Canadian North Resources Inc. Undertakes Updating NI43-101 Mineral Resources Report for the Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project
Canadian North Resources Inc. Undertakes Updating NI43-101 Mineral
Resources Report for the Ferguson Lake Nickel, Copper, Cobalt, Palladium and
Platinum Project
Highlights:
• Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the
completion of an updated Mineral Resources estimation.
• New Mineral Resource model to include both mineralization types and significant extensions of mineralized
zones defined by the Company drilling to September 2023.
• SRK Consulting (Canada) Inc. and Ronacher McKenzie Geosciences Inc. have been engaged for an
independent technical review of the project, an update of the 2022 resource estimate and preparation of the
new NI 43-101 Mineral Resource Report.
TORONTO, Oct. 17, 2023 -- Canadian North Resources Inc. (“the Company’; TSXV:CNRI; OTCQX:CNRSF; FSE: EO0 (E-O-
zero)) is pleased to announce it has commissioned a new Mineral Resource estimation in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for its Ferguson Lake nickel, copper, cobalt,
palladium and platinum project (“Ferguson Lake Project”) in Nunavut, Canada.
The new Mineral Resource estimation will incorporate the results of 39,270 metres of new diamond drilling in 145 holes
completed by the Company, which has significantly expanded the mineralized zones at the Ferguson Lake Project. The
results will be added to the mineral deposit database applied for the previous released Mineral Resource estimate (Refer to
“Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by
Ronacher McKenzie Geosciences Inc. and Francis Minerals Ltd” filed by the Company to SEDAR.com on July 13, 2022).
“The update resource modelling will include significant extensions of the mineralized zones as defined by the new 145 drill
holes,” said Kaihui Yang, President and CEO of the Company, “We expect the results of the remodeling will continue to
demonstrate the Ferguson Lake Project has tremendous potential for containing a significant nickel, copper, cobalt, palladium
and platinum mineral deposit in North America.”
The Company has engaged with the independent geological and mining consultants, SRK Consulting (Canada) Inc. (“SRK”)
and Ronacher McKenzie Geosciences Inc. (“Ronacher McKenzie”), to independently re-evaluate and re-model the Ferguson
Lake Project with the addition of the Company’s new exploration data and at updated metal prices and economic conditions.
As part of the independent Mineral Resource estimation in compliance with Canadian NI 43-101 Standards, both SRK and
Ronacher McKenzie geologists have conducted a project site visit, field and data QA/QC review, and independent due
diligence sampling and analyses of the Company’s drill core stored at the site. The re-modeling of the Mineral Resource will
include the assessment and incorporation of both the semi-massive to massive nickel-copper-cobalt-palladium-platinum
sulphide and the disseminated, low-sulphide platinum group element (PGE) bearing types of mineralization. Updated and
recently completed geophysical surveys and metallurgical testing results will also be included in the technical review.
Lithology, structure, mineralization and hydrothermal alteration recorded in drill logs will be implicitly modelled considering
both historic and updated assays as part of an overall assessment of the project’s geological exploration model.
Qualified Person
The technical contents of this News Release have been reviewed and approved by Dr. Trevor Boyd, P.Geo., a Qualified Person
as defined by NI 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 km 2 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 is supported by a NI.43-101 compliant Mineral Resources estimate, which includes
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. (Refer to “Independent
Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher
McKenzie Geosciences Inc. and Francis Minerals Ltd” filed by the Company to SEDAR.com on July 13, 2022).
The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km
long mineralized belt. In addition, the Company has identified pegmatites with lithium potential at the Ferguson Lake project.
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 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 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.