Churchill Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce that surface and drilling results are returning very
encouraging high grade nickel intercepts from the Layden Magmatic
Intrusive prospect at the Company’s Taylor Brook Project in western
Newfoundland. Results include:
- 4.49% Ni, 1.24% Cu, 0.078% Co over
1.77m in hole TB22-15
- 3.04% Ni, 0.36% Cu, 0.044% Co over
1.70m in hole TB22-20
- 3.23% Ni, 0.75% Cu, 0.061% Co over
1.54m in Channel Sample 33
“These near surface high grade results are
consistent with our belief that we are on the edge of a potentially
large-scale magmatic system,” Commented Paul Sobie, Churchill’s
CEO. “The mineralization is open at depth and along strike, and we
continue to interpret that the Layden intrusive and the adjacent
Western Dyke are peripheral to a major mineralized system.”
Both drill intercepts above were included within
longer mineralized intervals, detailed in the table below. Note
that all intersections are provided as core lengths, not true
widths, which have yet to be determined.
Hole/Channel |
Meterage |
Meterage |
Length |
Ni |
Cu |
Co |
S |
Target Area |
Specific Target |
Number |
From (m) |
To (m) |
(m) |
% |
% |
% |
% |
|
|
TB22-15 |
5.2 |
7.55 |
2.35 |
1.65 |
0.41 |
0.026 |
4.30 |
Layden Intrusive |
BHEM conductor plate |
TB22-15 |
9.58 |
14.02 |
4.44 |
2.79 |
0.54 |
0.046 |
7.80 |
Layden Intrusive |
BHEM conductor plate |
including |
9.58 |
11.35 |
1.77 |
4.49 |
1.24 |
0.078 |
12.59 |
Layden Intrusive |
BHEM conductor plate |
|
|
|
|
|
|
|
|
|
|
TB22-19 |
106 |
106.55 |
0.55 |
2.43 |
0.08 |
0.044 |
6.53 |
Western Dyke |
BHEM conductor plate |
|
|
|
|
|
|
|
|
|
|
TB22-20 |
24.6 |
31.5 |
7.55 |
1.04 |
0.24 |
0.016 |
2.73 |
Layden Intrusive |
BHEM conductor plate |
including |
24.95 |
26.45 |
1.5 |
1.47 |
0.65 |
0.024 |
4.32 |
Layden Intrusive |
BHEM conductor plate |
and |
29.8 |
31.5 |
1.7 |
3.04 |
0.36 |
0.044 |
7.47 |
Layden Intrusive |
BHEM conductor plate |
|
|
|
|
|
|
|
|
|
|
Channel 33 |
0 |
1.54 |
1.54 |
3.23 |
0.75 |
0.061 |
11.86 |
Layden Showing |
Washed outcrop |
Channel 34 |
0 |
1.7 |
1.7 |
1.76 |
0.52 |
0.047 |
7.95 |
Layden Showing |
Washed outcrop |
2022 fieldwork at Taylor Brook has taken both a
detailed approach to the outcropping Layden Intrusive, coupled with
a regional exploration perspective, assessing the bigger picture
including the adjacent Taylor Brook Gabbro Complex which is of a
similar age as the nickel-bearing intrusives at Layden, and
therefore extending the area of interest to over 10 kilometres of
strike. The encouraging grades and nickel tenors (10-14% in drill
core and 7-9% in channel samples) encountered at both Layden and
the Western Dyke are confirming that massive sulphide accumulations
are present. It is thought that the Western Dyke may represent a
feeder to the Layden Intrusive, as they appear to merge based on
the 2022 drilling and mapping which confirmed a southern extension
to the host gabbronorite body (Figure 1). A compilation
of VTEM, TDEM and BHEM conductor plates in this area is in
progress. The Company will continue to evaluate this high-grade
system at depth and along strike, while regionally exploring the
Layden trend and western margin of the Taylor Brook Gabbro Complex.
We look forward to announcing further results in the coming
weeks.
Churchill has received assay results for 2022
drillholes TB22-14 to TB22-22 thus far. Significant results in
holes 15, 19 and 20 are shown in the table, and borehole locations
are shown in accompanying Figure 1. Assays for platinum, palladium
and gold are pending for these samples.
Holes TB22-14, 16, 18 and 21 did not encounter
any significant sulphide mineralization and were not sampled. Holes
TB22-17 and TB22-22 drilled through long intervals of mineralized
nickel-copper-cobalt intrusive breccias with assays reaching
anomalous thresholds (>0.2% Ni, >0.1% Cu and >0.01% Co)
with heavy dilution of the sulphide pulses, by entrained
gabbronorite and gneissic basement clasts.
The Phase 2 work program at Taylor Brook
continues to encourage the CRI technical team, and a more
comprehensive understanding of the magmatic mineralization and
structural geological nature at Layden is emerging. The broadly
similar age relationship between the Layden gabbronorite intrusive,
the mineralized Western Dyke, and the very large, adjacent Taylor
Brook Gabbro Complex is also being clarified through the use of
geochemistry, petrography and age-dating studies of core and
surface samples under the direction of Dr. Derek Wilton.
Churchill also has received assays for 35
channel samples collected from washed Layden Intrusive Breccia
outcrops within a previously excavated trench. Two channels at the
Layden Showing are reported above. All other channels sampled
dilute nickel-copper-cobalt breccia, and many returned anomalous
values as per Figure 2 below. The sulphide content of pure matrix
material within the breccias is consistent with our magmatic model,
and ongoing geological modelling work will attempt to correlate
these pulses seen on surface with those in core.
The 2022 field work at Taylor Brook began in
late April, and to date has included:
- 19 drill holes totalling 5,860m
(nine holes sampling reported here-in)
- Washing, geological mapping and
channel sampling of previously uncovered outcrops in the Layden
Showing area and along the access road
- Line cutting to expand the Layden
Grid to facilitate surface geophysical surveys
- Large loop Time Domain EM (“TDEM”)
surveys
- Borehole EM (“BHEM”) surveys on all
holes
- Televiewer and acoustical logging
surveys on all boreholes (in progress)
- High resolution 1,272-line
kilometre “Heli-GT” magnetic survey over the ~10km long Layden
Magmatic Intrusive Trend along the western margin of the Taylor
Brook Gabbro Complex.
- Collection of ~1850 soil
geochemical samples along the Layden Trend (work to recommence on
October 11th)
Drilling operations are currently halted while
borehole surveys are completed and interpreted, and all data
compiled to plan the next phase of operations.
The technical and scientific information in this
news release has been reviewed and approved by Dr. Derek H.C
Wilton, P.Geo., FGC, who is a “qualified person” as defined under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects and independent of the Company. The core and channel
samples were placed in labelled, sealed plastic bags and delivered
to Eastern Analytical of Springdale, NL, an ISO/IEC 17025 .
Standard OREAS 13b and blanks were inserted in the assay batch. The
samples were analysed using ICP 34 (inductively coupled plasma)
analytical protocols. Samples with over limit Ni, Cu and Co
contents were re-assayed using Eastern’s Ore Grade Assay (multi
acid digestion) overlimit method. Quality control results,
including the laboratory’s own control samples, were evaluated
immediately.
About Churchill Resources Inc.
Churchill is managed by career mining industry
professionals and currently holds four exploration projects, namely
Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay
in Nunavut and White River in Ontario. All projects are at the
evaluation stage, with known mineralized Nickel-Copper-Cobalt
showings at Taylor Brook, Florence Lake and Pelly Bay, and
significantly diamondiferous kimberlitic intrusives at White River
and Pelly Bay. The primary focus of Churchill is on the continued
exploration and development of the Taylor Brook and Florence Lake
Nickel Projects.
Further Information
For further information regarding Churchill, please contact:
Churchill Resources Inc.Paul Sobie, Chief Executive OfficerTel.
+1 416.365.0930 (o)+1 647.988.0930
(m)Email psobie@churchillresources.com
Alec Rowlands, Corporate ConsultantTel. +1 416.721.4732
(m)Email arowlands@churchillresources.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8bca39e-d12a-43d8-be10-1dba03fbc4d5
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a2c7e2a-91ab-44d6-a0ee-3e1653faad6a
Cautionary Note Regarding Forward Looking
Information
This news release contains "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking statements") within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans",
“proposed”, "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, the Company’s objectives, goals and
exploration activities conducted and proposed to be conducted at
the Company’s properties; future growth potential of the Company,
including whether any proposed exploration programs at any of the
Company’s properties will be successful; exploration results; and
future exploration plans.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: the expected
benefits to the Company relating to the exploration conducted and
proposed to be conducted at the Company’s properties; failure to
identify any additional mineral resources or significant
mineralization; the preliminary nature of metallurgical test
results; uncertainties relating to the availability and costs of
financing needed in the future, including to fund any exploration
programs on the Company’s properties; business integration risks;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of
gold, silver, base metals or certain other commodities;
fluctuations in currency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local
government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formations pressures, cave-ins and flooding); inability
to obtain adequate insurance to cover risks and hazards; the
presence of laws and regulations that may impose restrictions on
mining and mineral exploration; employee relations; relationships
with and claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); the
unlikelihood that properties that are explored are ultimately
developed into producing mines; geological factors; actual results
of current and future exploration; changes in project parameters as
plans continue to be evaluated; soil sampling results being
preliminary in nature and are not conclusive evidence of the
likelihood of a mineral deposit; title to properties; ongoing
uncertainties relating to the COVID-19 pandemic; and those factors
described in the most recently filed management’s discussion and
analysis of the Company. Although the forward-looking statements
contained in this news release are based upon what management of
the Company believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure shareholders that actual
results will be consistent with such forward-looking statements, as
there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements and information.
There can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such
forward-looking information, will prove to be accurate. The Company
does not undertake to release publicly any revisions for updating
any voluntary forward-looking statements, except as required by
applicable securities law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
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