Churchill Acquires More Ground from Altius at Taylor Brook

TORONTO, May 02, 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 Company 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 host 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:

Figure 1: Property Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/18fe23cc-af0f-4e0a-a995-69545a314020 

      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-GT™ 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 follow-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 Instrument 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 on the continued exploration and development of the Taylor Brook and Florence Lake Nickel Projects.

Further Information

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This press release was originally posted on the website of GlobeNewswire.