Canadian North Resources Inc. Reports Initial Assay Results from the Summer Drilling Program at the Ferguson Lake Project in Nunavut, Canada

26 September 2023

Highlights:

  • High-grade Nickel, Copper, Cobalt, Palladium and Platinum (e.g. 10 metres grading 0.48% Ni, 1.48% Cu, 0.06% Co, 1.28g/t Pd and 0.06g/t Pt in hole FL23-481B)
  • Significant (>3 metres) massive sulphides and wide (up to 110 metres) disseminated sulphide mineralized zones intersected.
  • Further expanding 1,200 metres near-surface mineralized zones in East and West Zones and up to 250 metres down-dip deep mineralized zone of West Zone.

Toronto, Ontario, September 26, 2023 – Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the return of initial partial assay results from 21 holes drilled during the summer, which is a portion of the 21,126 metre 2023 diamond drilling program completed at its 100% owned Ferguson Lake Project (“Ferguson Lake Project”) in Nunavut, Canada.  Assay results for submitted samples from an additional 25 drill holes still remain pending.

These initial results significantly extend the East and West zones within the main mineralized horizon in three separate directions of the Ferguson Lake Project, as summarized below and Figure 1:

  • Sulphide mineralized intersections with significant Ni-Cu-Co-Pd-Pt grades of three metres or greater in 18 out of the 21 holes.
  • Ten drillholes (FL23-533 to FL23-541A) have successfully extended the East Zone along strike at shallow depths 950 metres further to the East with intersections of up to 8.5 metres grading 0.62% Ni, 0.61% Cu, 0.07% Co, 1.09g/t Pd and 0.16g/t Pt. from 149.5 to 158m in hole FL23-538.
  • Four deeper drillholes (FL23-522A, FL23-497A, FL23-498&498E, FL23-481B) have confirmed the up to 250 metres down-dip extension of the main West Zone with intersections of up to 10 metres grading 0.48% Ni, 1.48% Cu, 0.06% Co, 1.28g/t Pd and 0.06g/t Pt from 656 to 666m in hole FL23-481B.
  • Four drillholes (FL23-495, FL23-524 to FL23-526) have successfully extended the West Zone along strike to-date 250 metres further to the west with reported wide shallow intersections of up to 31 metres grading 0.26% Ni, 0.38% Cu, 0.04% Co, 0.51 g/t Pd and 0.07g/t Pt from 189 to 220m in hole FL23-525.
  • Three initial drillholes (FL23-544 to FL23-546) testing satellite mineralized horizons south of the East Zone report encouraging results to-date of up to 3.0 metres grading 0.33% Ni, 0.39% Cu, 0.05% Co, 0.97g/t Pd and 0.16g/t Pt from 88.5 to 91.5m in hole FL23-545.
  • The results confirm the West and East zones continue to remain open for further expansion both along strike and down-dip.

View Details