Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

2023 Operational and Project Highlights:

• The Company raised over $17 million for exploration, with cash and cash equivalents of $5,540,312 at the year end
• Completed aggressive exploration programs with 21,126 meters in 47 holes drilled in 2023.
• Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the updated Mineral Resources estimation reported in Q1 2024, which includes:
  
  
  • A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
  • 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.
  • Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.

TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“the Company”, TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2023.

”We have achieved an important milestone for the Ferguson Lake base metal (nickel, copper, cobalt) and PGM (palladium and platinum) Project (“the Ferguson Lake Project”),” said Dr. Kaihui Yang, the President & CEO. “The Company raised over $17 million, accomplished aggressive exploration programs; added 39,270-meter drilling results to the database, and retained SRK Consulting and Ronacher McKenzie Geoscience to update the Mineral Resources estimation and 43-101 compliant Technical Report. We have received the statement of the updated Mineral Resources (Figure 1) that demonstrates the Ferguson Lake project is one of the highest-grade and largest undeveloped critical mineral projects in North America (Refer to the press release “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” dated March 19, 2024, available on the Company’s website and Sedar+. The 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.)”.