Canadian North Resources Inc. Adds a Third Drill Rig to its Ferguson Lake Project and Reports Financial Results for the Second Quarter Ended June 30, 2022

29 August 2022

Toronto, August 29, 2022 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI, FSE:EO0, which is “E-O-zero”) is pleased to announce that the Company has added the third drill rig on its 100% owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”) in Canada and to report its financial results for the second quarter ended June 30, 2022.

”We have made major accomplishments during the past quarter, including an updated resource estimate, completion of the first 7,400 meters of the Company’s 15,000 meter drill program in 2022 and expanded the land package at the Ferguson Lake Project to 253.8 km2 covering all the known mineralized zones and outcrops.” said Dr. Kaihui Yang, the President & CEO, “Now we have added a third drill rig (Boyle 75) with a capacity to drill down to 1,200 meter deep. This, together with the operating two rigs (Boyle 37), will allow us to expand the mineral resources from surface to the depth of 1,200 meter along the confirmed the high-grade nickel, copper, palladium and platinum mineralized zones at the Ferguson Lake Project. “

Quarter 2 of 2022 Highlights:

The Company ended the quarter with cash and cash equivalents of $11,709,760.

  • The Company engaged in the following activities in the second quarter:
  • Successfully listed at the TSX- Venture Exchange (referred to the news release on April 5, 2022).
  • Confirmed the high-grade nickel copper massive and high-grade palladium and platinum low sulfide mineralization zones in the Ferguson Lake Project by the extensive re-sampling and re-assaying programs (Refer to the news release on May 16).
  • Completed the resource estimate in compliance with the National Instrument 43-101 Standards that indicates a large, high-grade open pit and underground mineral resources under the CIM Definitions at the Ferguson Lake Project (Table 1, referred to the news release filed on June 13, 2022).
  • 7400 meters have been drilled for the resource expansion along the confirmed the major mineralization zones, since the Company announced a 15,000-meter drilling program in 2022 and two drill rigs drilling at its Ferguson Lake Project in April (referred to the news release on April 19, 2022). The assay results are pending.
  • 253.8 km2 land package has been obtained, including 96.9 km2 mining leases and surrounding 156.9 km2 exploration claims (referred to the news release on June 27, 2022), which covers most of the exposures of mafic-ultramafic rocks hosting the known mineralized zones and outcrops.

View Details