Highlights:

• Developing a mineral processing flowsheet with low-carbon footprint bio-leaching technology for the Ferguson Lake Ni-Cu-Co PGE project
• Expanding metallurgical programs from initial bio-leaching tests indicate metal extraction of 97.8-98.9% nickel and 96.0-97.7% cobalt, to high recoveries of coper, nickel, cobalt and PGE metals.
• Evaluation of multiple metal processing technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint green mine.
  

TORONTO, March 03, 2025 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. (“Canadian North” or the “Company”) (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report the start of a new and extensive metallurgical program following the successful technical evaluation of bioleaching technology for the Ferguson Lake copper, nickel, cobalt, palladium and platinum project (“the Ferguson Lake Project”).

“Highly encouraged by the exceptional results of the bio-leaching tests completed in 2024,” said Dr. Kaihui Yang, President and CEO of the Company, “We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet will simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leaching is a promising technology for developing a low-cost, low-carbon footprint green mine at the Ferguson Lake project.”

Previous results from bio-leaching amenability tests held during summer and fall 2024 indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) (Table 1) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. It is believed that the Cu extraction rate can be significantly improved with additional testing. (Refer to the Company’s Press Release dated on October 21, 2024)

Table 1: Initial bio-leaching test results for the two samples from the Ferguson Lake project

The Company has chosen to continue working with its scientific partner, RPC at its laboratory in Fredericton, New Brunswick, to further advance and evaluate various applications of bio-leaching technology for the Ferguson Lake project since early May 2024. The new bio-leaching tests will be carried out on a 100kg massive sulphide sample collected from outcrop in the Central Zone. For these tests RPC uses indigenous bacteria cultivated from the massive sulphide out collected at surface of outcrop and in water samples. The new bio-leaching program consists of a two-phased approach over the course of 2025 with the goal of achieving multiple milestones.

Phase 1: Continued extensive bio-leaching metal testing for the extractions of Ni, Co and Cu. This first phase of the program will focus on testing various conditions for whole ore bio-leaching treatment as the Ferguson Lake massive sulphide is highly amenable to such process. Various processing methods will be used to establish leach extraction rates. Testing will include various ore and grind sizes up to ¾ inch sized crushed massive sulphides to evaluate effect of crush size. The extracted bio-leaching solution from semi-continuous testing will be put through scoping precipitation tests to better understand the mobility of various metals under controlled conditions. RPC will then design a new conceptual flowsheet by incorporating the optimal operating conditions found, process flowsheets, operating conditions, and reagent consumptions where possible.

Phase 2 of the metallurgical program will evaluate various metal recovery options from the pregnant bio-leaching solution and the residual product. These tests will focus on recovering copper metal, nickel and cobalt as metals and/or Mixed Hydroxide Precipitate (MHP) and as battery grade sulphates, PGE metals as well as other valuable metals (e.g. gold, silver) and by products. The tests will also include the removal of impurities and treatment of tailings.

The extremely high nickel and cobalt and encouraging copper extraction rates from bio-leaching tests in 2024 suggests the possibility of the successful recovery of nickel, cobalt and copper from the current mineral resources of the Ferguson Lake project. The latest resource estimation, filed on May 3, 2024, was based on the metal recoveries (29-51% Ni, 48-89% Co, 78-95% Cu, 60-76% Pd, 60-70% Pt) of the flotation process on massive sulphides (MS) and PGM-enriched low sulphide (LSPGE) materials. Bio-leaching, with its much higher metal extraction capabilities, will substantially increase the value of the current mineral resources and potentially allow the Company to add substantial lower-grade mineralized materials as economic mineral resources. Ongoing Ni-Cu-Co-Pd-Pt flotation-gravity testing continues in parallel with the bio-leaching test program.

About RPC and bio-leaching technology:

RPC is a respected research and technology organization providing specialized engineering, scientific and laboratory-based services, based in New Brunswick, Canada. RPC’s engineers and scientists are supported by world-class analytical chemistry, air quality and material-testing laboratories and a wide variety of pilot facilities for the development and improvement of industrial and environmental processes and products.

Bio-leaching is a proven technology that uses naturally occurring oxidizing bacteria to extract nickel, cobalt, copper and precious metals from sulfides. Operating at low temperatures with minimal power consumption, this low-cost, clean technology is a more environmentally friendly alternative than high-temperature and pressure processing methods such as hydrometallurgy, smelting and refining. While bio-leaching has been applied in mines worldwide, not all of ores are amenable to this process, and metal extraction can vary significantly depending on ore mineralogy.

Qualified Person:

Dr. Trevor Boyd, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards and has reviewed the technical content of this news release and has approved its dissemination.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada.

The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to “Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada (“the Technical Report”)”, prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at http://www.sedar+.com on May 3, 2024. The Technical Report has also been posted on the Company’s website at www.cnresources.com .)

Further information please visit the website at www.cnresources.com,

or contact:

Dr. Kaihui Yang, President and CEO

Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)

Email: info@cnresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.