THREE MONTHS ENDED MARCH 31, 2018
TORONTO, May 28, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") ("Conquest" or the "Company") is
pleased to provide an update on exploration at its 100% owned
Golden Rose Gold Property and to report its interim financial
results for the three-month period ended March 31, 2018.
This news release should be read in conjunction with the
Company's unaudited financial statements and the associated
management's discussion and analysis (MD&A) for the first
quarter ended March 31, 2018 which
are available on the Company's website at
www.conquestresources.com or under the Company's profile on
SEDAR (www.sedar.com).
GOLDEN ROSE PROJECT
In December 2017, Conquest began
an exciting transformation by acquiring the Golden Rose
Property, located at Emerald
Lake 65 kilometres northeast of Sudbury, Ontario.
The easily accessible patented and staked mining claims
encompass the former Golden Rose Gold
Mine, underlain by highly prospective Abitibi greenstone
geology, with two highly prospective, parallel (north and south)
banded iron formations at Emerald
Lake. 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.
In April 2018, Conquest
substantially increased its land position at Emerald Lake by claiming 3,200 hectares of
prospective land near its Golden Rose mine property. Conquest
now controls 3,980 hectares in six (6) exploration blocks at
Emerald Lake. This represents an increase in Conquest's land
position at Emerald Lake of more
than 500 percent.
Conquest's exploration strategy for the Golden Rose property
targets gold mineralization lying along two prospective horizons of
Algoman-type banded iron formation, which trend east-west across
entire strike length of the Golden Rose property, and Archean-aged
greenstone volcanics, in search of orogenic gold deposits at three
distinct scales: mine area, property, and regional.
The eastern portion of the property has seen relatively little
previous exploration, despite having known gold and base metal
occurrences in outcrop and drill holes.
Winter/ Spring 2018 Exploration program at Golden
Rose
Throughout the first quarter of 2018 and to date, Conquest has
undertaken an extensive compilation of all historical mining and
exploration records at both the Golden Rose property and
surrounding area, including 3D-digital transformation of historical
mine maps, sections and drill logs, and surveying.
The Company is also undertaking a program of relogging of
historical drill core and new ground surveys.
New airborne geophysical survey
A new airborne geophysical survey was flown under contract to
Geotech Limited, using helicopter-borne horizontal magnetic
gradiometer and variable time-domain electromagnetic ("VTEM")
instrumentation. The survey was specifically designed for
sub-vertically oriented geology and faulting of the Archean
basement stratigraphy that underlies the Emerald Lake property and the former
Golden Rose Gold Mine. The
final report to accompany the digital information layers is
expected to be delivered to Conquest before the end of May.
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
will be layered into compiled magnetic and bedrock geology
models. These, and other data will subsequently be used in
positioning collar locations within selected geophysical targets
for the planned drill programs.
New geological modelling
Digital information from more than six kilometres of underground
workings and 450 drill holes, in addition to compiled surface
mapping, geochemistry and geophysics, are being integrated into a
new 3D-geological model of the Golden Rose mine property.
As part of Conquest's data mining, the new geological model will
focus on the folded and faulted altered stratigraphy along the
prospective Archean-aged banded iron formations over the entire
seven-kilometer strike length across the property.
This new detailed information will permit re-interpretation of
stratigraphic controls, structural setting and alteration
characteristics associated with gold mineralization at the Golden
Rose mine.
Early summer 2018 exploration program
Relogging of drill core recovered from previous drilling by
others in 2009 and 2010 will continue to provide valuable
information for integration into the new geological model.
Petrographic studies are also underway, specifically focused on ore
mineralogy and alteration assemblages of the various host rock
lithologies.
Surveying of previously set survey marker and monuments is
planned to commence in late May to help with both the registration
of multiple historical mine and exploration grids and assist in the
surface delineation of the regional surface expression of marker
stratigraphy, as observed within the mine sequence. Additional
regional geological mapping along the banded iron formations will
commence in June to support verification of geophysical
interpretation and in preparation for an initial phase of drilling.
This will be followed by line cutting of an exploration grid.
By completing a thorough compilation review and targeting
exercise of the stratigraphy, structure, alteration, geochemistry,
alteration and geophysics, Conquest is working to be well
positioned to systematically explore the Golden Rose property,
where multiple targets at both the mine-site and on the wider
property area have already been identified.
QUALIFIED PERSON
Paul Smith P. Geo. (NS) is the
Company's Qualified Person for the purposes of National Instrument
43-101 and has approved the technical disclosures within this Press
Release.
FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018
The Company recorded no revenue for the periods ended
March 31, 2018 or March 31, 2017.
For the three-month period ended March
31, 2018, the Company recorded a loss of $179,196 ($0.002
per share). The loss included exploration expenditures of
$123,581.
At March 31, 2018, the Company had
cash of $257,008 compared to
$215,635 at December 31, 2017.
On January 29, 2018 the Company
announced completion of a $535,281
private placement financing with proceeds to be used for
exploration at Golden Rose and general operating expenses.
The Company will need to generate additional financial resources to
fund future planned exploration programs.
MANAGEMENT
In May 2018, Benjamin Batson resigned as President and Chief
Executive Officer to pursue a private business opportunity outside
the mining industry. Mr. Batson, who had been appointed as
President and Chief Executive in November
2017, joined Conquest in 2009 and formerly held the office
of Vice President Exploration.
Robert Kinloch, Executive Vice
President and Director, who had served as President and Chief
Executive for the previous three years, has been re-appointed as
President and Chief Executive of the Company.
Paul Smith, P. Geo, previously
Senior Geologist, will continue to lead the technical team and
direct the Company's explorations programs.
ABOUT CONQUEST
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 a 100% interest in the Golden Rose Property
located at Emerald Lake 65,
kilometres northeast of Sudbury,
Ontario. The easily accessible patented and staked mining
claims encompass the former Golden Rose
Gold Mine, underlain by highly prospective Abitibi
greenstone geology, traversed by two highly prospective, parallel
(north and south) banded iron formations at Emerald Lake.
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.
Visit Conquest's website
www.conquestresources.com
Follow Conquest on Twitter
www.twitter.com/ConquestResLtd
Connect with Conquest on LinkedIn
www.linkedin.com/company/conquest-resources-limited
SOURCE Conquest Resources Limited
