Churchill Proclaims Acquisition of 100% Curiosity in White River Diamond Property, Ontario

Churchill Proclaims Acquisition of 100% Curiosity in White River Diamond Property, Ontario

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TORONTO, March 06, 2023 (GLOBE NEWSWIRE) — Churchill Assets Inc. (“Churchill” or the “Firm”) (TSXV: CRI) is happy to announce that it has exercised an present choice to amass a 100% curiosity in sure mineral properties with potential diamond targets plus potential nickel and lithium targets situated instantly west of the city of White River, Ontario (the “Properties“). A subsidiary of the Firm entered into an choice settlement on February 9th, 2017 (the “Choice Settlement“) with Rudolph Wahl and Frederick Lowndes (collectively, the “Distributors”) to amass a 100% curiosity within the Properties, topic to a 2.0% web smelter royalty (“NSR”) on metals and minerals and a 3.0% gross over-riding royalty (“GOR”) on diamonds discovered on the Properties in favour of the Distributors (the “Transaction”). The Firm might purchase again 1.0% of the NSR for $1.0million and 1.5% of the GOR for $2.0m, and retains the primary proper to the remaining royalties.

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The Distributors lately transferred 816 mineral claims to Churchill’s subsidiary, Churchill Diamond Company, bringing the overall property to 1,224 claims that comprise Churchill’s White River Challenge with an space of 28,700ha. Since coming into into the Choice Settlement, the Firm has issued an mixture of two,850,000 widespread shares (“Widespread Shares”) to the Distributors and incurred the required cumulative exploration expenditures in reference to the Properties. Churchill carried out one season of exploration on the mission in 2017 since coming into into the Choice Settlement.

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Paul Sobie, CEO of Churchill said “We’re very happy to train the choice at White River which options identified diamond-bearing kimberlitic rocks in a particularly engaging setting simply south of the Trans-Canada Freeway between the cities of Marathon and White River. The property is intruded by quite a lot of mafic-ultramafic dykes swarms together with kimberlitic dykes, of which some might have magmatic nickel-copper-cobalt potential given the Tyco Challenge of Palladium One Mining Inc. some 30km north. A number of of the Firms’ 2017 until samples returned extremely anomalous numbers of sulphide grains which will likely be adopted up when exploration actions resume. As well as, we’ll assess the arduous rock pegmatitic lithium potential of the property.”

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In reference to the train of the choice to amass the Properties, the Firm has agreed to settle an impressive debt within the quantity of $50,000 (the “Debt”), representing an annual advance royalty proudly owning to the Distributors beneath the phrases of the Choice Settlement, by issuing an mixture of 625,000 Widespread Shares at a value of $0.08 per Widespread Share to the Distributors (the “Shares for Debt Transaction”). The Board of Administrators has decided it’s in one of the best pursuits of the Firm to settle the excellent Debt by the issuance of the Widespread Shares with a view to protect the Firm’s money for ongoing operations.

Closing of the Shares for Debt Transaction is topic customary closing situations, together with the prior approval of the TSX Enterprise Alternate (“TSXV”). The Firm intends to shut the Shares for Debt Transaction as quickly as practicable following receipt of the approval from the TSXV. The Widespread Shares to be issued pursuant to the Shares for Debt Transaction will likely be topic to a statutory maintain interval of 4 months and sooner or later from the date of issuance.

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About Churchill Assets Inc.

Churchill is managed by profession mining business professionals and at present holds 4 exploration tasks, particularly Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut and White River in Ontario. All tasks are on the analysis stage, with identified mineralized Nickel-Copper-Cobalt showings at Taylor Brook, Florence Lake and Pelly Bay, and considerably diamondiferous kimberlitic intrusives at White River and Pelly Bay. The first focus of Churchill is on the continued exploration and growth of the Taylor Brook and Florence Lake Nickel Initiatives.

Additional Data

For additional data relating to Churchill, please contact:

Churchill Assets Inc.
Paul Sobie, Chief Govt Officer
Tel.    +1 416.365.0930 (o)
    +1 647.988.0930 (m)
E-mail   [email protected]

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FORWARD LOOKING STATEMENTS: This press launch comprises forward-looking statements, inside the that means of relevant securities laws, regarding the Firm’s enterprise and affairs.  In sure instances, forward-looking statements may be recognized by means of phrases reminiscent of ‘‘plans’’, ‘‘expects’’ or ‘‘doesn’t anticipate’’, “intends” ‘‘price range’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such phrases and phrases or state that sure actions, occasions or outcomes ‘‘might’’, ‘‘may’’, ‘‘would’’, ‘‘may’’ or ‘‘will likely be taken’’, ‘‘happen’’ or ‘‘be achieved’’. 

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These forward-looking statements are based mostly on present expectations, and are naturally topic to uncertainty and adjustments in circumstances that will trigger precise outcomes to vary materially. Though the Firm believes that the expectations represented in such forward-looking statements are cheap, there may be no assurance that these expectations will show to be right. Such statements embody statements with respect to: (i) the receipt of the approval for the Shares for Debt Transaction from the TSXV; and (ii) the meant timing of the closing of the Shares for Debt Transaction. Ahead-looking statements contain vital dangers and uncertainties, shouldn’t be learn as ensures of future efficiency or outcomes, and won’t essentially be correct indications of whether or not or not such outcomes will likely be achieved. Plenty of elements, together with these mentioned above, may trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements. Any such forward-looking statements are expressly certified of their entirety by this cautionary assertion.

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All of the forward-looking statements made on this press launch are certified by these cautionary statements.  Readers are cautioned to not place undue reliance on such forward-looking statements.  Ahead-looking data is supplied as of the date of this press launch, and the Firm assumes no obligation to replace or revise them to mirror new occasions or circumstances, besides as could also be required beneath relevant securities laws.

Neither the TSXV nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this information launch. 

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