Canadian North Resources Inc. Starts a 20,000-meter Drill Program at the Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project in Canada
Canadian North Resources Inc. Starts a 20,000-meter Drill Program at the Ferguson Lake Nickel,
Copper, Cobalt, Palladium and Platinum Project in Canada
Toronto, Ontario, April 3, 2023 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0
(E-O-zero)) is pleased to announce that the Company has opened the field camp and commenced diamond
drilling at its 100% owned Ferguson Lake Project (“Ferguson Lake Project”) in Nunavut, Canada. The
Ferguson Lake Project contains base metals (nickel, copper, cobalt) and platinum-group metals (“PGM”,
mainly palladium and platinum ), as well as potential ly lithium minerals, along a 15-km-long main
mineralized horizon and numerous additional prospective areas totaling 253.8 km2.
“We have started another 20,000-meter drilling campaign in 2023 after successfully completing 18,144
meters in 2022 on the Ferguson Lake Project .” said Dr. Kaihui Yang, the President and CEO. “We will
continue to focus on the drill testing of high-grade base metal and PGM targets along the 15-km-long main
mineralized horizon, to expand and up -grade the mineral resources. Moreover, we will examine the
lithium potential of the extensively outcropped pegmatites identified over the Ferguson Lake property. “
The Company plan s a 20,000-metre drill program in 2023, based on the results of the drilling program
completed in 2022. The completed 18,144 meters (in 68 holes) extended the mineralized zones from the
current mineral resource estimate that includes Indicated Mineral Resources of 24.3 million tonnes
grading at 0.85% copper, 0.60% nickel, 0.07% cobalt, 1.38gpt palladium and 0.23gpt platinum; Inferred
Mineral Resources of 47.2 million tonnes at 0.91% copper, 0.53% nickel, 0.06% cobalt, 1.4gpt palladium
and 0.25gpt platinum (Refer to “Independent Technical Report, Updated Mineral Resource Estimate,
Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie
Lavigne.” filed by the Company to Sedar.com).
The planned drill program (Figure 1) is designed to further extend the West and East zones along strike
and down dip from the drill holes completed in 2022. The program is planned as well to define new near-
surface resources within the separate M-Zone and A51 zones, and to test the exploration targets along
the east extensions of the East Zone and A51 Zone, West Zone South, Southern Discovery Zone as well as
potential new lithium-bearing pegmatite targets. In particular, the drill program will continue to focus on
the near surface open -pit resource definition and the expansion of the high grade -PGE mineralization
zones at depth.
Figure 1. Base Metal and PGM Targets (dot circles) for 2023 Drilling Program at Ferguson Lake Project
The assay results of selected holes completed by the Company on the Ferguson Lake project are
summarized as follows:
• 31.0m at 1.28% 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);
• 21.0m at 1.11% Cu, 0.71% Ni, 0.10% Co, 1.29g/t Pd, 0.15g/t Pt and 0.050 g/t Rh (hole FL22-
470 at 13.0 - 34.0m);
• 9.90m at 0.96% Cu, 0.58% Ni, 0.09% Co, 1.03g/t Pd, 0.17g/t Pt, 0.01g/t Rh and 0.03g/t Au
(hole FL22-471 at 47.50 - 57.40m);
• 16.7m at 0.48% Cu, 0.30% Ni, 0.04% Co, 0.55g/t Pd and 0.12g/t Pt (hole FL22-469 at 200.8-
217.5m);
• 7.30m at 0.83% Cu, 0.76% Ni, 0.09% Co, 1.31g/t Pd, 0.19g/t Pt, 0.047g/t Rh and 0.028 g/t
Au (hole FL22-478 at 39.60 - 46.90m);
• 7.60m at 0.93% Cu, 0.26% Ni, 0.04% Co, 0.74g/t Pd and 0.14g/t Pt (hole FL22-481A at 634.8
- 642.4m);
• 8.43m at 0.64% Cu, 0.30% Ni, 0.04% Co, 0.50g/t Pd, 0.14g/t and 0.06g/t Rh (hole FL22 -486
at 122.87 - 131.30m);
• 9.90m at 0.34% Cu, 0.14% Ni, 0.02%Co, 0.33g/t Pd, 0.03g/t Pt, 0.03g/t Rh and 0.20g/t Au (at
28.1-38.0m) and
20.3m at 0.36% Cu, 0.24% Ni, 0.03% Co, 0.55g/t Pd, 0.08g/t Pt, 0.02g/t Rh and 0.02g/t Au
(hole FL22-490 at 43.40 - 63.70m);
• 8.50m at 0.80% Cu, 0.63% Ni, 0.08% Co, 1.63g/t Pd, 0.23g/t Pt and 0.01 g/t Rh (hole FL22 -
492 at 231.0 - 239.5m);
• 6.00m at 0.89% Cu, 0.44% Ni, 0.05% Co, 1.16g/t Pd, 0.26g/t Pt, 0.01g/t Rh and 0.10g/t Au
(hole FL22-487 at 60.7 - 66.7m);
• 9.80m at 0.34% Cu; 0.40% Ni, 0.04%Co, 0.66g/t Pd and 0.26g/t Pt, including
3.50m at 0.86% Cu, 1.07% Ni, 0.12% Co, 1.64 g/t Pd, 0.19%Pt, 0.042g/t Rh and 0.02g/t Au
(Hole FL22-463 at 191.67 - 201.47m);
• 22.0m at 0.44% Cu, 0.30% Ni, 0.04% Co, 0.57g/t Pd, 0.09g/t Pt and 0.03g/t Rh, including
5.80m at 1.15% Cu, 0.73% Ni, 0.09% Co, 1.37g/t Pd, 0.23g/t Pt, 0.079g/t Rh, and 0.045g/t
Au (hole FL22-494 at 28.0 - 50.0m).
• 10m at 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t P d and 0.23g/t Pt (hole FL21 -436 at 123 -
133m);
• 6.40m 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);
• 12.65m 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 drilling program is supported by the local communities (Baker Lake and Rankin Inlet) in the Kivalliq
Region of Nunavut, and the service providers in Winnipeg, Yellowknife and Edmonton. The Company has
engaged with local com panies for the logistic supports, transportation and the camp operation. A few
photos showing the field operation are shown below:
Figure 2, A drill rig operating onsite at Ferguson Lake project
Figure 3, The field camp opened for winter operation at Ferguson Lake Project
Figure 4, A snow train transporting fuel and drill materials to Ferguson Lake Project
Figure 5, A fixed-wing aircraft (Dash 7) shipping the supplies to the field camp at Ferguson Lake Project
Qualified Person:
The technical c ontents 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 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 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 o ver the 15 km long mineralized belt . (Refer to
“Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut,
Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to
Sedar.com).
Further information of the Company can be found at www.cnresources.com .
Also, for further information contact:
Dr. Kaihui Yang, President and CEO
905-696-8288 (Canada) 1-888-688-8809 (Toll-Free) https://CNResources.com
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 historical fa cts, 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 an d 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 achievement s 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 i dentify 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 req uired by law , anticipated events, except as expressly
required by law.