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Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt, Palladium and Platinum NI 43-101 Compliant Mineral Resources for its 100% owned Ferguson Lake Project in Canada

Highlights

TORONTO, March 19, 2024 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce an updated Mineral Resource estimate (Table 1) for its 100% owned Ferguson Lake base metal (copper, nickel, cobalt) and platinum group metal (“PGM”, mainly palladium and platinum) project in Nunavut, Canada.

Mineral Resource Statement, Ferguson Lake Project, Canada. SRK Consulting (Canada)., March 19, 2024
Mining Method Category   Grade Material Content
Tonnes NSR Cu Ni Co Pd Pt Cu Ni Co Pd Pt
(Mt) (US$/
t)
(%) (%) (%) g/t g/t (Mlbs) (Mlbs) (Mlbs) (‘000oz) (‘000oz)
Open Pit Indicated 52.7 149 0.65 0.43 0.05 0.97 0.17 755.7 497.2 57.7 1,647 295
Inferred 4.0 159 0.65 0.50 0.06 0.88 0.17 56.7 43.4 5.3 111 21
Underground Indicated 13.5 243 1.13 0.61 0.07 1.60 0.29 336.8 181.0 21.6 692 124
Inferred 21.9 231 1.04 0.60 0.07 1.53 0.26 501.0 289.7 34.4 1,081 184
Total Indicated 66.1 168 0.75 0.47 0.05 1.10 0.19 1,092.5 678.2 79.3 2,340 419
Inferred 25.9 220 0.98 0.58 0.07 1.43 0.25 557.8 333.1 39.6 1,192 205

Table 1: 2024 Updated Mineral Resource Estimate

Dr. Kaihui Yang, President and CEO of Canadian North, commented: “We are excited at the substantial increase of the independent National Instrument 43-101 (NI43-101) Mineral Resource Estimate from that reported in 2022 (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), completed by SRK Consulting (Canada) Inc. (SRK) for the Ferguson Lake Project. This new Mineral Resource Estimate has demonstrated the project is one of the largest and highest-grade undeveloped critical mineral projects in North America. In particular, Canadian North believes the large and high-grade Open Pit Indicated Mineral Resource provides a solid base for the first development phase for building a potential producing mine. The Company is moving forward with further exploration and expansion of Mineral Resources, follow-up metallurgical testing and commencing economic evaluation and infrastructure and enviormental studies for a low-carbon footprint mine development plan at the Ferguson Lake Project.”

Dr. Trevor Boyd, the Company’s Technical Advisor, commented: “This revised Mineral Resource estimate is based on the updated exploration drillhole database including results from the Company’s drilling programs in 2022-23. This Mineral Resource estimate incorporates parts of the known 15-kilometre-long main mineralized belt, excluding the outside satellite mineralized zones; M-Zone, A51 Zone, West Zone South, and the South Discovery Zone. Although the project contains measurable rhodium, gold and silver values in multiple mineralized zones, these commodities are not included in the Mineral Resource modelling primarily due to the lack of systematic assay results. The Mineral Resource model and updated exploration database indicate significant potential for Mineral Resource expansion along strike and at depth over the 15-kilometre-long mineralized belt and its satellite zones.”

Mineral Resource Estimation Notes

This updated Mineral Resources Estimation reports a 172% increase from 24.3 million tonnes to 66.1 million tonnes in the Indicated Mineral Resources, in comparison to the 2022 Mineral Resources NI43-101 Technical Report (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 on sedar.com on July 13, 2022). The results also demonstrate the continued overall expansion of the Mineral Resources particularly within the Central and West Zones along strike and up and down dip.

The 2022 Mineral Resource Estimate considered recoveries derived from hydrometallurgical testworks to produce the metal products of copper, nickel, cobalt, palladium and platinum. The revised 2024 Mineral Resource Estimate outlined here considers an independent review of recoveries and mineral deportment studies by SRK derived from flotation metallurgical testworks, completed by the Company since 2013, to produce potentially saleable copper, nickel and PGM concentrates.

NI 43-101 Technical Report

A technical report on the resource estimates, which is being prepared in accordance with National Instrument 43-101 (“NI 43-101”), will be available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile within 45 days. The effective date of the current Mineral Resource Statement is March 19, 2024.

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 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 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.


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