Churchill Acquires More Ground from Altius at Taylor Brook
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Churchill Acquires More Ground from Altius at Taylor Brook
TORONTO, May 2, 2022 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or the
“Company”) (TSXV: CRI) is pleased to announce that Altius Resources Inc. (“Altius”) has agreed
to assign five mineral licenses totalling 262.25km2 to the Company, which tie on to the Company’s
existing Taylor Brook South block, and cover a large portion of the regional gravity feature that
has been shown to host the nickel-bearing Layden Magmatic Intrusive and the adjacent Taylor
Brook Gabbro Complex.
Under the terms of the agreement , the Co mpany will reimburse to Altius their staking deposits
($52,450) and grant to Altius a 1.6% Gross Sales Royalty on the five assigned licenses.
The five new licenses will be designated as the Cormack Property and were originally staked by
Altius for their gold potential as they also lie along the major Doucer’s Valley Fault Zone which
has been shown to be associated with a number of gold prospects and deposits to the northeast
of Taylor Brook. The Cormack Licenses have received very little exploration to date, and cover
the contact between the Precambrian Grenville rocks that hos t the Layden and Taylor Brook
gabbroic intrusives, and the younger sedimentary rocks within the Deer Lake Sub-Basin, all
immediately adjacent to the Doucer’s Valley Fault Zone as per the figure below.
The Company intends to complete a first pass program in Q2 2022 of stream sediment sampling
as the terrain is ideal for this method with a large number of drainage basins feeding into the
valley. Initial sampling will be done by helicopter from nearby Deer Lake airport, with road and
trail-accessible areas to follow as the area dries out after the spring melt. Anomalous areas for
nickel, gold or other commodities of interest will receive follow -up sampling, prospecting and
airborne geophysical surveys as warranted.
Paul Sobie, Chief Executive Officer of Churchill remarked, “We are pleased to continue our
successful collaboration with the Altius team, and are excited to tie up more of the area of this
regional gravity anomaly and fault zone. The planned work programs for Cormack are natural
adjuncts to that taking place at Taylor Brook during 2022, and are expected to be easily
accomplished.”
Taylor Brook Project Update
Churchill’s Phase 2 program at Taylor Brook has recently commenced with the camp being
opened, and the following activities are scheduled to commence during May:
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Figure 1: Property Map
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1) Historical core transfer to Taylor Brook camp, for relogging and sampling by CRI
geologists.
2) Cut-line grid expansion along strike from the Layden Intrusive.
3) Surface large-loop time domain EM surveying over existing and new grid lines.
4) Detailed Heli-GTTM magnetic gradiometer surveying at 50m line spacing along the Layden
Trend, a 14km x 4km swath of the project from the Layden Intrusive in the northwest to
the Taylor Brook batholith magnetic-gravity feature in the southeast.
5) Phase 2 core drilling at the Layden Intrusive and along strike.
6) Borehole EM surveying of select 2021 holes as well as new 2022 drillholes.
7) Geochem sampling and prospecting along the Layden trend.
Florence Lake Project
The helicopter-borne VTEM and Horizontal Gradiometer Geophysical Survey re-commenced in
early April, after having been postponed due to deteriorating weather conditions in December .
The survey should be completed by early May with preliminary data delivered asap thereafter.
Churchill has commissioned Goldspot Discoveries Corp. (TSX-V: SPOT) to compile all historical
exploration data on the project, for integration with the results from the VTEM survey. This work
is now complete and will be used to plan foll ow-up geochemical sampling and prospecting for
mid-summer of this year.
The technical and scientific information in this news release has been reviewed and approved by
Paul Sobie, P.Geo., CEO, who is a “qualified person” as defined under National Instrume nt 43-
101 – Standards of Disclosure for Mineral Projects.
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
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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 [email protected]
Alec Rowlands, Corporate Consultant
Tel. +1 416.721.4732 (m)
Email [email protected]
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”,
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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 th e
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 conduc ted 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 price s 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); inabi lity 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 unl ikelihood that properties that are
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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 pr eliminary
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 r esults 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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responsibility for the adequacy or accuracy of this news release.