Canadian North Resources Inc. Further Extends Three Copper-Nickel-Cobalt-PGM Sulphide Mineralized Zones and Continues Unveiling Growth Potential at the Ferguson Lake Project in Canada

Canadian North Resources Inc. Further Extends Three Copper-Nickel-Cobalt-PGM Sulphide Mineralized Zones and Continues Unveiling Growth Potential at the Ferguson Lake Project in Canada

Highlights:

  • Three copper-nickel sulphide zones further extended along strike for: 200 m west of West Zone; 450 m of M-Zone, and 300 by 200 m of Anomaly-51 Zone;
  • Two new sulphide zones confirmed: northeast extension of Anomaly-51 Zone and south of Central Zone.
  • Significant (>3 – 15 metres) massive to semi-massive sulphides and widened (up to 112.5 metres) disseminated sulphide mineralized zones intersected:
    • 15.0 metres grading 0.36%Ni, 0.48% Cu, 0.05% Co, 0.70g/t Pd, 0.08g/t Pt and 0.06g/t Rh in FL23-527 hole.
    • 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd, 0.06g/t Pt and 0.02g/t Rh in FL23-527B hole.

Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the return of assay results from 26 remaining holes drilled during the summer, which is the final portion of the 21,126-metre 2023 diamond drilling program completed at its 100% owned Ferguson Lake Project ("Ferguson Lake Project") in Nunavut, Canada.

These results continue to significantly extend the West Zone, M-Zone and Anomaly-51 Zone ("A51 Zone") along strike at the Ferguson Lake Project and demonstrate the potential of two newly tested mineralized zones south of Central Zone and southeast of the East Zone for hosting significant widths of sulphide mineralization, as summarized below and within Figure 1 and Table 1:

  • Ten drillholes (FL23-496, 523A, 527 - 532A and 558) successfully extended the West Zone along strike for another 200 metres to the west with the report of further widening intersections of up to 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd and 0.06g/t Pt from 312.5 to 425 metres downhole in FL23-527B. The West Zone remains open locally to the west and down-dip.
  • Two drillholes (FL23-542 and 543) testing the newly defined M-Zone, located 800 metres southeast of the East Zone, confirmed its open extent for over 450 metres of strike length with a new reported intersection of 7.6 metres grading 0.32% Ni, 0.40% Cu, 0.05% Co, 0.94g/t Pd and 0.20g/t Pt from 284.4 to 292 metres downhole in FL23-543.
  • Five drillholes (FL23-549 – 552, 557) reported consistently the shallow intersections within the central part of east-northeast striking A51 Zone, located 1.9 km southeast of the East Zone, defining an open volume of shallowly north-dipping significant mineralized zone over an area 300 by 200 metres with results of up to 10 metres grading 0.21% Ni, 0.35% Cu, 0.04% Co, 0.31 g/t Pd and 0.03g/t Pt from 103 to 113 metres downhole in FL23-549.
  • Two reconnaissance drillholes (F23-553 and 556) testing the interpreted east extension of A51 ("A51 Zone Ext."), east of the mining lease boundary onto the staked claims, revealed the presence of encouraging multiple semi-massive sulphide layers. Reported results indicated three downhole mineralized intersections: 3.0 meters grading 0.17% Ni, 0.12% Cu, 0.03% Co, 0.31g/t Pd and 0.05 g/t Pt from 125.5 to 128.5 metres; 2.0 meters grading 0.26% Ni, 0.24% Cu, 0.04% Co, 0.49g/t Pd, and 0.18g/t Pt from 170.5 to 172.5 metres; and 2.5 meters grading 0.22% Ni, 0.30% Cu, 0.03% Co, 0.37g/t Pd and 0.03g/t Pt from 175.5 to 178 metres all in FL23-553.
  • Reconnaissance drillhole F23-559 testing to the south of the Central Zone on Ferguson Lake sited on an island confirmed the presence of a second parallel trending mineralized zone intersecting 3.0 metres grading 0.21% Ni, 1.09% Cu, 0.04% Co, 0.43 g/t Pd and 0.01g/t Pt from 46 to 49 metres downhole.

Geological map showing the mineralized zones and the mineralized intercepts in selected drill holes completed in the summer drilling program at Ferguson Lake Project.

Figure 1: Geological map showing the mineralized zones and the mineralized intercepts in selected drill holes completed in the summer drilling program at Ferguson Lake Project.

"These latest drill intersections from the 2023 program are particularly gratifying to the southeast of the East Zone because they were generated from targets of the re-modelling and re-interpretation of historic geophysical survey data at a minimal cost." Said Dr. Trevor Boyd, the Vice President for Exploration of the Company, "These results are expected to significantly upgrade and add new resources to the current mineral resource estimates (Refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd" filed by the Company to Sedar.com on July 13, 2022)."

"Moreover, these drill results helped the project geologists to better understand the structural model for the mineralized zones. The new geological model indicated significant potential for further expansion of near-surface resources in East Zone, M-Zone and A51 Zone, as all the mineralized zones are open along the strike and down dip."

Based upon review of the structure and geological setting, it was interpretated that the westerly trending main mineralized horizon which consist of the East and West zones were refolded and repeated to the south and exposed on the surface at the A51 and M zones hosting the same sub-parallel trending mineralized horizon containing similar tenors of sulphides. These recent drilling results support this geological model and provide a vector showing the economic potential for the testing multiple exploration targets along this new interpreted mineralized horizon and along its regional trend up to 12 km from the west-southwest of the A51 Zone, westward to the West Zone South and South Discovery zones, where the surface exposed gossans and sulfides were recorded historically.

Table 1. Assay results for selected intervals of initial drill holes completed during summer 2023

From (m) To
(m)
Length (m) Ni
%
Cu
%
Co
%
Pd
g/t
Pt
g/t
Rh
g/t
FL23-496 144 151.7 7.7 0.11 0.17 0.01 0.21 0.04
FL23-523A 139.5 142.5 3 0.21 0.31 0.03 0.39 0.04 0.03
147 150 3 0.14 0.16 0.03 0.25 0.03 0.02
FL23-527 276.5 363.5 87 0.13 0.15 0.02 0.27 0.05 0.01
incl 276.5 312.5 36 0.23 0.29 0.03 0.44 0.07 0.03
incl 297.5 312.5 15 0.36 0.48 0.05 0.70 0.08 0.06
incl 306.5 309.5 3 0.70 0.40 0.09 1.33 0.11 0.14
607.5 627 19.5 0.06 0.05 0.01 0.30 0.08
incl 607.5 610.5 3 0.08 0.05 0.01 0.59 0.17 0.03
FL23-527B 312.5 425 112.5 0.16 0.23 0.02 0.35 0.06 0.02
incl 312.5 380 67.5 0.23 0.32 0.03 0.46 0.07 0.02
incl 338.5 346.5 8 0.67 0.33 0.08 1.20 0.09 0.07
incl 358 363 5 0.37 0.59 0.05 0.75 0.17 0.07
593.5 634 40.5 0.05 0.05 0.01 0.32 0.07
incl 625 634 9 0.05 0.09 0.01 0.56 0.14
703 709 6 0.08 0.08 0.01 0.69 0.15 0.03
761.5 785.5 24 0.05 0.11 0.01 0.40 0.07
incl 761.5 766 4.5 0.04 0.06 0.01 0.83 0.11
FL23-528 192.1 196.6 4.5 0.47 0.73 0.07 0.81 0.07 0.08
FL23-529 411 412.5 1.5 0.03 0.01 0.01 1.06 0.03
420 421.5 1.5 0.03 0.01 0.01 0.73 0.21
FL23-530 No valuable intersects
FL23-532 189.5 192.5 3 0.07 0.04 0.01 0.69 0.40 0.05
FL23-532A No valuable intersects
FL23-542 284.4 292 7.6 0.32 0.40 0.05 0.94 0.20 0.01
FL23-543 216.5 218 1.5 0.50 0.61 0.06 1.44 0.25
FL23-547 45 46.5 1.5 0.53 0.43 0.07 1.48 0.21
FL23-548 45.4 46.4 1 0.44 0.35 0.05 1.30 0.26
FL23-549 103 113 10 0.21 0.35 0.04 0.31 0.03 0.01
FL23-550 106.5 110.5 4 0.13 0.20 0.02 0.25 0.08 0.01
FL23-551 117 122 5 0.21 0.18 0.04 0.35 0.06 0.01
FL23-552 126 130 4 0.32 0.18 0.05 0.56 0.07 0.06
FL23-553 125.5 128.5 3 0.17 0.12 0.03 0.31 0.05
170.5 172.5 2 0.26 0.24 0.04 0.49 0.18
175.5 178 2.5 0.22 0.30 0.03 0.37 0.03
FL23-554 No Valuable Intercepts
FL23-555 No Valuable Intercepts
FL23-556 15.25 16.25 1 0.12 0.25 0.01 0.20 0.06
FL23-557 86 89 3 0.21 0.13 0.03 0.31 0.09 0.01
FL23-558 290 293 3 0.18 0.28 0.03 0.37 0.07 0.02
624.5 644 19.5 0.10 0.13 0.01 0.49 0.12
incl 624.5 630.5 6 0.11 0.11 0.01 0.77 0.19 0.02
737 765.5 28.5 0.09 0.09 0.01 0.35 0.09
FL23-559 46 49 3 0.21 1.09 0.04 0.43 0.01
FL23-559A No Valuable Intercepts
FL23-560 No Valuable Intercepts

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 shipped by bonded carriers in secured containers and submitted to the ALS Geochemistry Yellowknife, Northwest Territories facility for sample preparation and forwarded to the ALS Geochemistry facility in North Vancouver, British Columbia for geochemical analyses. Some samples were sent to ALS Geochemistry Winnipeg, Manitoba for sample preparation due to the temporary disruption of the Yellowknife facility from forest fires.

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 and supervision of Qualified Person Dr. Trevor Boyd, P.Geo. A secure chain of custody is maintained in storing and transporting of all samples to Yellowknife, Winnipeg and North Vancouver.

Qualified Person:

The technical contents of this News Release have been reviewed and approved 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 critical 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 that covers an area of 253.8 km 2 of mining leases (96.9 km 2 ) and surrounding exploration claims (156.9 km 2 ) in the Kivalliq Region of Nunavut, Canada.

The Ferguson Lake mining property contains a substantial N.I. 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%, 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, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd " filed by the Company to Sedar.com on July 13, 2022).

Further information of the Company can be found at www.cnresources.com .

Also, for further information contact:

Dr. Kaihui Yang, President and CEO

905-696-8288 (Canada) 1-888-688-8809 (Toll-Free) https://CNResources.com

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, anticipated events, except as expressly required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3329571-3cdd-4703-b92e-dc55e8602f92



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