Canadian North receives Nunavut DIG grant
For exploration of Ferguson Lake critical minerals project North of 60 Mining News – May 19, 2023
Last updated 6/1/2023 at 11:49am
Canadian North Resources Inc. May 16 announced that it has been awarded a C$250,000 grant through Nunavut's Discover, Invest, Grow (DIG) program for exploration at the company's Ferguson Lake nickel-copper-cobalt-platinum group metals project in the territory's Kivalliq region.
"We are thrilled to have been awarded this grant from Nunavut's Discovery Department of Economic Development and Transportation," said Canadian North Resources President and CEO Kaihui Yang. "It is an honor and a recognition of the exploration achievements to-date for the Ferguson Lake project."
Canadian North burst onto the mineral exploration scene in the spring of 2022 with a C$22 million financing and listing on the TSX Venture Exchange.
With a substantial treasury, the company launched a C$11 million exploration program in April of last year that included the recalculation of a historical resource estimate for Ferguson Lake, 18,144 meters of drilling, as well as mapping geophysics, and metallurgical testing.
According to the new calculation completed last June, Ferguson Lake hosts 24.3 million metric tons of indicated resource averaging 0.85% (455.4 million pounds) copper, 0.6% (296.3 million lb) nickel, 0.07% (37.5 million lb) cobalt, 1.38 grams per metric ton (1.08 million oz) palladium, and 0.23 g/t (180,000 oz) platinum; plus 47.2 million metric tons of inferred resource averaging 0.91% (946.9 million lb) copper, 0.53% (551.5 million lb) nickel, 0.06% (62.4 million lb) cobalt, 1.4 g/t (2.12 million oz) palladium, and 0.25 g/t (380,000 oz) platinum.
Canadian North reports that all 68 holes drilled last year – 27 infill and 41 step-out holes – cut mineralization in the East and West zones of a mineralized horizon that extends for roughly 15,000 meters along strike.
Highlights from the 2022 drilling include:
• 31 meters averaging 1.28% copper, 0.81% nickel, 0.09% cobalt, 2.02 g/t palladium, and 0.29 g/t platinum from a depth of 55 meters in hole FL22-442.
• 28.45 meters averaging 0.8% copper, 0.52% nickel, 0.06% cobalt, 1.38g/t palladium, and 0.19 g/t platinum from a depth of 30 meters in hole FL22-443.
• 10 meters averaging 1.72% copper, 0.81% nickel, 0.07% cobalt, 2.07 g/t palladium, and 0.23 g/t platinum from a depth of 123 meters in hole FL21-436.
• 21 meters averaging 1.11% copper, 0.71% nickel, 0.1% cobalt, 1.29 g/t palladium, 0.15 g/t platinum, and 0.050 g/t rhodium from a depth of 13 meters in hole FL22-470.
Canadian North reopened its 55-person camp at Ferguson Lake in March and began a 20,000-meter drill program in 2023 to further expand the mineralized zones along and surrounding the 15,000-meter-long main mineralized horizon.
The company will also carry out the first its first lithium-specific exploration program this year to investigate extensive pegmatites identified over a 253.8-square-kilometer area of its 100%-owned Ferguson Lake property.
Canadian North says it carries out its exploration at Ferguson with a strong emphasis on community engagement and environmental stewardship.
"The support from Nunavut's Discovery Program further validates our commitment to responsible exploration practices and strengthens our relationship with the local community and government," said Yang.
Canadian North has received an initial contribution of C$125,000 under the Nunavut DIG program, and an additional $125,000 is expected upon the submission of an exploration report that was completed in April.