Churchill drills 1.37 m of 2.93 g/t AuEq at Black Raven

Executive Summary

• Churchill Resources Inc. reported significant drilling intercepts from two wildcat holes (PC25-01 and PC25-02) at the Pomley Cove Pond area of its Black Raven project in central Newfoundland, revealing a polymetallic vein swarm hosting gold, silver, lead, zinc, and molybdenum.
• The drilling intersected at least 20 different veins within a 150-metre-wide zone, with high-grade gold-equivalent (AuEq) intercepts including 2.93 g/t AuEq over 1.37 metres and 9.17 g/t AuEq over 0.20 metres.
• The company plans to immediately execute a winter exploration program consisting of 10 trenches and 15 to 20 drill holes to lengthen the discovery holes and test additional IP targets, with additional results from 32 other holes pending.

Key Details

• Drill Hole PC25-01 (Vein 3): Intersected 2.93 g/t AuEq over 1.37 metres, including 4.77 g/t Au, 118.4 g/t Ag, 4.05% Pb, and 9.6% Zn over 0.31 metres (from 65.74 m); molybdenum values exceeded 1,000 ppm.
• Drill Hole PC25-02 (Vein 10): Intersected 9.17 g/t AuEq over 0.20 metres, containing 7.34 g/t Au, 87.2 g/t Ag, 2.35% Pb, and 2.14% Zn (from 41.98 m).
• Drill Hole PC25-02 (Vein 4): Intersected 2.34 g/t AuEq over 0.43 metres, including 2.82 g/t Au and 21.7 g/t Ag over 0.23 metres (from 92.44 m).
• AuEq Calculation Methodology: Calculated using long-term metal price forecasts of $3,000/oz Au, $45/oz Ag, $4.10/lb Cu, $0.85/lb Pb, $1.30/lb Zn, and $20/lb Mo, with a 95% recovery factor for all metals.
• Geological Context: The intercepts occur within a 150-metre-wide swarm of veins. The area is characterized by strong silicification and historic Induced Polarization (IP) survey chargeability highs. Soil sampling in 2025 returned anomalous results for gold, silver, molybdenum, and arsenic.
• Historic Comparisons: Surface trench results previously reported (Jan 5, 2026) showed weighted averages of 4.35 g/t gold and 132 g/t silver over 1.59 m. Grab samples on the western shore peaked at 922 ppb Au, and due diligence sampling confirmed silver assays up to 395 g/t.
• Future Exploration Plans: An immediate winter program is underway consisting of 10 trenches and 15-20 drill holes. Objectives include lengthening holes PC25-01 and PC25-02 to deeper targets, trenching, and drilling other IP/soil targets at Pomley Cove Pond, Frost Cove, and potentially Taylor's Room.
• Pending Results: The release covers only two holes from the fall 2025 program (50 holes total, 5,176 m cumulative depth). Results for 32 additional holes are pending, including 12 at Taylor's Room, 14 at Frost Cove, and six at the Stewart mine.
• Project Strategy: Churchill aims to define a maiden NI 43-101 compliant resource for the Black Raven project, focusing on high-grade antimony, gold, and silver to serve as a domestic supply source for North American and European markets.

Notable Quotes

• "Pomley Cove Pond is a significant emerging focus for Churchill at Black Raven, and these results further underpin our interpretation that the Black Raven property may be a central locus to a large-scale polymetallic system with multiple mineralized fluid pulses." — Paul Sobie, President
• "The consistency in grade and polymetallic character of these drill results at Pomley Cove Pond align with previously reported surface trench results... and suggests continuity from surface to subsurface, and, most importantly, increasing molybdenum grades with depth within the central part of the peninsula." — Paul Sobie, President