Churchill Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce partial results from its regional work this summer on
the Florence Lake, Taylor Brook and Cormack properties. These
surveys have successfully begun to identify the next generation of
nickel-copper-cobalt +/- PGE targets beyond those known from
historical work, on all three of these Newfoundland and Labrador
properties.
Florence Lake Project The
property is host to several Raglan-type ultramafic-hosted massive
and disseminated sulphide nickel showings, and was last explored by
Falconbridge, and latterly Tapestry Ventures, between 1990 and1997.
The CRI work to date has included compilations of all past work, a
detailed helicopter electromagnetic and magnetic survey and
collection of ~3200 soil samples of which results have been
received for 2,346 as reported here.
Figure 1 below presents B-horizon soil sample
results for Ni, Cu and Co along with conductor axes, nickel showing
locations and past drilling. Highlights include two samples
requiring follow-up assays, of which sample 902700 located ~ 35m
from the known Baikie Showing returned 1.0% Ni along with highly
anomalous Co, Cu and Cr values. Sample 904061 returned 0.16% Ni and
similarly highly anomalous Co, Cu and Cr values, and is in an
unexplored area of the property with a strong coincident EM
response. The Company is particularly encouraged by the anomalous
results being seen over its newly identified extensive conductor
trends.
Fig. 1 – Soil Sample
Assayshttps://www.globenewswire.com/NewsRoom/AttachmentNg/9741dfd6-2d4c-4e20-8e1b-f636347834de
The Florence Lake project consists of four
map-staked licenses totalling 316 claims (69km2) located
approximately 70km west of the coastal community of Postville in
central Labrador. CRI entered into a two-year option agreement with
Altius Resources Inc. (“Altius”) to acquire a 100% interest in the
property, subject to a 1.6% gross sales royalty on any metals
produced, in an agreement dated June 24, 2021.
Taylor Brook ProjectCRI’s
regional work at Taylor Brook is focused on following a magnetic
trend known to host a near-surface linear intrusive body thought to
be the conduit to the Ni-Cu-Co bearing Layden gabbronorite body
which has been drilled and channel sampled by the Company over the
past 12 months. Examples of massive, net-textured and breccia-type
mineralization have been intersected with initial results announced
in a news release dated October 11th, 2022.
Highlights of the soil sampling results thus far
from 1853 samples collected on lines 100m apart, are presented
below, emphasizing areas now being followed up to 3km to the south
of the Layden outcropping body, with line-cutting and prospecting.
Stripping and trenching will follow should mineralization be
located at surface.
Fig. 2 – Heli-GT TMI Soil Sample
Assayshttps://www.globenewswire.com/NewsRoom/AttachmentNg/f138ee04-1578-49e7-acc1-e4058880fc30
The Taylor Brook Project consists of eight
map-staked licenses containing 685 claims totalling 171.25 km2, of
which six licenses totaling 166.5km2 are 100% Churchill owned, and
two totalling 4.75km2 are in the 2nd year of 3-year options to earn
100%. Altius retains a 1.6% gross sales royalty on the Churchill
licenses.
Cormack ProjectThe Cormack
Property consists of five mineral licenses totalling 262.25km2,
which tie on to the Company’s existing Taylor Brook South block,
and cover a large portion of the regional gravity feature that
appears to host the nickel-bearing Layden Magmatic Intrusive and
the adjacent Taylor Brook Gabbro Complex. The Company completed a
first pass program in Q2 2022 of stream sediment sampling as the
terrain is ideal for this method with many drainage basins. Samples
were processed, concentrated and examined by Overburden Drilling
Management (“ODM”) in Nepean, Ontario, who were also commissioned
to interpret the results.
ODM concluded, “The objective of the program was
to evaluate the Cormack property for layered mafic intrusion(s) and
Ni-Cu-PGE prospectivity. The alluvial sampling was successful in
identifying the possible presence of a mafic/ultramafic intrusion.
Chromite is the only Ni-Cu-PGE indicator mineral present in
sufficient quantities to be of interest. The 17 samples containing
subanomalous to anomalous levels of chromite are located in the
southwestern end of the property within licences 032801M and
032802M (Fig. 3). The samples were essentially collected along the
property boundaries leaving ~15 km2 within the central portion of
the licences for future exploration. Furthermore, five of the six
samples that yielded a single gold grain each and those with the
highest pyrite counts are also located in these two mineral
licences.”
CRI is planning follow-up geophysical surveys, along with stream
sediment and till sampling in the Spring of 2023.
Fig. 3 – Chromite Sample
Locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/8d5916b7-3b5c-44da-850f-49b5af4336b2
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 soil samples were
placed in labelled, sealed kraft paper bags and delivered to
Eastern Analytical of Springdale, NL, an ISO/IEC 17025 certified
facility. OREAS Standards and blanks were inserted in the sample
batches. The samples were analysed using ICP 34 (inductively
coupled plasma) analytical protocols. Samples with over limit Ni
contents were re-assayed using Eastern’s Ore Grade Assay (multi
acid digestion) overlimit method. Quality control results,
including the laboratory’s 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
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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