Mr. Paul Sobie reports

CHURCHILL RESOURCES IDENTIFIES NEW NICKEL TARGETS AT THE TAYLOR BROOK PROJECT NEWFOUNDLAND & LABRADOR

Churchill Resources Inc. has provided 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:
  • 650-metre-plus 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 titanium/vanadium/chromium/iron in coincident soil samples, suggesting differentiated intrusion-type mineralization is present in the TBGC;
• Layden extension area:
  • 800-metre-plus very-high-chargeability target TB-06 identified on TB magmatic trend, drilling to follow TDEM survey.

Paul Sobie, chief executive officer, 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 titanium/vanadium/chromium/iron, and [platinum group element]/nickel/copper mineralization. TB-01 is located at the junction with the 13-kilometre-long, linear TB magmatic trend resistivity-low feature, with coincident, highly anomalous nickel/copper/cobalt soil samples at surface.

"TB-06 on the Layden extension grid lies at the head of the TB magmatic trend some 10 kilometres from TB-01 and [approximately] one kilometre northeast of the high-grade Layden mineralization. Both IP high-chargeability targets are near surface and hundreds of metres long, reach 200-plus 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 magnetotelluric (CSAMT) geophysical surveys along the magmatic intrusive system (TB magmatic trend), which extends from the Layden nickel showing area southeasterly for 13 kilometres 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. 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 subhorizontal magnetite layers within the gabbro. This is a common setting for 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 iron/titanium/vanadium/chromium elements; 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 overlie this target.

Layden extension chargeability target TB-06

Follow-up geophysical surveys have detected a very strong chargeability anomaly coincident with the interpreted head of the TB magmatic trend resistivity low feature. Target TB-06 has been delineated thus far over approximately 1,000 metres and is open to the southeast along the trend. Targets TB-07 and TB-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 sulphides and semi-massive sulphides is therefore quite possible in this zone. Thus far from the gradient IP data, TB-06 is indicated to be greater than 1,000 metres in length extending off the grid to the south, where line cutting is commencing to allow the geophysical surveys to trace the entire anomaly.

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 10 cents and have a five-year term.

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 and board and the company's 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 technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C. Wilton, PGeo, FGC, and Jeremy S. Brett, PGeo, each of whom is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Wilton is an honourary research professor of economic geology at Memorial University and Mr. Brett is a senior geophysical consultant. Each of Mr. Wilton and Mr. Brett is independent of the company for the purposes of NI 43-101.

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