Canadian North Resources Inc. Reports Exceptional Operational and Financial Results for the Third Quarter Ended September 30, 2023

Highlights:

• Completed 21,126 metres in 78 holes for the planned 20,000-metre drilling program in 2023.
• Intersected high-grade nickel, copper, cobalt, palladium and platinum massive to semi-massive sulphides and wide disseminated sulphide mineralized zones, e.g.,
  • 10 metres grading 0.48% Ni, 1.48% Cu, 0.06% Co, 1.28g/t Pd and 0.06g/t Pt in hole FL23-481B.
  • 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd and 0.06g/t Pt in hole FL23-527B.
• Expanded >3,000 metres in total of the main mineralized zones along the strike (1,600 m in West Zone and 1,400 m in East Zone); extended the satellite mineralized zones for 200-450 metres.
• Adding results of 39,270 metres in 145 holes of new diamond drilling in 2021-23 to the project database for the completion of an updated Mineral Resources estimation.

TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the operational and financial results for the third quarter ended September 30, 2023.

“In Q3 2023, the Company has completed the planned 20,000-metre 2023 drilling program with 21,126 metres in 78 holes.” Said Dr. Kaihui Yang, the President & CEO of the Company, “The assay results confirmed significant mineralized intersections in 67 of the 78 holes. The results in combination with previously released results for 2021-23, totalling 39,270 metres in 145 holes, have expanded laterally over 3,000 metres of the main mineralized horizon at our 100% owned Ferguson Lake nickel, copper, cobalt, palladium and platinum project (“the Ferguson Lake Project”, Figure 1)”.

“We are adding the results of 145 new holes drilled in 2021-23 to the project database to update the current 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 we expect the new resource model would increase substantial potential resources at the Ferguson Lake project.“

“We highly appreciate the strong supports from the shareholders and investors. During Q3, 2023, the Company raised $8,057,298 from the flowthrough financings to support its aggressive drilling and other exploration programs at the Ferguson Lake project. The Company also received $75,000 from the early exercise of warrants by our shareholders.”