Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt, Palladium and Platinum NI 43-101

Overview

Canadian North Resources (TSXV:CNRI, FSE:EO0) is a mineral exploration and development company advancing a critical minerals project in Nunavut, Canada. The Ferguson Lake property has, through the years, gone through more than 200,000 meters of exploratory drilling and has proven critical mineral deposits. Canadian North Resources is a relatively new market player with a tight shareholder structure and 65 percent insider ownership.

Nunavut is an emerging major mining district in Canada that has received minimal attention in the past. Miners have historically focused more on Ontario, Quebec and BC, but Nunavut is now gaining more attention as new discoveries are made. The global transition to clean energy is driving demand for critical minerals and creating the need to secure domestic supply chains in stable jurisdictions. Nunavut is emerging as a new frontier for exploration and mining of these critical minerals.

Ferguson Lake is a historical asset dating back to 1952, with C$160 million already invested in the project since its inception. These investments include infrastructure, metallurgy, drilling and exploration. The asset contains known deposits of critical minerals, including copper, nickel, cobalt, platinum and palladium.

Canadian North Resources updated Ferguson Lake’s historical 43-101 resource estimate in June 2022. The company successfully surpassed its 20,000-meter drill program, completing 21,126-meters in 2023.

With data from the last three years of drilling campaign, Canadian North Resources plans to further update the 43-101 and take the inferred resources to the indicated category, all while moving toward a pre-feasibility study (PFS).

A seasoned management team with expertise throughout the natural resources industry leads the company, with experience in geology, metallurgy and international business administration.

The company’s critical minerals project covers 253.8 square kilometers and includes known deposits of nickel, copper and PGM. Canadian North Resources is currently working towards additional drilling and testing as it moves toward a PFS and, subsequently, a preliminary economic assessment. Once complete, the company will work towards bringing the asset to production.

Project Highlights:

• Prolific 43-101 Resource Estimate: Ferguson Lake’s 43-101 compliant resource estimate describes prolific deposits throughout the asset.
  • Indicated 24.3 million tonnes of ore, including:
    • 455.36 million pounds of copper
    • 321.43 million pounds of nickel
    • 37.5 million pounds of cobalt
  • Inferred 47.2 million tonnes of ore, including:
    • 946.92 million pounds of copper
    • 551.5 million pounds of nickel
    • 62.43 million pounds of cobalt

The company has commissioned a new mineral resource estimation following National Instrument 43-101 Standards of Disclosure for Mineral Projects for its Ferguson Lake nickel, copper, cobalt, palladium and platinum project to incorporate the results of 39,270 meters of new diamond drilling in 145 holes completed by the company.

• Significant Historical and Recent Work Completed: The asset has undergone decades of exploration and drilling and is now nearing production:
  • Ferguson Lake was initially claimed in the 1950s and received 173 drill holes totaling 30,000 meters in the following decades.
  • Between 1999 and 2012, an additional 158,528 meters were drilled in addition to significant exploration surveys and metallurgical test work.
  • Canadian North acquired the asset in 2013 and completed 18,144 meters of drilling in 2022, updated the resource estimate, conducted additional exploration campaigns and commissioned NI 43-101 Technical Reports.
• Potential to Expand Known Deposits: Results from a newly completed drill campaign indicate that known resource deposits can be expanded, with 68 new holes hitting mineralized zones. These new results will be included in the new data set for the updated mineral resource estimate.
• 2023 Diamond Drill Program Assay Results: Sixty-nine out of 78 holes intersected semi-massive to massive sulphides containing nickel, copper, cobalt, palladium and platinum, and more than 3,200 samples from the remaining 57 drill holes were submitted to ALS labs. Results include up to 10 percent copper, 1.81 percent nickel, 8.65 grams per ton (g/t) palladium, 4.43 g/t platinum, 0.186 g/t rhodium, 2.19 g/t gold and 49 g/t silver.It also confirmed near-surface massive sulfide zones of up to 31 meters and underneath PGM-enriched low sulfide zones of up to 36 meters. The 2023 drill program expanded the mineralized zone along the strike for 1,500 meters covering 800 meters in the West Zone and 700 meters in the East Zone.

Massive sulfide ore at the surface of the West Zone

Management Team

Lee Q. Shim – Chairman and Director

Lee Q. Shim is a Canadian entrepreneur and investor with over 36 years of experience in businesses operating in Canada and overseas. In 1984, Lee founded the Lee Li Group in Toronto, operating as a food distributor and wholesaler of premium meats. He later built state-of-the-art food processing and beverage manufacturing plants to provide high-quality healthy products. With his dedication and vision, he continuously reinvested in the companies by automating facilities to maximize efficiency where possible, enhance service and support long-term stability and sustainable growth. His success has yielded long-term relationships with established companies and brands such as Walmart, Coca-Cola, Loblaws, KFC, Wendy’s, Sobeys, Metro, Costco, Minute Maid, Earth’s Own, Sysco Canada and Gordon Food Service.

Throughout his career, Lee has diversified his portfolio with long-term investments in Canada, the United States, China, and Southeast Asia. His portfolio includes high- and low-rise residential developments and commercial shopping centers, medical infrastructure and facilities, medicare services, food and beverages manufacturing, cold storage warehousing and distribution logistic centers, and wood veneer manufacturing. He is a partner in a private equity firm and has served as a director (often as a significant shareholder) in private and publicly listed companies, capital funds as well as in many successful ventures. As a venture capitalist, he has raised significant capital to fund projects around the world. In July 2020, he was appointed a director of Enercam Exploration, a subsidiary of Angkor Resources.

Kaihui Yang – President, CEO, and Director

Dr. Kaihui Yang has over 30 years of experience as an exploration geologist developing resources within discovery, resource definition, feasibility and mining stages. Early in his career, he was a research scientist in the department of geology at the University of Toronto and also served as a senior consultant for Canadian mining companies (Barrick, Inco, Falconbridge, etc.) and the World Bank Group.

Yang has been an independent consultant and director for several major Chinese gold companies and many Canadian mining and investment companies. He previously served as executive vice-president of exploration and international operations for the Zijin Mining Group, a diversified mining conglomerate listed on the Hong Kong and Shanghai stock exchanges (more than C$540 billion market cap). He also served as the chairman for the Sprott-Zijin Joint-Venture Mining Fund, an offshore gold mining fund focused primarily on equity and debt funding for precious metal and copper mining companies.

Yang was also a founder and president of a Canadian public company that conducted mineral exploration in China and won the Prospection and Exploration Outstanding Achievement Award from the China Mining Conference in 2011. He also served as the chairman and general manager for several Chinese-foreign joint ventures.

Yang studied geosciences at the University of Toronto, Chinese Academy of Geological Sciences, and obtained his PhD in Geology in 1990 from the China University of Geosciences (Beijing). He has published numerous articles and conference papers, many focused on massive sulphides, metal-rich-magmatics, and regional precious metal potential and exploration. He is active in associations such as the Society of Economic Geologists (Fellow), Australian Institute of Geoscientists (Fellow), and Prospectors and Developers Association of Canada (Core Member).

Trevor Boyd – Vice-president, Exploration

Dr. Trevor Boyd is a professional geologist with over 30 years of experience in the mining industry working worldwide as a consultant, qualified person, officer and director with both private and public companies. Since 1987, Trevor has worked with numerous mining companies for a variety of commodities on projects in North America, Asia and Europe. His experience includes base and precious metals, uranium, nickel-copper-PGM, and specialty metals projects including tungsten, tin and indium. He is a member of the Association of Professional Geologists of Ontario and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists, and a qualified person as defined by National Instrument 43-101. Boyd has a PhD in geology from the University of Toronto (1996) and an MSc (applied) MINEX degree from McGill University (1988).

Carmelo Marrelli – Chief Financial Officer

Carmelo Marrelli brings more than 20 years of financial reporting experience, specializing in management advisory services, accounting, and financial disclosure. Marrelli is the principal of The Marrelli Group of Companies that provides corporate, financial accounting and reporting services in the Canadian capital markets. Over his career, Marrelli has been director and held senior financial roles in private and publicly listed companies across many industries including mining. He takes a value-based approach as a chartered professional accountant with his expertise spanning all phases of capitalization and growth. Since 1999, Marrelli has been a member of the Institute of Chartered Professional Accountants of Ontario and has been a member of the Institute of Chartered…