NEW OPTION AGREEMENT ON 27 CLAIMS NEAR GOLDEN
ROSE
FINANCIAL RESULTS FOR THREE MONTHS ENDED
MARCH 31, 2019
TORONTO, May 29, 2019 /CNW/ - Conquest Resources Limited
(TSX-V: "CQR") ("Conquest" or the "Company")
is pleased to provide an update on the Company's planned summer
drilling program at its 100% owned Golden Rose Gold Property,
details of a new exploration option agreement in the Temagami
Anomaly area and its Interim Financial Results for the three-month
period ended March 31, 2019.
GOLDEN ROSE SUMMER 2019
DRILLING PROGRAM
Conquest plans to carry out approximately 1,200 meters of
drilling at six (6) favorable targets on its 100% owned Golden Rose
property at Emerald Lake,
Ontario. The Company has applied for the necessary
exploration permits for the summer drilling program and expects to
commence its summer program as early as mid July 2019.
The six (6) selected drill sites were chosen based on geological
investigation and the interpretation of a high-resolution,
property-scale, airborne geophysical survey and follow up soil and
MMI surveys completed in 2018 that verified each target to have
anomalous gold geochemistry and confirmed potential for the
discovery of gold mineralization in these areas. Execution of the
planned drilling program is predicated on financing of a minimum of
$250,000, on terms acceptable to the
Company.
MACBETH CLAIMS OPTION AGREEMENT
Conquest has entered into an option agreement with Vision
Exploration to earn up to a 100% interest, subject to a 1.5% Net
Smelter Royalty in twenty-seven (27) mineral claims, the "MacBeth"
claims, situated approximately nine (9) kilometres southwest of
Conquest's Golden Rose property at Emerald Lake.
The MacBeth claims are located in the east-central portion of
Macbeth and western portion of Clement Townships, Sudbury Mining
Division, Districts of Sudbury and
Nipissing, Ontario.
Vision's MacBeth claims are proximate to Conquest's Golden Rose
property and Vision Exploration brings seasoned exploration
experience with on-site local knowledge and operational expertise
which will be invaluable to Conquest as it explores its large land
package in the area of the Temagami Anomaly.
In 1959 W.H. Nichol carried out trenching and diamond drilling
on a mineralized quartz vein on the MacBeth claims and reported
high-grade gold mineralization from grab samples in the trench
Option Terms – Issue of 50,000 Shares
Conquest has commenced a $10,000
work commitment of Induced Polarization (IP), channel sampling,
geochemistry and petrography to confirm the previously reported
(1957) high-grade gold mineralization. This work is scheduled
to be completed by June 30,
2019. This expenditure and the issuance of 50,000 common
shares of Conquest will meet the first-year obligations under the
three year option earn-in agreement.
Years 2 and 3 of the option agreement each require minimum
expenditures on the MacBeth property of $10,000 and the issuance of 75,000 and 100,000
shares, respectively, should Conquest choose to maintain the
option.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the three-month periods ended
March 31, 2019 or March 31, 2018. In accordance with the
Company's accounting policies exploration and evaluation
expenditures are expensed as incurred through profit and loss and
included in the statement of operations.
For the three-month period ended March
31, 2019, the Company recorded a loss of $39,677 ($0.000 per
share). The loss included exploration expenditures of
$14,480.
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.
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, 2019 which
are available on the Company's website at www.conquestresources.com
or under the Company's profile on SEDAR (www.sedar.com).
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 Emerald Lake Project
located approximately 65 kilometres northeast of Sudbury, Ontario, underlain by highly
prospective Abitibi greenstone geology along a strike length of
seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within the
regionally large, unexplained Emerald
Lake (Temagami) Anomaly
which closely resembles the magnetic signature of the adjacent
Sudbury Basin.
Conquest's exploration strategy at its Golden Rose property and
Emerald Lake Project overall, is to target high-grade gold
mineralization in structurally controlled mesothermal type quartz
veins lying along the two prospective horizons of Algoman-type
Banded Iron Formation which trend east-north-easterly across the
entire strike length of the Emerald Lake Project area.
Conquest also holds the Alexander Gold Property 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 claims and 181
staked mining claims to the north, west and south of the former
Renabie Gold Mine in Rennie
Township in northern Ontario that had reported production of over
1,000,000 ounces of gold.
Conquest has planned exploration programs at its Golden Rose and
Smith Lake properties, including a planned drilling campaign of up
to 1,500 metres at Golden Rose to test prioritized targets
identified in 2018 deemed most prospective for the discovery of
gold mineralisation. The planned programs have an indicative
exploration budget of circa $500,000
and are subject to the successful completion of additional
financing.
Qualified Person:
Paul Smith P. Geo. (NS) Senior
Geologist, directs the Company's explorations programs and is the
Company's Qualified Person for the purposes of National Instrument
43-101 and has approved the technical disclosures within this News
Release.
Forward-looking statements.
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
