Canadian North Resources Inc. Completes 18,144 Meters of Drilling at Canada’s Ferguson Lake Nickel, Copper, Cobalt, Palladium, Platinum Project, The Canadian Business Journal

TORONTO, Oct. 25, 2022 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“Company”, TSXV: CNRI; FSE: EO0 (EO-zero)) today announced that it has completed 18,144 meters of diamond drilling. I will be happy to report. At the 100% owned Ferguson Lake property (“Ferguson Lake Project”) containing base metals (nickel, copper, cobalt) and platinum group metals (“PGM”, primarily palladium and platinum).

Dr. Kaihui Yan, president and CEO of the company, said: “We expect the results to extend the block model and significantly expand the high-grade and near-surface mineral resources for the potential mine development of the Lake Ferguson Project.”

The planned drilling program consists of 15,000 meters in approximately 60 holes to focus on expanding and upgrading mineral resources along the western and eastern zones of the main mineralization formations (rf. 2022 news release dated April 19, 2019). By the end of the summer drilling season, which ended in mid-October, a total of 18,144 meters had been drilled in 68 holes, filling or stepping out historic holes previously drilled in the West and East Zones. I did. The completed drilling program was extended by 3,144 meters as the mineralized zone was confirmed to extend along strike to depths beyond the currently defined resource boundary.

Analysis of the first 28 holes totaling 7,594 meters identified two styles of mineralization. Highlights of selected holes below (rf. news release dated 12 September 2022):

• 31.0m at1.28% Cu, 0.81% Ni, 0.09% Co, 2.02g/t Pd and 0.29g/t Pt (hole FL22-442, 55-86m);
• 28.45m with 0.80% Cu, 0.52% Ni, 0.06% Co, 1.38g/t Pd and 0.19g/t Pt (hole FL22-443, 30-55m) When
  16.0m (86-102m) for 0.28% Cu, 0.22% Ni, 0.03% Co, 0.69g/t Pd and 0.13g/t Pt;
• 10m with 1.72% Cu, 0.81% Ni, 0.07% Co, 2.07g/t Pd and 0.23g/t Pt (123-133m FL21-436 holes).
• 7.40m at 1.15% Cu, 0.64% Ni, 0.08% Co, 1.70g/t Pd and 0.24g/t Pt (hole FL21-435, 94-100.4m) When
  11.52m (72.6-84.12m) for 0.56% Cu, 0.48% Ni, 0.06% Co, 1.01g/t Pd and 0.22g/t Pt;
• 12.35m with 0.99% Cu, 0.54% Ni, 0.09% Co, 1.11g/t Pd and 0.15g/t Pt (hole FL22-457, 178.35 -191m).
• 36.0m (hole FL22-460, 148-184m) with 0.02% Cu, 0.03% Ni, 0.01% Co, 1.08g/t Pd and 0.25g/t Pt;
• 18.2m (hole FL21-434, 107.8-126m) with 0.54% Cu, 0.21% Ni, 0.03% Co, 0.56g/t Pd and 0.12g/t Pd;
• 9.0m with 0.52% Cu, 0.28% Ni, 0.04% Co, 0.76g/t Pd and 0.16g/t Pt (Hole FL21-438, 140-149m) When
  10.0m (154-164m) with 0.39% Cu, 0.40% Ni, 0.05% Co, 0.95g/t Pd and 0.24g/t Pt;
• 6.0m with 0.78% Cu, 0.87% Ni, 0.12% Co, 1.80g/t Pd and 0.13g/t Pt (hole FL22-459, 45-61m) When
  5.3m (92 to 97.3m) with 1.00% Cu, 0.62% Ni, 0.07% Co, 1.28g/t Pd and 0.14g/t Pt When
  6.5m (108.5-115m) with 0.50% Cu, 0.55% Ni, 0.06% Co, 1.13g/t Pd and 0.14g/t Pt When
  10.6m (126.4-137m) for 0.24% Cu, 0.28%Ni, 0.04% Co, 0.80g/t Pd and 0.09g/t Pt.

Analysis results for the remaining remaining drill holes are pending. Once all program results have been received and compiled, they will be added to the dataset to refine the block model and update the Mineral Resource estimate released on June 13, 2022 (he submitted to Sedar). (see NI43-101 Technical Report). .com July 13).

Specifically, 4,675 meters were drilled in 26 holes in the eastern zone. These holes are designed to fill and expand near-surface mineralization that has been historically drilled since the 1950s. The drill holes were stepped out from 50 up to 400 meters from the previous holes, confirming a strike extension of mineralization to the west and east of the eastern zone. Another 38 holes were buried or stepped over 50 to 100 meters from the historic excavation in the West Zone, confirming an extension of the strike east-west. Drill holes extended the descent of the mineralized horizon at multiple locations. Finally, four holes were successfully tested for adjacent satellite mineralization near the East Zone.

Eligible person:

The technical content of this news release has been reviewed by Dr. Trevor Boyd (P.Geo.), a qualified person as defined by the Canadian National Instrument 43-101 standard.

About Canadian North Resources:

Canadian North Resources Inc. is an exploration and development company focused on clean energy, electric vehicles, batteries and metals for the high tech industries. The company is advancing his wholly-owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum projects in Nunavut, Canada.

The Lake Ferguson mining facility contains substantial resources that comply with the NI43-101 standard. 0.85% 455 million pounds (Mlb) copper, 0.60% 321Mlb nickel, 0.07% 37.5Mlb cobalt, 1.38gpt 1.08 million ounces (Moz) palladium and 0.23gpt 0.18Moz platinum Including 24.3 million tons of indicated mineral resources. An Inferred Mineral Resource of 47.2 million tonnes including 0.91% 947Mlb Copper, 0.53% 551.5Mlb Nickel, 0.06% 62.4Mlb Cobalt, 1.4gpt 2.12Moz Palladium and 0.25gpt 0.38Moz Platinum. The resource model indicates a large potential for resource expansion deep and along the strike of the 15 km long mineralization zone. (See “Independent Technical Report, Latest Mineral Resource Estimates, Lake Ferguson Project, Nunavut, Canada, June 13, 2022” filed by the Company on his Sedar.com).

For more information, please visit our website at www.cnresources.com or contact us at:

Dr. Yang Kaihui, President and CEO

Phone: 905-696-8288 (Canada) 1-888-688-8809 (toll-free)

Email: [email protected]

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Certain statements contained in this news release contain words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” or similar expressions. Statements that may be made or forward-looking information within the meaning of applicable securities laws, rather than historical facts. Such forward-looking statements reflect management’s expectations regarding our future growth, results of operations, performance, business prospects and opportunities and are based on certain factors and assumptions, not actual As a result, we are subject to known and unknown risks and uncertainties that may cause our performance. or that the results will be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

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