 25, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE:EO0 (E -O-
zero)) is pleased to report that the Company has completed 18,144 meters of diamond drilling at its 100%
owned Ferguson Lake property (“Ferguson Lake Project”) that contains ba se metals (nickel, copper, and
cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum).
“We have drilled more than the planned drilling program to have significantly expanded the mineralization
zones along the 15-km mineralized horizon,” Said Dr. Kaihui Yang, the President and CEO of the Company,
“We expect the results would expand the block model and significantly enlarge the high-grade and near
surface mineral resources for the potential mine development of the Ferguson Lake Project.”
The planned drilling program consists of 15,000 meters in some 60 holes to focus on the expansion and
upgrade of mineral resources along the West and East Zones of the main mineralized horizon (rf. News
release on April 19, 2022) . By the end of the summer drilling season ended in mid October, a total of
18,144 meters were drilled in 68 holes to infill or step out from the historic holes that were previously
drilled in the West Zone and the East Zone. The completed drilling program was enlarged by 3,144 meters
as the mineralization zones were confirmed to extend along strike and at depth beyond the presently
defined resource boundaries.
The assay results of the first 28 holes totaling 7,594 meters confirmed two styles of mineralization: nickel-
copper-PGM massive sulfides (up to 31 meters ) and PGM-enriched low sulfide (up to 36 meters) bodies
in the West and East Zones with the highlights of selected holes below (rf. News release on September 12,
2022):
• 31.0m at1.28% Cu, 0.81% Ni, 0.09% Co, 2.02g/t Pd and 0.29g/t Pt (hole FL22 -442 at 55 to
86m);
• 28.45m at 0.80% Cu, 0.52% Ni, 0.06% Co, 1.38g/t Pd and 0.19g/t Pt (hole FL22-443 at 30-
55m) and
16.0m at 0.28% Cu, 0.22% Ni, 0.03% Co, 0.69g/t Pd and 0.13g/t Pt (at 86-102m);
• 10m at 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t Pd and 0.23g/t Pt (hole FL21 -436 at 123-
133m);
• 7.40m at 1.15% Cu, 0.64% Ni, 0.08% Co, 1.70g/t Pd and 0.24g/t Pt (hole FL21-435 at 94-
100.4m) and
11.52m at 0.56% Cu, 0.48% Ni, 0.06% Co, 1.01g/t Pd and 0.22g/t Pt (at 72.6-84.12m);
• 12.35m at 0.99% Cu, 0.54% Ni, 0.09% Co, 1.11g/t Pd and 0.15g/t Pt (hole FL22-457 at 178.35
-191m);
• 36.0m at 0.02% Cu, 0.03% Ni, 0.01% Co, 1.08g/t Pd and 0. 25g/t Pt (hole FL22-460 at 148-
184m);
• 18.2m at 0.54% Cu, 0.21% Ni, 0.03% Co, 0.56g/t Pd and 0.12g/t Pd (hole FL21-434 at 107.8-
126m);
• 9.0m at 0.52% Cu, 0.28% Ni, 0.04% Co, 0.76g/t Pd and 0.16g/t Pt (hole FL21-438 at 140 -
149m) and
10.0m at 0.39% Cu, 0.40% Ni, 0.05% Co, 0.95g/t Pd and 0.24g/t Pt (at 154-164m);
• 6.0m at 0.78% Cu, 0.87% Ni, 0.12% Co, 1.80g/t Pd and 0.13g/t Pt (hole FL22-459 at 45-61m)
and
5.3m at 1.00% Cu, 0.62% Ni, 0.07% Co, 1.28g/t Pd and 0.14g/t Pt (at 92-97.3m) and
6.5m at 0.50% Cu, 0.55% Ni, 0.06% Co, 1.13g/t Pd and 0.14g/t Pt (at 108.5-115m) and
10.6m at 0.24% Cu, 0.28%Ni, 0.04% Co, 0.80g/t Pd and 0.09g/t Pt (at 126.4-137m).
The assay results for the remaining rest drill holes are pending. Once all of the program results are
received and compiled, they will be added to the dataset to improve the block model and to update the
Mineral Resource estimate that was announced on June 13, 2022 (referred to the NI43 -101 Technical
Report filed on Sedar.com July 13).
In detail, 4,675 metres in 26 holes were drilled in the East Zone. These holes were designed to infill and
expand the near surface mineralization that has been historically drilled since the 1950s. The drill holes
were stepped out by 50 to up to 400 meters from previous holes and confirmed the strike extension of
the mineralization to the west and east of the East Zone. Another 38 holes were infilled or stepped out
for 50-100 meters from the historic drilling in the West Zone and confirmed its strike extension to the east
and west. The drill holes extended the mineralized horizon down -dip at multiple locations. Finally, four
holes successfully tested adjacent satellite mineralized horizons in the vicinity of the East Zone.
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 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 in 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 . (Referred to
“Independent Technical Report, Updated Mineral Resource Estimate, Ferguson La ke Project, Nunavut,
Canada, June 13, 2022” filed by the Company to Sedar.com).
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”, “int ends”, “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 refl ect 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 p lace 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.