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To: LoneClone who wrote (170239)2/23/2023 3:12:31 PM
From: LoneClone  Read Replies (1) | Respond to of 192593
 
Canadian North Resources Inc. Drills 21.0 meter at 1.11% Copper, 0.71% Nickel, 0.10% Cobalt, 1.29g/t Palladium, 0.15g/t Platinum and 0.05 g/t Rhodium (hole FL22-470 from 13.0 - 34.0m) and Potentially Extends Near-Surface Nickel and Copper Sulfide Zones for 1,500 Meters Along Strike at its Ferguson Lake Project

ca.finance.yahoo.com

Canadian North Resources Inc.
Tue, February 21, 2023 at 4:00 a.m. PST·19 min read

Figure 1



Ferguson Lake Project – West Zone: infill and expansion drill holes completed by the Company.
Figure 2



Ferguson Lake Project – East Zone: infill and expansion drill holes completed by the Company.

TORONTO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE:EO0 (E-O-zero)) is pleased to report the geochemical assay results for the remaining 40 holes (of total 68 holes drilled) totalling 10,550 meters (of the 18,144 metres) for the diamond drilling program completed by the Company at its 100% owned Ferguson Lake property (“Ferguson Lake Project”) that contains base metals (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum).

Highlights of new assay results:

  • 21.0m at 1.11% Cu, 0.71% Ni, 0.10% Co, 1.29g/t Pd, 0.15g/t Pt and 0.050 g/t Rh (hole FL22-470 at 13.0 - 34.0m);

  • 9.90m at 0.96% Cu, 0.58% Ni, 0.09% Co, 1.03g/t Pd, 0.17g/t Pt, 0.01g/t Rh and 0.03g/t Au (hole FL22-471 at 47.50 - 57.40m);

  • 16.7m at 0.48% Cu, 0.30% Ni, 0.04% Co, 0.55g/t Pd and 0.12g/t Pt (hole FL22-469 at 200.8-217.5m);

  • 7.30m at 0.83% Cu, 0.76% Ni, 0.09% Co, 1.31g/t Pd, 0.19g/t Pt, 0.047g/t Rh and 0.028 g/t Au (hole FL22-478 at 39.60 - 46.90m);

  • 7.60m at 0.93% Cu, 0.26% Ni, 0.04% Co, 0.74g/t Pd and 0.14g/t Pt (hole FL22-481A at 634.8 - 642.4m);

  • 8.43m at 0.64% Cu, 0.30%Ni, 0.04% Co, 0.50g/t Pd, 0.14g/t and 0.06g/t Rh (hole FL22-486 at 122.87 - 131.30m);

  • 9.90m at 0.34%Cu, 0.14%Ni, 0.02%Co, 0.33g/t Pd, 0.03g/t Pt, 0.03g/t Rh and 0.20g/t Au (hole FL22-490 at 28.1-38.0m) and 20.3m at 0.36% Cu, 0.24%Ni, 0.03% Co, 0.55g/t Pd, 0.08g/t Pt, 0.02g/t Rh and 0.02g/t Au (at 43.40 - 63.70m);

  • 8.50m at 0.80% Cu, 0.63%Ni, 0.08% Co, 1.63g/t Pd, 0.23g/t Pt and 0.01 g/t Rh (hole FL22-492 at 231.0 - 239.5m);

  • 6.00m at 0.89%Cu, 0.44%Ni, 0.05% Co, 1.16g/t Pd, 0.26g/t Pt, 0.01g/t Rh and 0.10g/t Au (hole FL22-487 at 60.7 - 66.7m);

  • 9.80m at 0.34%Cu; 0.40%Ni, 0.04%Co, 0.66g/t Pd and 0.26g/t Pt, including 3.50m at 0.86% Cu, 1.07% Ni, 0.12%Co, 1.64 g/t Pd, 0.19%Pt, 0.042g/t Rh and 0.02g/t Au (Hole FL22-463 at 191.67 - 201.47m);

  • 22.0m at 0.44% Cu, 0.30%Ni, 0.04% Co, 0.57g/t Pd, 0.09g/t Pt and 0.03g/t Rh, including 5.80m at 1.15% Cu, 0.73%Ni, 0.09% Co, 1.37g/t Pd, 0.23g/t Pt, 0.079g/t Rh, and 0.045g/t Au (hole FL22-494 at 28.0 - 50.0m).

  • Of the 68 holes drilled, 27 infill holes confirm the continuity of the known mineralized zones for resource upgrade; and

  • 37 expansion holes extend the main mineralized horizon near-surface along strike of the East Zone and the West Zone for a total of up to 1,500 metres along strike outside the block model of the mineral resource estimate (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); and

  • 4 holes testing outside the main mineralized horizon demonstrate the mineral potential of the sub-parallel trending Anomaly 51 and M zones located to the southeast of the East Zone.

  • In terms of expansion potential, particularly exciting are the latest results from step-out hole FL22-486 which tested the defined continuous airborne VTEM conductor 800 metres east of the nearest furthest east historic intersection in the East Zone.

  • In summary, these new assays report high assays of up to 10.0% copper, 1.81%nickel, 8.65g/t palladium, 4.43 g/t platinum, 0.186 g/t rhodium, and 2.19 g/t gold, and 49 g/t silver.

  • “We are excited with the additional drilling results that have confirmed the extensions of the mineralized zones outside the recent resource model (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)” Said Dr. Kaihui Yang, the President and CEO of the Company, “The drilling results to date will expand the block model and significantly enlarge the high-grade and near-surface mineral resources for the potential mine development of the Ferguson Lake Project.”

    “The drilling programs completed to date indicate the potential for further resource expansion at Ferguson Lake.” Said Dr. Trevor Boyd, the Vice President for Exploration of the Company, “The results have confirmed the continuity of the mineralized zones and expanded the near-surface mineralized zones along the strike and down dip. These results justify more aggressive drilling programs and engineering work for the Ferguson Lake project in 2023 and beyond.”

    A total of 18,144 meters have been drilled in 68 holes to infill or step out from the historic holes that were previously drilled in the West Zone and the East Zone. The mineralized horizon hosting significant metal grades and widths (>2.5 meters) has been intersected in 62 out of the 68 holes. All the holes hit the mineralized zones as expected, confirming that the mineralized zones extend along strike and at depth beyond the presently defined resource boundaries for a total potential extension of the zones of approximately 1,500 metres. The new assay results are summarized in Table 1. These, together with the assay results released earlier (refer to the news release on September 12, 2022), will be added to the dataset to improve the block model and to update the Mineral Resource estimate that was announced on June 13, 2022 (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).

    West Zone (Figure 1):

    In the West Zone, a total of 38 holes were drilled with 15 infilled holes and 23 expansion holes each stepping out 50-100 meters from the previous holes and confirmed the northward down-dip extension of main West and West Extension mineralized zones for 100-200 meters from the recently updated resource model (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) and its near-surface strike extension to the east and west of the West Zone for a total potential extension of approximately 800 metres.

    The assay results for those drill holes confirmed the near-surface base metal and PGM massive sulfide zones and the underlying and widening PGM-enriched low sulfide zones. The near-surface sulfide zones are massive sulfide, semi-massive sulfide and disseminated sulfide zone, with variable intersections (up to 31 m) and grades (up to 10.0% copper, 1.81% nickel, 0.40% cobalt, 2.45g/t palladium, 0.50 g/t platinum, 0.186 g/t rhodium, and 2.19 g/t gold, and 49 g/t silver). Gold, silver and rhodium are intermittently enriched along the mineralization zones in the vicinity of ultramafic rocks.

    The underlain PGM-enriched low-sulfide mineralization is wide with variable intersections (up to 36m) and grades of PGM (up to 8.65g/t palladium, 4.43 g/t platinum). Copper and nickel are low in general for this type of mineralization but enriched in multiple thin layers (usually <2.5 meters) of massive or semi-massive sulfide within the thick PGM-mineralized intersections (Table 1).



    Ferguson Lake Project – West Zone: infill and expansion drill holes completed by the Company.

    Figure 1: Ferguson Lake Project – West Zone: infill and expansion drill holes completed by the Company.

    East Zone (Figure 2):

    In detail, 4,675 metres in 26 holes were drilled in the East Zone, with 12 infilled holes and 14 expansion holes along the near surface mineralization that has been historically drilled since the 1950s. The expansion holes were stepped out by 50 to 100 meters each from previous holes and confirmed the strike extension of the mineralization to the west and east of the East Zone for approximately 700 metres. In particular, two drill holes (FL22-486 and 486A) confirmed a new eastern extension of the mineralized zone along the strike about 800 meters from the previous hole (Inco hole 9452). In addition, four holes successfully tested adjacent near-surface satellite mineralized horizons (M-Zone and A51 Zone) to the southeast of the East Zone with encouraging results.

    The additional assay results for the drill holes confirmed the near-surface massive, semi-massive and disseminated base metal and PGM sulfide zones, with variable intersections (up to 21 m) and grades (up to 4.01% copper, 1.07% nickel, 0.20% cobalt, 2.73g/t palladium, 1.38g/t platinum, 0.10g/t rhodium, 0.25g/t gold, 12g/t silver). The PGM-enriched low sulfide mineralization was also found with variable intersections (up to 11 m in hole FL22-475) and grades (1-2.0 g/t palladium and platinum) beneath the near-surface massive sulfide zone, although all the drill holes were drilled shallow (<250 m deep) to expand the near-surface mineral resources.



    Ferguson Lake Project – East Zone: infill and expansion drill holes completed by the Company.

    Figure 2 Ferguson Lake Project – East Zone: infill and expansion drill holes completed by the Company.

    Table 1 Selected significant intersections for the drill holes (previously unreleased) at Ferguson Lake

    Hole

    From

    To

    Width (m)

    Cu%

    Ni%

    Co%

    Pd g/t

    Pt g/t

    Rh g/t

    Au g/t

    FL22-461

    111.50

    115.50

    4.00

    0.08

    0.09

    0.03

    0.35

    0.13





    Including

    114.50

    115.50

    1.00

    0.14

    0.28

    0.12

    1.06

    0.27

    0.003

    0.011



    182.90

    186.50

    3.60

    0.53

    0.14

    0.02

    0.28

    0.06





    Including

    182.92

    183.76

    0.84

    1.81

    0.47

    0.06

    0.90

    0.08

    0.026

    0.031



    197.00

    203.00

    6.00

    0.02

    0.03

    0.01

    0.34

    0.26





    FL22-462

    93.50

    96.25

    2.75

    0.46

    0.12

    0.03

    0.33

    0.08





    Including

    95.33

    95.70

    0.37

    0.64

    0.57

    0.16

    1.48

    0.21

    0.022

    0.008



    145.30

    145.75

    0.45

    1.27

    0.88

    0.13

    1.63

    0.18

    0.057

    0.011



    209.00

    213.50

    4.50

    0.02

    0.05

    0.01

    0.45

    0.10







    218.40

    221.00

    2.60

    0.13

    0.09

    0.02

    0.87

    0.31





    Including

    219.40

    221.00

    1.60

    0.19

    0.09

    0.02

    1.08

    0.42

    0.005

    0.001

    FL22-463

    138.00

    138.50

    0.50

    0.52

    0.19

    0.06

    0.29

    0.13

    0.020

    0.001



    191.67

    201.47

    9.80

    0.34

    0.40

    0.04

    0.66

    0.26





    Including

    191.67

    195.17

    3.50

    0.86

    1.07

    0.12

    1.64

    0.19

    0.042

    0.020

    Including

    193.67

    195.17

    1.50

    1.11

    0.96

    0.10

    1.57

    0.16

    0.033

    0.023



    215.00

    217.00

    2.00

    0.31

    0.15

    0.04

    0.31

    0.08

    0.005

    0.001



    248.00

    260.00

    12.00

    0.00

    0.03

    0.00

    0.34

    0.93





    Including

    248.00

    249.50

    1.50

    0.00

    0.03

    0.01

    0.16

    4.43

    0.001

    0.001



    267.50

    269.00

    1.50

    0.01

    0.03

    0.01

    0.73

    0.25

    0.001

    0.001

    FL22-464

    207.00

    214.30

    7.30

    0.46

    0.44

    0.05

    0.64

    0.15

    0.010



    Including

    208.36

    210.23

    1.87

    0.33

    1.11

    0.12

    1.17

    0.22

    0.023

    0.005

    FL22-465

    154.85

    155.00

    0.15

    0.41

    1.20

    0.05

    1.18

    0.07

    0.005

    0.021



    195.80

    199.80

    4.00

    0.31

    0.15

    0.02

    0.33

    0.08





    Including

    195.80

    195.97

    0.17

    0.06

    1.15

    0.12

    1.09

    0.36

    0.006

    0.011

    Including

    199.44

    199.85

    0.41

    1.44

    0.08

    0.02

    0.33

    0.04

    0.003

    0.026



    238.50

    249.00

    10.50

    0.01

    0.03

    0.00

    0.44

    0.12





    Including

    247.50

    249.00

    1.50

    0.00

    0.04

    0.01

    1.75

    0.03

    0.002

    0.001



    255.00

    261.00

    6.00

    0.01

    0.03

    0.00

    0.45

    0.19







    419.80

    432.40

    12.60

    0.02

    0.06

    0.01

    0.48

    0.17





    Including

    419.77

    420.22

    0.45

    0.10

    0.56

    0.07

    2.41

    0.03

    0.002

    0.002

    Including

    432.00

    432.40

    0.40

    0.19

    0.04

    0.01

    8.19

    0.50

    0.001

    0.015

    FL22-466

    195.50

    203.00

    7.50

    0.13

    0.05

    0.01

    0.35

    0.10





    Including

    196.06

    196.30

    0.24

    2.00

    0.34

    0.03

    0.83

    0.14

    0.010

    0.031



    219.00

    221.00

    2.00

    0.02

    0.03

    0.01

    2.65

    0.85





    Including

    220.00

    220.60

    0.60

    0.06

    0.03

    0.01

    8.65

    2.76

    0.001

    0.004



    237.50

    239.50

    2.00

    0.02

    0.07

    0.01

    0.40

    0.63







    253.00

    257.00

    4.00

    0.01

    0.04

    0.01

    0.85

    0.43





    Including

    254.00

    255.00

    1.00

    0.01

    0.04

    0.01

    1.84

    1.32

    0.001

    0.005

    FL22-467

    162.00

    162.30

    0.30

    0.41

    0.66

    0.09

    0.99

    0.26

    0.038

    0.039



    203.80

    209.00

    5.20

    0.19

    0.10

    0.02

    0.51

    1.04





    Including

    203.77

    204.02

    0.25

    2.27

    0.10

    0.01

    0.52

    0.17

    0.004

    0.406

    Including

    207.50

    209.00

    1.50

    0.01

    0.03

    0.00

    0.87

    3.09

    0.001

    0.001



    254.00

    264.00

    10.00

    0.01

    0.04

    0.01

    1.19

    0.20





    Including

    257.00

    258.50

    1.50

    0.02

    0.04

    0.01

    4.44

    0.84

    0.001

    0.006

    FL22-468

    211.00

    212.00

    1.00

    1.30

    0.14

    0.02

    0.24

    0.03

    0.001

    0.032



    242.80

    252.60

    9.80

    0.90

    0.11

    0.03

    0.34

    0.03





    Including

    242.78

    244.00

    1.22

    0.97

    0.28

    0.15

    0.48

    0.12

    0.009

    0.051

    Including

    252.00

    252.63

    0.63

    10.00

    0.27

    0.04

    2.25

    0.16

    0.001

    0.292



    282.00

    291.00

    9.00

    0.04

    0.06

    0.01

    0.71

    0.28





    Including

    282.00

    283.00

    1.00

    0.03

    0.08

    0.01

    2.06

    0.87

    0.003

    0.003

    FL22-469

    177.00

    178.00

    1.00

    0.11

    0.29

    0.06

    0.53

    0.09

    0.003

    0.013



    185.15

    188.80

    3.65

    0.47

    0.70

    0.07

    0.96

    0.17

    0.030



    Including

    185.15

    187.30

    2.15

    0.69

    1.17

    0.12

    1.57

    0.26

    0.053

    0.025



    200.80

    217.50

    16.70

    0.48

    0.30

    0.04

    0.55

    0.12





    Including

    204.00

    205.50

    1.50

    1.02

    1.17

    0.13

    2.16

    0.14

    0.009

    0.022

    Including

    214.60

    216.00

    1.40

    1.18

    1.12

    0.13

    1.81

    0.18

    0.019

    0.034



    253.00

    254.00

    1.00

    0.27

    0.16

    0.02

    0.72

    0.13

    0.002

    0.002



    263.00

    266.00

    3.00

    0.00

    0.03

    0.01

    0.57

    1.08

    0.004

    0.001

    FL22-470

    13.00

    34.00

    21.00

    1.11

    0.71

    0.10

    1.29

    0.15

    0.050



    Including

    13.00

    13.50

    0.50

    5.41

    0.27

    0.40

    1.63

    0.36

    0.059

    0.101

    Including

    17.50

    19.50

    2.00

    0.75

    1.04

    0.13

    1.69

    0.01

    0.096

    0.015

    Including

    22.50

    24.50

    2.00

    2.60

    0.63

    0.08

    1.33

    0.10

    0.065

    0.027



    48.00

    52.00

    4.00

    0.36

    0.15

    0.02

    0.31

    0.06





    FL22-471

    44.00

    45.10

    1.10

    0.44

    0.42

    0.05

    0.71

    0.06

    0.022

    0.014



    47.50

    57.40

    9.90

    0.96

    0.58

    0.09

    1.03

    0.17

    0.010

    0.030

    Including

    52.00

    53.00

    1.00

    2.85

    0.74

    0.20

    1.45

    0.15

    0.056

    0.078

    Including

    55.00

    56.00

    1.00

    1.36

    0.80

    0.09

    1.51

    0.11

    0.006

    0.029

    FL22-472

    83.40

    87.00

    3.60

    0.27

    0.32

    0.04

    0.62

    0.13





    Including

    83.40

    84.90

    1.50

    0.45

    0.73

    0.08

    1.37

    0.14

    0.043

    0.006



    93.50

    102.50

    9.00

    0.17

    0.05

    0.01

    0.85

    0.24





    Including

    98.00

    99.50

    1.50

    0.86

    0.13

    0.03

    0.52

    0.45

    0.017

    0.023



    110.00

    113.00

    3.00

    0.41

    0.33

    0.03

    0.68

    0.07







    111.50

    113.00

    1.50

    0.52

    0.57

    0.05

    1.18

    0.10

    0.036

    0.002

    FL22-473

    107.60

    110.50

    2.90

    0.45

    0.24

    0.04

    0.54

    0.11





    Including

    108.80

    109.30

    0.50

    0.18

    0.86

    0.09

    1.45

    0.31

    0.056

    0.007



    151.15

    154.45

    3.30

    0.02

    0.02

    0.01

    0.48

    0.29





    FL22-474

    183.50

    186.50

    3.00

    0.04

    0.04

    0.01

    0.79

    0.09







    207.50

    210.50

    3.00

    0.01

    0.03

    0.01

    0.59

    0.18





    FL22-475

    64.10

    65.05

    0.95

    0.75

    0.36

    0.06

    0.68

    0.06

    0.018

    0.020



    114.50

    125.50

    11.00

    0.02

    0.08

    0.01

    0.23

    0.30





    Including

    114.50

    116.00

    1.50

    0.01

    0.03

    0.01

    0.23

    1.55

    0.003

    0.001

    Including

    124.90

    125.50

    0.60

    0.18

    1.05

    0.09

    1.72

    0.25

    0.090

    0.009

    FL22-476

    57.70

    74.20

    16.50

    0.33

    0.18

    0.02

    0.58

    0.44





    Including

    57.70

    58.26

    0.56

    0.36

    0.53

    0.06

    1.06

    0.12

    0.029

    0.014

    Including

    61.75

    62.25

    0.50

    0.36

    0.43

    0.05

    1.13

    0.24

    0.036

    0.009

    Including

    64.05

    65.00

    0.95

    0.57

    0.06

    0.02

    2.73

    1.38

    0.002

    0.021

    Including

    65.70

    66.41

    0.71

    0.18

    0.56

    0.06

    1.24

    0.26

    0.032

    0.013

    Including

    68.00

    68.32

    0.32

    4.01

    0.70

    0.08

    1.66

    0.38

    0.037

    0.246

    Including

    68.90

    69.06

    0.16

    0.10

    1.07

    0.11

    1.45

    0.05

    0.011

    0.009

    Including

    72.48

    72.98

    0.50

    0.19

    0.86

    0.07

    1.11

    0.23

    0.010

    0.007

    Including

    73.67

    74.18

    0.51

    0.47

    0.40

    0.06

    0.71

    0.08

    0.015

    0.016

    FL22-477

    32.70

    48.50

    15.80

    0.15

    0.18

    0.03

    0.34

    0.07





    Including

    32.70

    33.56

    0.86

    0.37

    0.57

    0.11

    0.93

    0.12

    0.045

    0.015

    Including

    40.30

    41.25

    0.95

    0.67

    0.94

    0.11

    1.51

    0.17

    0.009

    0.010

    Including

    44.10

    44.28

    0.18

    0.06

    0.96

    0.08

    1.30

    0.04

    0.001

    0.008

    Including

    47.57

    48.50

    0.93

    0.41

    0.55

    0.08

    1.02

    0.23

    0.005

    0.019



    114.20

    115.40

    1.20

    0.76

    0.05

    0.01

    0.03

    0.00

    0.001

    0.101



    130.38

    131.10

    0.72

    0.08

    0.29

    0.05

    0.52

    0.00

    0.001

    0.020

    FL22-478

    39.60

    46.90

    7.30

    0.83

    0.76

    0.09

    1.31

    0.19

    0.047

    0.028

    Including

    39.60

    44.00

    4.40

    1.05

    0.98

    0.12

    1.66

    0.24

    0.064

    0.031

    Including

    41.80

    42.80

    1.00

    2.13

    0.89

    0.11

    1.64

    0.37

    0.066