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Churchill Resources Announces Exercise of Option and Acquisition of 100% Interest in Florence Lake Mineral Properties in Eastern-Central Labrador
TORONTO, July 11, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised an e
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, July 11, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has exercised an existing option (the “Option”) to acquire a 100% interest in certain mineral properties with prospective nickel, copper and cobalt targets located approximately 150-180km north of the town of Happy Valley-Goose Bay in east-central Labrador (the \"Properties\"). On July 22, 2021, the Company entered into an option agreement (the “Option Agreement\") with Altius Resources Inc. (“Altius”) to acquire a 100% interest in the Properties, subject to a new 1.6% gross sales royalty on the Properties in favour of Altius. The Florence Lake project consists of four map-staked licenses totalling 416 claims (104 km2) in east-central Labrador. Three of the licenses constitute the Altius Florence Lake property, to which Churchill added a license in 2022 to create a contiguous land package. Churchill is very pleased to now own 100% of the project, as an important conclusion to the recent technical reporting work has been the recognition of numerous Al2O3-undepleted ultramafic volcanic areas (i.e. more primitive lavas, associated with nickel mineralization) at Florence Lake. These occur as stacked targets located throughout the upper Eastern Volcanic areas of the greenstone belt, and importantly also within the more basal Western Volcanics. Kambalda-style nickel sulphide deposits are generally at the base of ultramafic volcanic sequences. Churchill is currently preparing to commence camp installation, soil sampling, prospecting and geological mapping in the next few weeks. Paul Sobie, CEO of Churchill stated “We are very pleased to execute this option at Florence Lake and to have Altius as our largest shareholder. We’re looking forward to this field season and to continuing the partnership with Altius both here, and at the magmatic nickel project at Taylor Brook.” Since entering into the Option Agreement, the Company has issued an aggregate of 6,415,635 common shares in the capital of the Company (“Common Shares”) to Altius under the terms of the Option (of which 5,041,689 Common Shares were issued today) and incurred the required cumulative exploration expenditures in connection with the Properties. Churchill has carried out a great deal of exploration on the project since entering into th...