Churchill Confirms District-Scale Magmatic Intrusive Trend at Taylor Brook Nickel Project, Newfoundland & Labrador

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Churchill Confirms District-Scale Magmatic Intrusive Trend at Taylor Brook Nickel

Project, Newfoundland & Labrador

TORONTO, February 29, 2024 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or the

“Company”) (TSXV: CRI) is pleased to announce that drilling and geophysical surveys completed this

winter have confirmed a new, large, dynamic magmatic intrusive system (“TB Magmatic Trend”) that

extends from the Layden Nickel Showing area southeasterly 13km to the Taylor Brook Gabbro Complex

(“TGBC”) South Lobe. In particular:

• CRI’s 2023 exploration confirms 13km TB Magmatic Trend with geophysics, soils, and diamond

drilling

• The TB Magmatic Trend extends from Layden Nickel Showing into the TBGC South Lobe

• The TBGC South Lobe is of priority interest due to it’s intense gravity anomaly on the rifted

continental margin; a type locale where nickel districts are commonly found

• Drilling at Layden has successfully hit gabbroic intrusive rocks and sulphide-bearing breccias

in all holes

• Resistivity surveys are confirmed to have successfully map ped portions of the magmatic

intrusive system

• 2024 exploration is planned to blanket the 13km TB Magmatic Trend with conductivity surveys

such that disseminated and massive sulphide targets can be detected

Bill Fisher, Chairman of the Board commented, “Churchill’s exploration team has had a successful year

at Taylor Brook, and we’re incredibly excited by the definitive identification of the TB Magmatic Trend,

and understanding it’s relationship to the Layden high -grade nickel as well a s the rifted continental

margin. Paul Sobie and his team have already shown there is a definitive age and rock-type relationship

between Layden and the South Lobe of the TBGC and this trend or conduit has now been clearly

mapped by our geophysical surveys. 2024 should be a big year for the project – we already have

compelling drill targets at the LIT -1 and TBSL -1 nickel soil anomalies, and comprehensive follow -up

along the trend should result in many more.”

The newly identified T B Magmatic Trend is characterized by low to very low resistivity response s in

airborne Mobile Magnetotelluric (“MMT”) and ground Controlled Source Audio Magnetotelluric

(“CSAMT”) surveys, which contrast with the highly resistive older gneissic country rock. Examinations

of sectional and level plan resistivity data are showing a continuous dyke-like vertically oriented conduit

that flares out into sill-like bodies at certain depths (Figure 1), including at Layden in the extreme north.

Depth penetration was limited to ~600masl for the MMT survey due to the proximity of the power lines

to the property which interfered with the lower frequency response.

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Figure 1 – MMT Resistivity Level Plans Show TB Magmatic Trend Widening at Depth

Drilling at Layden

Eight holes totalling 4,573m were drilled this winter, with all holes targeted on CSAMT resistivity low

features and all intersected thick intervals of gabbronorite intrusive rocks and wide areas of sulphidic

breccias containing anomalous Ni, Cu and Co values similar to those seen at the Layden Breccia.

Results are pending for holes TB24-38 to -40, which similarly hit breccia style mineralization.

Borehole electromagnetic surveys have been completed and off hole conductors were detected in holes

TB23-06E, -35, -37 and TB24-39-40. Maxwell Plate modelling of these conductors is in progress to

assist in detecting possible high-grade sulphides as seen at Layden.

Figure 2 – Layden Section 2W and exploration model (from Barnes et al, 2018)

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The Layden Showing with high-grade mineralization, and adjacent broad zones of breccia stringer

mineralization, now appears to represent a sill-like feature that was offset by later faulting from the main

TB Magmatic Trend. Figure 2 compares the magmatic nickel exploration model to CRI’s drill section,

emphasizing similar architecture and areas of brecciation at Layden.

All evidence suggests that Layden Showing is a faulted offset sill-like body off the north end of the TB

trend per Figure 3 which shows compelling resistivity features to the east of Layden, interpreted to have

previously been connected to the TB Magmatic Intrusive Trend.

Figure 3 – Layden Area Detailed Drilling and MMT Plan

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The Company is presently planning for an extensive 2024 exploration program targeted on the TB

Magmatic Trend, through ground geophysical (CSAMT, Induced Polarization and Time Domain

Electromagnetic) surveys, diamond drilling, and borehole electromagnetic surveys.

Planning for the Florence Lake nickel project in Labrador is also in progress, where the Company has

identified 43 potential Raglan-like komatiitic nickel targets, as well as a very large ultramafic intrusive

target with enormous low-grade tonnage potential.

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 Floren ce 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.

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.

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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