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Churchill Resources Announces Acquisition of 100% Interest in White River Diamond Property, Ontario
TORONTO, March 06, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised an
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, March 06, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised an existing option to acquire a 100% interest in certain mineral properties with prospective diamond targets plus potential nickel and lithium targets located immediately west of the town of White River, Ontario (the \"Properties\"). A subsidiary of the Company entered into an option agreement on February 9th, 2017 (the “Option Agreement\") with Rudolph Wahl and Frederick Lowndes (collectively, the “Vendors”) to acquire a 100% interest in the Properties, subject to a 2.0% net smelter royalty (“NSR”) on metals and minerals and a 3.0% gross over-riding royalty (“GOR”) on diamonds found on the Properties in favour of the Vendors (the “Transaction”). The Company may buy back 1.0% of the NSR for $1.0million and 1.5% of the GOR for $2.0m, and retains the first right to the remaining royalties. The Vendors recently transferred 816 mineral claims to Churchill’s subsidiary, Churchill Diamond Corporation, bringing the total property to 1,224 claims that comprise Churchill’s White River Project with an area of 28,700ha. Since entering into the Option Agreement, the Company has issued an aggregate of 2,850,000 common shares (“Common Shares”) to the Vendors and incurred the required cumulative exploration expenditures in connection with the Properties. Churchill carried out one season of exploration on the project in 2017 since entering into the Option Agreement. Paul Sobie, CEO of Churchill stated “We are very pleased to exercise the option at White River which features known diamond-bearing kimberlitic rocks in an extremely attractive setting just south of the Trans-Canada Highway between the towns of Marathon and White River. The property is intruded by a number of mafic-ultramafic dykes swarms including kimberlitic dykes, of which some may have magmatic nickel-copper-cobalt potential given the Tyco Project of Palladium One Mining Inc. some 30km north. Several of the Companies’ 2017 till samples returned highly anomalous numbers of sulphide grains which will be followed up when exploration activities resume. In addition, we’ll assess the hard rock pegmatitic lithium potential of the property.” In connection with the exercise of the option to acquire the Properties, the Company has ag...