Churchill Provides Update to Previously Disclosed Frost Cove Results

TORONTO, ON / ACCESS Newswire / May 22, 2026 / Churchill Resources Inc. ("Churchill" or the "Company") (TSXV:CRI) reports that, as part of its routine geological model construction and validation using Seequent Leapfrog Geo for the Frost Cove prospect, the Company identified internal data compilation discrepancies in its March 18, 2026 news release. This news release provides the validated and corrected analytical results for the affected drill holes. The intersections under review were from holes FC25-16, FC25-17, FC25-19, FC25-20, FC25-23, FC25-24, FC25-26, FC25-27, FC25-28 and FC25-29, located in the southern portion of the Frost Cove structure, where high-grade massive stibnite has been identified at surface and in the historical Southern Shaft. Table 1 presents the validated underlying assays for the same sample intervals. The verified individual assay data indicate that the mineralized intervals do not support the broader composite intersections previously reported, which were the result of inadvertent data compilation errors. Table 2 presents the revised results of interest for holes FC25-16 to FC25-30, and Table 3 provides the corresponding drill hole collar location, azimuth, dip and hole length information for the relevant Frost Cove drill holes. Based on the validated assay data, the principal antimony intersections are limited to hole FC25-17, which returned 19,990 ppm antimony, or 2.00% Sb, over 0.10 m from 43.02 m, and hole FC25-27, which returned 130,011 ppm antimony, or 13.00% Sb, over 0.57 m from 50.68 m. The most notable gold and silver interval occurred in hole FC25-27, which returned 3.74 g/t Au and 24.95 g/t Ag over 0.55 m. All reported intervals are core lengths, and true widths have not yet been determined and may be less than the reported core lengths. Figure 1 presents a plan view of the Frost Cove 2025 final drilling results and 2026 drill hole locations, while Figure 2 presents a perspective view of the same drilling results and 2026 drill holes. Importantly, the structural interpretation and overall exploration strategy for the broader Forst Cove prospect [and Black Raven Project] remain highly active. The northern strike length of Frost Cove, extending approximately 500 m, remains a priority antimony and gold target for the Company based on mineralization identified on surface and in prior drilling. The Company has completed nine additional 2026 drill holes intended to further evaluate this target area, with assays pending. At Frost Cove South, additional surface stripping and trenching are required to better understand the structural complexity of the zone and to evaluate the potential continuation of the high-grade mineralization identified at surface and in the historical Southern Shaft. Table 1 - Corrected Frost Cove Drillhole Results for the Intervals Reported on March 18, 2026 Hole Sample From To Interval Sb Au Ag Cu Pb Zn As Sb Au Ag Cu Pb Zn AuEq Interval m m m ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm g/t m Weighted Average Intersections FC25-16 C00239519 3.25 4.20 0.95 78 0.02 0.30 16 68 101 13 FC25-16 C00239521 4.20 4.98 0.78 137 0.06 0.90 73 251 373 24 106 0.05 0.59 41 157 229 0.12 1.83 FC25-16 C00239522 4.98 5.08 0.10 137 0.32 1.00 24 269 328 78 FC25-16 C00239533 71.35 72.35 1.00 7 0.01 0.40 48 64 139 <5 7 0.01 0.40 48 64 139 0.03 1.00 FC25-17 C00239572 47.35 48.35 1.00 26 0.00 0.10 35 19 185 6 26 0.00 0.10 35 19 185 0.02 1.00 FC25-17 C00239585 66.54 67.54 1.00 22 0.10 0.70 5 37 68 88 22 0.10 0.70 5 37 68 0.12 1.00 FC25-17 C00239589 70.54 71.54 1.00 38 0.09 0.50 7 124 196 47 38 0.09 0.50 7 124 196 0.12 1.00 FC25-17 C00239599 79.54 80.54 1.00 46 0.10 17.10 51 166 160 103 46 0.10 17.10 51 166 160 0.40 1.00 FC25-17 C00239603 82.54 83.54 1.00 9 0.06 0.30 5 21 35 58 FC25-17 C00239604 83.54 84.54 1.00 12 0.00 0.30 5 24 37 56 11 0.05 0.30 4 24 38 0.06 3.00 FC25-17 C00239605 84.54 85.54 1.00 13 0.09 0.30 3 27 42 54 FC25-17 C00239606 85.54 86.54 1.00 17 0.12 0.50 3 33 49 71 17 0.12 0.50 3 33 49 0.14 1.00 FC25-19 361806 3.30 3.92 0.62 93 0.03 0.40 56 17 122 40 93 0.03 0.40 56 17 122 0.09 0.62 FC25-19 361819 10.32 11.00 0.68 20 0.02 0.10 16 9 57 6 20 0.02 0.10 16 9 57 0.03 0.68 FC25-19 361825 14.60 15.15 0.55 197 0.11 1.30 39 107 133 217 197 0.11 1.30 39 107 133 0.23 0.55 FC25-19 361833 17.10 18.10 1.00 14 0.01 0.10 24 5 106 <5 14 0.01 0.10 24 5 106 0.02 1.00 FC25-19 361835 19.10 19.70 0.60 30 0.01 0.30 36 115 104 20 FC25-19 361836 19.70 20.20 0.50 149 0.18 5.40 169 517 727 183 71 0.06 1.83 91 208 300 0.14 1.60 FC25-19 361838 20.20 20.70 0.50 42 0.00 0.10 78 10 107 <5 FC25-20 361918 20.00 21.00 1.00 29 0.00 0.10 60 10 58 5 29 0.00 0.10 60 10 58 0.02 1.00 FC25-20 361924 23.70 24.35 0.65 28 0.01 0.30 20 19 58 13 28 0.01 0.30 20 19 58 0.03 0.65 FC25-23 361943 32.30 33.15 0.85 10 0.01 0.10 72 11 95 <5 10 0.01 0.10 72 11 95 0.03 0.85 FC25-24 361955 70.56 71.26 0.70 28 0.01 0.10 19 8 60 7 28 0.01 0.10 19 8 60 0.03 0.70 FC25-24 361963 74.36 75.36 1.00 45 0.00 0.10 53 3 86 <5 45 0.00 0.10 53 3 86 0.03 1.00 FC25-24 361971 85.10 86.10 1.00 6 0.01 0.10 39 7 61 6 6 0.01 0.10 39 7 61 0.02 1.00 FC25-26 362025 40.46 41.15 0.69 11 0.01 0.10 33 7 103 6 11 0.01 0.10 33 7 103 0.02 0.69 FC25-27 362042 39.85 40.85 1.00 29 0.12 0.50 38 28 139 86 29 0.12 0.50 38 28 139 0.15 1.00 FC25-28 362031 92.15 93.15 1.00 102 0.01 0.10 60 5 75 6 102 0.01 0.10 60 5 75 0.07 1.00 FC25-28 362047 98.00 98.60 0.60 36 0.01 0.10 46 8 150 7 36 0.01 0.10 46 8 150 0.04 0.60 FC25-29 362073 41.00 41.65 0.65 13 0.01 0.10 20 11 72 6 13 0.01 0.10 20 11 72 0.02 0.65 * Gold equivalent values (AuEq) were calculated using long-term metal price assumptions of US$3,000/oz Au, US$45/oz Ag, US$4.10/lb Cu, US$0.85/lb Pb, US$1.30/lb Zn and US$20/lb Sb, and assumed recoveries of 95% for all metals. The Company cautions that metallurgical recoveries have not been established for all metals and that metal equivalent values are provided for comparative purposes only. Table 2 - Revised Frost Cove Drillhole Results of Interest Hole Sample From To Interval Sb Au Ag Cu Pb Zn Sb Au Ag Cu Pb Zn Interval m m m ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm m Weighted Average Intersections FC25-16 C00239531 70.25 71.25 1.00 45 0.02 0.1 64 106 165 45 0.02 0.1 64 106 165 1.00 FC25-16 C00239532 71.25 71.35 0.10 24 0.71 60.9 1,152 6,000 52,500 24 0.71 60.9 1,152 6,000 52,500 0.10 FC25-16 C00239533 71.35 72.35 1.00 7 0.01 0.4 48 64 139 7 0.01 0.4 48 64 139 1.00 FC25-17 C00239563 42.24 43.02 0.78 77 0.01 0.1 19 18 100 77 0.01 0.1 19 18 100 0.78 FC25-17 C00239564 43.02 43.12 0.10 19,990 0.07 2.3 94 234 90 19,990 0.07 2.3 94 234 90 0.10 FC25-17 C00239567 43.12 43.42 0.30 89 0.00 0.1 18 8 50 89 0.00 0.1 18 8 50 0.30 FC25-17 C00239586 67.54 68.54 1.00 23 0.08 0.4 5 42 58 23 0.08 0.4 5 42 58 1.00 FC25-17 C00239587 68.54 69.54 1.00 157 0.19 7.6 96 1,968 1,405 157 0.19 7.6 96 1,968 1,405 1.00 FC25-17 C00239588 69.54 70.54 1.00 68 0.14 4.3 28 1,633 759 68 0.14 4.3 28 1,633 759 1.00 FC25-17 C00239598 78.54 79.54 1.00 18 0.04 0.7 21 27 63 18 0.04 0.7 21 27 63 1.00 FC25-17 C00239599 79.54 80.54 1.00 46 0.10 17.1 51 166 160 46 0.10 17.1 51 166 160 1.00 FC25-17 C00239601 80.54 81.54 1.00 13 0.04 1.7 19 23 46 13 0.04 1.7 19 23 46 1.00 FC25-19 361814 8.8 9.15 0.35 55 0.02 0.1 22 95 140 55 0.02 0.1 22 95 140 0.35 FC25-19 361818 9.82 10.32 0.50 48 0.01 0.2 21 26 57 48 0.01 0.2 21 26 57 0.50 FC25-27 362042 39.85 40.85 1.00 29 0.12 0.5 38 28 139 29 0.12 0.5 38 28 139 1.00 FC25-27 362043 40.85 41.1 0.25 167 7.14 45.3 322 7,900 8,500 98 3.74 24.95 191 4,539 4,861 0.55 FC25-27 362045 41.1 41.4 0.30 40 0.90 8.0 82 1,739 1,829 FC25-27 362046 41.4 42.4 1.00 21 0.01 0.5 21 52 79 21 0.01 0.5 21 52 79 1.00 FC25-27 362057 50 50.68 0.68 133 0.03 0.9 56 59 69 133 0.03 0.9 56 59 69 0.68 FC25-27 362058 50.68 50.95 0.27 7,800 0.44 7.6 182 1,288 1,478 130,011 0.23 5.65 135 863 1,070 0.57 FC25-27 362059 50.95 51.25 0.30 240,000 0.04 3.9 92 481 703 FC25-27 362062 51.25 52.23 0.98 135 0.00 0.1 17 17 66 135 0.00 0.1 17 17 66 0.98 FC25-27 362066 81.72 82 0.28 18 0.05 2.8 104 428 732 18 0.05 2.8 104 428 732 0.28 FC25-27 362067 82 82.3 0.30 40 1.33 12.7 246 6,700 7,700 40 1.33 12.7 246 6,700 7,700 0.30 FC25-27 362069 82.3 83.3 1.00 7 0.00 0.1 36 8 74 7 0.00 0.1 36 8 74 1.00 Table 3 - Frost Cove 2025 Drillhole Summary Hole Target Area Easting Northing Elevation (m) Azimuth Dip Length (m) FC25-01 Frost Cove North 654139.0 5493593.0 40.7 305 -45 119 FC25-02 Frost Cove North 654139.5 5493593.0 40.6 305 -60 163 FC25-03A Frost Cove North 654139.0 5493593.5 40.6 275 -45 91 FC25-04 Frost Cove North 654139.5 5493593.5 40.6 275 -60 139 FC25-05 Frost Cove North 654059.0 5493580.9 54.3 105 -45 91 FC25-06 Frost Cove North 654059.0 5493581.4 54.4 105 -60 79 FC25-07 Frost Cove North 654040.0 5493512.0 52.9 110 -45 46 FC25-08 Frost Cove North 654040.0 5493512.5 52.8 110 -65 76 FC25-09 Frost Cove North 654040.5 5493512.0 52.8 145 -45 70 FC25-10 Frost Cove North 654040.5 5493512.5 52.8 145 -65 85 FC25-11 Frost Cove North 654008.3 5493465.0 54.1 110 -45 79 FC25-12 Frost Cove North 654008.3 5493465.5 54.1 110 -65 130 FC25-13 Frost Cove North 653995.0 5493403.0 48.5 92 -45 70 FC25-14 Frost Cove North 653995.5 5493403.0 48.6 94 -65 82 FC25-15B Frost Cove North 653991.0 5493396.0 48.5 149 -55 154 FC25-16 Frost Cove South 653950.3 5493238.0 38.0 110 -45 97 FC25-17 Frost Cove South 653922.0 5493183.0 36.3 104 -45 104 FC25-18 Frost Cove South 653922.5 5493183.0 36.3 100 -65 89 FC25-19 Frost Cove South 653950.8 5493238.0 38.0 115 -65 56 FC25-20 Frost Cove South 653965.0 5493286.0 38.0 110 -45 59 FC25-21 Frost Cove South 653965.5 5493286.0 37.9 110 -65 68 FC25-22 Frost Cove South 653886.0 5492978.0 46.6 158 -45 109 FC25-23 Frost Cove South 653886.0 5492980.0 46.7 90 -45 64 FC25-24 Frost Cove South 653886.0 5492980.5 46.7 94 -65 97 FC25-25 Frost Cove South 653886.5 5492980.0 46.7 67 -45 70 FC25-26 Frost Cove South 653886.5 5492980.5 46.7 274 -45 61 FC25-27 Frost Cove South 653965.0 5493286.5 38.0 60 -55 101 FC25-28 Frost Cove South 653863.0 5493038.0 44.6 40 -45 142 FC25-29 Frost Cove South 653883.0 5493038.5 46.7 117 -45 88 FC25-30 Frost Cove South 653883.5 5493038.0 46.7 115 -65 63.5 * Coordinates are reported in UTM NAD83 Zone 21N. Figure 1 - Plan of Frost Cove 2025 Final Drilling Results and 2026 Drillholes Figure 2 - Perspective of Frost Cove 2025 Drilling Results and 2026 Drillholes About the Black Raven Gold-Silver-Antimony Project The Black Raven Project is a polymetallic exploration asset in central Newfoundland characterized by high-tenor antimony mineralization interpreted as part of a property-wide gold-silver-antimony system. Churchill's primary objective is to evaluate the project's potential as a small-footprint, high-grade underground mine. In pursuit of this objective, Churchill intends to first gather sufficient data to undertake the preparation of initial resource estimates and then advance toward the preparation of a maiden mineral resource estimate in accordance with National Instrument 43-101, thus, positioning the property as a potential primary supply source for North American and European markets. Currently, North America lacks sources of high-grade, primary antimony supply and the potential domestic source at Frost Cove could be of some significance. The project encompasses the past-producing Frost Cove Antimony and Stewart Gold mines. While these sites operated intermittently at the turn of the last century, Churchill is the first exploration group to apply modern systematic exploration techniques to resource definition through the trend. Black Raven is located approximately 60 km northwest of Gander, Newfoundland, and approximately 100 km north of the dormant Beaver Brook Antimony Mine. The project benefits from excellent infrastructure, including roads, power, proximity to tidewater and ports, and locally integrated operational and technical teams. Antimony is recognized as a vital critical mineral, essential for Canada's national and economic security. It is a key component in military applications, flame retardants, alloy strengthening in batteries, and emerging energy storage technologies. Securing a reliable domestic supply chain for antimony is paramount for critical mineral supply chains, bolstering both economic resilience and strategic independence. About Churchill Resources Churchill Resources Inc. is a Canadian exploration company focused on exploration and evaluation of strategic and critical metals in Canada, principally at its prospective Black Raven, Golden Baie, Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board, and advisors have decades of combined experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill's Newfoundland and Labrador projects have the potential to benefit from the province's large and diversified minerals industry, which includes world class mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise. Qualified Person 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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Dr. Wilton is an honorary research professor of Economic Geology at Memorial University in St. John's and is independent of the Company for the purposes of NI 43-101. The Qualified Person reviewed the corrected assay database, original assay certificates, sample intervals, drill logs, QA/QC results, compositing calculations, and updated geological model. Sampling Program Antimony, gold, silver, lead, zinc, copper and molybdenum samples were collected by Company geologists from drill cores, channel samples, and grab samples. Core samples were halved by saw at the Company's core facility near Boyd's Cove. All samples were labelled and securely packaged and delivered to the laboratory of Eastern Analytical in Springdale, NL, for crushing and pulverizing. Splits were analysed by Au 30 g fire assay and ICP-34 protocols and by EA's ore-grade analytical methods when the initial detection limits were exceeded. Antimony samples from Frost Cove drill holes were prepped by Eastern and the pulps sent to SGS Canada Inc. in Lakefield, Ontario, for their GE_AAS33E50 assay protocols and their ore-grade analytical methods when the initial detection limits were exceeded. Qualified Person Dr. Derek Wilton has examined all of the channel sampling sites and all drill holes reported herein. Data Verification As part of the correction process, the Company and the Qualified Person reviewed the original laboratory certificates against the assay database, verified sample intervals against drill logs, recalculated reported composite intervals, and compared the corrected assay database against the updated geological model. The corrected results presented herein supersede the results reported on March 18, 2026. Further Information For further information regarding Churchill, please contact: Churchill Resources Inc. Tasheel Jeerh, Chief Executive Officer Tel. 587.400.2890 (m) Email: [email protected] Paul Sobie, President Tel. 416.365.0930 (o) 647.988.0930 (m) Email: [email protected] FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements, including, but not limited to, statements about Churchill's objectives, goals and exploration activities proposed to be conducted on its properties; future growth potential of Churchill, including whether any proposed exploration programs at any of its properties will be successful; exploration results; and future exploration plans and costs. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. In particular, this release contains forward-looking information relating to, among other things, the Company's goals and objectives, and future exploration work to be conducted on the Company's Black Raven Antimony Property. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Such factors, among other things, include: exploration results on the Black Raven Antimony Property; the expected benefits to Churchill relating to the exploration proposed to be conducted on its properties; receipt of all regulatory approvals in connection with the transaction contemplated herein; 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 Churchill's properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; 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; and title to properties. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Churchill cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Churchill assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Churchill Resources Inc. View the original press release on ACCESS Newswire