Canadian North Resources Announces completing 7,400 meter drilling and staking 156.9 Km2 Claims surrounding the 96.9 km2 mining lease at its 100% owned Ferguson Lake Project in Canada

TORONTO, June 27, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI) is pleased to provide an update for its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum group metal (“PGM”, mainly palladium and platinum) project (“Property”) in Nunavut, Canada.

Highlights:

• The Company has completed 7,400 meters of diamond drilling on the Property. Assay results of the core samples are pending.
• The Company has recently staked 851 units claim totaling 15,694.63 hectares or 156.9 km2, surrounding the existing 10 mining leases (96.9 km2), bringing the total land package to 253.8 km2 covering all the known base metals and PGM mineralized zones and outcrops at the Ferguson Lake area (see below Figure 1).
• The Company has also staked 268 units claims (5,027.64 hectares or 50.3 km2) at the Quartzite Lake area and 155 unit claims (2,917.68 hectares or 29.2 km2) at the Kaminak Lake area, covering the gold mineralized zones with previously drill intervals up to 70m at 2.16 g/t.
• Reconnaissance prospecting and surface sampling is being conducted to examine the surface mineralization and to identify targets for drilling tests.

“We have successfully built up a massive land package that covers most of the exposures of mafic-ultramafic rocks and associated sulfides surrounding the mining leases that contain large mineral resources,” said Dr. Kaihui Yang, the President and CEO of the Company, “The extensive mineralized outcrops of magmatic nickel, copper and PGM sulfides as previously recorded over the whole area suggests a very large mineralization system at Ferguson Lake mining property. We are moving forward with definition drilling for resource expansion along the 15-mineralized zones and will test drilling in the surrounding targets over the Ferguson Lake area.”

“Phase 1 drilling program was to infill and step out north of the historic holes focusing on the mineralization in West and East Zones,” said Dr. Trevor Boyd, the VP of Exploration, “A total of 27 diamond drill holes were completed with a total of 7,400-meter cores collected. Depending on the results of the assay results, Phase 2 drilling will include the drill holes stepping out further north on the expansion of near surface resources along West and East Zones. Meanwhile, we are carrying out surface sampling programs to examine the outcrops mineralization at Ferguson Lake base metal and PGM targets and the gold targets at Quartzite Lake and Kaminak Lake areas.”