Churchill Resources Inc. has announced that Altius Resources Inc. has agreed to distribute five mineral licenses totaling 262.25km2 to the Company.
The decision is tied to the Company’s present Taylor Brook South block and enfolds a large amount of the regional gravity feature that has housed the nickel-bearing Layden Magmatic Intrusive and the neighboring Taylor Brook Gabbro Complex.
The Company will repay Altius for their staking deposits ($52,450) and award Altius a 1.6% Gross Sales Royalty on the five allocated licenses, as per the terms of the agreement.
The five new licenses, known as the Cormack Property, were initially staked by Altius for their gold potential since they also lay along the major Doucer’s Valley Fault Zone, which has been linked to several gold prospects and deposits to the northeast of Taylor Brook.
The Cormack Licenses have seen very little exploration until now, and they cover the contact between the Precambrian Grenville rocks that host the Layden and Taylor Brook gabbroic intrusives, and the younger sedimentary rocks within the Deer Lake Sub-Basin that are relatively close to the Doucer’s Valley Fault Zone, as shown in the figure.
The Company aims to finish a first pass program of stream sediment sampling in Q2 2022 since the geography is excellent for this strategy, with several drainage basins feeding into the valley.
As the region dries up following the spring melt, initial sampling will be done by helicopter from the adjoining Deer Lake airstrip, with road and trail-accessible portions to follow. If necessary, follow-up sampling, prospecting and aerial geophysical surveys will be conducted in anomalous regions for nickel, gold or other commodities of interest.
We are pleased to continue our successful collaboration with the Altius team, and are excited to tie up more of the area of this regional gravity anomaly and fault zone. The planned work programs for Cormack are natural adjuncts to that taking place at Taylor Brook during 2022, and are expected to be easily accomplished.
Paul Sobie, Chief Executive Officer, Churchill Resources
Taylor Brook Project Update
With the launch of the camp, Phase 2 program by Churchill at Taylor Brook has begun, and the following activities will begin in May:
- Core drilling in phase 2 at the Layden Intrusive and along strike.
- Surface large-loop time-domain EM survey of existing and new grid lines.
- Borehole EM surveys of chosen 2021 holes and additional drill holes in 2022.
- The Layden Intrusive’s cut-line grid expands along the strike.
- Geochem sampling and prospecting will be conducted on the Layden trend.
- CRI geologists will relog and sample the historical cores at Taylor Brook camp.
- The Layden Trend, a 14 km x 4 km swath of the project from the Layden Intrusive in the northwest to the Taylor Brook batholith magnetic-gravity feature in the southeast, will be surveyed using a detailed Heli-GTTM magnetic gradiometer at 50 m line spacing.
Florence Lake Project
After being postponed in December owing to poor weather conditions, the helicopter-borne VTEM and Horizontal Gradiometer Geophysical Survey restarted in early April. The survey should be finished by early May, with preliminary results supplied as soon as possible after that.
Churchill has hired Goldspot Discoveries Corp. (TSX-V: SPOT) to consolidate all of the project’s past exploration data, which will be combined with the VTEM survey findings. This study is now complete and will be utilized to organize more geochemical sampling and prospecting for mid-summer 2022.
Paul Sobie, P.Geo., CEO, who is a “qualified person” as per the National Instrument 43-101 – Standards of Disclosure for Mineral Projects – has reviewed and approved the technical and scientific information in this press release.