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Churchill Resources Announces Acquisition of 100% Interest in Taylor Brook Properties
TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised two
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised two existing options to acquire a 100% interest in certain mineral properties with prospective potential nickel and located immediately adjacent to the Company’s licenses at Taylor Brook (the \"Properties\"). The Company entered into two option agreements on August 30th, 2020 (the “Option Agreements\") with Terrence Russell and Darrin Hicks, respectively (collectively, the “Vendors”) to acquire a 100% interest in the Properties, subject to a 2.0% net smelter royalty (“the Russell and Hicks NSRs”) on metals and minerals on the Properties in favour of the Vendors (the “Transaction”). The Company may buy back 1.0% 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 (“Common Shares”) and paid $72,500 to Russell, and an aggregate of 188,772 Common Shares and paid $72,500 to Hicks. Paul Sobie, CEO 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% in all nine licenses 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 is 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. Further Information For further information regarding Churchill, please contact: Churchill Resources I...