TSX-V-listed exploration and development company Canadian North on Monday announced a C$11-million budget for its exploration plan at Ferguson Lake, in Nunavut, focusing on nickel, copper, cobalt, palladium and platinum mineralisation.
The exploration plan will include a resource estimation, a 15 000-m drilling programme, in-hole geophysical survey, surface geological mapping and geophysical survey and metallurgical testing.
Canadian North said that its exploration plan was based on a review of the geology and historic drill results. The mineralisation includes mainly two styles: the massive sulphides containing base metals and platinum-group metals (PGMs) and low-sulphide material containing low base metals, but high-grade PGMs.
“The geology and mineralisation of the Ferguson Lake project may be comparable with the Norilsk mining area of Russia, one of the most productive areas for nickel, copper, palladium and platinum,” said president and CEO Kaihui Yang.
Canadian North’s exploration plan is to expand the massive sulphides zones for potential high-grade large-tonnage economic base metal and PGM resources and to explore the untapped potential of the extensive low-sulphide and high-grade PGMs mineralisation.