Churchill Resources Identifies New Nickel Targets at the Taylor Brook Project Newfoundland & Labrador
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Churchill Resources Identifies New Nickel Targets at the Taylor Brook Project
Newfoundland & Labrador
TORONTO, August 13, 2024 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or the
“Company”) (TSXV: CRI) is pleased to provide an update on its Taylor Brook nickel project with drilling
to commence in September . Highlights from the first two areas followed -up along the TB Magmatic
Trend include:
TBSL-1 Area 650m+ very high chargeability target TB-01 identified at
junction of TB Magmatic Trend and South Lobe of Taylor
Brook Gabbro Complex (“TBGC”), drilling to follow Time
Domain Electromagnetic (“TDEM”) survey
Four large lower chargeability targets found by prospecting
to be due to thick magnetite-rich units within the South
Lobe gabbro, with anomalous Ti-V-Cr-Fe in coincident soil
samples, suggesting differentiated intrusion -type
mineralization is present in the TBGC
Layden Extension Area 800m+ very high chargeability target TB-06 identified on
TB Magmatic Trend, drilling to follow TDEM survey
Paul Sobie, CEO, commented:
“Our 2024 ground geophysical program at Taylor Brook has successfully generated two compelling,
large, very high IP chargeability targets in geological settings encouraging for nickel sulphide deposits.
“TB-01 is just within the South Lobe of the TBGC, now shown by our exploration to be a layered intrusive
complex potentially prospective for Ti-V-Cr-Fe, and PGE-nickel-copper mineralization. TB-01 is located
at the junction with the 13km long, linear TB Magmatic Trend resistivity low feature , with coincident,
highly anomalous Ni-Cu-Co soil samples at surface.
“TB-06 on the Layden Extension Grid, lies at the head of the TB Magmatic Trend some 10km from TB-
01, and ~1km northeast of the high-grade Layden mineralization. Both IP high chargeability targets are
near surface and hundreds of metres long, reach 200+ metres wide, and are receiving TDEM and
prospecting surveys in the next few weeks, to be followed with drill testing in September.”
As previously announced, four priority target areas have been identified along the TB Magmatic Trend
with compelling exploration results. Thus far in 2024, detailed follow -up work has taken place on the
TBSL-1/Gravity Area, as well as on the Layden Extens ion Area. The Company has continued its
previously announced line-cutting, Induced Polarization (“IP”) and Controlled Source Audio Magneto-
Telluric (“CSAMT”) geophysical surveys along the magmatic intrusive system (“TB Magmatic Trend”)
that extends from the Layden Nickel Showing area southeasterly for 13km to the Taylor Brook Gabbro
Complex (“TGBC”) South Lobe. TDEM geophysical surveys over the highest interest IP targets is
commencing, with the objective of detecting conductor targets within the larger chargeability anomalies.
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Drill pad preparation is also commencing this week. Drilling is expected to commence in mid-September
2024 to test these targets.
TBSL-1 Chargeability Target TB-01
Work at the TBSL-1 Grid has identified compelling chargeability targets coincident with soil anomalies,
both within the Southern Lobe of the Taylor Brook Gabbro Complex (Figure 1). Prospecting of targets
TB-01 to TB-05 has established that TB-01 does not outcrop, whereas weaker chargeability targets TB-
02 to TB-05 are caused by sub-horizontal magnetite layers within the gabbro. This is a common setting
for Fe -Ti-V-Cr (iron-titanium-vanadium-chromium) and potentially PGE -nickel-copper mineralization
similar to the Black Thor – Eagle’s Nest setting in Ontario’s Ring of Fire. The Company’s soil samples
over these targets are highly anomalous in Fe-Ti-V-Cr elements with grab samples are presently being
assayed with results expected soon.
Target TB-01 exhibits an extremely high component to the chargeability response (in contrast to TB-02
to TB-05) consistent with the physical property measurements from rocks and core containing massive,
semi-massive and net-textured nickel sulphide mineralization at Layden. Anomalous nickel, copper and
cobalt in soils overly this target.
Figure 1 – TBSL-1 Grid Gradient I.P. Chargeability over -300m MMT Resistivity
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Layden Extension Chargeability Target TB-06
Follow-up geophysical surveys have detected a very strong chargeability anomaly coincident with the
interpreted head of the TB Magmatic Trend resistivity low feature (Figure 2). Target TB -06 has been
delineated thus far over ~1000m and is open to the SE along the trend. Targets TB -07 and 08 are
weaker chargeability features that appear to be mapping the Layden mineralization along strike to the
north.
Target TB-06 exhibits an extremely high component to the chargeability response consistent with the
physical property measurements from rocks and core containing massive, semi -massive and net -
textured nickel sulphide mineralization at Layden. A mix of disseminated su lfides and semi -massive
sulfides is therefore quite possible in this zone. Thus far from the Gradient IP data TB -06 is indicated
to be greater than 1,000m in length extending off the grid to the south, where line-cutting is commencing
to allow the geophysical surveys to trace the entire anomaly.
Figure 2 – Layden Extension Gradient IP Chargeability over -300m MMT Resistivity
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Option Grant
The Company also announces that its board of directors has approved the grant of an aggregate of
seven million of stock options to certain directors, officers and consultants of the Company. The options
were issued with an exercise price of $0.10 and have a five-year term.
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 technical and scientific information in this news release has been reviewed and approved by Dr.
Derek H.C Wilton, P.Geo., FGC and Mr. Jeremy S. Brett, P.Geo., each of whom is a “qualified person”
as defined under National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University and
Mr. Brett is a senior g eophysical consultant. Each of Messrs. Wilton and Brett are independent of the
Company for the purposes of NI 43-101.
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
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the completion of the Offering on the terms descri bed herein or at all, receipt of all required regulatory approvals in order
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to complete the Offering, the intended use of proceeds from the Offering, 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 wi ll 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
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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
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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 ac tual 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
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