CRI:CC - Churchill Starts 2022 Drilling at Taylor Brook Reports 2021 Results

TORONTO, May 26, 2022 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“ Churchill ” or the “ Company ”) ( TSXV: CRI ) is pleased to announce that Phase 2 drilling operations have commenced at the Taylor Brook Nickel-Copper Project in Newfoundland, with a minimum 5,000m program planned. Initial 2022 drillholes will target borehole EM conductors generated from the 2021 Phase 1 holes, of which the highest priority plates appear to be along the western footwall of the Layden Magmatic Intrusive in this area. Subsequent holes along the Layden Extension will be targeted on Time Domain EM conductors being generated by the 2022 surface large-loop survey in progress.

Churchill has now received all analytical results from the 2021 Phase 1 program at Taylor Brook which are summarized below:

The Churchill geological team is encouraged by the values intersected on the Western Dyke feature, and are planning an early 2022 hole into a newly identified borehole EM conductor there, with the hopes of finding thicker mineralized material with more tonnage potential than what has been drilled thus far. The Western Dyke has been intersected by four holes drilled by the Company and historical holes 08TB09 and 08TB-10, over a strike length of ~150m. The mineralized dyke is believed to be related to the nearby Layden Intrusive, and age-dating, geochemistry and petrography are in progress to better understand this aspect of the nickel mineralization event.

The holes into the Layden Intrusive drilled in 2021 did not intersect high-grade mineralization, however there are encouraging geological and geochemical trends within the extensive zones of weaker nickel-copper breccia mineralization that are providing information as to the priority mineralized pulses. The 2021 holes were primarily drilled to better understand the shape, size and internal geology of the newly recognized Layden Intrusive and as platforms for borehole EM surveys. Several BHEM conductor plates were identified from this work in the area of the high-grade Layden Showing and historical hole 08TB-17, and will be drilled with some of the first holes of 2022. As well the BHEM report recommended extending several holes before resurveying, and that work has commenced.

The 2022 program at Taylor Brook is actively following up the ~10km Layden trend with detailed helicopter magnetic surveying, large loop surface EM surveys, and, expected in Q2 2022, systematic prospecting and geochemical surveys.

Helicopter and vehicle stream sediment sampling is also underway at the nearby Cormack Property with over 100 samples collected to date.

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.

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 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.

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 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.

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