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Churchill Consolidates High-Grade Gold-Antimony Footprint in Central Newfoundland; Enters Option for 100% of Golden Baie
TORONTO, ON / ACCESS Newswire / March 23, 2026 / Further to its news release dated February 17...
About this update from Churchill Resources Inc
[{"type":"text","content":"Churchill Consolidates High-Grade Gold-Antimony Footprint in Central Newfoundland; Enters Option for 100% of Golden BaieTORONTO, ON / ACCESS Newswire / March 23, 2026 / Further to its news release dated February 17, 2026, Churchill Resources Inc. (\"Churchill\" or the \"Company\") (TSXV:CRI) is pleased to announce that it has entered into a definitive option agreement dated March 20, 2026 (the \"Option Agreement\") with Canstar Resources Inc. (\"Canstar\") to acquire a 100% undivided interest in certain mining claims comprising the Golden Baie antimony-gold property located in central Newfoundland (the \"Golden Baie Property\"). By adding the Golden Baie Project to its existing Black Raven Gold-Silver-Antimony Project, host to the historic Frost Cove Antimony Mine, Churchill has successfully consolidated two of the most significant gold-antimony assets in Newfoundland and Labrador, both strategically located in Central Newfoundland and within 100km of the Beaver Brook Antimony Mine.Figure 1 - Geological Map of the Island of Newfoundland with Churchill Properties For a detailed overview of the Golden Baie project, please refer to Churchill's news release dated February 17, 2026.Option Agreement TermsUnder the terms of the Option Agreement, the Company shall have the exclusive option for a period of 24 months to acquire an undivided 100% ownership interest in the Golden Baie Property by:issuing 15,834,097 common shares in the capital of the Company (\"Common Shares\") to Canstar, making a cash payment of approximately $208,167 in respect of the option to cover existing cash bonds on the Golden Baie Property, which may be reimbursed to Churchill if the option is not exercised, and incurring $600,000 in assessment credits due in respect of the project by August, 2026;issuing additional Common Shares every six months to be sequenced in tranches of approximately 1.25% (subject to a maximum 7,520,000 Common Shares per tranche) up to a maximum holding of 9.99% of the total issued and outstanding Common Shares over the 24 month term of the option, with the maximum number of Common Shares that may be issuable under the term of the Option Agreement not exceeding 45,914,097 Common Shares; andincurring a minimum of $5,000,000 in exploration expenditures within 24 months following receipt of approval of the TSX Venture Exchange (the \"TSXV\")...