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 mapped 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 as 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 TB Magmatic Trend is
characterized by low to very low resistivity responses 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.
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) 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
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 Florence 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 |
psobie@churchillresources.com |
|
|
Alec Rowlands, Corporate Consultant |
Tel. |
+1 416.721.4732 (m) |
Email |
arowlands@churchillresources.com |
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 intended us of proceeds from the
Private Placement, 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 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; 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 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; 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.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/ba487663-bbf8-4eb7-a2f1-0b71de79db58https://www.globenewswire.com/NewsRoom/AttachmentNg/92a47f16-a65b-4b7c-a288-952bf7b02bc5https://www.globenewswire.com/NewsRoom/AttachmentNg/101054ef-bc16-418e-834c-914a8a1496e3
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