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Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Highlights:

TORONTO, May 06, 2024 (GLOBE NEWSWIRE) — Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that following the release of the Mineral Resource estimate on March 19, 2024, it has filed its National Instrument 43-101 Technical Report on its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum-group metals (“PGM”, palladium and platinum) Project (“the Ferguson Lake Project” or “the Project”), entitled “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, on SEDAR at http://www.sedar+.com. The Technical Report has also been posted on the Company’s website at www.cnresources.com.

“The new NI 43-101 Technical Report has demonstrated the project is one of the largest and highest-grade undeveloped critical mineral projects in North America, still with large potential for Mineral Resource expansion,” commented Dr. Kaihui Yang, President and CEO of Canadian North, “We believe this filed Mineral Resource provide a solid bases for the development of a potential producing mine. We will continue to expand the size of the Project, expand the metallurgical testing, and commence economic evaluation, infrastructure, and environmental studies for a low-carbon footprint mine development plan for the Ferguson Lake Project.”

On March 19, 2024, the Company announced the results of the updated Mineral Resource estimation in compliant with NI43-101 Standard for the Ferguson Lake Project. The Technical Report was completed by SRK Consulting and Ronacher McKenzie Geoscience Inc., based on their independent review, verification and modeling of exploration and metallurgical data for the Project. The main conclusions of the NI43-101 Technical Report are summarized below:

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 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


Mineral Resource Estimation Notes

Authors and Qualified Persons Statement:

The NI43-101 Technical Report was completed by Elisabeth Ronacher, PhD, P.Geo. of Ronacher McKenzie Geoscience Inc. and Mr. Glen Cole, P.Geo. and Adrian Dance, PhD, PEng. of SRK Consulting (Canada), who are all Independent Qualified Persons (QP) as defined in National Instrument 43-101. Ms. Joycelyn Smith, PGeo also contributed to the Technical Report.

Trevor Boyd, PhD, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards and has reviewed the technical content of this news release and has approved its dissemination.

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 Regulation Services Provider (as that term is defined in policies 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91a820ce-7982-462f-94a6-2273ecce5d79

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