Churchill talks initial Black Raven sampling results

Executive Summary

• Churchill Resources Inc. provided an update on its fall evaluation program at the Black Raven property in Newfoundland, reporting the completion of 48 short drill holes totaling 4,602 meters and extensive trenching and soil sampling across four prospects.
• The company is awaiting imminent assay results for drilling and channel samples, with many samples undergoing supplemental ore-grade assays due to over-detection limits (particularly for antimony).
• Soil sampling results have identified significant anomalies, including a new antimony anomaly at Frost Cove, highly anomalous gold at Pomley Cove Pond (922 ppb), and correlated silver, copper, and zinc trends, which are prioritizing future trenching and drilling for 2026.

Key Details

• Drilling Progress:
  • Total completed: 48 short holes totaling 4,602 meters as of Nov. 24.
  • Program extended past 5,000 meters into December, with operations restarting in February; fully financed with cash on hand.
  • Frost Cove Antimony Mine Prospect: 30 boreholes (2,742.5 m) and 18 channel samples over 800 m strike length.
  • Taylor's Room Gold-Silver-Lead-Zinc Prospect: 11 boreholes (1,130.5 m) and 6 channel samples over 300 m strike length (12th hole in progress).
  • Stewart Gold Mine Prospect: 6 boreholes (585 m) and 2 samples of in situ vein material from historical shaft over 300 m strike length.
  • Pomley Cove Pond Prospect: 1 borehole (142 m) and 9 channel samples of newly discovered veins; 3 more holes planned before break.
• Assay Status:
  • 363 core samples and 89 channel samples submitted to SGS Lakefield.
  • Many samples subjected to supplemental ore-grade assay procedures after initial analyses were overlimit for certain metals.
  • First batch of soil results received and reported; drilling and channel assay results expected imminently.
• 2025 Soil Sampling Results (993 samples reported, ~1,200 pending):
  • Antimony: New anomaly discovered to the west of Frost Cove mine trend along a known felsic dike (threshold 40 ppm).
  • Gold: Highly anomalous area around Pomley Cove Pond with a value of 922 ppb on the western shore; anomalous samples near Stewart gold mine.
  • Silver: Two northerly trends defined north of Pomley Cove Pond.
  • Copper: Anomalies correlating with gold/silver trends; high value of 2,050 ppm (0.21%) just north of Pomley Cove Pond.
  • Zinc: Anomalous samples in Pomley Cove Pond vicinity; high value of 1,953 ppm (0.20%) along northerly dike trend.
  • Lead: Scattered anomalous samples in Taylor's Room and Pomley Cove Pond areas.
  • Molybdenum: Three northeasterly trends extending from Pomley Cove to Morton's Harbour Head.
  • Arsenic: Widespread enrichment resembling gold distribution, with highly anomalous areas around Pomley Cove Pond, Taylor's Room, Moreton's Harbour Head, and Stewart gold mine.
• Optical Sorting & Metallurgy:
  • Optical-sorting studies initiated on Frost Cove wall rock, dike, and mineralization to produce high-grade direct shipping ore (DSO) preconcentrate.
  • Consultant from Stark Resources Group selected samples for physical properties testing.
  • Metallurgical studies by SGS Lakefield demonstrated excellent antimony recoveries from conventional gravity-flotation flow sheet techniques; final work in progress.
• Project Context:
  • Black Raven hosts historic Frost Cove antimony mine and Stewart gold mine.
  • Goal is to define mineralization for a NI 43-101 compliant maiden resource.
  • Positioned as a potential primary supply source for North American and European markets for high-grade antimony.
  • Located 60 km northwest of Gander, Nfld., with excellent infrastructure.

Notable Quotes

• "We're extremely pleased with the success or our first program at Black Raven, which includes our soil work and the drilling and trenching that is confirming considerable strike lengths and continuity to shallow depths for the prospects... Churchill is excited by some of the trends that are emerging and looks forward to seeing the results from around Frost Cove and further along strike to the south." — Paul Sobie, President