Canadian North Resources Inc. Announces $11 Million Exploration Plan for the Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project
TORONTO, April 25, 2022 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to announce that it has budgeted $11 million for the exploration plan at the Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”), which will include a resource estimation (ref. the news release on April 11, 2022), a 15,000-meter diamond drilling program (ref. the news release on April 19, 2022), in-hole geophysical survey, surface geological mapping and geophysical survey, and metallurgical testing.
The exploration plan is based on extensive review of the geology and historic drill results (refer to Chart 1 and Chart 2 below) of the Ferguson Lake Project by the Company. The mineralization includes mainly two styles: the massive sulfides containing base metals (nickel, copper and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum), and low-sulfide material containing low base metals but high-grade PGM. The massive sulfides vary from a meter to tens of meters thick (e.g., 45.9-meter core length at 1.34% copper, 0.76% nickel, 1.99g/t palladium and 0.32g/t platinum, refer to Chart 2 below), which was the target of historic exploration. The low-sulfide and high-grade PGM mineralization (up to 103g/t palladium, 43.3g/t platinum, 2.58g/t rhodium, refer to Chart 1 below) was intersected extensively from surface to a depth of over 1,200 meters and remains open laterally and down dip. The present exploration plan focuses on the expansion of the massive sulfides targets and the delineation of potential economic resources in the high-grade PGM low-sulfide bodies.
Historic metallurgical tests were conducted on massive sulfide samples and only recovered copper, nickel and cobalt, not palladium or platinum. The Company has conducted initial metallurgical tests for the recoveries of base metals and PGM from massive sulfides, which indicated high recoveries of base metals (87-99%) and PGM (90-95%) (ref. NI43-101 Technical Report dated July 18, 2022, filed on Sedar.com or www.cnresources.com). More metallurgical tests will be carried out for both massive sulfides and high-grade PGM low-sulfide samples.
“The geology and mineralization of the Ferguson Lake Project may be comparable with the Norilsk mining area of Russia, one of the world most productive area for nickel, copper, palladium and platinum.” said Dr. Kaihui Yang, the President & CEO, “Our exploration plan is to expand the massive sulfide zones for potential high-grade large-tonnage economic base metal and PGM resources and to explore the untapped potential of the extensive low-sulfide and high-grade PGM mineralization at the Ferguson Lake Project.”
Some of the historic assay results from selected core intersections of high-grade PGM low-sulfide zone and massive sulfides bodies include:
Chart 1: selected high-grade palladium and platinum low-sulfide intersections:
*The length was measured from the recovered drill core intersection, and the true widths of the mineralization zone were not estimated. **NA- no assay results.
Chart 2: selected high-grade nickel and copper massive sulfide intersections:
*The length was measured from the recovered drill core intersection, and the true widths of the mineralization zone were not estimated.
The technical contents of this news release have been reviewed by Dr. Trevor Boyd, PGeo, 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.
Further information of the Company can be found at www.cnresources.com .
Also, for further information 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.