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
March 19 2024 - 8:00AM
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
- The Mineral
Resource estimation work including construction of geological
solids, grade estimation, associated sensitivity analyses, and
Mineral Resource classification was completed by Joycelyn Smith,
P.Geo. (PGO#2963), under supervision of Mr. Glen Cole, P.Geo.
(PGO#1416), an appropriate independent Qualified Person as this
term is defined in National Instrument 43-101.
- The Mineral
Resources have been estimated in conformity with generally accepted
Canadian Institute of Mining (CIM) Estimation of Mineral Resource
and Mineral Reserves Best Practices Guidelines (November 2019) and
are reported in accordance with the Canadian Securities
Administrators’ National Instrument (NI) 43-101.
- Mineral
Resources are not Mineral Reserves and have not demonstrated
economic viability. All figures are rounded to reflect the relative
accuracy of the estimate.
- A total of 18
massive sulphide and two low-sulphide platinum group element
(LSPGE) domains were modeled within an overall host gabbroic
intrusion to constrain the mineralization.
- The Mineral
Resources for the Ferguson Lake Project are estimated based 756
boreholes (approximately 226,167 metres) as of November 2, 2023,
including 129 boreholes (approximately 35,775 meters) added to the
deposit model out of the 39,270 metres completed since the previous
Mineral Resource update as on June 13, 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).
- All composites
have been capped where appropriate.
- The Mineral
Resources for the Ferguson Lake Project were estimated using
Leapfrog Edge™ software. The estimation parameters consider 3
passes estimated by Ordinary Kriging with progressively relaxed
criteria, including a requirement of 3-4 boreholes in the first
pass, 2-3 boreholes in the second pass and at least 4 composites in
the third pass. Massive sulphide domains were estimated with hard
boundaries, and LSPGE domains were estimated with limited (10m)
soft boundaries.
- The block
classification strategy considers drillhole spacing, geologic
confidence and continuity of category. Indicated Mineral Resources
were defined for blocks inside geological resource solids estimated
within the first two passes and having a nominal drillholes spacing
less than 150 metres. Classification results were smoothed to
improve continuity.
- Mineral
Resources are reported in relation to a conceptual pit shell and
underground mining shapes. Open pit Mineral Resources include all
blocks inside the conceptual shell. Underground mineral resources
include blocks not meeting open pit reporting requirements
contained within conceptual mining shapes.
- Open pit Mineral
Resources are reported at a NSR cut-off value of US$33.00 and
underground mineral resources are reported at a NSR cut-off value
of US$96.00. Cut-off values are based on a price of US$4.00 per
pound of copper, US$9.00 per pound of nickel, US$22.00 per pound of
cobalt, US$1,250 per ounce of palladium, and US$1,150 per ounce of
platinum, and recoveries of 95 percent for copper, 51 percent for
nickel, 89 percent for cobalt, 76 percent for palladium and 60
percent for platinum for massive sulphide material, and 78 percent
for copper, 29 percent for nickel, 48 percent for cobalt, 60
percent for palladium and 70 percent for platinum for LSPGE
material, for open pit and underground resources.
- The reported
Mineral Resource is inclusive of East, Central and West zones along
the 15km-long main mineralized horizon.
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
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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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