Subject: ANALYSTS' COMMENTS
Canadian North Resources Inc. Drills 1.28% Cu and 0.81% Ni over 31m (hole FL22-442), 0.80% Cu and 0.52% Ni over 28m (hole FL22-443) and 1.72% Cu and 0.81% Ni over 10m (hole FL21-436) at its Ferguson Lake Project
TORONTO, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ("the Company", TSXV: CNRI; FSE:EO0 (E-O-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:
- 1.28% Cu, 0.81% Ni, 0.09% Co, 2.02g/t Pd and 0.29g/t Pt over 31m (hole FL22-442);
- 0.80% Cu, 0.52% Ni, 0.06% Co, 1.38g/t Pd and 0.19g/t Pt over 28.45m (hole FL22-443);
- 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t Pd and 0.23g/t Pt over 10m (hole FL21-436);
- 1.15% Cu, 0.64% Ni, 0.08% Co, 1.70g/t Pd and 0.24g/t Pt over 7.40m (hole FL21-435);
- 0.99% Cu, 0.54% Ni, 0.09% Co, 1.11g/t Pd and 0.15g/t Pt over 12.35m (hole FL22-457);
- 0.78% Cu, 0.87% Ni, 0.12% Co, 1.80g/t Pd and 0.13g/t Pt over 6.0m (hole FL22-459);
- 8 infill holes confirming the continuity of the known mineralized zones for resource upgrade; and
- 20 expansion holes confirming significant extension of the mineralized zones outside the block model of the recently released resource estimate.
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 NI43-101 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 that 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.
Table 1, Significant Intersections of mineralization in selected holes drilled during the drilling program.
| Hole | From | To | Width (m) | Cu% | Ni% | Co% | Pd g/t | Pt g/t | Rh g/t | Au g/t |
| FL21-433 | 175.65 | 175.95 | 0.30 | 0.18 | 1.14 | 0.13 | 2.50 | 0.04 | 0.12 | 0.02 |
| 251 | 263 | 12.00 | 0.01 | 0.04 | 0.01 | 0.82 | 0.76 | 0.01 | 0.00 | |
| Incl | 259 | 260 | 1.00 | 0.03 | 0.50 | 0.01 | 5.02 | 1.32 | 0.00 | 0.01 |
| 271 | 275 | 4.00 | 0.06 | 0.04 | 0.01 | 0.92 | 0.17 | 0.00 | 0.00 | |
| 280 | 290 | 10.00 | 0.01 | 0.04 | 0.01 | 1.04 | 0.46 | |||
| 354 | 370 | 16.00 | 0.02 | 0.08 | 0.01 | 0.99 | 0.51 | |||
| FL21-434 | 107.8 | 126 | 18.20 | 0.54 | 0.21 | 0.03 | 0.56 | 0.12 | ||
| FL21-435 | 72.6 | 84.12 | 11.52 | 0.56 | 0.48 | 0.06 | 1.01 | 0.22 | ||
| 93.5 | 100.4 | 7.40 | 1.15 | 0.64 | 0.08 | 1.70 | 0.24 | |||
| 171 | 175 | 4.00 | 0.16 | 0.07 | 0.01 | 2.06 | 0.06 | |||
| FL21-436 | 123 | 133 | 10.00 | 1.72 | 0.65 | 0.07 | 1.51 | 0.23 | 0.02 | 0.07 |
| Incl | 129 | 130 | 1.00 | 8.06 | 0.31 | 0.07 | 1.31 | 0.34 | 0.03 | 0.29 |
| 136 | 137 | 1.00 | 0.98 | 0.03 | 0.01 | 0.02 | 0.01 | 0.00 | 0.08 | |
| 155 | 162 | 7.00 | 0.20 | 0.12 | 0.01 | 0.39 | 0.12 | |||
| FL21-437 | 164.2 | 170 | 5.80 | 0.59 | 0.49 | 0.06 | 1.22 | 0.18 | ||
| FL21-438 | 140 | 149 | 9.00 | 0.52 | 0.28 | 0.04 | 0.76 | 0.16 | 0.01 | 0.03 |
| 154 | 164 | 10.00 | 0.39 | 0.40 | 0.05 | 0.95 | 0.24 | 0.05 | 0.07 | |
| FL21-439 | 132 | 137 | 5.00 | 0.38 | 0.21 | 0.03 | 0.41 | 0.09 | ||
| FL21-440 | 113.45 | 121.5 | 8.05 | 0.24 | 0.15 | 0.03 | 0.31 | 0.06 | ||
| 124.5 | 129.5 | 5.00 | 0.72 | 0.34 | 0.04 | 0.73 | 0.12 | 0.06 | ||
| FL21-441 | 135 | 141 | 6.00 | 0.32 | 0.19 | 0.03 | 0.38 | 0.07 | 0.03 | |
| 150 | 155 | 5.00 | 0.32 | 0.22 | 0.04 | 0.47 | 0.19 | |||
| FL22-442 | 43 | 47 | 4.00 | 0.58 | 0.57 | 0.07 | 1.15 | 0.14 | 0.01 | 0.05 |
| 55 | 86 | 31.00 | 1.28 | 0.81 | 0.09 | 2.02 | 0.29 | 0.01 | 0.04 | |
| 125 | 136 | 11.00 | 0.06 | 0.06 | 0.01 | 1.22 | 0.32 | |||
| 155 | 164 | 9.00 | 0.01 | 0.03 | 0.01 | 0.81 | 0.39 | |||
| FL22-443 | 22.25 | 24.9 | 2.65 | 0.49 | 0.55 | 0.06 | 1.02 | 0.13 | ||
| 30 | 58.45 | 28.45 | 0.80 | 0.52 | 0.06 | 1.38 | 0.19 | |||
| 86 | 102 | 16.00 | 0.28 | 0.22 | 0.03 | 0.69 | 0.13 | |||
| 135 | 138 | 3.00 | 0.50 | 0.52 | 0.06 | 1.48 | 0.43 | |||
| FL22-444 | 210 | 216 | 6.00 | 0.08 | 0.07 | 0.01 | 0.61 | 0.14 | ||
| FL22-446 | 211 | 213.6 | 2.6 | 0.35 | 0.13 | 0.01 | 0.62 | 0.10 | ||
| FL22-447 | 137 | 140 | 3.0 | 0.03 | 0.06 | 0.01 | 0.84 | 0.09 | ||
| FL22-449 | 188 | 191 | 3.0 | 0.25 | 0.24 | 0.03 | 0.44 | 0.07 | ||
| FL22-450 | 60.3 | 65.35 | 5.05 | 0.26 | 0.38 | 0.04 | 0.75 | 0.06 | ||
| 74 | 81 | 7.00 | 0.40 | 0.27 | 0.03 | 0.48 | 0.06 | |||
| FL22-455 | 122.31 | 123.31 | 1.00 | 3.80 | 0.08 | 0.02 | 0.49 | 0.04 | 0.00 | 0.10 |
| 189 | 190 | 1.00 | 0.02 | 0.02 | 0.01 | 3.52 | 2.74 | 0.00 | 0.01 | |
| FL22-456 | 83 | 84 | 1.00 | 0.30 | 0.35 | 0.08 | 0.38 | 0.69 | 0.01 | 0.01 |
| 200.75 | 201.5 | 0.75 | 0.30 | 0.45 | 0.20 | 1.34 | 0.14 | 0.01 | 0.01 | |
| 224.5 | 228.5 | 4.00 | 0.27 | 0.17 | 0.02 | 0.76 | 0.14 | |||
| FL22-457 | 172.4 | 173.12 | 0.82 | 0.79 | 0.65 | 0.17 | 1.76 | 0.41 | 0.01 | 0.00 |
| 178.65 | 191 | 12.35 | 0.99 | 0.54 | 0.09 | 1.11 | 0.15 | |||
| 242 | 243 | 1.00 | 0.17 | 0.18 | 0.03 | 5.57 | 0.51 | 0.00 | 0.02 | |
| FL22-458A | 65 | 70 | 5.00 | 0.21 | 0.13 | 0.02 | 0.34 | 0.04 | ||
| FL22-459 | 45 | 51 | 6.00 | 0.78 | 0.87 | 0.12 | 1.80 | 0.13 | 0.02 | 0.04 |
| 92 | 97.3 | 5.30 | 1.00 | 0.62 | 0.07 | 1.28 | 0.20 | 0.04 | 0.02 | |
| 108.5 | 115 | 6.50 | 0.50 | 0.55 | 0.06 | 1.13 | 0.14 | 0.02 | 0.01 | |
| 126.4 | 137 | 10.6 | 0.24 | 0.28 | 0.04 | 0.80 | 0.09 | 0.01 | 0.00 | |
| FL22-460 | 71.73 | 72.25 | 0.52 | 0.49 | 0.80 | 0.08 | 1.16 | 0.16 | 0.01 | 0.02 |
| 77 | 77.5 | 0.50 | 1.36 | 0.81 | 0.07 | 1.21 | 0.30 | 0.01 | 0.01 | |
| 79.5 | 87 | 7.50 | 0.00 | 0.07 | 0.01 | 0.63 | 0.18 | |||
| 98 | 104 | 6.00 | 0.43 | 0.49 | 0.07 | 0.93 | 0.13 | 0.01 | 0.02 | |
| 124.3 | 125.06 | 0.76 | 1.55 | 1.00 | 0.09 | 1.63 | 0.10 | 0.04 | 0.02 | |
| 148 | 184 | 36.00 | 0.02 | 0.03 | 0.01 | 1.08 | 0.25 | |||
| Incl | 148 | 149.5 | 1.50 | 0.02 | 0.03 | 0.01 | 5.10 | 0.78 | ||
| Incl | 155.5 | 156.75 | 1.25 | 0.01 | 0.02 | 0.00 | 6.07 | 0.12 | 0.01 | |
| Incl | 180.5 | 182 | 1.50 | 0.03 | 0.03 | 0.00 | 3.38 | 0.03 | ||
| 270.5 | 274.2 | 3.70 | 0.01 | 0.06 | 0.01 | 0.81 | 0.49 |
Quality Assurance and Quality Control (QA/QC):
Canadian North Resources Inc. has implemented a quality control program for its Ferguson Lake Project to ensure best practice in the sampling and analysis of the drill cores, which includes the insertion of blanks, duplicates, and certified standards into the sample stream. NQ sized drill core is saw cut with half of the remaining drill core sampled at intervals based on geological criteria including previous historic results, lithology, visual mineralization, and alteration. The remaining part of the core is stored on-site on the property.
Drill core samples are submitted to the ALS Geochemistry Yellowknife, Northwest Territories facility for sample preparation and forwarding to the ALS Geochemistry facility in North Vancouver, British Columbia for analyses. PGE and Gold analyses are obtained via industry standard fire assay with ICP-AES finish for Au, Pt and Pd and ICP-MS finish for Rh using 30g nominal sample weights. For samples returning greater than 10 g/t follow-up fire assay analysis with a gravimetric finish is completed. Samples are also analysed for 33 trace and major elements by ICP-AES following a four-acid digestion. ALS Global quality systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.
The sampling and QA/QC program were undertaken by Company personnel under the direction of Qualified Person Dr. Trevor Boyd, P.Geo. A secure chain of custody is maintained in storing and transporting of all samples.
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 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.
The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential for resource expansion along strike and at depth over 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 to Sedar.com).
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 historical 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 achievements 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 the 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 to 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.
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