Equity Research firm, eResearch Corp., recently published a 43-page Update Report on Canadian North Resources Inc. (TSXV: CNRI | OTCQX: CNRSF | FSE: EO0) that is available to download for free at www.eresearch.com.

CNRI is a Canadian-based mineral exploration and development company that explores for base metals, platinum group metals (PGMs), and precious metals in Nunavut, Canada and has a 100%-ownership interest in the Ferguson Lake Project (“FLP”). The FLP comprises an area of 253.8 square kilometres (over 62,715 acres) and hosts ten zones of mineralization, containing copper, nickel, cobalt, platinum, palladium, rhodium, and gold, along a 15-kilometre trend.

The Update Report provides a summary of activities since eResearch’s Initiation Report in July 2022 as CNRI continues to advance and de-risk the project. In 2022, CNRI invested $14.9 million on exploration and evaluation assets, which included, an 18,144-metre drill program and staking of all of the known mineralized zones and outcrops in the Ferguson Lake area as well as two new nearby gold projects, the Quartzite Lake Project and the Mac Island Prospect. This year, the company is partially through a 20,000-metre drill program.

In the report, Analyst Chris Thompson provides a valuation model based on factors that include an adjusted mineral resource, 2025 commodity prices, and a fully diluted share count. Investors can learn more about the valuation by downloading the report.

Dr. Kaihui Yang, the President & CEO of CNRI recently commented, “Based on the results of the 18,144-meter drilling completed in 2022, we have commenced a new 20,000-meter drilling program at our 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project during the past quarter. We continue to expand the mineral resources from the current resource model and to test the lithium potential in the 256.8 km² area of mining leases and exploration claims.”

In 2022, CNRI published an updated NI 43-101 Mineral Resource Estimate (“MRE”) on the FLP that contains an Indicated Mineral Resource of 455 million pounds (Mlb) copper at 0.85%, 321 Mlb nickel at 0.60%, 37.5 Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38 grams per tonne (g/t), and 0.18 Moz platinum at 0.23 g/t; and an Inferred Mineral Resource containing 947 Mlb copper at 0.91%, 551.5 Mlb nickel at 0.53%, 62.4 Mlb cobalt at 0.06%, 2.12 Moz palladium at 1.4 g/t, and 0.38 Moz platinum at 0.25 g/t.

Since the 1950s, more than $160 million was invested in exploration at the project, comprising over 200,000 metres of drilling and site infrastructure, including an airstrip, a 55-person base camp, and various vehicles and equipment. The initial focus of the project was on the base metals, but CNRI has broadened the scope to explore for base metals, PGMs, including rhodium, as well as gold, silver, and pegmatites that may contain lithium.

Northern Canada has emerged as a new mining and exploration hotspot with projects in Nunavut, the Northwest Territories, and the Yukon. Companies such as Agnico Eagle Mines (TSX: AEM), with its Meadowbank and Meliadine mines, and B2Gold (TSX: BTO) with its Back River project are also active in Nunavut.

Canadian North Resources Inc. is currently trading above C$2.10 with a market cap of more than C$220 million but with an existing resource to build upon, and a 15-kilometre trend with ten zones of mineralization, eResearch believes there is upside potential for resource and the stock price.

For more information about eResearch's 43-page Update Report on CNRI, please visit eResearch's website (www.eresearch.com).

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