TORONTO, Aug. 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 Extension 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. 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.
TBSL-1 Grid Gradient I.P. Chargeability over -300m MMT Resistivity
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 sulfides 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.
Layden Extension Gradient IP Chargeability over -300m MMT Resistivity
Figure 2 – Layden Extension Gradient IP Chargeability over -300m MMT Resistivity
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 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 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 geophysical consultant. Each of Messrs. Wilton and Brett are independent of the Company for the purposes of NI 43-101.
Further Information
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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 completion of the Offering on the terms described herein or at all, receipt of all required regulatory approvals in order 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 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.
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