The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Mining Explorers 2024 - January 15, 2025
Ferguson Lake is estimated to hold up to 455 million lb of copper, 321 million lb of nickel, and 37.5 million lb of cobalt in indicated resources, with an additional 947 million lb of copper, 551.5 million lb of nickel, and 62.4 million lb of cobalt in inferred resources.
From a massive resource expansion and eco-friendly bioleaching breakthroughs to strategic financial growth and strengthened community partnerships, Canadian North Resources Inc. propelled its Ferguson Lake project forward in 2024, establishing it as one of North America's most promising critical metals developments for clean energy and high-tech industries as it moves into 2025.
Following extensive drilling and geophysical work in 2023, which revealed higher-grade deposits and expanded mineralized zones, Canadian North entered 2024 focused on refining Ferguson Lake's resource potential and advancing its development roadmap.
Borehole geophysical surveys conducted early in the year reinforced the mineral prospectivity of the West Zone, revealing extensions of nickel-copper-cobalt-platinum group metals (PGM) sulfide zones beyond previously defined boundaries. Mineralization was traced over 200 meters down-dip to depths of 650 to 800 meters, highlighting significant opportunities for lateral and vertical resource expansion.
Utilizing these findings, Canadian North unveiled an updated NI 43-101 mineral resource estimate incorporating 39,270 meters of drilling in 145 holes.
According to the latest estimate, Ferguson Lake now hosts 24.3 million metric tons of indicated resources averaging 0.85% copper (455 million pounds), 0.60% nickel (321 million lb), 0.07% cobalt (37.5 million lb), 1.38 grams per metric ton palladium (1.08 million ounces), and 0.23 g/t platinum (180,000 oz). The inferred resource totals 47.2 million metric tons averaging 0.91% copper (947 million lb), 0.53% nickel (551.5 million lb), 0.06% cobalt (62.4 million lb), 1.4 g/t palladium (2.12 million oz), and 0.25 g/t platinum (380,000 oz).
This updated estimate showcased a nearly 200% increase in indicated resources, successfully upgrading a substantial portion of inferred resources while significantly expanding the project's overall resource base.
"This new mineral resource estimate has demonstrated the project is one of the largest and highest-grade undeveloped critical mineral projects in North America," said Canadian North President and CEO Kaihui Yang. "In particular, Canadian North believes the large and high-grade Open Pit Indicated Mineral Resource provides a solid base for the first development phase for building a potential producing mine."
To complement the resource expansion, Canadian North initiated a series of metallurgical tests early in 2024.
These studies evaluated flotation-gravity and hydrometallurgical methods to optimize ore processing and enhance metal recoveries, focusing on producing high-grade copper, nickel, and platinum group metal (PGM) concentrates.
Results from this testing would also enable the company to potentially see the use of new technologies, such as bio-hydrometallurgy, something that would significantly reduce the carbon footprint of a mine at Ferguson Lake.
Alongside metallurgical advancements, Canadian North reinforced its development strategy with critical financial milestones. Over the course of 2024, the company raised more than C$17 million (US$12.13 million) through a combination of warrant exercises and other financing activities, significantly bolstering its financial position to support ongoing exploration, metallurgical research, and preliminary project evaluations.
Following its successful fundraising efforts, Canadian North turned its attention to advancing technical evaluations at Ferguson Lake in the latter half of the year. These efforts centered on metallurgical optimization and refining resource models to support development planning.
Concurrently, early-stage infrastructure assessments began to explore sustainable strategies, aligning the project with global clean energy objectives.
Right in line with sustainable strategies, the company deepened its engagement with local communities and regional stakeholders, with Canadian North formalizing a Community Engagement Support Program in September with the Government of Nunavut.
This entailed hosting a site visit for elders and members of the Baker Lake community, providing access to the exploration camp and a helicopter tour of the area. Participants shared insights on the region, offering guidance for project development and environmental studies.
To close out the year, Canadian North reported significant progress in its technical and environmental programs for Ferguson Lake. This included the completion of a high-resolution lidar survey, which provided detailed data to support infrastructure planning and engineering.
Metallurgical testing continued, with preliminary bioleaching trials achieving nickel and cobalt extraction rates as high as 98%, demonstrating potential for significantly higher recoveries compared to traditional flotation methods.
The company also conducted baseline water and soil sampling, wildlife habitat studies, and exploration trail planning as part of its environmental assessments. These programs provide essential data for future drilling and potential mine development.
Additionally, reinterpreted historical electromagnetic data generated new drilling targets, further outlining opportunities for resource expansion along Ferguson Lake's mineralized belt.
By the end of 2024, Canadian North had advanced critical programs supporting the potential development of Ferguson Lake. These efforts contribute to the long-term viability of the project as the company continues exploration and technical evaluations into 2025.
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