Churchill Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce final 2022 results from its work on the Florence Lake
and Taylor Brook properties both in Newfoundland and Labrador (NL),
Canada.
Paul Sobie, CEO, remarked that “2022 was our
first full year working our NL projects and we accomplished much in
advancing the high-grade nickel discovery potential on both Taylor
Brook and Florence Lake. Drilling and channel sampling of the
partially outcropping Layden Intrusive on Taylor Brook has
successfully exposed both high-grade massive and net textured
nickel-copper-cobalt mineralization at shallow depths over
approximately 200m of strike – now we must follow those
intersections to depth. In all, CRI has intersected the high-grade
nickel zones at Layden and the adjacent Western Dyke with eight
drillholes (including hole TB22-30 reported below) with the deepest
intersection at ~100m vertical.
Regionally we have now confirmed through age
dating, petrography, and geochemistry that the host gabbronorite
intrusive to the nickel mineralization at Layden is of the same
relative Silurian age as the large adjacent Taylor Brook Gabbro
Complex, and that the linear Layden intrusive extends for 5km, with
magnetics suggesting at least another 3km of strike. Soil sampling
has located a highly anomalous area ~2.5km southeast of Layden
along the trend, now designated TBS-1, where mineralization likely
outcrops, for early 2023 follow-up. We are
provisionally planning for 5000m of drilling in 2023 that will
include Layden targeted drilling focused on the high-grade system,
as well as scout holes at new targets.
At Florence Lake we are very encouraged by the
large number of nickel-cobalt soil anomalies with coincident VTEM
conductors that have been defined. Most have seen little or no work
by past explorers and therefore represent potential new discoveries
of high-grade nickel mineralization. These types of magmatic system
are known to contain multiple deposits at Raglan, Thompson, and
Timmins in Canada as well of course as Kambalda, in Western
Australia. Work is well along for planning and permitting the camp
and a 5000m drill program on the project in the summer, 2023, to be
assisted by detailed magnetic and LiDAR surveys this spring.”
Florence Lake Project 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.
Fig. 1
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 and 1997. The CRI work to date has
included compilations of all past work, a detailed helicopter VTEM
electromagnetic and magnetic survey, and collection of ~2,870 soil
samples. Results reported here include 524 additional samples
collected and analyzed since the news release on 9 November, 2022.
As well the Company has purchased and shipped to Postville much of
the heavier items needed for construction of a field camp on the
property.
Figure 1 below presents B-horizon soil sample
results for Ni along with VTEM conductor axes, nickel showings and
past drilling. Based on Ni, Cu, Co, Cr and Mg anomalies from the
2022 soil sampling work, at least twelve new target areas have been
identified along with the known showing areas on the CRI grids.
Critically, the new targets represent geochemical footprints that
are similar-sized to much larger than the known showings; none of
the twelve areas have been drilled in past exploration programs.
Metal contents at the new targets are anomalously high, ranging
between 500ppm Ni up to 0.16% Ni in sample 904061 from new target
area #7 – previously unexplored. All these areas are being compiled
in detail for drill program planning purposes.
As well at Florence Lake the Company is planning
a detailed helicopter-based magnetic gradient and LiDAR surveys,
both of which will be integrated into the detailed and regional
compilations in progress. Work has commenced on an NI43-101 report
on the project, which will provide recommended drilling and ground
geophysical programs for the upcoming summer/fall field season.The
Company is planning on a 5,000m drilling program, based out of a
new camp to be established on Florence Lake, and supported out of
Postville and Happy Valley-Goose Bay.
Taylor Brook ProjectThe 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.
CRI’s regional work at Taylor Brook is focused
on following a magnetic trend hosting 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 from the
first 1888 samples collected on 100m spaced lines were announced on
November 9th, 2022, are augmented by an additional 1617 samples
collected during October and November, 2022; the entire dataset are
shown in Figure 2.
The 2022 soil sampling results continue to
emphasize the anomalous nickel (plus cobalt, chromium and
magnesium) values associated with the Layden Intrusive Trend, and
critically point to several areas with much more anomalous nickel
in soil results then the known outcropping Layden Showing
mineralization – all to the southeast and towards the Taylor Brook
Gabbro Complex. Line-cutting was completed at the TBS-1 anomaly
before operations ceased due to heavy snowfall in mid-November. The
Company is excited by anomaly TBS-1 which lies on the Taylor Brook
South licenses which were added to the original Altius property in
2022. Stripping and trenching will follow detailed prospecting in
the Spring.
Fig. 2
The balance of the Company’s 2022 drilling
campaign included eleven additional holes beyond the nine holes
announced on October 11th, 2022, all tabulated below in Table 1.
The highlight from the additional drilling was hole TB22-30 which
was drilled to intersect a small BHEM plate within the high-grade
southern area of the Layden Intrusive. The hole intersected 1.79%
Ni, 0.24% Cu and 0.04% Co over 1.46m at 124.57m representing one of
the deeper intersections of high-grade mineralization. Most of the
later holes in the 2022 program were drilled for geological
purposes to better delineate the Layden gabbronorite intrusive as
well as the contained mineralized breccia unit within where
low-grade nickel, copper and cobalt values have been
Hole Name |
UTM X |
UTM Y |
Elevation |
Dip |
Azimuth |
Target |
Metres Drilled |
EOH (m) |
Mineralization |
TB21-01E |
483870 |
5498170 |
227.86 |
-88 |
220 |
Extended for BHEM Surveying |
51 |
253 |
not sampled |
TB21-10E |
483868 |
5498167 |
229.00 |
-45 |
45 |
Extended for BHEM Surveying |
151 |
352 |
not sampled |
TB21-11E |
483845 |
5498205 |
222.13 |
-50 |
181 |
Extended for BHEM Surveying |
132 |
349 |
not sampled |
TB21-13E |
483874 |
5498166 |
230.92 |
-53 |
360 |
Extended for BHEM Surveying |
198 |
379 |
not sampled |
TB22-14 |
483840 |
5498165 |
227.78 |
-63 |
229 |
BHEM Plate 11-1 |
109 |
109 |
missed plate, not sampled |
TB22-15 |
483840 |
5498165 |
229.40 |
-45 |
213 |
BHEM Plate 8-1 |
46 |
46 |
1.65%Ni, 0.41%Cu, O.03%Co / 2.35m from 5.2m 2.79%Ni, 0.54%Cu,
0.05%Co / 4.44m from 9.58m |
TB22-16 |
483841 |
5498167 |
229.11 |
-82 |
220 |
BHEM Plate 12-1 |
166 |
166.3 |
missed plate, not sampled |
TB22-17 |
483842 |
5498165 |
230.60 |
-77 |
197 |
BHEM Plate 12-1 |
202 |
202 |
weak Layden Bx / 48m from 136.45m, locally anomalous in Ni, Cu
& Co |
TB22-18 |
483842 |
5498165 |
230.43 |
-77.5 |
180 |
BHEM Plate 3-2 |
151 |
151 |
missed plate, not sampled |
TB22-19 |
483923 |
5498024 |
263.05 |
-48 |
231 |
BHEM Plate 5-1 |
214 |
214 |
2.43%Ni, 0.08%Cu, 0.04%Co / 0.55m from 106m |
TB22-20 |
483849 |
5498065 |
252.77 |
-45 |
0 |
Geology - N-S transect Layden Intrusive |
451 |
451 |
1.04%Ni, 0.24%Cu, 0.02%Co / 7.55m from 24.6m |
TB22-21 |
483847 |
5498066 |
252.77 |
-65 |
350 |
BHEM Plate 11-2 |
121 |
121 |
missed plate, not sampled |
TB22-22 |
483880 |
5498172 |
224.74 |
-51 |
17 |
Northern BHEM Plates |
400 |
400 |
trace to weak Layden Bx / 368m from 32m, locally anomalous in Ni,
Cu and Co |
TB22-23 |
483950 |
5498100 |
231.19 |
-70 |
360 |
Geology - SE Margin Layden Intrusive |
193 |
193 |
not sampled |
TB22-24 |
483958 |
5498118 |
231.19 |
-45 |
0 |
Northern BHEM Plates |
433 |
433 |
trace to moderate Layden Bx / 14m from 276.78mm, locally
anomalous in Ni, Cu & Co |
TB22-25 |
483950 |
5498100 |
231.19 |
-45 |
265 |
Geology - SE Layden Intrusive |
175 |
175 |
not sampled |
TB22-26 |
483879 |
5498173 |
226.32 |
-60 |
20 |
Northern BHEM Plates |
345 |
418 |
not sampled |
TB22-27 |
484114 |
5498101 |
230.90 |
-45 |
0 |
Geology - Layden Extension to the East |
85 |
85 |
not sampled |
TB22-28 |
484129 |
5498083 |
230.90 |
-45 |
0 |
Geology - Layden Extension to the East |
516 |
516 |
not sampled |
TB22-29 |
484292 |
5498010 |
219.55 |
-50 |
0 |
Geology - Layden Extension to the East |
427 |
427 |
not sampled |
TB22-30 |
483892 |
5498047 |
255.48 |
-60 |
320 |
BHEM Plate 25-1 |
151 |
151 |
1.79%Ni, 0.24%Cu, 0.04%Co / 1.46m from
124.57m |
TB22-31 |
483872 |
5498289 |
204.05 |
-45 |
45 |
Northern BHEM Plates |
350 |
350 |
not sampled |
TB22-32 |
483872 |
5498289 |
204.05 |
-65 |
45 |
Northern BHEM Plates |
350 |
350 |
weak to moderate Layden Bx /150m from 4.86m, locally highly
anomalous in Co (0.06%), anomalous in Ni and Cu |
TB22-33 |
483872 |
5498289 |
204.05 |
-90 |
0 |
Northern BHEM Plates |
322 |
322 |
not sampled |
|
|
|
|
|
|
|
5739 |
|
|
|
|
|
|
|
|
|
|
|
|
CRI defines anomalous
as >0.2%Ni, >0.1%Cu and
>0.01%Co |
Table 1 – Summary of 2022 Drilling at
Taylor Brook
intersected over 100+ metres in multiple holes.
The Company continues to interpret the breccia unit as proximal and
possibly coalescing at depth mineralization to the higher-grade
massive sulphides, with interesting metal tenors.
Plans for 2023 at Taylor Brook include
completing the NI43-101 report in progress, ground CSAMT surveys
over Layden and along the trend, and 5000m of drilling, roughly
split between deeper holes chasing the high-grade mineralization at
Layden to depth, and scout holes into anomalous areas like
TBS-1.
Fig. 3
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 Officer |
Tel. |
|
+1
416.365.0930 (o) |
|
|
+1 647.988.0930 (m) |
Email |
|
psobie@churchillresources.com |
|
|
|
Alec Rowlands, Corporate Consultant |
Tel. |
|
+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.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/188ee34a-b14e-4a3d-bb3b-35032c804d9f
https://www.globenewswire.com/NewsRoom/AttachmentNg/155695ea-7456-43f5-8b91-0c45ece2c478
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e5d2f39-bbe5-42a4-970e-f53b928731e1
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