TORONTO, April 18, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") ("Conquest" or the "Company") is pleased
to report that the Company has substantially increased its land
position at Emerald Lake by
claiming 3,200 hectares of prospective land in the vicinity of its
Golden Rose mine property, located approximately 65 km northeast of
Sudbury, Ontario.
Conquest now controls 3,980 hectares in six exploration blocks
at Emerald Lake underlain by south
Abitibi greenstone geology that is considered highly prospective
for gold mineralization, representing an increase in Conquest's
land position associated with the project of more than 500
percent.
"Conquest's plan to expand its land position beyond its
recently acquired property was put into action at a very low cost
to the Company by claiming mineral rights to areas near the former
Golden Rose mine site that are underlain by Archean basement
stratigraphy similar to that of the core Golden Rose claims which
exhibit encouraging mineralization, geology and geophysics,"
commented Benjamin Batson,
President and Chief Executive Officer of Conquest.
At the opening of the online Ontario Mining Lands Administration
System ("MLAS") on April 10, 2018,
Conquest claimed five (5) blocks of land which cover extensions of
the banded iron formation stratigraphy that is host to the former
Golden Rose gold mine at Emerald
Lake with geology favorable for gold mineralization.
Portions of these new blocks have historical mapping coverage,
geophysics and known mineralization characterized by sulphide
occurrences in outcrops and drill holes. The new blocks are
accessible by road, trail and by boat from the Golden Rose mine
site.
"We have learned a great deal about the geology and
mineralization at the Golden Rose mine site and feel that there is
excellent potential across the whole of the belt for gold
mineralization. The addition of the new claim blocks enhances
that opportunity," added Mr. Batson. "Conquest's
technical team is excited to get boots on the ground as soon as the
snow has melted and we look forward to updating our shareholders
through our website and media channels on our progress as the
spring exploration season unfolds."
WINTER/SPRING EXPLORATION PROGRAM AT THE GOLDEN ROSE
PROPERTY
During March 2018, Conquest
completed a high-resolution, property-scale, airborne geophysical
survey on the Golden Rose property. The survey was flown
under contract to Geotech Limited ("Geotech"). The final
survey results, which are expected to be available at the end of
April, will include inversion interpretation techniques used to
model three-dimensional solids of the property.
With the addition of Geotech's variable time domain
electromagnetic ("VTEM") data, zones of conductance can be
interpreted from the VTEM data that can 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 Conquest's
Golden Rose property.
Conquest is also preparing for the Spring/Summer Exploration
season by relogging historical drill core from some of the 450
holes previously drilled on the property and by completing a
compilation of historical mining and exploration information at the
Golden Rose property and the surrounding area. The results of
these exploration and compilation activities are being interpreted
in preparation for an initial phase of drilling planned to commence
this summer.
GOLDEN ROSE PROPERTY
Conquest's Golden Rose Gold
property hosts a former producing gold mine where between 1915 and
1988, intermittent mining activities produced 52,000 ounces of gold
from structurally controlled, high-grade quartz veins hosted in
banded iron formation.
The Golden Rose mine workings consist of more than six
kilometres of underground workings as well as a three (3)
compartment, 228-metre-deep shaft and a decline ramp from surface
to the 6th level of the mine. An inclined winze connects
the 6th and 7th levels to the 5th
level of the mine.
Conquest's exploration strategy for the Golden Rose property is
targeting orogenic gold mineralization hosted along interbedded
Algoman-type banded iron formations and Archean-aged greenstone
volcanics at three (3) complementary scales: mine, property, and
regional. In 2009, surface drilling by others intersected 171 grams
of gold per tonne over 1.83 metres.
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.
On December 7, 2017, Conquest
acquired a 100% interest in the Golden Rose Property. The
patented and staked mining claims measuring 770 hectares in size
encompass the former Golden Rose gold mine and highly prospective
North and South banded iron formations at Emerald Lake, Ontario.
Conquest also 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 patented and 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
