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Canadian North Resources Inc. confirms high-grade nickel-copper massive sulfides and high-grade palladium-platinum low-sulfide mineralization zones at Ferguson Lake Project

8.25 meter with 0.86% nickel, 1.27% copper, 1.57g/t palladium and 0.20g/t platinum in drill hole FL04-188;
6.80 meter with 13.12g/t palladium and 8.04g/t platinum in drill hole FL07-363;
39.0 meter with 2.22g/t palladium and 0.39g/t platinum in drill hole FL07-361

TORONTO, May 16, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI) is pleased to report the results for the re-sampling and re-assaying of historic drill cores and assaying of core samples newly collected from the Ferguson Lake property (“Ferguson Lake Project”) that contains base metals (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum). The re-sampling and re-assaying program are part of the on-going resource evaluation and estimation for the Ferguson Lake Project (ref. the News Release on April 11).

A total of 790 samples were collected from 29 historic holes that tested the massive sulfides and low-sulfide high-PGM mineralization bodies over the West and East zones along the 15-km long main mineralized horizon on the property. Of those samples, 527 were obtained from the half cores remaining of the previously sampled intervals of the historic drill holes. The new assay results for these samples reasonably agree with the historic assay results in the database. In addition, 263 samples were collected from intervals of the historic drillholes that have visible sulfides but have never been sampled. The assay results for some of these samples also indicate the presence of significant base metal and PGM mineralization over significant widths (see holes FL07-379 and FL04-188 in the Chart below).

“The re-sampling program has confirmed the presence of high-grade copper-nickel massive sulfides and wide intersects of low-sulfide high-PGM mineralization,” said Dr. Kaihui Yang, the President and CEO of the Company. “The re-assay results of the newly re-collected core samples support the verification of the drillhole database of the Ferguson Lake Project for the resource estimation program. This evaluation generates confidence in the potential high-grade and large tonnage of nickel, copper, cobalt, palladium and platinum at the Ferguson Lake Project.”

The new assay results of drill cores re-sampled from selected historic holes are summarized below:

Chart 1: high-grade copper-nickel massive sulfides intersections.

Drill holesFrom (m)To
(m)
Length (m)Platinum
(g/t)
Palladium
(g/t)
Cobalt
(%)
Copper
(%)
Nickel
(%)
FL04-188153.55161.808.250.201.570.111.270.86
FL07-36095.3396.160.830.132.720.280.460.85
FL07-361135.50143.257.750.262.320.111.030.74
Including139.30140.901.600.483.190.130.51.12
And182.00183.501.500.316.300.170.140.9
FL07-36371.0074.003.000.250.740.030.940.26
FL07-373167.00176.009.000.382.520.070.430.6
FL07-379158.00170.6712.670.311.350.050.270.36
Including166.90170.673.770.153.070.130.411.05
And185.36186.441.080.194.950.140.31.02

Chart 2: high grade palladium and platinum low-sulfide intersections:

Drill HolesFrom
(m)
To
(m)
Length
(m)
Platinum
(g/t)
Palladium
(g/t)
FL04-188232.00233.001.001.135.96
FL07-36095.33121.2025.870.100.34
And161.00181.2020.200.330.76
FL07-361158.00197.0039.000.392.22
including177.50179.001.502.7928.90
including188.00189.501.500.8510.90
FL07-363140.00146.806.808.0413.12
including142.95144.301.3533.8030.00
including146.00146.800.808.4958.10
And159.50162.202.701.1813.28
including161.70162.200.503.6452.90
FL07-364134.20171.9037.700.441.40
including148.60150.051.451.156.26
including167.49168.611.122.7721.70
FL07-365147.50200.7453.240.270.55
including169.08170.401.320.754.13
And260.90283.3822.480.190.80
including280.61282.001.390.693.81
FL07-366176.90186.9010.000.560.77
And205.63212.987.350.321.38
FL07-367156.00160.504.500.973.87
FL07-368242.00250.808.800.251.86
Including248.00248.500.500.3617.85
FL07-370165.50168.543.041.192.17
And176.00212.0036.000.331.46
including180.50182.001.501.066.05
including186.50188.001.501.0010.00
FL07-371177.74204.8327.090.280.51
FL07-378173.61183.7510.140.221.53
including182.28183.751.470.737.55

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 drill cores, which includes the insertion of blanks, duplicates, and certified standards into the sample stream. NQ sized drill core is saw cut with half of the remaining drill core sampled at intervals based on geological criteria including previous historic results, lithology, visual mineralization, and alteration. The remaining part of the core is stored on-site on the property.

Drill core 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 a 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 Trevor Boyd, P.Geo. A secure chain of custody is maintained in storing and transporting of 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.

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: info@cnresources.com

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.