02:16:13 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Churchill Resources Inc
Symbol CRI
Shares Issued 89,642,288
Close 2023-08-29 C$ 0.04
Market Cap C$ 3,585,692
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Churchill acquires 100% of Taylor Brook properties

2023-08-31 17:15 ET - News Release

Mr. Paul Sobie reports

CHURCHILL ANNOUNCES ACQUISITION OF 100% INTEREST IN TAYLOR BROOK PROPERTIES

Churchill Resources Inc. has exercised two existing options to acquire a 100-per-cent interest in certain mineral properties with prospective potential nickel and located immediately adjacent to the company's licences at Taylor Brook. The company entered into two option agreements on Aug. 30, 2020, with Terrence Russell and Darrin Hicks, respectively, to acquire a 100-per-cent interest in the properties, subject to a 2.0-per-cent net smelter royalty on metals and minerals on the properties in favour of the vendors. The company may buy back 1.0 per cent of the NSR for $1.0-million and retains the first right to the remaining royalties.

Since entering into the option agreement, the company has issued an aggregate of 358,772 common shares and paid $72,500 to Mr. Russell, and issued an aggregate of 188,772 common shares and paid $72,500 to Mr. Hicks.

Paul Sobie, chief executive officer of Churchill, stated: "We are very pleased to exercise these options in the key nickel-bearing Layden gabbronorite area at Taylor Brook, as we now own 100 per cent in all nine licences that make up the project. Work to date continues to show the nickel potential at Layden, and we are looking forward to some deeper drilling in the near term."

The common shares issued pursuant to the final tranche of common shares owning under the terms of the option agreements are subject to a statutory hold period of four months and one day from the date of issuance.

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.

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