on Churchill Resources Inc. (CVE:CRI)
Churchill Resources Acquires 100% of Golden Baie Project in Newfoundland
Churchill Resources Inc. has signed a letter of intent to fully acquire the Golden Baie Antimony-Gold Project from Canstar Resources Inc. This addition complements Churchill's existing Black Raven Gold-Silver-Antimony Project, solidifying a significant gold-antimony footprint in Central Newfoundland. The consolidation positions Churchill close to the Beaver Brook Antimony Mine, strategically enhancing their exploration assets.
The Golden Baie Project features 90 kilometers of strike on a regional fault and includes 15 high-grade antimony-gold occurrences. Canstar's $9 million investment since 2020 has resulted in a comprehensive database for prioritizing exploration, including 15,137 meters of gold drilling and extensive geophysics and sampling.
The acquisition terms allow Churchill a 24-month period to invest $5 million in exploration with incremental share transfers to Canstar. Canstar retains a net smelter royalty, and the deal awaits regulatory approvals. This move advances Churchill's goal to strengthen their antimony supply chain under Canadian control.
R. H.
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