Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt,

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…