Canadian North Resources Inc. to start NI43-101 resource estimation at the Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum project in Canada
Canadian North Resources Inc. to start NI43-101 resource estimation at the Ferguson Lake Nickel,
Copper, Cobalt, Palladium and Platinum project in Canada
Toronto, April 11, 2022 – Canadian North Resources Inc. ( “the Company”, TSXV: CNRI) is pleased to
announce it has commissioned the new resource estimation in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of its Ferguson Lake project
(“Ferguson Lake Project”) , which contains base metal and platinum -group metals (“PGM”), mainly of
nickel, copper, cobalt, palladium and platinum in Nunavut, Canada. The new estimation will include
previously excluded PGE mineralizati on plus diamond drilling and assays completed after the previous
resource calculation.
The Ferguson Lake project has undergone a series of previous resource estimations which cumulated in
2011 with the completion of a Preliminary Economic Assessment (“PEA”) of the Ferguson Lake Property
resulting in the filing of a National Instrument 43 -101 Independent Technical Report by Roscoe Postle
Associates Inc. for Starfield Resources Inc. (“Starfield”). At that time, Starfield did not include any of the
PGM in its PEA due to insufficient work completed on separating these elements. In addition, diamond
drilling was completed after publishing of this 43-101. Over the last few years, CNRI, in conjunction with
SGS Canada at Lakefield, has concluded substantial metallurgical testing to economically recover such
PGM. Therefore, the Company’s new resource calculation will take into account newly defined PGM.
Upon filing in 2011, the estimated tonnages and grades in the deposit based on the recovery of nickel,
copper and cobalt were reported for the West Main, West Extension Zone and the East II Zones (see below)
within three of the 10 sulfide-bearing zones identified along the 15-km-long main mineralized horizon and
additional prospective horizons within the project area:
Mineralized
Zones
Historic
Resources#
Tonnage
(tonne)
Nickel
(%)
Copper
(%)
Cobalt
(%)
Palladium
(g/t)
Platinum
(g/t)
West Main and
West Extension
Indicated 15,800,000 0.65 0.99 0.07 1.55 0.25
Inferred 20,800,000 0.67 1.11 0.08 1.72 0.28
East II Inferred 9,400,000 0.65 0.76 NA* NA* NA*
*NA= not available due to insufficient analyses. # These are historical estimates provided for information
only. They were originally filed on SEDAR but are now outdated, no longer valid and not to be relied upon
as being NI43-101 compliant.
The Company has engaged with geological consultants, Francis Minerals Ltd and Ronacher McKenzie
Geoscience Inc., to independently re-evaluate the mineral resources at today’s metal prices and economic
conditions. This program includes the examination of the historic database, additional drilling, re-sampling
of historic drill cores and re-assaying of the newly collected samples. In addition, the remodeling of the
mineral resources will incorporate both base metals (nickel, copper and cobalt) and PGM (palladium and
platinum).
“The Ferguson Lake project contains high-grades of base metals and PGM over a 15-km-long mineralized
horizon,” said Dr. Kaihui Yang, the President and CEO, “the historic resource estimates on the massive and
semi-massive sulfides lenses within 2 the horizon did not report palladium and platinum recoveries. In
addition, abundant stringer to disseminated sulfides and the high grade-PGM low sulfide zones were not
included in the estimates . The remodelling will include the recovery of PGM in massive sulfides and
variable-sulfide mineralized bodies for the Ferguson Lake Project, which is believed will verify its potential
for hosting large tonnages of economic resources for nickel, copper, cobalt, palladium and platinum”.
Qualified Person
The technical contents of this news release have been reviewed by Dr. Trevor Boy d, PGeo, 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.
Further information of the Company can be found at www.cnresources.com .
Also, for further information contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)
https://CNResources.com
Email: [email protected]
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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 co ntain 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 revi sions 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. anticipated events, except as expressly
required by law.