Business
Churchill Enters into Binding Letter of Intent to Acquire Florence Lake NI-CU-PGE Property from Altius
Toronto, Ontario--(Newsfile Corp. - June 25, 2021) - Churchill Resources Inc.  (TSXV: CRI...
About this update from Churchill Resources Inc
[{"type":"text","content":"Churchill Enters into Binding Letter of Intent to Acquire Florence Lake NI-CU-PGE Property from AltiusToronto, Ontario--(Newsfile Corp. - June 25, 2021) - Churchill Resources Inc. (TSXV: CRI) (\"Churchill\" or the \"Company\") is pleased to announce that it has entered into a binding letter of intent dated June 24, 2021 (the \"LOI\") with Altius Resources Inc. (\"Altius\") to acquire a 100% undivided interest in certain mining claims comprising the Florence Lake Ni-Cu-PGE property in central Labrador near the coastal community of Hopedale and 175 km south of the Voisey's Bay mine (the \"Florence Lake Property\"). The Florence Lake Property is host to several Raglan-type ultramafic volcanic-hosted massive and disseminated sulphide nickel showings, and was last explored by Falconbridge between 1990-1997 during which time approximately 6,250m of drilling in 45 shallow holes were conducted, with drill core present on the property for relogging and sampling.Highlights of that work included drill testing of the high-grade Baikie Showing where shallow drilling (<-100m depths) returned:DDH FLK-92-02: 2.19% Ni, 0.22% Cu, 0.16% Co over 11.32 metres from 44.7 to 56mDDH FLK-92-12: 1.33% Ni, 0.05% Cu over 13.5 metres from 83.0 to 96.5mThe Baikie Showing has demonstrated mineralized continuity over 110m of strike length from twelve drillhole intercepts and mapping, and is interpreted as a near vertically plunging subzone of disseminated, semi-massive and massive sulphide mineralization, consistent with the Raglan or Kambalda style of nickel deposits. Other showings along strike have generated +1.0% nickel grab samples or short intersections and need modern exploration work along with Baikie. The Florence Lake Property is in need of modern, helicopter-borne magnetic and time domain EM surveying and Churchill has engaged a leading contractor for this work in September, with compilations of all historical data already well along. Ground follow-up, prospecting and till sampling work will also be initiated this fall.Paul Sobie, President and Chief Executive Officer of Churchill remarked, \"We're really pleased to have entered into this second arrangement to potentially acquire a high-grade nickel sulphide project from Altius, and it's location 15km from tidewater in Newfoundland and Labrador really enhances its attractiveness. Al...