- Canadian North Resources Inc. (CNRI) has budgeted $11 million for exploration at the Ferguson Lake project
- It will include a resource estimate and a 15,000-metre diamond-drilling program
- The exploration plan is based on an extensive review of the geology and historic drill results of the Ferguson Lake project
- Initial metallurgical tests for the recoveries of base metals and PGM from massive sulphides indicated high recoveries of base metals (87-99 per cent) and PGM (90-95 per cent)
- Canadian North Resources Inc. is an exploration and development company focusing on the metals for the clean-energy, electric vehicles, battery and high-tech industries
- Canadian North Resources Inc. (CNRI) is unchanged on the day, trading at C$2.50 per share at 4:20 pm ET
Canadian North Resources (CNRI) has budgeted $11 million for exploration at the Ferguson Lake Project.
It will include a resource estimate, a 15,000-metre diamond-drilling program, an in-hole geophysical survey, surface geological mapping and geophysical survey, and metallurgical testing.
The exploration plan is based on an extensive review of the geology and historic drill results of the Ferguson Lake project by the company.
The mineralization includes mainly two styles: the massive sulphides containing base metals (nickel, copper and cobalt) and platinum-group metals (PGM), and low-sulphide material containing low base metals but high-grade PGM.
The massive sulphides vary from a metre to tens of metres thick, which was the target of historic exploration.
The low-sulphide and high-grade PGM mineralization (up to 103g/t palladium, 43.3g/t platinum, 2.58g/t rhodium) were intersected extensively from surface to a depth of over 1,200 metres and remain open laterally and down dip.
The present exploration plan focuses on the expansion of the massive sulphides targets and the delineation of potential economic resources in the high-grade PGM low-sulphide bodies.
Historic metallurgical tests were conducted on massive sulphide samples and only recovered copper, nickel and cobalt, not palladium or platinum.
The company has conducted initial metallurgical tests for the recoveries of base metals and PGM from massive sulphides, which indicated high recoveries of base metals (87-99 per cent) and PGM (90-95 per cent).
More metallurgical tests will be carried out for both massive sulphides and high-grade PGM low-sulphide samples.
“The geology and mineralization of the Ferguson Lake Project may be comparable with the Norilsk mining area of Russia, one of the world most productive area for nickel, copper, palladium and platinum,” said Kaihui Yang, the President & CEO.
“Our exploration plan is to expand the massive sulfide zones for potential high-grade large-tonnage economic base metal and PGM resources and to explore the untapped potential of the extensive low-sulfide and high-grade PGM mineralization at the Ferguson Lake Project,” he added.
Canadian North Resources Inc. is an exploration and development company focusing on metals for the clean-energy, electric vehicles, battery and high-tech industries.
Canadian North Resources Inc. (CNRI) is unchanged on the day, trading at C$2.50 per share at 4:20 pm ET.
