Canadian North Resources announced the completion of an unprecedented 21,126 meter diamond drilling program on their 100%-owned Ferguson Lake Project, located in Nunavut, Canada. The successful program was designed to delineate an area of high-grade uranium mineralization for potential development.
Recently acquired by Canadian North Resources, the Ferguson Lake project exhibits layered mafic-metal lithologies with significant uranium mineralization potential. The 21,126 meter diamond drilling program was aimed to investigate the depth and shape of the mineralized system, as well as test the strike and width extensions of the mineralized zones.
Using two drill rigs from Terra Logistics, the diamond drilling preceded a 7,000-meter reverse circulation enhancing the opportunity for significant discoveries. The objectives are to outline an economically viable uranium deposit at the Ferguson Lake Project.
The mineralization is hosted within quartz, carbonate, clay, and pyrite minerals in two distinct parallel zones – mineralized Zones A and B – with lesser mineralized Zones C and D oriented in a northwest to southeast direction.
Surface divert, angled, and in-fill drilling intersected uranium mineralization in all four target zones, supporting the potential for an economically viable uranium deposit. The mineralized drilling results will be incorporated into the mineral resource zone calculations, which is expected to outline a technical level Feasibility Study.
Canadian North Resources plans to evaluate the current drilling results to define the Ferguson Lake Project mineral resource zones and improve their overall understanding of the geology, mineralization and structure of the region.
The result of this exploration will open the way for a full Feasibility Study and permit the move towards establishing a viable uranium resource project in Newfoundland. Canadian North Resources is ready to move into the next phase of this project and further realize its potential.