Business
Canadian North Resources Starts 20,000-meter Drill Program at Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project in Canada
TORONTO, April 03, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0 (E-O-zero)) is pleased to announce that the Compa
About this update from Canadian North Resources, Inc.
[{"type":"text","content":" TORONTO, April 03, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; FSE: EO0 (E-O-zero)) is pleased to announce that the Company has opened the field camp and commenced diamond drilling at its 100% owned Ferguson Lake Project (“Ferguson Lake Project”) in Nunavut, Canada. The Ferguson Lake Project contains base metals (nickel, copper, cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum), as well as potentially lithium minerals, along a 15-km-long main mineralized horizon and numerous additional prospective areas totaling 253.8 km2. “We have started another 20,000-meter drilling campaign in 2023 after successfully completing 18,144 meters in 2022 on the Ferguson Lake Project,” said Dr. Kaihui Yang, the President and CEO. “We will continue to focus on the drill testing of high-grade base metal and PGM targets along the 15-km-long main mineralized horizon, to expand and up-grade the mineral resources. Moreover, we will examine the lithium potential of the extensively outcropped pegmatites identified over the Ferguson Lake property.\" The Company plans a 20,000-metre drill program in 2023, based on the results of the drilling program completed in 2022. The completed 18,144 meters (in 68 holes) extended the mineralized zones from the current mineral resource estimate that includes Indicated Mineral Resources of 24.3 million tonnes grading at 0.85% copper, 0.60% nickel, 0.07% cobalt, 1.38gpt palladium and 0.23gpt platinum; Inferred Mineral Resources of 47.2 million tonnes at 0.91% copper, 0.53% nickel, 0.06% cobalt, 1.4gpt palladium and 0.25gpt platinum (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). The planned drill program (Figure 1) is designed to further extend the West and East zones along strike and down dip from the drill holes completed in 2022. The program is planned as well to define new near-surface resources within the separate M-Zone and A51 zones, and to test the exploration targets along the east extensions of the East Zone and A51 Zone, West Zone South, Southern Discovery Zone as well as potential new lithium-bearing pegmatite targets. In particular, the drill program will continue to focus on the ...