Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt, Palladium and Platinum NI 43-101 Compliant Mineral Resources for its 100% owned Ferguson Lake Project in Canada
Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt, Palladium and
Platinum NI 43-101 Compliant Mineral Resources for its 100% owned Ferguson Lake Project in Canada
Highlights
• A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093
million pounds (Mlb) copper at 0. 75%, 678Mlb nickel at 0. 47%, 79Mlb cobalt at 0.0 5%, 2.34
million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t;
• 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05%
Co, 0.97g/t Pd and 0.17% Pt;
• Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.9 8%, 333Mlb nickel at
0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t;
• Successful major upgrade of Mineral Resource tonnages from Inferred to Indicated category
combined with continued expansion of overall Mineral Resource size along strike and down /
up dip;
• Potential for continued Mineral Resource expansion along strike and at depth over the 15 km
long main mineralized horizon and within the open satellite mineralized zones
Toronto, March 19, 2024 – Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV:
CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce an updated Mineral Resource estimate
(Table 1) for its 100% owned Ferguson Lake base metal (copper, nickel, cobalt) and platinum group metal
(“PGM”, mainly palladium and platinum) project in Nunavut, Canada.
Table 1: 2024 Updated Mineral Resource Estimate
Dr. Kaihui Yang, President and CEO of Canadian North, commented: “We are excited at the substantial
increase of the independent National Instrument 43-101 (NI43-101) Mineral Resource Estimate from that
reported in 2022 (refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson
Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd ”
filed by the Company to Sedar.com on July 13, 2022), completed by SRK Consulting (Canada) Inc. (SRK) for
the Ferguson Lake Project . This new Mineral Resource Estimate has demonstrated the project is one of
the largest and high est-grade undeveloped critical mineral projects in North America. In particular,
Canadian North believes the large and high -grade Open Pit Indicated Mineral Resource provides a solid
base for the first development phase for building a potential producing mine. The Company is moving
forward with further exploration and expansion of Mineral Resources, follow-up metallurgical testing and
Mineral Resource Statement, Ferguson Lake Project, Canada. SRK Consulting (Canada)., March 19, 2024
Mining
Method Category Tonnes
(Mt)
Grade Material Content
NSR Cu Ni Co Pd Pt Cu Ni Co Pd Pt
(US$/
t) (%) (%) (%) g/t g/t (Mlbs) (Mlbs) (Mlbs) ('000oz) ('000oz)
Open Pit Indicated 52.7 149 0.65 0.43 0.05 0.97 0.17 755.7 497.2 57.7 1,647 295
Inferred 4.0 159 0.65 0.50 0.06 0.88 0.17 56.7 43.4 5.3 111 21
Underground Indicated 13.5 243 1.13 0.61 0.07 1.60 0.29 336.8 181.0 21.6 692 124
Inferred 21.9 231 1.04 0.60 0.07 1.53 0.26 501.0 289.7 34.4 1,081 184
Total Indicated 66.1 168 0.75 0.47 0.05 1.10 0.19 1,092.5 678.2 79.3 2,340 419
Inferred 25.9 220 0.98 0.58 0.07 1.43 0.25 557.8 333.1 39.6 1,192 205
commencing economic evaluation and infrastructure and enviormental studies for a low-carbon footprint
mine development plan at the Ferguson Lake Project.”
Dr. Trevor Boyd, the Company’s Technical Advisor, commented: “This revised Mineral Resource estimate
is based on the updated exploration drillhole database including results from the Company’s drilling
programs in 2022-23. This Mineral Resource estimate incorporates parts of the known 15-kilometre-long
main mineralized belt, excluding the outside satellite mineralized zones ; M-Zone, A51 Zone, West Zone
South, and the South Discovery Zone. Although the project contains measurable rhodium, gold and silver
values in multiple mineralized zones , these commodities are not included in the Mineral R esource
modelling primarily due to the lack of systematic assay results. The Mineral Resource model and updated
exploration database indicate significant potential for Mineral Resource expansion along strike and at
depth over the 15-kilometre-long mineralized belt and its satellite zones.”
Mineral Resource Estimation Notes
• The Mineral R esource estimation work including construction of geological solids, grade
estimation, associated sensitivity analyses, and Mineral Resource classification was completed by
Joycelyn Smith, P.Geo. (PGO#2963), under supervision of Mr. Glen Cole, P.Geo. (PGO#1416), an
appropriate independent Qualified Person as this term is defined in National Instrument 43-101.
• The Mineral Resources have been estimated in conformity with generally accepted Canadian
Institute of Mining (CIM) Estimation of Mineral Resource and Mineral Reserves Best Practices
Guidelines (November 2019) and are reported in accordance with the Canadian Securities
Administrators’ National Instrument (NI) 43-101.
• Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All
figures are rounded to reflect the relative accuracy of the estimate.
• A total of 18 massive sulphide and two low-sulphide platinum group element (LSPGE) domains
were modeled within an overall host gabbroic intrusion to constrain the mineralization.
• The Mineral R esources for the Ferguson Lake Project are estimated based 756 boreholes
(approximately 226,167 metres) as of November 2, 2023, including 129 boreholes (approximately
35,775 meters) added to the deposit model out of the 39,270 metres completed since the
previous Mineral Resource update as on June 13, 2022 (refer to “Independent Technical Report,
Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by
Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd ” filed by the Company to Sedar.com
on July 13, 2022).
• All composites have been capped where appropriate.
• The Mineral Resources for the Ferguson Lake Project were estimated using Leapfrog Edge ™
software. The estimation parameters consider 3 passes estimated by Ordinary Kriging with
progressively relaxed criteria, including a requirement of 3 -4 boreholes in the first pass, 2 -3
boreholes in the second pass and at least 4 composites in the third pa ss. Massive sulphide
domains were estimated with hard boundaries, and LSPGE domains were estimated with limited
(10m) soft boundaries.
• The block classification strategy considers drillhole spacing, geologic confidence and continuity of
category. Indicated Mineral Resources were defined for blocks inside geological resource solids
estimated within the first two passes and having a nominal drillholes spacing less than 150 metres.
Classification results were smoothed to improve continuity.
• Mineral Resources are reported in relation to a conceptual pit shell and underground mining
shapes. Open pit Mineral Resources include all blocks inside the conceptual shell. Underground
mineral resources include blocks not meeting open pit reporting requirements contained within
conceptual mining shapes.
• Open pit Mineral Resources are reported at a NSR cut -off value of US$33.00 and underground
mineral resources are reported at a NSR cut-off value of US$96.00. Cut-off values are based on a
price of US$4.00 per pound of copper, US$9.00 per pound of nickel, US$22.00 per pound of cobalt,
US$1,250 per ounce of palladium, and US$1,150 per ounce of platinum, and recoveries of 95
percent for copper, 51 percent for nickel, 89 percent for cobalt, 76 percent for palladium and 60
percent for platinum for massive sulphi de material, and 78 percent for copper, 29 percent for
nickel, 48 percent for cobalt, 60 percent for palladium and 70 percent for platinum for LSPGE
material, for open pit and underground resources.
• The reported Mineral Resource is inclusive of East, Central and West zones along the 15km-long
main mineralized horizon.
This updated Mineral Resources Estimation reports a 172% increase from 24.3 million tonnes to 66.1
million tonnes in the Indicated Mineral Resources, in comparison to the 2022 Mineral Resources NI43-101
Technical Report (refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson
Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd”
filed by the Company on sedar.com on July 13, 2022). The results also demonstrate the continued overall
expansion of the Mineral Resources particularly within the Central and West Zones along strike and up
and down dip.
The 2022 Mineral Resource Estimate considered recoveries derived from hydrometallurgical testworks to
produce the metal products of copper, nickel, cobalt, palladium and platinum. Th e revised 2024 Mineral
Resource Estimate outlined here considers an independent review of recoveries and mineral deportment
studies by SRK derived from flotation metallurgical testworks, completed by the Company since 2013, to
produce potentially saleable copper, nickel and PGM concentrates.
NI 43-101 Technical Report
A technical report on the resource estimates, which is being prepared in accordance with National
Instrument 43-101 ("NI 43-101"), will be available on SEDAR + (www.sedarplus.ca) under the Company's
issuer profile within 45 days. The effective date of the current Mineral Resource Statement is March 19,
2024.
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 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 in Nunavut, Canada.
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”, “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 th e 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 t o 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.