Canadian North drills 1.28% copper, 0.81% nickel 31 metres at Ferguson, Nunavut

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Canadian North Resources Inc. [CNRI-TSXV; EO0-FSE] reported assay results for the first 28 holes totaling 7,594 metres of the drilling program at its 100%-owned Ferguson Lake property, Nunavut, which contains base metals (nickel, copper and cobalt) and platinum group metals (mainly palladium and platinum).

Highlights include 1.28% copper, 0.81% nickel, 0.09% cobalt, 2.02g/t palladium and 0.29g/t platinum over 31 metres (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).

Eight 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 metres 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. The other 20 drill holes were stepped out by 50-100 metres 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 metres as well as the down-dip extension of the West Zone.

Based upon the drilling results to-date, the mineralized horizon hosting significant metal grades and widths (>2.5 metres) 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 metres) 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.

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 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.

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