Canadian North Resources Inc. said in its update on mineral resources for its wholly owned Ferguson Lake Project in Canada that Indicated Mineral Resources contain 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt, while Inferred Mineral Resources contain 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The company added that there is significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt.
“We are very pleased to announce our updated resource estimation showing substantial high-grade open pit and underground resources,” said Dr. Kaihui Yang, President and CEO of Canadian North. “We also see significant potential for resource expansion along strike and at depth over the 15 kilometers long mineralized belt. Management believes the geology and mineralization of the Ferguson Lake Project may be comparable with the Norilsk mining area of Russia, one of the world’s most productive regions for nickel, copper, palladium and platinum. The Company is carrying out its $11 million exploration program for 2022 to further expand the potential high-grade large-tonnage economic base metal and PGM resource.”
“This Mineral Resource estimation incorporates mostly the West Zone, which represents approximately 6km of the presently known 15-kilometer-long mineralized belt. In addition, rhodium and gold are not included in the resource modeling due to no systematic assaying results, although there are significant values in several mineralized zones. We are drilling to further define the potential large-tonnage base metal and PGM resources along the main mineralized zones and expect to incorporate both the West and East Zones into an updated resource estimation next year,“ said Dr. Trevor Boyd, Vice President for Exploration.
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