Canadian North Resources Inc. (TSXV: CNRI) (OTCQX: CNRSF) (FSE: EO0) restarted its drilling campaign at the Ferguson Lake Project in Nunavut after a three week pause for regional caribou migration.
The company said on Thursday it had finished its first 6,151 metres of drilling on the project during the spring.
The Ferguson Lake project is focused on the exploration and development of various base metals, platinum-group metals (PGMs), and potentially lithium minerals. The main mineralized horizon stretches for approximately 15 kilometers and contains deposits of nickel, copper, cobalt, palladium, and platinum.
The primary objectives of the drill program at the Ferguson Lake project encompass several key areas of focus. Firstly, the project aims to expand and enhance the near-surface mineral resources in the west and east zones. This involves conducting additional drilling and exploration activities to gain a better understanding of the size and quality of deposits containing base metals, such as nickel, copper, and cobalt, as well as platinum-group metals (PGMs) like palladium and platinum.
Secondly, the drill program seeks to identify and characterize potential new near-surface mineral resources in the sub-parallel M-Zone and A51 Zone. These areas are considered prospective for additional deposits of base metals, and potentially for lithium. By conducting exploration activities in these zones, the project aims to assess the presence and potential value of these resources.
Lastly, the drill program focuses on testing targets along the extension zones, which include the east extensions of the east zone and A51 Zone, as well as the west zone south and south discovery zone. The objective is to investigate these areas and determine the presence of mineral resources, while also evaluating their economic viability.
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Canadian North Resources continuing with its 20,000 metre drill program
“The company is continuing its planned 20,000-metre drill program in 2023, based on the results of the exploration program completed in 2022,” said Trevor Boyd, the vice president for exploration of Canadian North Resources.
“We are presently operating with three drills testing targets along strike west of the West Zone, east of the East Zone and down-dip. A fourth drill will be added to the program soon in late June to test targets outside the main horizon.”
The ongoing drill program at the Ferguson Lake project will maintain its focus on two key aspects: near-surface open-pit resource definition and the expansion of both Ni-Cu-Co-Pd-Pt-bearing massive sulphides and footwall disseminated sulphide PGE mineralization zones along the main mineralized horizon.
The potential for expansion in these mineralization styles was initially indicated by the mineral resource model and further validated through drilling programs conducted in 2022 and the spring of 2023. The results of the drill holes completed in the spring of 2023 are currently pending assay analysis.
In addition to drilling, the company plans to carry out several other activities to support exploration efforts. This includes conducting in-hole geophysical surveys, surface sampling, and mapping programs. These activities will be focused on the Ni-Cu-Co-Pd-Pt and lithium targets within the 253.8 km2 area covered by mining leases and exploration claims at the Ferguson Lake property.
The combination of drilling, geophysical surveys, surface sampling, and mapping programs aims to further advance the understanding of the mineralization potential within the project. It will contribute to resource definition, expansion, and evaluation of both existing and new target areas, ultimately guiding future exploration and potential mining operations at the Ferguson Lake property.
Nunavut has substantial resource reserves
Nunavut is widely recognized as a frontier district with abundant mineral resources, making it an immensely promising region for exploration and development. With a land area comparable to that of Western Europe, Nunavut boasts substantial reserves of iron ore, diamonds, and oil and gas. Additionally, the region is a treasure trove of critical minerals, further adding to its mineral wealth and potential for resource extraction.
Earlier this week, the federal government accused Agnico Eagle Mines (TSX: AEM) (NYSE: AEM) of not fulfilling its commitments to safeguard migrating caribou at the Meadowbank gold mine in Nunavut.
“Agnico Eagle Mines has failed to close roads as required while migrating caribou are passing,” states Kyle Amsel, Crown-Indigenous Relations and Northern Affairs Canada resource management officer, in a letter.
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