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.
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.
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.
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
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