Canadian North Resources Inc. (TSX-V: CNRI) (FSE:EO0) is pleased to report the geochemical assay results for the remaining 40 holes (of total 68 holes drilled) totalling 10,550 meters (of the 18,144 metres) for the diamond drilling program completed by the Company at its 100% owned Ferguson Lake property that contains base metals (nickel, copper, and cobalt) and platinum-group metals (“PGM”, mainly palladium and platinum).

Highlights of new assay results:

• 21.0m at 1.11% Cu, 0.71% Ni, 0.10% Co, 1.29g/t Pd, 0.15g/t Pt and 0.050 g/t Rh (hole FL22-470 at 13.0 – 34.0m);
• 9.90m at 0.96% Cu, 0.58% Ni, 0.09% Co, 1.03g/t Pd, 0.17g/t Pt, 0.01g/t Rh and 0.03g/t Au (hole FL22-471 at 47.50 – 57.40m);
• 16.7m at 0.48% Cu, 0.30% Ni, 0.04% Co, 0.55g/t Pd and 0.12g/t Pt (hole FL22-469 at 200.8-217.5m);
• 7.30m at 0.83% Cu, 0.76% Ni, 0.09% Co, 1.31g/t Pd, 0.19g/t Pt, 0.047g/t Rh and 0.028 g/t Au (hole FL22-478 at 39.60 – 46.90m);
• 7.60m at 0.93% Cu, 0.26% Ni, 0.04% Co, 0.74g/t Pd and 0.14g/t Pt (hole FL22-481A at 634.8 – 642.4m);
• 8.43m at 0.64% Cu, 0.30%Ni, 0.04% Co, 0.50g/t Pd, 0.14g/t and 0.06g/t Rh (hole FL22-486 at 122.87 – 131.30m);
• 9.90m at 0.34%Cu, 0.14%Ni, 0.02%Co, 0.33g/t Pd, 0.03g/t Pt, 0.03g/t Rh and 0.20g/t Au (hole FL22-490 at 28.1-38.0m) and 20.3m at 0.36% Cu, 0.24%Ni, 0.03% Co, 0.55g/t Pd, 0.08g/t Pt, 0.02g/t Rh and 0.02g/t Au (at 43.40 – 63.70m);
• 8.50m at 0.80% Cu, 0.63%Ni, 0.08% Co, 1.63g/t Pd, 0.23g/t Pt and 0.01 g/t Rh (hole FL22-492 at 231.0 – 239.5m);
• 6.00m at 0.89%Cu, 0.44%Ni, 0.05% Co, 1.16g/t Pd, 0.26g/t Pt, 0.01g/t Rh and 0.10g/t Au (hole FL22-487 at 60.7 – 66.7m);
• 9.80m at 0.34%Cu; 0.40%Ni, 0.04%Co, 0.66g/t Pd and 0.26g/t Pt, including 3.50m at 0.86% Cu, 1.07% Ni, 0.12%Co, 1.64        g/t Pd, 0.19%Pt, 0.042g/t Rh and 0.02g/t Au (Hole FL22-463 at 191.67 – 201.47m);
• 22.0m at 0.44% Cu, 0.30%Ni, 0.04% Co, 0.57g/t Pd, 0.09g/t Pt and 0.03g/t Rh, including 5.80m at 1.15% Cu, 0.73%Ni, 0.09% Co, 1.37g/t Pd, 0.23g/t Pt, 0.079g/t Rh, and 0.045g/t Au (hole FL22-494 at 28.0 – 50.0m).
• Of the 68 holes drilled, 27 infill holes confirm the continuity of the known mineralized zones for resource upgrade; and
• 37 expansion holes extend the main mineralized horizon near-surface along strike of the East Zone and the West Zone for a total of up to 1,500 metres along strike outside the block model of the mineral resource estimate (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com); and
• 4 holes testing outside the main mineralized horizon demonstrate the mineral potential of the sub-parallel trending Anomaly 51 and M zones located to the southeast of the East Zone.
• In terms of expansion potential, particularly exciting are the latest results from step-out hole FL22-486 which tested the defined continuous airborne VTEM conductor 800 metres east of the nearest furthest east historic intersection in the East Zone.
• In summary, these new assays report high assays of up to 10.0% copper, 1.81%nickel, 8.65g/t palladium, 4.43 g/t platinum, 0.186 g/t rhodium, and 2.19 g/t gold, and 49 g/t silver.

“We are excited with the additional drilling results that have confirmed the extensions of the mineralized zones outside the recent resource model (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com)” Said Dr. Kaihui Yang, the President and CEO of the Company, “The drilling results to date will expand the block model and significantly enlarge the high-grade and near-surface mineral resources for the potential mine development of the Ferguson Lake Project.”

“The drilling programs completed to date indicate the potential for further resource expansion at Ferguson Lake.” Said Dr. Trevor Boyd, the Vice President for Exploration of the Company, “The results have confirmed the continuity of the mineralized zones and expanded the near-surface mineralized zones along the strike and down dip. These results justify more aggressive drilling programs and engineering work for the Ferguson Lake project in 2023 and beyond.”

A total of 18,144 meters have been drilled in 68 holes to infill or step out from the historic holes that were previously drilled in the West Zone and the East Zone. The mineralized horizon hosting significant metal grades and widths (>2.5 meters) has been intersected in 62 out of the 68 holes. All the holes hit the mineralized zones as expected, confirming that the mineralized zones extend along strike and at depth beyond the presently defined resource boundaries for a total potential extension of the zones of approximately 1,500 metres. The new assay results are summarized in Table 1. These, together with the assay results released earlier (refer to the news release on September 12, 2022), will be added to the dataset to improve the block model and to update the Mineral Resource estimate that was announced on June 13, 2022 (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com).

West Zone (Figure 1):

In the West Zone, a total of 38 holes were drilled with 15 infilled holes and 23 expansion holes each stepping out 50-100 meters from the previous holes and confirmed the northward down-dip extension of main West and West Extension mineralized zones for 100-200 meters from the recently updated resource model (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com) and its near-surface strike extension to the east and west of the West Zone for a total potential extension of approximately 800 metres.

The assay results for those drill holes confirmed the near-surface base metal and PGM massive sulfide zones and the underlying and widening PGM-enriched low sulfide zones. The near-surface sulfide zones are massive sulfide, semi-massive sulfide and disseminated sulfide zone, with variable intersections (up to 31 m) and grades (up to 10.0% copper, 1.81% nickel, 0.40% cobalt, 2.45g/t palladium, 0.50 g/t platinum, 0.186 g/t rhodium, and 2.19 g/t gold, and 49 g/t silver). Gold, silver and rhodium are intermittently enriched along the mineralization zones in the vicinity of ultramafic rocks.

The underlain PGM-enriched low-sulfide mineralization is wide with variable intersections (up to 36m) and grades of PGM (up to 8.65g/t palladium, 4.43 g/t platinum). Copper and nickel are low in general for this type of mineralization but enriched in multiple thin layers (usually <2.5 meters) of massive or semi-massive sulfide within the thick PGM-mineralized intersections (Table 1).

Figure 1: Ferguson Lake Project – West Zone: infill and expansion drill holes completed by the Company.

East Zone (Figure 2):

In detail, 4,675 metres in 26 holes were drilled in the East Zone, with 12 infilled holes and 14 expansion holes along the near surface mineralization that has been historically drilled since the 1950s. The expansion holes were stepped out by 50 to 100 meters each from previous holes and confirmed the strike extension of the mineralization to the west and east of the East Zone for approximately 700 metres. In particular, two drill holes (FL22-486 and 486A) confirmed a new eastern extension of the mineralized zone along the strike about 800 meters from the previous hole (Inco hole 9452). In addition, four holes successfully tested adjacent near-surface satellite mineralized horizons (M-Zone and A51 Zone) to the southeast of the East Zone with encouraging results.

The additional assay results for the drill holes confirmed the near-surface massive, semi-massive and disseminated base metal and PGM sulfide zones, with variable intersections (up to 21 m) and grades (up to 4.01% copper, 1.07% nickel, 0.20% cobalt, 2.73g/t palladium, 1.38g/t platinum, 0.10g/t rhodium, 0.25g/t gold, 12g/t silver). The PGM-enriched low sulfide mineralization was also found with variable intersections (up to 11 m in hole FL22-475) and grades (1-2.0 g/t palladium and platinum) beneath the near-surface massive sulfide zone, although all the drill holes were drilled shallow (<250 m deep) to expand the near-surface mineral resources.

Figure 2 Ferguson Lake Project – East Zone: infill and expansion drill holes completed by the Company.

Table 1 Selected significant intersections for the drill holes (previously unreleased) at Ferguson Lake

Quality Assurance and Quality Control:

Canadian North Resources Inc. has implemented a quality control program for its Ferguson Lake Project to ensure best practice in the sampling and analysis of the drill cores, which includes the insertion of blanks, duplicates, and certified standards into the sample stream. NQ-sized drill core is saw cut with half of the remaining drill core sampled at intervals based on geological criteria including previous historic results, lithology, visual mineralization, and alteration. The remaining part of the core is stored on-site on the property.

Drill core samples are shipped by bonded carriers in secured containers and submitted to the ALS Geochemistry Yellowknife, Northwest Territories facility for sample preparation and forwarded to the ALS Geochemistry facility in North Vancouver, British Columbia for geochemical analyses. PGE and Gold analyses are obtained via industry standard fire assay with ICP-AES finish for Au, Pt and Pd and ICP-MS finish for Rh using 30g nominal sample weights. For samples returning greater than 10 g/t follow-up fire assay analysis with a gravimetric finish is completed. Samples are also analysed for 33 trace and major elements by ICP-AES following four-acid digestion. ALS Global quality systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.

The sampling and QA/QC program were undertaken by Company personnel under the direction and supervision of Qualified Person Dr. Trevor Boyd, P.Geo. A secure chain of custody is maintained in storing and transporting of all samples.

Qualified Person:

The technical contents of this news release have been reviewed by Dr. Trevor Boyd, P.Geo., a qualified person as defined by Canadian National Instrument 43-101 standards.

About Canadian North Resources Inc.:

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. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.

The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 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 resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to “Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, June 13, 2022, Prepared by Elisabeth Ronacher and Jamie Lavigne.” filed by the Company to Sedar.com).