Business
Churchill Resources Announces Private Placement of up to $2,500,000; Intends High Grade Ni-Cu-Co Discovery Exploration Drill Program at Taylor Brook
TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce a non-brokered private pla
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce a non-brokered private placement (the “Private Placement”) consisting of the sale of up to 50,000,000 units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of up $2,500,000. Each Unit will consist of one common share of Churchill (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share at a price of $0.15 at any time prior to the date which is two years following the completion of the Private Placement. Participants in the Private Placement are expected to include a consortium of high-net-worth individuals, with closing expected to occur in two tranches: a first tranche of $500,000 of Units to close on or about October 17, 2023, with the balance of the Private Placement expected to close on or about November 10, 2023. The Company intends to use the proceeds from the Private Placement for exploration activities on the Company's key projects located in Newfoundland and Labrador and general corporate purposes. Included is an intended ~5,000-meter drill program at its Taylor Brook property in Western Newfoundland, where targets have recently been identified below the mineralization drilled in 2022. The drill program is designed to test Churchill’s exploration model at Taylor Brook, which has advanced significantly over the course of the past quarter: District Scale, High Grade Potential. Taylor Brook hosts the previously unknown district-scale Layden magmatic intrusive sulphide system with high grade intercepts including 2.79% Ni over 4.44m (see Churchill’s 43-101 technical report published August 1, 2023). Substantial Conductor Targets Proximate to High Grade, High Tenor Mineralization. A recent hybrid CSMAT study identified substantial conductor targets beneath the known high grade nickel sulphide mineralization at the Layden Showing, and hosted by similar and related magmatic rocks (see announcement September 7, 2023); and Additional and Refined Target Search. Given the success of the CSMAT study, Churchill is planning additional geophysical work including: expanded CSMAT at Layden, an airborne mobile MT program along the entire ‘Layden Intrusive Trend, and...