Churchill Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce that is has entered into two option agreements on
properties adjacent to the known Layden Ni-Cu-Co showings at the
Taylor Brook Property, NL. The two properties were covered with the
VTEM-Plus™ survey flown by Geotech for CRI at Taylor Brook
earlier this year, and high priority anomalies were identified on
both that are on-trend with the conductors which appear to be
associated with the known mineralization.
Paul Sobie, CEO of Churchill stated, “We are
very pleased to complete these deals which consolidate the Layden
Ni-Cu-Co area along with the Altius claims and allow for seamless
exploration. We’re in the permit application process presently to
undertake a drill program this fall on all of the compelling VTEM
conductors in this area, and are very much looking forward to
commencing this work.”
Terms of Option Agreements
Under the terms of the agreement with the first
optionor, Churchill optioned four contiguous claims covering a
1.0km2 area under one mineral license. On execution of the
agreement Churchill paid $7,500 and agreed to issue 43,772 common
shares (“Churchill Shares”) within five days of
receipt of regulatory approval for the agreement. Subsequent option
payments over the next 24 months include:
(a) on or before the 12-month
anniversary of the effective date of the option: payment of (i)
$15,000; and (ii) issuance of 45,000 Churchill Shares; and
(b) on or before the 24-month
anniversary of the effective date of the option: (i) payment of
$50,000; and (ii) issuance of 100,000 Churchill Shares.
Under the terms of the agreement with the second
optionor, Churchill optioned 15 contiguous claims covering a
3.75km2 area under one mineral license. On execution of the
agreement Churchill paid $7,500 and agreed to issue 58,772
Churchill Shares within five days of receipt of regulatory approval
for the agreement. Subsequent option payments over the next 24
months include:
(a) on or before the 12-month
anniversary of the effective date of the option: payment of (i)
$15,000; and (ii) issuance of 100,000 Churchill Shares; and
(b) on or before the 24-month
anniversary of the effective date of the option: (i) payment of
$50,000; and (ii) issuance of 200,000 Churchill Shares.
On execution of each option agreement, Churchill
granted to each of the vendors a 2.0% net smelter returns royalty
on the respective properties, of which 1.0% may be purchased by the
Company for $1.0 million.
Churchill may also satisfy $5,000 and $20,000 of
the portion of the remaining cash payments for each option,
respectively, by issuing Churchill Shares in lieu of such partial
cash payment. The issue price for the Churchill Shares, as and when
they are issued, shall be based on the five (5) day volume weighted
average trading price of Churchill Shares on the TSX Venture
Exchange (the “TSXV”) or on such other recognized
stock exchange in Canada on which the Churchill Shares are then
listed, based on the 10 days preceding the date of the election by
Churchill to issue Churchill Shares in lieu of cash.
The option agreements, including the Churchill
Shares issuable thereunder, are subject to the approval of the
TSXV.
About Churchill Resources Inc.
Churchill is managed by career mining industry
professionals which 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 Ni-Cu-Co showings
at Taylor Brook, Florence Lake and Pelly Bay, and 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
For further information regarding Churchill, please contact:
Churchill Resources Inc.Paul Sobie, Chief Executive
Officerpsobie@churchillresources.com Tel. 416.365.0930 (o)
647.988.0930 (m)
Alec Rowlands, Consultant Arowlands@churchillresources.com Tel.
1 416 721 4732 (m)
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 historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans",
“proposed”, "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, the Company’s future plans, objectives,
goals and exploration activities conducted and proposed to be
conducted at the Company’s properties; receipt of the TSXV for the
approval of the option agreements; receipt of all necessary
regulatory and governmental approvals to conduct exploration on the
Company’s properties; future growth potential of the Company,
including whether any proposed exploration programs at any of the
Company’s properties will 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
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or 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; the receipt
of all applicable regulatory approvals for the Offering; 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 Company’s properties; business integration risks;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of
gold, silver, base metals or certain other commodities;
fluctuations in currency markets (such as 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; ongoing
uncertainties relating to the COVID-19 pandemic; 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 actual
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 prove to be accurate. The Company
does not undertake to release publicly any revisions for updating
any voluntary forward-looking statements, except as required by
applicable securities law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
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