CRI Churchill Resources Inc

Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has completed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report on the Taylor Brook Project (the “Report”) that is highly encouraging for high grade nickel discoveries throughout the Layden Intrusive Trend and into the adjacent Taylor Brook Gabbro Complex (“TBGC”).

• Layden Intrusive Trend: Models as a single contiguous highly magnetic body at depths below -400m, extends over 10km, and contains multiple targets; is anchored to the southeast by the Taylor Brook Gabbro (South Lobe), which is both highly magnetic, coincidentally the highest gravity signature in Western Newfoundland and located on the craton margin; to the northwest, outcrops at the high-grade nickel discovery at the Layden showing; and given the similar relative ages of the Layden and Taylor Brook gabbroic intrusions, suggesting a relationship between the two.

• Nickel Sulphide Occurrences: The intimate association of sulphide with the Layden pulses suggest that the sulphides separated from a parental mafic to ultramafic magma in manner typical of orthomagmatic nickel sulphide deposits (e.g., Voisey’s Bay, Eagle, etc.). Thus far mineralization has reached 14.5% nickel tenor over 1.7m in our shallow sampling. As previously disclosed, drilling intercepts include: 2.79% Ni over 4m; 4.44% Ni over 1.77m; and 3.04% Ni over 1.70m.

• Exploration Rationale: Our current exploration rationale is based on the model that the pulses are conduits of nickel sulphide-bearing magmas. As such the conduits themselves, or underlying magmatic intrusions along the whole Layden Intrusive Trend, from which the conduits originated, should be the primary exploration targets.

“We are excited that we have begun to confirm a potentially district scale ca. Silurian (443-419 million years ago) magmatic nickel intrusive complex, extending over 10 km from the high grade Layden intrusive where nickel tenors thus far reach to 14.5% over 1.7m in our shallow sampling,” commented Paul Sobie, Churchill’s CEO. “This potential Silurian Period of orthomagmatic nickel sulphide represents a new metallotect in the Newfoundland Appalachian Orogen and is sandwiched between the well-known Ordovician Buchans and Rambler base metal camps to the south east and east of us, and the ca. Siluro-Devonian Valentine Lake and Appleton gold districts further southeast and east. If a magmatic nickel deposit or camp is present in Western Newfoundland, the craton-margin located Taylor Brook Project is a most likely spot, and all exploration data derived by Churchill continue to reinforce this model.”

An important conclusion to the work has been the recognition of clear geochemical and geophysical relationships between the TBGC and the magmatic mineralization at the historic Layden Showing, with the ~10km long Layden Intrusive Trend thought to be the conduit between the two. Whilst this relationship needs further definition through sampling, the Siluro-Devonian age of all the gabbroic intrusives, and recognition that the Layden rocks are not Grenvillian, is hugely important to understanding the emplacement history of these intrusions. If a magmatic nickel deposit or camp is present in Western Newfoundland, the Taylor Brook Project is a most likely spot, and all exploration data derived by Churchill continue to reinforce this model.

The Report recommends a 2023 exploration program that prioritizes work along the Layden Intrusive Trend into the large adjacent Taylor Brook Gabbro Complex, as well as deeper geophysical and drilling work at the Layden Gabbronorite where shallow high-grade intersections of up to 4.44m of 2.79% Ni, 0.54% Cu, 0.05% Co were drilled in 2022.

Taylor Brook Technical Report – Key PointsThe Report was authored by Dr. Derek Wilton, P.Geo., of Terra Rosetta Inc., St. John’s, NL, Mr. Jeremy S. Brett, M.Sc., P.Geo., of Jeremy S. Brett International Consulting Ltd., Toronto, ON, and assisted by Mr. Paul Sobie, P.Geo., Chief Executive Officer & Director of Churchill. A copy of the Report will be posted and available for download on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.churchillresources.com.

Key conclusions from the Report include:

• Churchill’s drilling and mapping indicate that the Layden Gabbronorite extends over an area of at least 200m x 400m x 300m deep, with deformation primarily exhibited as tight isoclinal folding inclined ~60 degrees to the east, i.e., towards the Taylor Brook Gabbro Complex.

• The Layden intrusive breccias have a weak to moderate EM conductor expression (but are strongly magnetic), whereas the more massive sulphides are observed as strong, but thus far small, conductor plates in the Layden Intrusive area. The Layden Gabbronorite is moderately magnetic compared to the breccia pulses. Overall, geophysical expressions and geological modelling suggest that the intrusive, at this location, has a more “pipe-like” structure than classic chonolith intrusive form.

• The intimate association of sulphide with the Layden pulses suggest that the sulphide separated from a parental mafic to ultramafic magma in manner typical of orthomagmatic nickel sulphide deposits (e.g., Voisey’s Bay, Eagle, etc.).

• The current exploration rationale for this property is based on the model that the Layden pulses are conduits of sulphide-bearing magmas. As such the conduits themselves, or underlying magmatic intrusions along the Layden Intrusive Trend from which the conduits originated, should be the primary exploration targets.

• The sulphides seem to be Ni, Cu and Co-enriched and the presence of pentlandite as the dominant nickel-bearing sulphide suggests that economically exploitable concentrations of at least Ni may be associated with the Layden pulse magmatism (i.e., Ni is not solely a trace element in pyrrhotite).

• The similar relative ages of the Layden and Taylor Brook gabbroic intrusions does suggest a relationship between the two, with the highly magnetic western portion of the South Lobe of the TBGC, particularly intriguing especially given the coincident gravity anomaly.

• The form of the original Layden intrusive pulses has been obscured by deformation but in its current form the pulses appear to define a pipe-like structure plunging at ~60 degrees to the east until being offset by the Layden Fault. As pipe-like bodies, the Layden pulses may be feeders from a deeper intrusion. If the bodies were originally pipes, then more significant concentrations of sulphide may be present at depth as part of a deeper magmatic system.

• Churchill’s comprehensive airborne geophysical work has outlined readily apparent large-scale features in the magnetic data that appear to control emplacement of the intrusive pulses, including the ~north-south trending Upper Humber Valley Fault, several dilational zones within sigmoidal structures adjacent to the Taylor Brook Gabbro Complex, and two prominent southeasterly trending NW-SE shear zones that cross the property are in the magnetic data.

• Interpretation of the resistivity surveys emphasizes ductile zones along the Upper Humber Valley Fault that host the Layden Intrusive Trend, as well as the set of southeasterly trending fault/shear zones that cross the property. The southernmost shear zone of the NW-SE set appears to be the control structure for the course change of the Upper Humber River to southeast, before it follows the more N-S Upper Humber River Fault trend. Sinistral displacement along this shear zone may explain the location of the Humber Gabbronorite ~1.2km to the west of the Layden Gabbronorite and magmatic trend.

• The site of the Layden Gabbronorite Intrusive appears to be at the intersection of this middle southeasterly trending shear zone with the Upper Humber River Fault Zone. The upper (or more northerly) NW-SE trending shear zone appears to abut the northern lobe of the Taylor Brook Gabbro, but survey limits do not allow observation into the interior of the gabbro plug. The margin of the north lobe does appear to be disrupted where the shear zone intersects it, as evidenced from the magnetic data.

• The magnetic inversions emphasize the linear nature of the Layden Intrusive Trend with depth, suggesting that the known mineralization at Layden is localized along the western side of the trend (i.e., away from the Taylor Brook Gabbro Complex). The emplacement of Layden Gabbronorite at the intersection of the two major structures is also emphasized by the inversions (i.e., the NW-SE fault zone and the Upper Humber Fault).

• In the -400m to -600m depth slices from the inversions, the Layden Intrusive Trend appears to have evolved into several magnetic nodes which may represent deeper pools of magmatic material. These include one large node just to south of the Layden Gabbronorite, and another just to the north. The gap between the two nodes may have localized the somewhat offset position of the Layden gabbronorite and breccia pulses, to just west of the Layden Intrusive Trend.

• The Layden Intrusive Trend models as a single highly magnetic body at depths below -400m, but with some complexity at -300m where individual nodes or bumps, particularly on the western side of the trend, may represent other mineralized intrusive areas. As well, the deeper depth slices suggest that areas where the trend is thickest are prospective targets for pools of sulphides.

Set out below is the proposed recommend work program for the remainder of 2023:

Exploration of the Layden Magmatic Trend and Taylor Brook Gabbro Complex

Soil sampling and prospecting is to continue along the entire Layden Intrusive Trend including the western margins of the Taylor Brook Gabbro Complex. As greater access is created through brush clearing along old forestry roads, more of the intrusive rocks as extant can be mapped and sampled for lithogeochemistry and petrography. To locate small sulfide occurrences <2m beneath cover, a Beep Mat survey is planned to be added to the prospecting.

The VTEM survey data along the southern portion of the trend and into the South Lobe of the TBGC will be revisited, with the view of refining interpretations and defining targets for follow-up. Structural interpretation of the regional and detailed aeromagnetics, VTEM Resistivity and the Digital Elevation Model data will be expanded. The high-resolution detailed Heli-GT magnetic gradiometer survey will be expanded to completely cover the southern extent of the project.

Heli-GT surveying of the southernmost area of the project is planned, including more high-resolution data over the South Lobe of the TBGC. All of the derived data will be added into expanded structural interpretation.

Deeper Drilling of the Layden Intrusive Area

Deeper drilling of the Layden Gabbronorite is planned, following deep penetrating Controlled Source Audio-Magnetotelluric (“CSAMT”) survey, concentrating on the southern portion of the intrusion where a “keel” has been interpreted. BHEM surveys will be conducted on all holes to detect any potential massive sulfides off-hole.

Taylor Brook Project The Taylor Brook Project consists of 705 map staked claims totalling 17,625 hectares (176.25km2) held under nine mineral licences of which seven are held by Churchill. Churchill also includes the two small licenses 026955M and 027616M within their overall Taylor Brook Project, having secured option agreements from the owners on August 31st, 2021.

The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under NI 43-101 and independent of the Company.

About Churchill Resources Inc.Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise. The province was recently ranked 4th in the world for investment attractiveness by the Fraser Institute in its 2022 annual survey of mining and exploration companies.

Further Information

For further information regarding Churchill, please contact:

Churchill Resources Inc.Paul Sobie, Chief Executive OfficerTel. +1 416.365.0930 (o)+1 647.988.0930 (m)Email psobie@churchillresources.com

Alec Rowlands, Corporate ConsultantTel. +1 416.721.4732 (m)Email arowlands@churchillresources.com

Cautionary Note Regarding Forward Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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