Canadian North drills 0.26% nickel over 31 metres at Ferguson Lake, Nunavut

Canadian North Resources Inc. [TSXV-CNRI; OTCQX; FSE-EO0] reported 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 in Nunavut, northern Canada. Assay results for submitted samples from an additional 25 drill holes are 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:

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% nickel, 0.61% copper, 0.07% cobalt, 1.09 g/t Pd and 0.16 g/t Pt. from 149.5 to 158 metres 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% nickel, 1.48% copper, 0.06% cobalt, 1.28 g/t Pd and 0.06 g/t Pt from 656 to 666 metres 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% nickel, 0.38% copper, 0.04% cobalt, 0.51 g/t Pd and 0.07  g/t Pt from 189 to 220 metres 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% nickel, 0.39% copper, 0.05% cobalt, 0.97 g/t Pd and 0.16 g/t Pt from 88.5 to 91.5 metres in hole FL23-545.

Results confirm the West and East zones continue to remain open for further expansion both along strike and down-dip.

“These initial results from the summer portion of the 21,126-metre 2023 program continue to extend the West and East zones.” Said Dr. Trevor Boyd, Vice President for Exploration. “These results are expected to significantly upgrade and add new resources to the current mineral resource estimates.”

Initial results from the summer drill program report significant intersections of both semi-massive to massive sulphides and separate low-sulphide PGM-enriched types of mineralization within the main mineralized horizon. Based upon these drilling results, the East Zone has been extended along strike 950 metres further to the east from its historic resource boundaries, and the West Zone has been extended further along strike 250 metres to the west.

Drilling west of the historic resource boundaries of the main West Zone at depths of 150 to 700 metres suggests a widening of the host gabbro rock unit to up to 450 metres in thickness associated with downhole observed intersections of up to 110 metres of disseminated to semi-massive sulphides in the drill core. Assays results are pending for 10 drillholes which tested along strike west of the West Zone at those depths.

The results, combined with the 2022 drilling, also extend the central part of the West Zone up to 250 metres further down-dip. Borehole electromagnetic surveys of selected deep drillholes were completed during the field season and are being processed to aid in the understanding of this interpreted potential expansion of the mineralized body for the purpose of planning additional deep drill holes for 2024.

Assay results for 16 completed shallow holes in the area of prospective satellite, similarly mineralized, horizons that make up the M-Zone and Anomaly 51 Zone south of the East Zone and on a small island south of the Central Zone in Ferguson Lake also remain pending.

The Ferguson Lake mining property contains substantial NI 43-101 Compliant Mineral Resources Estimates, 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 1.38 g/t and 0.18Moz platinum at 0.23 g/t; 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 1.4 g/t and 0.38Moz platinum at 0.25 g/t. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. In addition, the company has identified the pegmatites with lithium potential at the Ferguson Lake project.