Churchill Resources to Commence Drilling September 16 at Taylor Brook Magmatic Intrusive Complex; Large Tonnage Nickel Target added at Florence Lake

TORONTO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an update on its on-going fieldwork at Taylor Brook and upcoming work on the Florence Lake nickel project. Highlights include:

Paul Sobie, CEO, commented:

“All is ready for the Taylor Brook drill program commencing on the 16^th of September, with drill pads constructed and geophysical surveys completed at Target TB-01 on the TBSL-1 Grid. Large-loop Time Domain Electromagnetic (“TDEM”) survey crews have moved 5km north to the Layden Extension Grid, where access and drill pad construction will also be taking place for Target TB-06. The geophysical crew will move back to TB-01 for Borehole Electromagnetic (“BHEM”) and Televiewer surveying of the TB-01 drillholes as they are completed. IP/CSAMT survey and line-cutting crews are taking a well-deserved break before work begins extending the grids to cover more of the 13km magmatic trend containing targets TB-01 and TB-06.  

“At Florence Lake we’ve added a very large, bulk-tonnage nickel target to our portfolio in addition to our numerous high-grade targets in the greenstone belt. The Seahorse Lake Ultramafic Intrusive spans some 7.5km x 1km based on its magnetic signature. Historical grab sampling by Falconbridge returned pervasive surface nickel assays in the 0.2 to 0.4%Ni range, consistent with similar ultramafic intrusions being evaluated in Ontario, Quebec, BC, and Alaska. Seahorse lies ~70km west of the deep-water port of Postville, and an all-weather road proposed along the Labrador coast would pass within 15km of the property, greatly enhancing Florence Lake Project economics.”

Florence Lake Seahorse Bulk-Tonnage Nickel Prospect

The Seahorse Lake ultramafic intrusive body was first noted by Noranda in 1990, and grab sampled systematically by Falconbridge in 1991. A recent (2022) aeromagnetic survey flown by the Geological Survey of Canada indicates an intense magnetic anomaly associated with the ultramafic intrusion, the majority of which lies on CRI ground to the south of the Florence Lake Camp (Figure 1).   Falconbridge samples include a large number in the 0.2i to 0.4%Ni range over about 5km of the intrusive. The Company plans prospecting and sampling work in September-October to ground truth the 43 high-grade targets identified in 2022 on the property, as well as extending the surface sampling of the Seahorse Lake intrusion the full 7.5km.  

Figure 1 – Seahorse Lake Total Magnetic Intensity Signature with Falconbridge 1991 Surface Sampling

About Churchill Resources Inc.

Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

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 (“NI 43-101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University and is independent of the Company for the purposes of NI 43-101.

Further Information

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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 completion of the Offering on the terms described herein or at all, receipt of all required regulatory approvals in order to complete the Offering, the intended use of proceeds from the Offering, 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 and costs and financing availability.

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 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; 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; 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.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ac50eeb-faf2-4b27-bde1-ee51b3d54eb6

Figure 1

Seahorse Lake Total Magnetic Intensity Signature with Falconbridge 1991 Surface Sampling