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.
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.
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
For further information: Benjamin Batson, P. Geo., P. Eng., President and CEO, 647-728-4134; Robert Kinloch, Executive Vice President, 306-343-5799; John F. Kearney, Chairman, 416-362-6686