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Churchill Resources Announces Exercise of Option and Acquisition of 100% Interest in Mineral Properties in Western Newfoundland
TORONTO, Oct. 18, 2022 (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, Oct. 18, 2022 (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 nickel, copper and cobalt targets located in the White Bay South region of western Newfoundland, approximately 50 kilometers north-northeast of the Town of Deer Lake (the “Properties”). Prior to, and in connection with, the Company’s go-public transaction in June, 2021, a subsidiary of 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 “Transaction”). The properties form part of Churchill’s Taylor Brook Project, and consist of two contiguous map-staked licenses containing 226 claims totalling 56.5 km2, which has known high grade Ni-Cu-Co mineralization at surface and shallow drilled depths from previous work carried out on the project. Since entering into the Option Agreement, the Company has issued an aggregate of 11,423,180 common shares to Altius (of which 9,000,000 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 the Option Agreement, and recently announced high-grade drill hole and channel sample results from summer 2022 work. Paul Sobie, CEO of Churchill stated “We are very pleased to exercise the option at Taylor Brook and welcome Altius as our largest shareholder. In the two years since we entered discussions with Altius on nickel projects of merit, we’ve succeeded in taking Churchill public and showing the potential of Taylor Brook, with constant support from Altius. We look forward to continuing the partnership and the evaluation of the magmatic nickel system at Taylor Brook.” The 9,000,000 common shares acquired by Altius pursuant to the Transaction represents approximately 13.1% of the then issued and outstanding common shares of the Company immediately prior to the Transaction, Altius owned 3,797,126 common shares representing approximately 6.3% of the issued and outstanding common shares of the Company. Upon comp...