TORONTO, March 14, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") ("Conquest" or the "Company") has noted
the level of market activity in the Company's stock during the last
two days of trading. Conquest is not aware of any material
developments for this increased level of activity.
EXPLORATION UPDATE
The Company is preparing for the Spring/Summer Exploration
season by carrying out a new airborne geophysical survey, relogging
of historical drill core, and the compilation of historical mining
and exploration activities at Conquest's Golden Rose property and
the surrounding area. The results of these exploration
activities will be interpreted in preparation for an initial phase
of drilling planned to commence this summer.
"Conquest management is encouraged by the results of the
ongoing Golden Rose exploration program. Preliminary results
of the geophysical survey show the continuation of the iron
formation host rock of the Golden Rose mine with several structural
features that are interpreted to fold and offset the local geology
across the east-west strike of the property which will be the
subject of mapping and sampling as soon as possible," commented
Benjamin Batson, President and Chief
Executive of Conquest.
"We eagerly await Spring Break-up so that we can get
boots-on-the-ground in our surface mapping and sampling program in
advance of drilling over the combined seven kilometre strike of the
prospective north and south banded iron formations."
An exploration grid is being planned for the eastern portion of
the property, which has seen relatively little exploration despite
having known gold and base metal occurrences in outcrop and drill
holes.
AIRBORNE GEOPHYSICAL SURVEY
On February 20, 2018, Conquest
announced the commencement of a high-resolution, property-scale,
airborne geophysical survey flown under contract to Geotech Limited
on the Golden Rose property. While preliminary results of
this survey have been made available to Conquest, the Company has
yet to receive final results.
The interpretation of the final airborne geophysical data will
include inversion techniques used to model three-dimensional solids
for use in Conquest's target model of the property. With the
addition of the Geotech VTEM data, interpreted zones of conductance
be layered into the magnetic and bedrock geology models for use in
drill hole targeting for gold mineralization across the strike of
the two prospective banded iron formations which transect the width
of the Golden Rose property.
THE GOLDEN ROSE PROPERTY AT EMERALD LAKE, ONTARIO
On December 7, 2017, Conquest
acquired a 100% interest in the Golden Rose Property located 65
kilometres northeast of Sudbury,
Ontario. The patented and staked mining claims measure 770
hectares in size which encompass the former Golden Rose gold mine
and highly prospective North and South banded iron formations at
Emerald Lake.
On January 29, 2018, Conquest
announced that it had completed a private placement for gross
proceeds of $535,281. At least
$350,000 of the total private
placement will be used for exploration at Golden Rose.
QUALIFIED PERSON
Information of a scientific or technical nature contained in
this release has been prepared under the supervision of
Benjamin Batson, P. Geo., P. Eng.,
the President and Chief Executive of the Company who is a Qualified
Person within the meaning of National Instrument 43‐101 of the
Canadian Securities Administrators.
COMPANY OVERVIEW
Conquest Resources Limited was first incorporated in 1945 and is
a mineral exploration company that is engaged in the exploration of
mineral properties in Ontario. The
Company's principal exploration target is gold.
Conquest holds an undivided 100% interest in the Alexander Gold
Property located in the Red Lake
mining camp in Ontario. The Alexander Property is located
immediately east of Goldcorp's Red
Lake and Campbell mines in the heart of the Red Lake Gold
Camp on the important "Mine Trend" regional structure.
Conquest's property is almost entirely surrounded by Goldcorp's
land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake
Gold Property which consists of six (6) patented mining claims and
sixteen (16) staked mining claims in Leeson, Stover, Brackin, and
Rennie Townships in northern Ontario, lying to the north, west and south of
the former Renabie gold mine.
Conquest has 118,923,348 shares outstanding.
This news release may include certain "forward-looking
statements". All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding potential mineralization, resources and
reserves, exploration results, and future plans and objectives of
Conquest, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Conquest's expectations are exploration risks
detailed herein and from time to time in the filings made by
Conquest with securities regulators. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or the accuracy of this
release.
SOURCE Conquest Resources Limited
