Highlights:
Filed the new National Instrument 43-101 Technical Report that defines the large and high-grade Mineral Resources at the Ferguson Lake Project (Table 1). 80% of the Indicated Mineral Resource is Open Pit, which provides a solid Mineral Resource base for the initial development of a potential large mine.
Planned geophysical programs for generating new exploration targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones including M-Zone, A51-Zone, West Zone Extension, West Zone South and South Discovery Zone (Figure 1).
Based on the new Technical Report, planned new metallurgical tests, community engagement programs and economic evaluation and infrastructure and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.
TORONTO, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the second quarter ended June 30, 2024.
Dr. Kaihui Yang, the President and CEO, commented: "During this quarter, we filed the new National Instrument 43-101 Technical Report that demonstrates the Ferguson Lake project is one of the highest-grade and largest undeveloped copper, nickel, cobalt, palladium and platinum projects in North America (Refer to "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to the System for Electronic Document Analysis and Retrieval ("SEDAR+") through the Internet at https://www.sedarplus.ca/landingpage/ on May 3, 2024. The Technical Report has also been posted on the Company's website at www.cnresources.com)."
"The Technical Report indicates the definition of substantial Mineral Resources (Table 1) and 80% of the Indicated Mineral Resource is Open Pit (Figure 1), which provides a solid Mineral Resource base for the initial development of a potential large mine. We are conducting follow-up metallurgical testing, including new technologies such as bio-hydrometallurgy, and have started the Community Engagement programs, reconnaissance access, infrastructure and environmental studies for a low-carbon footprint mine development plan at the Ferguson Lake Project."
"The Technical Report indicates high potential for resource expansion along the strike and down dip of the 15-main mineralized horizon and within a number of undefined mineralization zones and prospective areas. We have planned the geological and geophysical evaluation programs to identify targets along the confirmed the high-grade mineralized zones at the Ferguson Lake Project."
Figure 1, Geological map showing mineralization zones. The Mineral Resources incorporate West, Central and East Zones.
Table 1: Mineral Resource Statement*, Ferguson Lake Project, Nunavut, SRK Consulting (Canada) Inc., March 19, 2024
Mineral Resource Statement, Ferguson Lake Project, Canada. SRK Consulting (Canada)., March 19, 2024
Mining Method
Category
Tonnes (Mt)
Grade
Material Content
NSR
Cu
Ni
Co
Pd
Pt
Cu
Ni
Co
Pd
Pt
(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
