Canadian North Resources Inc. Reports Results of Borehole Geophysical Surveys Indicating Extensions of Deep Nickel-Copper-PGM Sulfide Zones at the Ferguson Lake Project

Highlight: The results demonstrate the continuance of the West Zone greater than 200 metres beyond the historically defined down-dip extent of the zone and show its open potential for continued expansion both laterally and further down-dip at depths of 650 to >800 metres.

TORONTO, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the results from the processing of Borehole Time-Domain Electromagnetic (BHTEM) surveys from deep West Zone drillholes FL22-481A and FL23-481B completed at its 100% owned Ferguson Lake Project (“Ferguson Lake Project”) in Nunavut, Canada.

“The combination of the drilling and geophysical survey results confirms the continuing high grade prospectivity of the West Zone down-dip for over 200 metres at depths of 650 to >850 metres,” said Dr. Kaihui Yang, President and CEO of the Company, “Further geophysical modelling is ongoing to define precisely new drill targets for follow up in 2024.”

As previously announced, the two geophysical surveyed drill holes, which were drilled from the same site during the 2022 and 2023 exploration programs, intersected excellent widths of high-grade Cu-Ni-Co-Pd-Pt massive sulphide plus additional down-hole widths of footwall low sulphide PGE type mineralized sections as presented in the table below.

Hole	From (m)	To (m)	Width (m)	Cu%	Ni%	Co%	Pd g/t	Pt g/t
FL23-481B	656	666	10.0	1.48	0.48	0.06	1.28	0.06
	724.2	730.2	6.0	0.20	0.21	0.03	0.48	0.09
	797.8	808.3	10.5	0.01	0.05	0.01	0.81	0.06
FL22-481A	634.80	642.40	7.60	0.93	0.26	0.04	0.74	0.14
	750.00	755.00	5.00	0.07	0.14	0.02	0.63	0.07
	792.00	803.00	11.00	0.03	0.05	0.01	0.48	0.11

Spatial interpretation of the drilling results found that FL22-481A intersected the zone approximately 80 to 100 metres down-dip from historic intersections of the West Zone horizon and FL22-481B intersected 100 to 140 metres further down dip from the FL22-481A pierce points through the mineralization. In general, this extends the West Zone at this locality for greater than 200 metres further down-dip.