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 - Seite 2

Project Background

The Ferguson Lake Project was originally discovered by Inco Limited in 1954. Since then, most of the exploration efforts were focused on the 15-km long mineralized belts. Over $150 million was spent with over 180,000 meters drilled predominantly in the West Zone and less in other targets. Canadian North Resources Inc. acquired the Fergusson Lake project in 2013. During the past 9 years, the Company has focused on surface sampling and geological mapping, ground geophysical surveys, assaying, assaying of rock chips, till and core samples, compilation of historic reports, metallurgical work to extract the PGM and base metals economically, completion of NI43-101 Technical Report as well as camp and equipment updates.

Surface sampling programs identified several occurrences of nickel, copper, palladium and platinum gossan and sulfides over the area. The staked claims cover multiple prospective satellite gossanous gabbro-hornblendite bodies located adjacent but outside the mining leases boundaries which were investigated and sampled by the Company in 2015 and 2018.

Specifically, they are as follows:

• The east-west trending separate North Zone discovered in 2015 and located 7 km northeast of the mining leases for which surface outcrop sampling returned multiple anomalous values in Cu, Ni and PGEs of up to 1.4% Cu, 0.25% Ni, 0.54g/t Pd and 0.22 g/t Pd.
• The east extension of the East Zone projected one km NE of the mining lease boundary with surface samples containing up to 1.1% Cu and 0.24 g/t Au.
• The east extension of the Anomaly 51 Zone situated 0.5 km east of the mining lease boundary with the outcrop samples reporting up to 0.25% Cu and 0.25 g/t Pd.
• An offset satellite east-west trending gabbro body one kilometer southeast of the mining lease boundary with outcrop samples reporting up to 0.52% Cu, 0.58g/t Pt and 0.32 g/t Pd.

These and other rusty gabbroic bodies within the newly staked and expanded Ferguson Lake Property require further investigation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8b1d5d0-320f-4d77 ...

The Quartzite Lake and Kaminak Lake areas are located in southwest of Rankin Inlet. The two claim blocks are located within the Ennadai Greenstone Belt covering prospective areas along strike ENE and WSW of the Cache Gold Deposit held by the Nunavut Tunngavik Inc.

The western claims block covers Mac Island and other islands within Kaminak Lake for which the named gold showing was diamond drilled in the 1990s reporting multiple prospective Au intersections including 70m at 2.16 g/t Au, 37m at 1.7 g/t Au and 3.4m at 14g/t Au.