Toronto, Ontario, April 12, 2021 — Conquest Resources Limited (TSX-V: CQR) (“Conquest” or the “Company”) is planning a 10,000 m drill program to test numerous geophysical anomalies derived from a combination of Airborne EM/Magnetics and ground Gravity surveys. Airborne surveys were completed at the end of February this year and the final refined data is expected this week. Final corrected data from 255 Ground gravity stations completed by Clearview Geophysics in early April at locations within the company’s 260 sq/km TeckMag/Belfast Copper Project have been received.
Conquest’s Chief Geophysicist stated “The completion of the 255-site ground gravity survey on 5 grids marks the beginning of Conquest Resources ground exploration program on the Belfast Copper Project following the high resolution and deep penetrating airborne VTEM max survey completed earlier this year. Synthesis of these data sets with the geologic compilation and ground mapping is ongoing. Notably we have already identified the locations of coincident signatures of magnetic and conductive responses associated with the properties geologies permissive for VMS(Cu), mafic intrusive deposits (Cu-Ni-Pge) and BIF(Au) in south Scholes and Phyllis Townships. Of particular interest in the north part of the project area, are three discrete coincident magnetic and gravity responses identified within a large crosscutting structural corridor in north Belfast and Joan Townships (fig. 1). These buried targets range in diameter from 0.5km to 1.5km and located in areas of known near surface Cu/Au occurrences, local anomalous lake sediment geochemistry (including PGE’s and Rare Earth Elements) and underlying structures and geology that may be associated with Olympic Dam style IOCG deposits located within the central region of the Temagami Geophysical Anomaly.”
Phase one drilling was suspended until May due to an early spring which made conditions unsafe for transportation of men and materials to the drill sites. Field personnel are currently working on logistics to establish access to over thirty drill pads (see fig. 2) for the expanded Phase 1 drill program. The Phase 1 drilling is expected to be completed by Q3 2021. Follow up Phase 2 drilling on any potential economic mineralization discovered during the Phase 1 drill program will be executed in Q4 2021. Recent encouraging results reported by other companies along with the mineralization mined at Teck Resources former past producing Copperfields Mine has given Conquest confidence that more mineral deposits exist within the area of the Temagami Geophysical Anomaly. (fig 3)
The technical content of this News Release has been reviewed and approved by Joerg Kleinboeck, P.Geo., a qualified person as defined in NI 43-101.
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for base metals and precious metals on mineral properties in Ontario.
Conquest holds a 100% interest in the Belfast Copper Project, located in the Temagami Mining Camp at Emerald Lake, approximately 65 kilometers northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometers.
In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp. which holds an extensive package of mining claims which surround Conquest’s Golden Rose Mine, and subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami Geophysical Anomaly.
Conquest now controls over 260 sq km of underexplored territory, including the past producing Golden Rose Mine at Emerald Lake, in the Temagami Mining Camp.
Conquest also holds a 100% interest in the Alexander Gold Property located immediately east of the 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 Evolution Mining land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six 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, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).
FOR FURTHER INFORMATION CONTACT:
John F. Kearney
President & Chief Executive
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 the completion of the Acquisition and the Consolidation, the release of escrowed funds, future cash on hand, 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 TSXV nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.