Churchill Provides Taylor Brook Operational Update, Drills 3.12% Nickel over 2.61m at Layden with Winkie Rig

TORONTO, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an operational update for it’s Taylor Brook Ni-Cu-Co Project in western Newfoundland. Fieldwork has been near constant since early June and is continuing into November with a 5,000m program of deeper holes at Layden that is expected to continue through the winter. Up-to-date results from work including those from shallow Winkie drilling at Layden and property wide soil sampling are reported here.

Presently the Company has commissioned expanded CSAMT surveys at Layden, along with first coverage at the LIT-1 and TBSL-1 soil anomalies; line-cutting is in progress at TBSL-1. Mobile MT surveying has also been commissioned along the entire Layden/TBGC corridor which will augment previous detailed Heli-GT magnetic and VTEM coverage to map potential low resistivity/conductor target areas at depth as have been identified at Layden. A 5,000m drill program will commence in early November to test previously undetected CSAMT Layden targets at depths of -175m to -675m.

Winkie Drill Program Results

A ten hole, cumulative 534.5m, program was completed using an innovative drill rig fabricated by MCL Drilling of Deer Lake, NL. The rig consists of a Winkie drill, set-up for 45-degree holes, on a tracked vehicle that has a very small footprint and is suitable for ATV trails. An array of ten holes were drilled south of the Layden Showing (Figure 1) to better delineate the gabbronorite-Western Dyke area as well as high-grade intersections in holes TB-22-20 and TB-22-30. Winkie hole WD-04 was targeted on the Layden horizon and intersected 3.12%Ni, 0.68%Cu and 0.05%Co over 2.61m, consistent with the high metal tenors defined in previous Layden intersections. Holes WD-01 and WD-02 intersected narrow mineralized zones that loosely correlate with previous intersections in holes TB22-20 and 22-30 and are likely mapping a fold nose. All other holes, drilled to better map the Layden Gabbronorite, were barren of mineralization.

MCL Winkie Drill Rig on hole WD-06

Figure 1 – Winkie Drillhole Plan and Intersections

Geophysical Surveying

The Layden CSAMT survey is presently being expanded by Geophysique TMC Inc. to better delineate marginal anomalies that were detected in the original 800m x 800m survey. Following completion at Layden, the crew will move to survey the LIT-1 Ni Anomaly Grid, and thence the TBSL-1 grid, as line-cutting is completed. Expert Geophysics Limited will commence a Mobile MT survey over the entire Layden-Taylor Brook South Lobe corridor in early November, following completion of a calibration test-survey over the Layden CSAMT survey area. As well the Company is pleased to report that SHA Geophysics has completed the detailed Heli-GT expansion survey to cover the rest of the Taylor Brook Gabbro South Lobe.

CSAMT Target Drilling

MCL Drilling will be mobilizing to Taylor Brook on November 6th to commence the drill program, which is expected to run through the winter. Thus far five holes have been planned, per Figure 2, targeting compelling resistivity low features at depths between -175m and -625m below surface.

Figure 2 – Layden CSAMT Resistivity Targets and Initial Planned Drillholes

As the Layden CSAMT expansion data is received and interpreted, more holes will be planned. Each hole, including the extension of TB-21-06, will be comprehensively surveyed with BHEM and televiewer equipment by Eastern Geophysics Limited.

Soil Sampling Results

3,224 samples have thus far been collected in 2023 and results have been received for 2,969 samples, which include the TBSL-1 follow-up grid around original sample 884693 (584ppm Ni, 1172ppm Cu, 665ppm Co). The nickel anomaly at TBSL-1 has been extended to ~600m in length based on the soils, and line-cutters have commenced cutting a grid for geophysical follow-up.

Soil sampling has also advanced southerly along the Layden Intrusive Trend and over the South Lobe of the TBGC, with several new Ni, Cu and Co anomalies defined as shown on Figure 3 below. 50m x 25m follow-up grids will be sampled over a number of these to better refine whether geophysical, trenching, or drill targets are present.

Figure 3 – Taylor Brook Soil Sampling Ni, Cu and Co Results

Taylor Brook Project
The Taylor Brook Project consists of nine 100% Churchill-owned map-staked licenses containing 705 claims totalling 176.25 km2. Altius retains a 1.6% gross sales royalty on seven licenses, and a 2.0% NSR is retained by local prospectors on two small licenses totalling 4.75km2. Churchill’s 2023 program at Taylor Brook includes property-wide soil sampling and prospecting, a CSAMT survey over the Layden Gabbronorite, completion of the high-resolution detailed aeromagnetic coverage of the South Lobe area, stripping/trenching, and diamond drilling.

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.

About Churchill Resources Inc.

Churchill Resources Inc. is a Canadian exploration company focused on developing high grade, magmatic nickel sulphide mineralization 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 province was recently ranked 4th in the world for investment attractiveness by the Fraser Institute in its 2022 annual survey of mining and exploration companies.

Further Information
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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; 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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