Churchill Substantially Increases Taylor Brook Nickel Project to Capture Newly Interpreted Parallel Magmatic Trend

TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has map-staked two new licenses contiguous to its Taylor Brook Nickel Project property in Western Newfoundland. The two new licenses total 126.75 km2, expanding the total area for the Taylor Brook Project to 302.5 km2.

The new area, designated Taylor Brook West (“TB West”), encompasses a parallel magnetic high feature to the Taylor Brook Gabbro Complex, prioritized by the Company’s 2023 Mobile Magneto-telluric (“MMT”) airborne survey which indicated a very low resistivity response coincident with the magnetic trend (Figure 1). Similar low resistivity MMT anomalies have been shown to correlate with gabbroic and gabbronoritic magmatic rocks prospective for Ni-Cu-Co sulphides at the Layden Prospect and along the TB Magmatic Trend, suggesting a much more extensive magmatic intrusive system or complex may be present than was previously thought.

Figure 1 – Taylor Brook West Property Regional Magnetics and -300m MMT Resistivity

The Company has mobilized field crews to TB West for prospecting and soil sampling along the network of logging roads. As well, Dr. Derek Wilton is processing and interpreting historical lithogeochemical data from rock samples collected by Altius Minerals in 1999 and the Geological Survey of Newfoundland and Labrador in 2010 against the Company’s extensive geochemical database for TB magmatic rocks. The historical rock samples have been variably described as gabbros, metagabbros, and amphibolites by the past workers, and some exhibit chemical and megascopic similarities to the Layden-Taylor Brook magmatic rocks, suggesting similar nickel-copper-cobalt potential.

Exploration permit applications for airborne (MMT and Heli-GT gradiometer magnetics), as well as follow-up surface work, are being prepared for submittal to the Government of Newfoundland and Labrador for Explorations Approval

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” (QP) as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr. Wilton is an Honorary Research Professor in the Department of Earth Sciences, Memorial University, and is independent of the Company for the purposes of this press release.

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 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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