Canadian North Resources Inc. has completed 18,144 meters of drilling at its Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum project in Canada
TORONTO, Oct. 25, 2022 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0 (EO-zero)) is pleased to announce that the Company has completed 18,144 meters of diamond drilling on its 100% owned Ferguson Lake property (“Ferguson Lake Project”) which contains base metals (nickel, copper and cobalt) and platinum group metals (“PGMs”, mainly palladium and platinum ).
“We drilled more than the planned drill program to significantly expand the zones of mineralization along the 15 km mineralized horizon,” said Dr. Kaihui Yang, President and CEO of the company. “We expect the results to broaden the block model and significantly expand the high-grade, near-surface mineral resources for the potential mine development of the Ferguson Lake Project.”
The planned drilling program consists of 15,000 meters in approximately 60 holes to focus on expanding and upgrading the mineral resources along the western and eastern zones of the main mineralized horizon (rf. press release from the April 19, 2022). At the end of the summer drilling season which ended in mid-October, a total of 18,144 meters had been drilled in 68 holes to fill or exit previously drilled historic holes in the West Zone and East Zone. The completed drill program has been expanded by 3,144 meters as zones of mineralization have been confirmed to extend along strike and at depth beyond the currently defined resource limits.
Assay results from the first 28 holes totaling 7,594 meters confirmed two styles of mineralization: nickel-copper-PGM massive sulphides (up to 31 meters) and PGM-enriched low-sulfide bodies (up to at 36 meters) in the West and East zones with highlights of the selected holes below (rf. press release of September 12, 2022):
31.0m at 1.28% Cu, 0.81% Ni, 0.09% Co, 2.02g/t Pd and 0.29g/t Pt (hole FL22-442 at 55 to 86m);
28.45m at 0.80% Cu, 0.52% Ni, 0.06% Co, 1.38g/t Pd and 0.19g/t Pt (hole FL22-443 at 30-55m) and
16.0m at 0.28% Cu, 0.22% Ni, 0.03% Co, 0.69g/t Pd and 0.13g/t Pt (at 86-102m);
10m at 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t Pd and 0.23g/t Pt (hole FL21-436 at 123-133m);
7.40m at 1.15% Cu, 0.64% Ni, 0.08% Co, 1.70g/t Pd and 0.24g/t Pt (hole FL21-435 at 94-100.4m) and
11.52m at 0.56% Cu, 0.48% Ni, 0.06% Co, 1.01g/t Pd and 0.22g/t Pt (at 72.6-84.12m);
12.35m at 0.99% Cu, 0.54% Ni, 0.09% Co, 1.11g/t Pd and 0.15g/t Pt (hole FL22-457 at 178.35 -191m);
36.0m at 0.02% Cu, 0.03% Ni, 0.01% Co, 1.08g/t Pd and 0.25g/t Pt (hole FL22-460 at 148-184m);
18.2 m at 0.54% Cu, 0.21% Ni, 0.03% Co, 0.56 g/t Pd and 0.12 g/t Pd (hole FL21-434 at 107.8-126 m );
9.0m at 0.52% Cu, 0.28% Ni, 0.04% Co, 0.76g/t Pd and 0.16g/t Pt (hole FL21-438 at 140-149m) and
10.0m at 0.39% Cu, 0.40% Ni, 0.05% Co, 0.95g/t Pd and 0.24g/t Pt (at 154-164m);
6.0m at 0.78% Cu, 0.87% Ni, 0.12% Co, 1.80g/t Pd and 0.13g/t Pt (hole FL22-459 at 45-61m) and
5.3m at 1.00% Cu, 0.62% Ni, 0.07% Co, 1.28g/t Pd and 0.14g/t Pt (at 92-97.3m) and
6.5m at 0.50% Cu, 0.55% Ni, 0.06% Co, 1.13g/t Pd and 0.14g/t Pt (at 108.5-115m) and
10.6m at 0.24% Cu, 0.28%Ni, 0.04% Co, 0.80g/t Pd and 0.09g/t Pt (at 126.4-137m).
Assay results for the remaining drill holes are pending. Once all program results are received and compiled, they will be added to the dataset to improve the block model and update the mineral resource estimate that was announced on June 13, 2022 (referred to as NI43 Technical Report -101 filed on Sedar.com on July 13).
In detail, 4,675 meters in 26 holes were drilled in the East Zone. These holes were designed to fill in and expand near surface mineralization that has historically been drilled since the 1950s. The drill holes were offset 50 to 400 meters from previous holes and confirmed the lateral extension of mineralization to the west and east of the East Zone. A further 38 holes were filled in or out within 50 to 100 meters of historic drilling in the West Zone and confirmed its lateral extension to the east and west. The drill holes extended the mineralized horizon down dip at several locations. Finally, four holes successfully tested adjacent satellite mineralized horizons near the East Zone.
The technical content of this press release has been reviewed by Dr. Trevor Boyd, P.Geo., a Qualified Person as defined by Canadian National Instrument 43-101.
About Canadian North Resources Inc.:
Canadian North Resources Inc. is an exploration and development company focused on metals for the clean energy, electric vehicle, battery and high technology industries. The company is advancing its 100% owned nickel, copper, cobalt, palladium and platinum project at Ferguson Lake in Nunavut, Canada.
The Ferguson Lake mining property contains significant NI43-101 compliant resources, which include Indicated Mineral Resource of 24.3 million tonnes containing 455 million pounds (Mlb) of copper at 0.85%, 321 Mlb of nickel at 0.60%, 37.5 Mlb of cobalt at 0.07%, 1, 08 million ounces (Moz) of palladium at 1.38 gpt and 0.18 Moz of platinum at 0.23 gpt; Inferred mineral resources of 47.2 million tonnes containing 947 Mlb of copper at 0.91%, 551.5 Mlb of nickel at 0.53%, 62.4 Mlb of cobalt at 0.06%, 2.12 Moz of palladium at 1.4 gpt and 0.38 Moz of platinum at 0.25 gpt. The resource model indicates significant potential for resource expansion along strike and at depth on the 15 km long mineralized belt. (Referred to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022” filed by the Company on Sedar.com).
For more information, please visit the website at www.cnresources.com or contact:
Dr. Kaihui Yang, President and CEO
Telephone: 905-696-8288 (Canada) 1-888-688-8809 (toll-free)
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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