Churchill Resources Inc. announced results from its Hybrid Controlled Source Audio-Magnetotelluric ("Hybrid CSAMT") survey carried out over the Layden Intrusive at Taylor Brook. The data suggests that multiple large conductor targets are present beneath Layden, hosted by similar and related magmatic rocks, below all drilling to date. Sizes of the conductor targets are significant, ranging up to several hundred metres long by >100m wide by >100m thick.

The survey was specifically designed to better define the Layden Intrusive with depth by reading from 175 stations nominally 50m apart along a grid-lines over an area of ~800m by 800m per the figure. The survey lines consistently show the area south of the outcropping Layden gabbronorite hosting large, very weak resistive units (i.e. conductor targets), starting at ~-400m which exceeds depths drilled to date. Going forward the Company will be expanding this successful Hybrid CSAMT survey and integrating the detailed data into a comprehensive 3-D model to better define the extent of the newly defined deeper potential mineralization at Layden.

Line-cutting and similar surveys will be carried out over the priority high nickel soil anomalies at LIT-1 and TBSL-1, in preparing those areas for drilling later this year. As well we intend to commission an airborne Mobile MT survey which will compliment and expand the ground CSAMT coverage along the entire Layden Intrusive Trend and the western margins of the Taylor Brook Gabbro Complex, to identify new conductor target areas along with our soil sampling. The Taylor Brook Project consists of nine 100% Churchill-owned map-staked licenses containing 705 claims totaling 176.25 km2.

Altius retains a 1.6% gross sales royalty on the Churchill licenses, and a 2.0% NSR is retained by two local prospectors on two small licenses totaling 4.75km2. Churchill's 2023 program at Taylor Brook includes property-wide soil sampling and prospecting, a CSAMT survey over the Layden Gabbronorite, completing the high-resolution detailed aeromagnetic coverage of the South Lobe area, stripping/trenching, and diamond drilling. 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 and independent of the Company.