Canadian North Resources Inc. Surface Sampling Identifies New Nickel-Copper-Cobalt-Palladium-Platinum Mineralized Areas at its Ferguson Lake Project and Gold-Copper Mineralization at the Mac Island and Quartzite Lake Prospects

2023-01-09 05:01:38

TORONTO, Jan. 09, 2023 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE:EO0 (E-O-zero)) is pleased to report the assay results for the surface sampling programs that indicate the new base metal (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum) prospective areas at its 100% owned Ferguson Lake property (“Ferguson Lake Project”) and gold-copper mineralization at its 100% owned Mac Island (Kaminak Lake) prospect and Quartzite Lake Project (“Quartzite Lake Project”).

Highlights:

  • High-grade nickel-copper-PGM (up to 5.0% Cu, 0.99% Ni, 2.70g/t Pd, 0.62g/t Pt, 1.14g/t Au) found in the gossan samples from the outcrops in the 156.9 km2 prospecting area surrounding the 98.9 km2 mining leases of the Ferguson Lake Project.
  • Five new nickel-copper-PGM mineralized prospective areas identified at surface in the exploration claims outside the established mineral resources along the 15-km known mineralized horizon at the Ferguson Lake Project (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com).
  • High-grade gold (up to 52.3g/t) found over the area of 600m by 600m at the Mac Island and South Mac Island prospects in the Kaminak Lake area (29.2 km2).
  • Copper & gold mineralization samples found on outcrops over an area of 8,500m by 4,000m area at the Quartzite Lake Project (50.3 km2).

“We are very excited with the newly identified nickel-copper-PGM sulfide mineralized zones at surface outside the mining leases at the Ferguson Lake Project.” Said Dr. Kaihui Yang, President and CEO, “The assay results of the outcrop samples indicate similar styles of base metal and PGM-rich mineralization as the established mineral resources along the known 15km long mineralized horizon. We believe there is tremendous potential for exploration upside in the whole area, and we are planning follow-up exploration programs in 2023.”

The surface sampling programs were completed with a total of 353 samples collected from the mineralized outcrops at the Ferguson Lake Project, and 194 samples from the outcrops at the Mac Island prospect and Quartzite Lake Project. Selected assay results are listed in Tables 1 and 2.

Ferguson Lake Project:

At the Ferguson Lake Project, the surface sampling was focused on the gossan outcrops in the 156.9 km2 exploration claims surrounding the 96.9 km2 mining leases. The assay results of the surface rock samples (Table 1) indicate at least five new nickel-copper-PGM mineralized areas outside the known 15-km long mineralized horizon as illustrated in Figure 1 (refer to the Company’s website www.cnresources.com for more details). All the newly found mineralized zones show anomalous values of nickel (up to 0.99%), copper (up to 5.0%), cobalt (up to 0.15%), palladium (up to 2.70g/t), platinum (up to 0.62g/t) and gold (up to 1.14g/t). Geologically, the mineralized outcrops are the metamorphosed mafic and ultramafic rocks similar to the host rocks of the mineral resources established for the known 15km-long mineralized horizon (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com). These encouraging results will be followed up with more detailed sampling, outcrop geological mapping, ground geophysical survey and drill tests in 2023.

Figure 1 New nickel-copper-PGM areas identified from the outcrop samples at Ferguson Lake Project

Table 1 Selected assay results for the outcrop samples at Ferguson Lake Project.

Sample Number Ni% Cu% Co% Au g/t Pt g/t Pd g/t
645017 0.18 0.24 0.03   0.33 0.90
B00070240 0.01 5.00 0.04 0.84 0.28 1.50
B00070098 0.04 1.43 0.01 0.02 0.16 0.39
B00070018 0.02 1.10 0.01 0.24   0.02
B00070247 0.99 0.90 0.10 0.02 0.62 2.11
B00070256 0.09 0.55 0.01 0.01 0.07 0.31
B00070210 0.02 0.52   0.02 0.58 0.32
B00070133 0.01 0.40 0.01 0.01    
B00070156 0.00 0.39 0.02 0.08 0.01 0.01
B00070173 0.00 0.37   0.01   0.01
B00070212 0.01 0.30   0.01    
B00070096 0.05 0.25 0.01 0.01 0.08 0.18
B00070278 0.02 0.25     0.05 0.23
B00070065 0.00 0.22   1.16    
B00070138 0.01 0.15 0.01 0.33    
B00070251 0.03 0.15 0.01   0.04 0.14
B00070066 0.01 0.14   1.14    
B00070260 0.25 0.13 0.03 0.01 0.07 0.45
B00070097 0.01 0.11     0.22 0.54
B00070259 0.04 0.08 0.01 0.01 0.04 0.37
L881154 0.01 1.47   0.20 0.10 0.70
L881159 0.01 1.37     0.10 0.50
L881091 0.08 0.99 0.01     0.20
L881153 0.00 0.86       0.40
L881050 0.22 0.69 0.03   0.10 0.50
L881151 0.72 0.63 0.11   0.10 2.70
L881163 1.10 0.59 0.15   0.20 2.10
L881088 0.02 0.57 0.01     0.40
L881164 0.17 0.53 0.02   0.10 0.60
L881052 0.06 0.43 0.01   0.10 0.20
L881152 0.01 0.43       0.20
L881156 0.30 0.43 0.03   0.10 1.00
L881048 0.39 0.34 0.06   0.10 0.70
L881049 0.09 0.32 0.01     0.20
L881157 0.01 0.32       0.10
L881046 0.02 0.25 0.05     0.10
L880311 0.23 0.24 0.01 0.20 0.20 0.10
L881155 0.52 0.22 0.06     1.30
L881090 0.04 0.17 0.01   0.10 0.20
L881087 0.02 0.14     0.10 0.20
L881089 0.19 0.14 0.04     0.30
L881162 0.75 0.12 0.11     2.00
L881086 0.01 0.11 0.01   0.10 0.10
L881051 0.37 0.10 0.04     0.60
L881161 0.73 0.08 0.11   0.20 2.00

Mac Island Prospect and Quartzite Lake Project:

The assay results of the outcrop samples indicate gold mineralization at the Mac Island prospect in the 29.2 km2 Kaminak area. The gold mineralization occurs as quartz-carbonate-sulfide veins associated with sericitized and sheared mafic volcanics and can be traced over an area of 600 meters by 600 meters, with up to 52.5g/t gold. At the 50.3 km2 Quartzite Lake property, copper and gold mineralized outcrops are found over an 8km long trend, with up to 0.62% copper and 0.74g/t gold as well as anomalous silver (up to 81.3g/t) lead and zinc values. The mineralization is associated with mafic volcanics within the 400 km long greenstone belt that host a number of gold and copper deposits such as the Meliadine gold mine (operated by Agnico Eagles).

Table 2 selected assay results for the outcrop samples from the Quartzite Lake Project.

Sample Number Au g/t Ag g/t Cu ppm Pb ppm Zn ppm
G0644461 52.50 2.20 91 <2 45
L881095 3.35 1.30 159 4 31
G0644587 2.71 <0.5 8 <2 9
G0644572 1.88 0.50 114 5 47
G0644579 1.67 0.60 16 4 37
G0644581 1.13 <0.5 107 4 111
G0644454 1.12 0.60 73 <2 96
G0644462 1.04 0.50 366 2 69
G0644578 0.91 1.00 77 5 69
G0644465 0.74 9.50 6230 162 81
G0644477 0.61 <0.5 100 10 15
G0644458 0.51 <0.5 946 <2 122
G0644464 0.40 81.30 2240 1060 52
G0644463 0.40 4.10 595 123 38
G0644460 0.34 <0.5 26 <2 92
G0644453 0.20   292 6 70
G0644482 0.14 <0.5 130 6 20
G0644480 0.13 3.50 4340 3 59
G0644452 0.09 <0.5 138 2 202
G0644459 0.07 1.80 2260 2 70
G0644484   0.50 1465 2 56
G0644554   <0.5 623 10 1875
G0644574   0.50 295 4 873
L881036   1.30 617 <2 263
L881038   0.60 1760 3 120
L881098     265 3 1540
L881168 0.05 <0.5 835 <2 215
L881171   1.30 2250 3 144
L881179   <0.5 372 41 3690
L881185     267 12 1505
L881186   <0.5 1090 4 137

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 rock samples, which includes the insertion of blanks, duplicates, and certified standards into the sample stream.

The mineralized rock 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 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 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. (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” 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: This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

Figure 1


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