Canadian North Resources extends deep nickel-copper-PGM zones at Ferguson Lake, Nunavut
Canadian North Resources Inc. [TSXV-CNRI; OTCQX- CNRSF; FSE-EO0 (E-O-zero)] reported results from the processing of Borehole Time-Domain Electromagnetic (BHTEM) surveys from deep West Zone drillholes FL22-481A and FL23-481B completed at its 100%-owned Ferguson Lake Project, Nunavut, northern Canada.
“The combination of the drilling and geophysical survey results confirms the continuing high-grade prospectivity of the West Zone down-dip for over 200 metres at depths of 650 to >850 metres,” said Dr. Kaihui Yang, President and CEO. “Further geophysical modelling is ongoing to define precisely new drill targets for follow up in 2024.”
As previously announced, the two geophysical surveyed drill holes, which were drilled from the same site during the 2022 and 2023 exploration programs, intersected excellent widths of high-grade Cu-Ni-Co-Pd-Pt massive sulphide plus additional down-hole widths of footwall low sulphide PGE type mineralized sections, including 10.0 metres of 1.48% copper, 0.48% nickel, 0.06% cobalt. 1.28 g/t palladium and 0.06 g/t platinum.
Spatial interpretation of the drilling results found that FL22-481A intersected the zone approximately 80 to 100 metres down-dip from historic intersections of the West Zone horizon and FL22-481B intersected 100 to 140 metres further down dip from the FL22-481A pierce points through the mineralization. In general, this extends the West Zone at this locality for greater than 200 metres further down-dip.
BHTEM surveys were completed on both these holes during the late summer of 2023 while the drilling program was operational. The surveys were especially configured to focus on the measurement of lateral and down-dip electromagnetic anomalies minimizing signal interference from the known up-dip main mineralized horizon.
Processed results indicated multiple significant electromagnetic conductors in the holes. Based upon initial interpretations, highly conductive electromagnetic responses were found associated with the first two sulphidic intersections for both holes which were found to decay to off-hole anomalies at late time-domains generating vectors to multiple centres of greater conductivity off-hole.
The company also announced the retirement of Dr. Trevor Boyd as Vice President Exploration.
The Ferguson Lake nickel, copper, cobalt, palladium, and platinum project covers 253.8 km2 of mining leases (96.9 km2) and surrounding exploration claims (156.9 km2) in the Kivalliq Region of Nunavut, Canada.
The Ferguson Lake mining property contains a substantial NI 43-101 compliant Mineral Resource Estimate, which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321 Mlb nickel at 0.60%, 37.5 Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38 g/t and 0.18 Moz platinum at 0.23 g/t; Inferred Mineral Resources of 47.2 million tonnes containing 947 Mlb copper at 0.91%, 551.5 Mlb nickel at 0.53%, 62.4 Mlb cobalt at 0.06%, 2.12 Moz palladium at 1.4 g/t and 0.38 Moz 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.
An updated independent NI 43-101 Mineral Resource and Technical Report is being prepared by SRK Consulting and Ronacher McKenzie Geoscience and is expected to be announced and filed publicly during the first quarter of 2024. This updated resource will incorporate the recent 39,270 metres of diamond drilling in 145 holes completed by the company.