Mr. Bill Fisher reports

CHURCHILL CONFIRMS DISTRICT-SCALE MAGMATIC INTRUSIVE TREND AT TAYLOR BROOK NICKEL PROJECT, NEWFOUNDLAND & LABRADOR

Churchill Resources Inc.'s 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 13 kilometres to the Taylor Brook gabbro complex (TGBC) south lobe. In particular:

• CRI's 2023 exploration confirms 13 km 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 its intense gravity anomaly on the rifted continental margin; a type of 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.
• Exploration in 2024 is planned to blanket the 13 km 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. Two thousand twenty-four 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 dike-like vertically oriented conduit that flares out into sill-like bodies at certain depths, including at Layden in the extreme north. Depth penetration was limited to approximately 600 masl (metres above sea level) for the MMT survey due to the proximity of the power lines to the property which interfered with the lower frequency response.

Drilling at Layden

Eight holes totalling 4,573 metres 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 nickel, copper and cobalt 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.

The Layden showing with high-grade mineralization, and adjacent broad zones of breccia stringer mineralization, now appear to represent a sill-like feature that was offset by later faulting from the main TB magmatic trend.

All evidence suggests that Layden showing is a faulted offset sill-like body off the north end of the TB trend which shows compelling resistivity features to the east of Layden, interpreted to have previously been connected to the TB magmatic intrusive trend.

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 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 and Labrador. The Churchill management team, board and its advisers 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 fourth 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, PGeo, FGC, who is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and independent of the company.

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