Canadian North Resources Inc. Starts the Summer Phase of its 20,000-meter Drill Program at the Ferguson Lake Nickel, Copper, Cobalt, Palladium and Platinum Project in Nunavut, Canada

TORONTO, June 15, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that the Company has re-started diamond drilling at its 100% owned Ferguson Lake Project (“Ferguson Lake Project”) in Nunavut, Canada after a three week pause for regional caribou migration and after completing the first 6,151 metres of drilling on Ferguson Lake during the spring.

“The Company is continuing its planned 20,000-metre drill program in 2023, based on the results of the exploration program completed in 2022.” Said Dr. Trevor Boyd, the Vice President for Exploration of the Company, “We are presently operating with three drills testing targets along strike west of the West Zone, east of the East Zone and down-dip. A fourth drill will be added to the program soon in late June to test targets outside the main horizon. This drill program is designed to expand and upgrade the near-surface mineral resources at the Ferguson Lake project.”

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. This drill program is designed primarily to expand and upgrade the near-surface mineral resources of the West and East zones, to define the potential new near-surface resources along sub-parallel M-Zone and A51 Zone, and to test the targets along the east extensions of the East Zone and A51 Zone, West Zone South and South Discovery Zone.

In particular, the drill program will continue to focus on the near surface open-pit resource definition and the expansion of both the Ni-Cu-Co-Pd-Pt bearing massive sulphides and the footwall disseminated sulphide PGE mineralization zones along the main mineralized horizon. The expansion potential for the two styles of mineralization was indicated in the mineral resource model (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) and was further confirmed by the drilling programs completed in 2022 and the spring of 2023. The assay results for the drill holes completed in the spring of 2023 are pending.