Conquest Resources Limited (“Conquest” or the “Company”) (TSX-V: CQR) is pleased to announce that it has entered into a Letter of Intent (“LOI”) to acquire 100% of the outstanding shares of Carrigel Ltd.on November 27, 2025, a private company incorporated in Ireland, which owns a 100% interest in the Valimaki Gold Project in Finland.
The Valimaki Gold Project is comprised of a 23,197 hectare Exploration Reservation located in southern Finland which contains a 15 kilometer trend that has an extensive train of gold-rich boulders. Within the boulder train, historic sampling has produced >150 boulders with assays greater than 1 g/t Au, with assays as high as 60 g/t Au.
Figure 1: Valimaki Project area showing extensive gold-rich boulder train shedding off a structural zone over a 15 kilometer section of strike length
Tom Obradovich, CEO of Conquest, comments, “We are excited to begin exploration on the Valimaki Gold Project which has had limited modern exploration geophysics or detailed mapping. We have engaged an experienced team of geologists and geophysical contractors to begin establishing drill targets in early spring of 2026. Drill testing is planned for late summer and fall when the required permitting is in place .”
Figure 2: Magnetics with auriferous boulders plotted on top. The gold occurrences are located along magnetic highs. Also, magnetics defines regional folds that trend parallel to stratigraphy in the northeast direction. The Kynsikangas and Kankaanpaa Shear Zones are clearly visible as major magnetic breaks.
ABOUT THE VALIMAKI GOLD PROJECT
The Valimaki Gold Project is located to the east of Pori, a regional industrial city, in southwestern Finland. The Project area has excellent infrastructure and can be accessed year-round.
The Project is located within the Svencofennian geologic domain within supracrustal rocks that are located between two major structural features; to the southwest, the Kynsikangas Shear Zone, and to the northeast, the Kankaanpää Shear Zone. Both major structures trend NW-SE while stratigraphy and fold axes between the structures trend northeast. Gold mineralization is hosted in amphibolite-grade sedimentary, volcanic, and intrusive rocks, with a strong association with arsenopyrite and quartz veining. Au is also associated with Sb-Te-Bi-W-Ag, which is typical of orogenic gold deposits.
Gold was originally found in the 1950s by Outukumpu Oy who explored the area intermittently during the 1950s and 1980s. Geologian Tutkimuskeskus (GTK) conducted multiple exploration programs during the 1980s to 2010s which included till geochemistry, heavy mineral concentrates, magnetics, and a total of ~2,800 meters of diamond drilling. Best intersects include 4.3 meters at 7.2 g/t (GTK Report 75/2016 – Ore potential of the Kullaa zone, Saarijärvi and Kultakallio Au mineralizations) and 7 meters at 3.9 g/t Au (R309, GTK report M06/1143/2006/10/1 – Research Report on ore exploration in the Municipality of Kullaa, In the Authority of Valimaki, Mining Register No. 7101/1).
Many of the auriferous boulders were discovered by local prospectors and analyzed through GTK’s Citizen’s Sampling Program (GTK Mineral Deposit Report Valimaki https://tupa.gtk.fi/karttasovellus/mdae/raportti/450_V%C3%A4lim%C3%A4ki.pdf) where local prospectors can send samples to GTK for analysis and receive a reward if they lead to a new exploration target.
Commercial Terms
Conquest has entered into a non-binding Letter of Intent (LOI) with Carrigel to acquire 100% of the outstanding shares of Carrigel for the following terms:
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- 5,000,000 common shares of Conquest approval of the TSXV of formal agreement
- $35,000 CAD cash payment upon approval of the TSXV of formal agreement
- 5,000,000 common shares of Conquest on receipt of drill permits
- 2% Net Smelter Royalty with 1% being buyable for $3,000,000 CAD
Exploration Plan
Conquest plans to undertake exploration activities in the spring to define drill targets within the Valimaki Project area. Activities will include: geologic mapping, prospecting, drone magnetics, and an induced polarization survey.
Qualified Person
The technical content of this news release has been reviewed and approved by Joerg Kleinboeck P. Geo., a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Joerg Kleinboeck has verified the technical data disclosed in this release, and consents to its publication.
ABOUT CONQUEST
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Belfast-TeckMag Project, located in the Temagami Mining Camp at Emerald Lake, Ontario, which is believed to have exceptional exploration upside for magmatic sulphide deposits (Cu-Ni-PGE), VMS, IOCG, Iron formation hosted Au and Paleo-placer Au.
The Belfast-TeckMag Project is the Company’s flagship property, evolved from the Golden Rose Project, which was initially acquired in December 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. (“CCEC”) in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast Copper Property and TeckMag Property.
Conquest now controls over 300 square kilometers of underexplored territory in the Temagami Mining Camp, including the past producing Golden Rose Mine at Emerald Lake.
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 along the important “Mine Trend” regional structure. Conquest’s property is almost entirely surrounded by Evolution Mining landholdings.
In addition, the Company holds interests in the Smith Lake Gold Property and Lake Nipigon Basin Property.
FOR FURTHER INFORMATION CONTACT:
general@conquestresources.com
www.conquestresources.com
Tom Obradovich
President & Chief Executive Officer
416-985-7140
Click here to download this News Release (PDF).
Forward-looking statements: This news release contains certain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations, plans, exploration activities, proposed expenditures, potential mineralization, and the timing and content of upcoming work programs. Forward-looking information can often be identified by words such as “anticipates”, “believes”, “expects”, “intends”, “plans”, “estimates”, “may”, “will”, “should”, and similar expressions suggesting future outcomes or events. These statements are based on current expectations and assumptions that involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such statements. Such risks include but are not limited to: exploration results not being indicative of future results; variations in mineral grade or recovery rates; delays or failures in obtaining necessary permits; changes in commodity prices, capital market conditions, and general economic conditions. Although the Company believes the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise forward-looking information, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.