CRI Enters into Binding LOI to Acquire Black Raven Past-Producer Antimony-GOLD Property, NL
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CRI ENTERS INTO BINDING LOI TO ACQUIRE BLACK RAVEN PAST-PRODUCER
ANTIMONY-GOLD PROPERTY, NL
FOR IMMEDIATE RELEASE
TORONTO, ONTARIO – April 15, 2025 – Churchill Resources Inc . ("Churchill") is pleased to
announce that it has entered into a binding letter of intent dated April 14, 2025 (the “ LOI”) to
acquire a 100% undivided interest in the Black Raven Antimony Property, located approximately
60 km northwest of Gander, Newfoundland and Labrador , from property owners Eddie and
Roland Quinlan. The property encloses two small-scale past producing mines which operated
between 1890 and 1918 exploiting stibnite, gold and arsenopyrite. These past producers and two
related occurrences constitute gold, antimony, silver +/- copper, zinc and lead targets in veins and
stockworks. The historical mines and other occurrences are located within close proximity to each
other, in a larger -scale geological environment containing intense veining and alteration
associated with felsic intrusions within a mafic volcanic domain.
Antimony is a critical element for the energy, transportation, and military industries with China,
Russia, Tajikstan, and Burma generating over 90% of world production. Since China’s recent
export ban (September 15, 2024), the price of antimony has increased roughly five -fold to
>$50,000/tonne which is approximately 3x the current price of nickel. Churchill’s Taylor Brook
Nickel-Copper-Cobalt-Vanadium-Titanium Property, and Florence Lake Nickel Property, are both
in good standing for a number of years, such that further exploration and development can await
improved market conditions sentiment while the Company focuses on high-grade antimony-gold
and other critical minerals.
The Beaver Brook Antimony Mine owned by China Minmetals , and currently on care and
maintenance due to declining resources, is located ~100 km south of Black Raven. It is reported
that the owners are actively exploring for more deposits to feed the mill.
(https://www.cbc.ca/news/canada/newfoundland-labrador/antimony-mine-closure-1.6703205)
The two past-producing mines, as well as the Taylors Room prospect and Western Head porphyry
target, are described within the Government of Newfoundland’s Mineral Occurrence Data System
(“MODS”), and in assessment reports, as summarized below:
Frost Cove Antimony Mine (MOD # 002E\10 SB001) –
o sporadic production between 1890-1918
• Two adits extend ~65m along Sb -Au veins, at 3m and 20m above sea-level and
are still accessible
• Vein system/host felsic intrusion traced and sampled on surface for 800m
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• Channel sample of 2.85% Sb, 0.05g/t Au, 1.6g/t Ag over 1.6m reported at adit
entrance by Golden Hind Ventures along with 30% Sb, 28.27 g/t Au, 44.8g/t Ag
over 0.43m, 800m along strike. (Sheppard, 1984, Assessment Report)
Stewart Gold-Antimony Mine (MOD # 002E\10 AU001) –
• sporadic production from 1890 to 1916
• Shaft to ~30m depth and some development along main stockwork/vein trend
• Samples from the ore dump assayed up to 18 g/t Au, 7% zinc and 14g/t gold by
Pleasant Ridge Resources Inc. (Kruse, 2014, Technical Report)
• 2014 due-diligence sample by Kruse graded 8.10g/t Au and 926ppm Cu.
Taylors Room Gold Prospect (MOD # 002E\10 AU002) –
• shaft to ~50m depth with some development reported
• Swarm of ~50 small qtz-asp-py-sb veins ~300m long by several metres wide
• Numerous trenches to be cleaned out and sampled
• Quinlan grab samples up to 32.2 g/t Au, 22opt Ag, 10% zinc and 1.4 % Cu (Quinlan
2013 Assessment Report).
Western Head Cu-Mo Porphyry Target (MOD # 002E\10 CU005)
porphyry body ranges over ~1000m in diameter
• Consistent soil/rock geochem anomalies in Cu, Mo, Au and Ag, no drilling
• Chip sampling in 1967 by Newmont (returned 0.13% Cu, 300ppb Au over 61m and
0.42% Cu, 600ppm Au over 13m (Fogwill, 1968, Report on Western Head Cu
Prospect)
• Quinlan continuous channel of 57m assayed 0.22% Cu, 37 ppb Au & 37 ppm Mo
incl 22m of 0.41% Cu, 59 ppb Au, 73 ppm Mo (Quinlan, 2013 Assessment Report)
• Quinlan 2024 Winkie 4 holes to 50-60m at 45o in four compass directions – all hit
mineralized Cu-Au-Ag stockwork in altered felsics (0.1 -0.3% Cu, 50 -350ppb Au
plus Ag) (Quinlan, 2024 Assessment Report)
Churchill intends to immediately conduct a re-sampling program on the surface showings and any
accessible historical workings, and compilations of all historical data already in progress. The
entire property requires modern, helicopter-borne geophysical and LiDAR surveys and Churchill
has identified a leading contractor to d o this work . Follow-up prospecting and systematic
trenching, with channel sampling work as required, are being planned with init iation this coming
Spring; the derived geological and geochemical data will used to outline targets along strike and
at depth to the historical workings.
The data reported in this News Release is historic in nature and has not yet been verified by a
Qualified Person. Churchill has relied on the information supplied in the Government of
Newfoundland filed assessment reports and from information found in MODS published by the
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Newfoundland Department of Natural Resources. The surface grab samples described in this
news release are selective by nature and are unlikely to represent average grades of the property.
Historical surface antimony and gold results are presented in the following figures.
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Black Raven Property
The Black Raven Property is comprised of nine map -staked licenses constituting a single
contiguous block of 125 claims that in total which cover 3,125ha or 31.25km2. Churchill and the
vendors have agreed to a 4km wide area of interest around the property boundaries as part of
this agreement.
LOI Terms
Under the terms of the LOI, the Company shall have the exclusive option for a period of 24 months
to acquire an undivided 100% ownership interest in the Black Raven Antimony Property by:
i. issuing an aggregate of 2,000,000 common shares in the capital of Churchill (“ Common
Shares”) to the Quinlans upon the execution date of a definitive option agreement
(“Option Agreement”) and making a cash payment of $20,000;
ii. incurring a minimum of $1,200,000 in exploration expenditures within 24 months following
the execution date of the Option Agreement, provided that a minimum of $400,000 in
exploration expenditures is incurred on or prior to the date that is 12 months following the
execution date of the Option Agreement
iii. issuing an aggregate of 4,000,000 Common Shares to the Quinlans on or prior to the date
that is 12 months following the e xecution of the Option Agreement and making a cash
payment of $40,000; and
iv. issuing an aggregate of 6,000,000 Common Shares to the Quinlans on or prior to the date
that is 24 months following the e xecution of the Option Agreement and making a cash
payment of $60,000.
Following the date that the option is deemed to have been exercised in accordance with its terms,
Churchill will issue and grant to the Quinlans a 2.0% net smelter royalty on any minerals produced
from the claims comprising the Black Raven Antimony Property . If the option is exercised,
Churchill will also make a one-time cash payment to the Quinlans in the amount of $100,000 on
or prior to the date that is the sixth anniversary of the execution of the Option Agreement.
The transaction, including the issuance of Common Shares to the Quinlans, is subject to all the
necessary approvals from the TSX Venture Exchange (“ TSXV”). Any securities issued in
connection with the transaction will be subject to applicable statutory hold periods.
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 (“NI 43-101”). Mr. Wilton is an
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honourary research professor of Economic Geology at Memorial University in St. John’s and is
independent of the Company for the purposes of NI 43-101.
References:
Fogwill, W.D., 1968. Report on a copper prospect at Western Head, Moreton’s Harbour in the
Notre Dame Bay Area, Newfoundland. Newfoundland and Labrador Geological Survey,
Assessment File 2E/10/0350, 1968, 48 pages
Kruse, Stefan, 2014. Technical Report on the Black Raven Property, Moreton’s Harbour Area
Newfoundland and Labrador, Canada for Pleasant Ridge Resources Inc., May 14, 2014
Quinlan E, 2013. First Year Assessment Report for 019872M, Ninth Year Assessment Report for
015553M, and Third Year Assessment Report for 017787M for Exploration within the Black Raven
Property, NTS Map Sheet 2E/10. Newfoundland and Labrador Geological S urvey Assessment
Report, 69 pages
Sheppard, B., 1984. First Year Assessment Report on Geological, Geochemical and
Geophyisical Exploration on License 2363 on Claim Blocks 3533-3534 in Moreton’s Harbour Area
on New World Island, Notre Dame Bay, Newfoundland and Labrador Assessment File
2E/10/0507, 1984, 28 pages.
About Churchill Resources
Churchill Resources Inc. is a Canadian exploration company focused on strategic, critical minerals
in Canada, principally at its prospective Taylor Brook, Florence Lake, and Black Raven properties in
Newfoundland & Labrador. The Churchill management team, board, and advisors have decades of
combined experience in mineral exploration and in the establishment of successful publicly listed
mining companies, both in Canada and around the world. Churchill’s Newfoundland and Labrador
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.
Further Information
For further information regarding Churchill, please contact:
Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel. 416.365.0930 (o)
647.988.0930 (m)
Alec Rowlands, Business Development & IR
Tel. 416.721.4732 (m)
FORWARD-LOOKING STATEMENTS
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This news release contains certain forward -looking statements, including, but not limited to, statements
about Churchill’s objectives, goals and exploration activities proposed to be conducted on its properties;
future growth potential of Churchill, including whether any proposed exploration programs at any of its
properties will be successful; exploration results; and future exploration plans and costs. Wherever possible,
words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”,
“predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have
been used to identify these forward-looking statements. In particular, this release contains forward-looking
information relating to, among other things, the entering into of a definitive Option Agreement and other
ancillary transaction documents with respect to the Black Raven Antimony Property and the exercise of
such option; the number of Common Shares that may be issued in connection with the transactions
discussed herein, closing conditions and receive necessary regulatory approvals These statements reflect
management’s current beliefs and are based on information currently available to management as at the
date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could
cause actual results, performance or achievements to differ materially from the results discussed or implied
in the forward -looking statements. These fac tors should be considered carefully and readers should not
place undue reliance on the forward -looking statements. Such factors, among other things, include:
exploration results on the Black Raven Antimony Property; the expected benefits to Churchill relating to the
exploration proposed to be conducted on its properties ; receipt of all regulatory approvals in connection
with the transaction contemplated herein ; 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 Churchill’s
properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; 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; and title to properties. Although the forward -
looking statements contained in this news release are based upon what management believes to be
reasonable assumptions, the Churchill cannot assure readers that actual results will be consistent with
these forward-looking statements. These forward-looking statements are made as of the date of this news
release, and the Churchill assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility for the ad equacy or accuracy of this
release.