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Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resources Estimates for the Ferguson Lake Mining Property in Nunavut, Canada
TORONTO, July 13, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI) is pleased to announce that following
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" TORONTO, July 13, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI) is pleased to announce that following the release of the mineral resource estimates on June 13, 2022, it has filed its National Instrument 43-101 Technical Report entitled “Independent Technical Report - Updated Mineral Resource Estimate, the Ferguson Lake Project, Nunavut, Canada”, effective June 13, 2022, on SEDAR at http://www.sedar.com. The report has also been posted on the Company’s website at www.cnresources.com. “We are pleased to file the NI43-101 Technical Report for the mineral resources estimate on our 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum-group metals (“PGM”, palladium and platinum) Project (“the Project”),” said Dr. Kaihui Yang, President and CEO of Canadian North. “The results show high potential value of the mineral resources for development. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 kilometers long mineralized belt. We are currently drilling to expand the potential high-grade large-tonnage economic base metal and PGM resource on the Project.” Project Highlights: On June 13, 2022, the Company announced the results of the mineral resource estimation for the Project. On June 27, the Company also announced completion of 7,400 meter drilling and staking of large exploration area surrounding the mining leases of the Project. The Project highlights are summarized below: Mineral Resources (Table 1) were estimated using net smelter return (“NSR”) cutoff values of US$49.70 for Open Pit Mining and US$94.50 for Underground mining. The NSR is calculated using nickel, copper, cobalt, palladium and platinum grades, prices, and assumed metallurgical recoveries. The Mineral Resources modelled primarily on the occurrence of massive or semi-massive sulphide as a lithological type. The metal content of intercepts comprising this unit typically results in a NSR value greater than US$180. Mineral resources also include a newly interpreted zone of low sulphide PGM (palladium and platinum) style of mineralization characterized by weakly disseminated sulphide, low to very low base metal values and elevated to high grade palladium and platinum values. High-grade Open Pit Indicated Mineral Resources of 22.4 m...