TORONTO, Feb. 20, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") ("Conquest" or the "Company") reports
that the Company has commenced a high-resolution, property-scale,
airborne geophysical survey on its Golden Rose property.
The airborne geophysical survey is being flown under contract by
Geotech Limited, using helicopter-borne horizontal magnetic
gradiometer and variable time-domain electromagnetic ("VTEM")
instrumentation. The survey has been specifically designed
for sub-vertically oriented geology and faulting of the Archean
basement stratigraphy that underlies Conquest's Golden Rose
property that is host to the former Golden Rose gold mine.
Conquest's survey will collect horizontally oriented magnetic
data which can be utilized to interpret sub-vertical bedrock
geology to assist drill hole targeting in Conquest's upcoming drill
program.
With the addition of VTEM data to the horizontal magnetic data,
zones of conductance and resistivity will be layered into the
geological model 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 Company's interpretation of the new airborne
geophysical data will include inversion techniques used to model
three-dimensional geology solids for use in Conquest's target model
of the property.
EXPLORATION UPDATE
Conquest's exploration strategy for the Golden Rose property
targets gold mineralization in Algoman-type banded iron formations
and Archean-aged greenstone volcanics in search of orogenic gold
deposits at three distinct scales: mine, property and regional
scales.
Relogging of drill core is underway and is expected to provide
valuable information into the new geological model with respect to
the interpretation of stratigraphic controls, the structural
setting and alteration geochemistry associated with gold
mineralization at the Golden Rose mine. It is expected that
this information can be extrapolated across the whole of the Golden
Rose property for use in targeting gold mineralization in iron
formations beyond the known extents of the mine site.
Conquest is undertaking the compilation of new geological
modeling that is focused on the folded and faulted stratigraphy of
prospective Archean-aged banded iron formations which transect the
width of the property over a seven-kilometer strike length.
More than six kilometres of underground workings and 450 drill
holes, in addition to surface mapping, geochemistry and geophysics
are being integrated into a new geological model of the Golden Rose
project.
By completing a thorough targeting exercise of the geology,
geochemistry, structural geology and geophysics, Conquest will be
well positioned to systematically explore the Golden Rose property
following Spring break-up. Clear targets have been identified
both at the mine-site and elsewhere on the Property along the North
and South banded iron formations through Conquest's due diligence
of the property prior to acquisition in December 2017. These
targets and others resulting from the ongoing work will be the
subject of structural interpretation and drill testing by Conquest
in the upcoming exploration season.
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.
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.
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