12 September 2022
Toronto, September 12, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE:EO0 (EO-zero)) is pleased to report the assay results for the first 28 holes totalling 7,594 metres of the drilling program at its 100% owned Ferguson Lake property (“Ferguson Lake Project”) that contains base metals (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum).
Highlights:
The ongoing 2022 drilling program consists of 15,000 meters in some 60 holes to focus on the expansion and upgrade of mineral resources along the West and East Zones of the main mineralized horizon. Of the 28 holes with returned assay results, 8 holes were drilled to infill the holes that were previously drilled in the West Zone and these infilled holes confirmed the continuity of the known mineralized zones. The results of these infill holes will be added to the dataset to improve the block model for the resource estimate and to upgrade the mineral resources that was released on June 13, 2022 (referred to the NI43101 Technical Report filed on Sedar.com). The other 20 drill holes were stepped out by 50-100 meters from previous holes and the results of these holes have expanded the near surface mineralized zones to the west of the East Zone for 700 meters and to the east of the West Zone for 600 meters as well as the down-dip extension of the West Zone.
All the holes intersected the mineralized zones, and selected significant intersections are summarized in Table 1. Based upon the drilling results to-date, the mineralized horizon hosting significant metal grades and widths (>2.5 meters) has been intersected in 22 out of the 28 holes. The mineralized intersections include nickel-copper-PGM massive sulfides (up to 31 meters) and PGM-enriched low sulfide (up to 36 meters) bodies.
“We are extremely excited for the first drilling results that have confirmed significant extension of the mineralized zones outside the recent resource model and indicate the great potential for further resource expansion at the Ferguson Lake.” Said Dr. Kaihui Yang, the President and CEO of the Company, “The results have confirmed the previously drilled mineralized zones, tested the continuity of the mineralized zones and expanded the near surface mineralization zones along the strike and down dip. We are continuing drilling to enlarge the mineral resources for the potential mine development.”
Continuing drilling during the summer is completing infill holes within the East Zone, expanding the zone along strike to the east, expanding the West Zone to the west and down dip and testing selected targets outside the main mineralized horizon. Additional assay results from the ongoing drilling remain pending.