Churchill Resources Announces Exercise of Option and Acquisition of 100% Interest in Mineral Properties in Western Newfoundland
18 October 2022 - 10:30PM
Churchill Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce that it has exercised an existing option to acquire a
100% interest in certain mineral properties with prospective
nickel, copper and cobalt targets located in the White Bay South
region of western Newfoundland, approximately 50 kilometers
north-northeast of the Town of Deer Lake (the
“
Properties”). Prior to, and in connection with,
the Company’s go-public transaction in June, 2021, a subsidiary of
the Company entered into an option agreement (the “
Option
Agreement”) with Altius Resources Inc.
(“
Altius”) to acquire a 100% interest in the
Properties, subject to a new 1.6% gross sales royalty on the
Properties in favour of Altius (the
“
Transaction”).
The properties form part of Churchill’s Taylor
Brook Project, and consist of two contiguous map-staked licenses
containing 226 claims totalling 56.5 km2, which has known high
grade Ni-Cu-Co mineralization at surface and shallow drilled depths
from previous work carried out on the project. Since entering into
the Option Agreement, the Company has issued an aggregate of
11,423,180 common shares to Altius (of which 9,000,000 common
shares were issued today) and incurred the required cumulative
exploration expenditures in connection with the Properties.
Churchill has carried out a great deal of exploration on the
project since entering into the Option Agreement, and recently
announced high-grade drill hole and channel sample results from
summer 2022 work.
Paul Sobie, CEO of Churchill stated “We are very
pleased to exercise the option at Taylor Brook and welcome Altius
as our largest shareholder. In the two years since we entered
discussions with Altius on nickel projects of merit, we’ve
succeeded in taking Churchill public and showing the potential of
Taylor Brook, with constant support from Altius. We look forward to
continuing the partnership and the evaluation of the magmatic
nickel system at Taylor Brook.”
The 9,000,000 common shares acquired by Altius
pursuant to the Transaction represents approximately 13.1% of the
then issued and outstanding common shares of the Company
immediately prior to the Transaction, Altius owned 3,797,126 common
shares representing approximately 6.3% of the issued and
outstanding common shares of the Company. Upon completion of the
Transaction, Altius owns 12,797,126 common shares representing
approximately 18.6% of the issued and outstanding common shares of
the Company.
Altius acquired the common shares as part of the
payment under the Option Agreement for the acquisition of 100%
interest in the Properties. Altius may, from time to time, increase
or decrease their holdings of common shares of the Company,
depending on market and other conditions.
Further information concerning the Transaction
is contained in the Early Warning Report filed by Altius on SEDAR.
A copy of the Early Warning Report may also be obtained by
contacting Chad Wells, Vice President, Business Development, Altius
Minerals Corporation, Tel. 1-877-576-2206.
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
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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