Churchill Announces Highly Anomalous Ni-Cu-Co Soil Sample on the Margin of the Taylor Brook Gabbro Complex

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Churchill Announces Highly Anomalous Ni-Cu-Co Soil Sample on the

Margin of the Taylor Brook Gabbro Complex

TORONTO, August 16, 2023 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or

the “Company”) (TSXV: CRI) is pleased to announce early results from its regional soil sampling

work this summer on the Taylor Brook Project. The soil program this year was designed as a first

pass survey along ~ 8km of the unsampled Layden Intrusive Trend (“LIT”), as well as the adjacent

~ 12km long western margin of the Taylor Brook Gabbro Complex (“TBGC”) with 50m spaced

sample stations on 200m spaced grid traverses.

Soil sample 884693 located on the margin of the TB GC South Lobe returned highly anomalous

values of 584 ppm Ni, 1172 ppm Cu and 0.064% Co, per Figure 1.

Paul Sobie, CEO of Churchill stated, “This soil anomaly is the first sign of the TBGC South Lobe

being mineralized, as it has never been explored. We have been intrigued since initial review of

the project with Altius in 2020, by the very strong magnetic and gravity signatures of the South

Lobe, and its rifted continental margin setting. Subsequent work by Churchill has defined similar

age and petrographic relationships between the South Lobe and the LIT, hos t to the high-grade

magmatic nickel mineralization at the Layden Gabbronorite. The Ni, Cu and Co results for Sample

884693 represent the best soil assays acquired to date on the project, with the cobalt assay

equalling tenors seen previously only in the Layden high-grade massive sulphide samples. The

Cu and Co ratios to Ni are dramatically different from those in soils and rocks elsewhere along

the LIT, suggesting a different mineralization style from the nickel -dominated magmatic conduit-

type at Layden.”

Figure 1 – Ni, Cu and Co Soil Assay Perspectives over Total Magnetic Intensity

The sample 884693 result has been re-assayed with Co, Cu and Ni concentrations validated, and

Pt, Pd and Au analyses have been requested. Results have been received for the first ~1000

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samples of the ~5000 sample 2023 program (see Figure 2). In-fill sampling will be carried out on

anomalies of interest. A follow-up soil grid over the new anomaly designated TBSL-1, with 50m

lines and 25m sample stations, is commencing this week along with prospecting. Similar follow-

up work carried out on the LIT -1 anomaly has confirmed the nickel tenors in soil over a wider

area, and gabbronorite rocks have been found. The LIT-1 soil anomaly will be stripped and

channel sampled, with TBSL-1 to follow as in-fill sampling and prospecting results are received.

Figure 2 – Soil Sample Progress over Total Magnetic Intensity

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Taylor Brook Project

The Taylor Brook Project consists of 9 map-staked licenses containing 705 claims totalling 176.25

km2, of which seven licenses are 100% Churchill-owned, and two small licenses totalling 4.75km2

are in the 3 rd year of 3-year options to earn 100% ownership. Altius retains a 1.6% gross sales

royalty on the Churchill licenses. Churchill’s 2023 program includes property-wide soil sampling

and prospecting, a CSAMT survey over the Layden Gabbronorite, completing 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. The soil samples were placed in labelled, sealed kraft 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 (inductiv ely

coupled plasma) analytical protocols. Samples with over limit Co 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 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 worldclass 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

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]

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responsibility for the adequacy or accuracy of this news release.