Canadian North Resources Inc

TSXV:CNRICanadaView on OTCQX International

May 6, 2024

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• Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada, from 8:00AM ET on Monday May 06, 2024 by GlobeNewswire

  8:00AM ET on Monday May 06, 2024 by GlobeNewswire
  Companies Mentioned: CNRSF

• Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada, from 8:00AM ET on Monday May 06, 2024 by Dow Jones

  8:00AM ET on Monday May 06, 2024 by Dow Jones
  Companies Mentioned: CNRI
  756 boreholes (approximately 226,167 metres) as of November 2, 2023, including 129 boreholes (approximately 35,775 meters) added to the deposit model out of the 39,270 metres completed since the previous Mineral Resource update as on June 13, 2022 (refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd " filed by the Company to Sedar.com on July 13, 2022). -- All composites have been capped where appropriate. -- The Mineral Resources for the Ferguson Lake Project were estimated using Leapfrog Edge(TM) software. The estimation parameters consider 3 passes estimated by Ordinary Kriging with progressively relaxed criteria, including a requirement of 3-4 boreholes in the first pass, 2-3 boreholes in the second pass and at least 4 composites in the third pass. Massive sulphide domains were estimated with hard boundaries, and LSPGE domains were estimated with limited (10m) soft boundaries. -- The block classification strategy considers drillhole spacing, geologic confidence and continuity of category. Indicated Mineral Resources were defined for blocks inside geological resource solids estimated within the first two passes and having a nominal drillholes spacing less than 150 metres. Classification results were smoothed to improve continuity. -- Mineral Resources are reported in relation to a conceptual pit shell and underground mining shapes. Open pit Mineral Resources include all blocks inside the conceptual shell. Underground mineral resources include blocks not meeting open pit reporting requirements contained within conceptual mining shapes. -- Open pit Mineral Resources are reported at a NSR cut-off value of US$33.00 and underground Mineral Resources are reported at a NSR cut-off value of US$96.00. Cut-off values are based on a price of US$4.00 per pound of copper, US$9.00 per pound of nickel, US$22.00 per pound of cobalt, US$1,250 per ounce of palladium, and US$1,150 per ounce of platinum, and recoveries of 95 percent for copper, 51 percent for nickel, 89 percent for cobalt, 76 percent for palladium and 60 percent for platinum for massive sulphide material, and 78 percent for copper, 29 percent for nickel, 48 percent for cobalt, 60 percent for palladium and 70 percent for platinum for LSPGE material, for open pit and underground resources. -- The reported Mineral Resource is inclusive of East, Central and West zones along the 15km-long main mineralized horizon.