Canadian North Resources Inc. Reports Extensive Granitic Pegmatites Potential for Lithium Minerals at its Ferguson Lake Project
Canadian North Resources Inc. Reports Extensive Granitic Pegmatites Potential for Lithium Minerals at
its Ferguson Lake Project
Toronto, Ontario, March 6, 2023 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0
(E-O-zero)) is pleased to report the identification of extensive granitic pegmatites potentially hosting
lithium-bearing minerals over the 253.8 km2 area of the 100% owned Ni-Cu-Co-Pd-Pt Ferguson Lake
property (“Ferguson Lake project”). The potential for lithium minerals has never been explored at the
Ferguson Lake area. The Company will undertake its first lithium -specific exploration programs during
2023.
“We are examining the granitic pegmatites for their potential for hosting lithium minerals over the large
area at the Ferguson Lake project.” Said Dr. Kaihui Yang, President and CEO, “ We reviewed the regional
geology and noticed the potential for lithium miner als, while aggressively drilling to expand the mineral
resources of the Ni, Cu, Co and PGM -rich mineraliz ed zones at the Ferguson Lake project . We are
exploring and assessing all the valuable critical minerals that could possibly be present over the area.”
The Ferguson Lake area is located in southern part of Nunavut within the northern Canadian Shield that
holds a world -class potential for critical minerals including nickel, copper, PGM, diamond, lithium ,
uranium and rare earths. The review of the regional geology over the Ferguson Lake area was carried out
on historic exploration data, and geological maps and reports completed by the governmental geological
surveys and the previous owner of the project. The regional geology and tectonic environment are
favorable for lithium mineralization, although no lithium exploration was previously carried out.
In particular, the granitic pegmatites, as recorded in the historic geological maps (Figure 1), were identified
from the outcrops in large areas on the surface of the Ni-Cu-Co-PGM mineralized West Zone and the East
Zone. In the East Zone (Figure 2) , the pegmatites occur with quartz diorite , granite, gneiss and mafic
outcropping rocks over an area of 4.5 km long by 1.5 km wide. The pegmatites were also found in some
drill cores testing south of the East Zone. Similar pegmatites had been mapped over an area of 2.0 km by
1.2 km in the West Zone.
The pegmatites occur as dike swarms in those two areas and were recorded in outcrops as veins and plugs
of variable width within amphibolite (metamorphosed mafic intrusions or volcanics) and gneiss over both
the core mining leases and surrounding the exploration claims. Little is known about the areal extension
of those pegmatite bodies.
These pegmatites could potentially bear the lithium minerals; however, no work has been completed on
their mineralogy and geochemistry . T he Company has commenced an investigation of the lithium
potential associated with these pegmatites. The Company has planned its first lithium-specific exploration
programs which include geophysical survey, geological mapping and outcrop sampling on the pegmatite
dike swarms and veins, followed up with drill test in 2023.
Figure 1 Regional Geology and occurrences of pegmatites (in pink color) at the Ferguson Lake project
Figure 2, Local geology and occurrence of pegmatites (in pink color) in the East Zone of the Ferguson Lake
project
Figure 2
Qualified Person:
The technical conte nts 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%, 62.4Ml b 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 Repor t, Updated Mineral Resource Estimate, Ferguson Lake 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]
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of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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 t he
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
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unanticipated events, except as expressly required by law.