NYBob
4 years ago
The Sudbury Basin: Ontario’s trillion dollar mining camp
Last month, I had the pleasure of participating in the 16th Annual
Sudbury Mining Week -
It was appropriate to celebrate Mining Week in Canada, and especially
in Sudbury –
one of the most prolific mining camps in the world. In Canada,
mining contributes $40 billion dollars or 5 per cent of
Canada’s GDP every year and pays $4.7 billion in corporate taxes
alone.
This industry directly employs 370,000 Canadians and
is the largest private sector employer of Aboriginals.
Canada remains the leading source of new capital for
the global mining industry accounting for 36 per cent
of the $53 billion raised in 2007 or net $19 billion.
As a mining engineer who has spent his career in Africa,
the United Sates and Latin America, I can confirm that there
are few places in the world where mining is embraced and
supported as it is in Sudbury.
However, even in Sudbury, it is important that the mining industry
support events such as Mining Week to communicate with local
communities and, perhaps, persuade some young people to consider this
industry as a future career choice.
The Sudbury area is a 1.85 billion year old meteorite impact crater
and the first mineral discoveries were made here in 1883.
Let me give you a few numbers about;
Sudbury which may
surprise even local residents.
The total ore mined to date in Sudbury is
approximately 1.7 billion tonnes with
40 billion pounds of nickel,
36 billion pounds of copper,
70 million ounces of platinum, palladium and
gold and 283 million ounces of silver recovered.
At today’s commodity prices, total historic production
and current known reserves in Sudbury represent a
one trillion dollar value.
The community is the richest mining district in
North America and among the top ten most important
globally.
Sudbury accounts for about half the mining activity in Ontario,
Canada’s largest mineral producing province.
The value of Ontario’s mining sector is about
$10 billion annually (2007 figures).
I think these numbers give you some idea of what an
incredible mining area Sudbury is and the impact
it has had on the wealth, not only of the City of
Greater Sudbury, but of Ontario and Canada.
In addition to exploration for gold at
The Golden Rose Gold Mine project site,
Click on image and find The Golden Rose Gold Mine - with shallow mining
I see it as virgin -
Conquest said two other styles of economic mineral deposits have
been identified
within the enlarged Sudbury land package....
Golden Rose Mine- Contains a reserve
2.4 million tonnes at 0.26 ounces of gold a tonne that
contains 619,000 ounces of gold.
10/5/20160 Comments
https://www.ontarioexplorations101.com/temagami-ontario-mines/golden-rose-mine-owned-by-temagami-gold-inc-contains-a-reserve-24-million-tonnes-at-026-ounces-of-a-tonne-that-contains-619000-ounces-of-gold
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website
http://www.conquestresources.net
Mining Companies Flock To Stake Claims
In Red Lake After Recent Gold Strikes In That Area
Conquest's Alexander Property comprises 27 patented claims
acres adjoining
Goldcorp's Red Lake mine.
Published: July 28, 2020 at 8:32 a.m. ET
https://www.marketwatch.com/press-release/mining-companies-flock-to-stake-claims-in-red-lake-after-recent-gold-strikes-in-that-area-2020-07-28-81973250
Alexander Gold Project
Red Lake, Ontario
is claimed by Goldcorp to be
the richest gold mine in the world
The Alexander Property is situated within 2 kilometres of more than
28 million ounces of gold from past production and current resources
and within 400 metres of Goldcorp’s Far East Zone gold discovery.
The Alexander Property is of ample size to accommodate a high-grade
gold deposit at depth as repetition of the adjacent deposits at
Goldcorp’s Red Lake gold mine.
The stratigraphy under the property remains essentially untested
below 700 metres depth.
The richest gold bearing ore zones exist below a vertical depth of
1,300 metres in the High Grade Zone at
the Goldcorp Red Lake gold mine which is less
than 800 metres from the property boundary.
Conquest's target on the Alexander claims is an extension,
or repetition, of the mineralization at the Red Lake mine.
The Red Lake mine is claimed by Goldcorp to be
the richest gold mine in the world with
approximately 28,000,000 ounces of historic
production and current reserves.
https://www.conquestresources.com/project/alexander-gold/
Location and Property Description
Conquest's Alexander Property comprises 27 patented claims
covering 448 hectares (1,107 acres) adjoining
Goldcorp's Red Lake mine.
Conquest’s land is situated just beyond the security gate at
Goldcorp’s Red Lake gold mine and is almost completely
surrounded by Goldcorp's Red Lake mine property.
The Alexander claim holdings are patented and do not
require any annual minimum expenditures, other than
nominal property taxes.
https://www.conquestresources.com/project/alexander-gold/
https://www.conquestresources.com
$15,000 gold price? Jim Rickards and Peter Schiff give forecasts (Part 1/3)
48,024 views •Jul 30, 2020
https://www.youtube.com/watch?v=TnOcRRJHTmk
The chart attached is a forecast for gold based upon that technique.
The data suggests that this current rally could easily surpass
$2000 per ounce, and is most likely to reach $2100 or higher
by the conclusion of this rally.
Gold & Silver bulls starting to break out > ^ > ^ > ^
https://www.youtube.com/watch?time_continue=3&v=RDZQoQ61RrY&feature=emb_logo
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
NYBob
4 years ago
RE:The Sudbury Basin: Ontario’s trillion dollar mining camp L
Conquest Closes Over
Subscribed $3,110,000
Subscription Receipt
Financing and $1,300,000
Strategic Investment by
Kirkland Lake Gold
V.CQR, T.KL | 1 hour ago
Toronto, Ontario--(Newsfile Corp. - September 16, 2020) -
Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") is pleased to announce that it has closed its previously announced non-brokered subscription receipt financing to raise gross proceeds of $3,110,000 (the "Non-Brokered Financing"), and a separate concurrent subscription receipt financing with Kirkland Lake Gold Ltd. (TSX: KL) (NYSE: KL) (ASX: KLA) to raise gross proceeds of $1,300,000 (the "KL Financing").
John Kearney, Chairman of Conquest stated, "We are very pleased with the strong interest in our financings and, in particular, we welcome Kirkland Lake as a strategic shareholder. We look forward to completing the acquisition of Canadian Continental Exploration Corp., following which the enlarged Conquest will own a unique and very prospective portfolio of exploration properties in some of the most well-known mining camps in Ontario. Conquest will be well capitalized with over $5 million in cash and we look forward to beginning our drill program in October."
Kirkland Lake Strategic Investment
In connection with the KL Financing, Conquest has issued 10,000,000 subscription receipts (the "KL Subscription Receipts") to Kirkland Lake Gold Ltd. ("Kirkland Lake") at a price of $0.13 each to raise gross receipts of $1,300,000. Each KL Subscription Receipt entitles the holder to acquire one unit of Conquest (a "KL Unit"), for no additional consideration. Each KL Unit consists of one common share of Conquest (as it exists after giving effect to the previously announced 2.5 for one consolidation of the issued and outstanding Conquest shares (the "Consolidation")) and one quarter of one share purchase warrant of Conquest. Each full share purchase warrant (a "Warrant") is exercisable at $0.18 for a period of two years following the completion of Conquest's previously announced acquisition (the "Acquisition") of Canadian Continental Exploration Corp. ("CCEC"). See Conquest News Releases July 16, 2020, August 7, 2020, and August 27, 2020.
The gross proceeds of the KL Financing have been deposited in escrow (the "KL Escrowed Funds"). The KL Subscription Receipts will automatically convert into KL Units and the KL Escrowed Funds will be released to Conquest upon completion of the Acquisition and Consolidation (the "Escrow Release Conditions"). In the event that the Escrow Release Conditions are not satisfied by November 30, 2020, the KL Escrowed Funds will be returned to KL and the KL Subscription Receipts will be cancelled.
In connection with the KL Financing, Conquest has granted Kirkland Lake certain investor rights, so long as Kirkland Lake holds at least 5% of the outstanding shares of Conquest, including the right to nominate one director to the board of Conquest, the pre-emptive right to participate pro-rata in any future financings by the Company, and a condition that the Company will not encumber any of its properties with any new third party royalty agreements without the prior written approval of Kirkland Lake, such consent not to be unreasonably withheld.
$3,110,000 Non-Brokered Financing
In connection with the Non-Brokered Financing, Conquest has issued 21,105,266 subscription receipts at a price of $0.12 each (the "Non-Brokered HD Subscription Receipts"), for gross proceeds of $2,532,631 and 3,880,004 subscription receipts at a price of $0.15 each (the "Non-Brokered FT Subscription Receipts"), for gross proceeds of $582,000. Each Non-Brokered HD Subscription Receipt entitles the holder to acquire one unit of Conquest (a "Non-Brokered Unit"), for no additional consideration. Each Non-Brokered Unit consists of one share of Conquest (as it exists following the Consolidation) and one-half of one Warrant. Each Non-Brokered FT Subscription Receipt entitles the holder to acquire one flow-through share (an "FT Share") of Conquest (as it exists after giving effect to the Consolidation, for no additional consideration.
An insider of Conquest subscribed for 200,000 Non-Brokered FT Subscription Receipts for gross proceeds of $30,000.
The gross proceeds of the Non-Brokered Financing have been deposited in escrow (the "Non-Brokered Escrowed Funds"). The Non-Brokered HD Subscription Receipts will automatically convert into Non-Brokered Units, the Non-Brokered FT Subscription Receipts will automatically convert into FT Shares and the Non-Brokered Escrowed Funds will be released to Conquest upon the satisfaction of the Escrow Release Conditions. In the event that the Escrow Release Conditions are not satisfied by November 30, 2020, the Non-Brokered Escrowed Funds will be returned to the subscribers for Non-Brokered HD Subscription Receipts and Non-Brokered FT Subscription Receipts (collectively, the "Non-Brokered Subscription Receipts") and the Non-Brokered Subscription Receipts will be cancelled.
Upon completion of the Acquisition and conversion of the KL Subscription Receipts into KL Units (the "Escrow Deadline") and Non-Brokered Subscription Receipts into Non-Brokered Units and FT Shares, Kirkland Lake will hold approximately 8% of Conquest's then outstanding shares, and 9.6% of Conquest's shares on a partially diluted basis, assuming no further issuances of securities by Conquest prior to such date.
All securities issued and issuable in connection with the KL Financing and the Non-Brokered Financing are subject to a hold period of four months and one day from the closing date of such financings, expiring on January 9, 2021 and January 16, 2021, respectively.
Finders fees in the total amount of $145,000 cash will be paid to certain arms-length parties for assisting in the Non-Brokered Financing.
PowerOne Capital Markets Limited acted as finder in connection with a portion of the Non-Brokered Financing and has been appointed to act as a financial advisor to Conquest to provide ongoing financial advisory and consulting services. Conquest has agreed to grant PowerOne 750,000 stock options under the Company's stock option plan, each exercisable at a price of $0.13 to acquire one share of Conquest (after giving effect to the Consolidation), for a period of two years, subject to completion of the Acquisition. PowerOne, an Exempt Market Dealer, is a long-term investor focused on providing early stage capital and advisory services to emerging growth companies.
Acquisition of Canadian Continental Exploration Corp.
Subject to final acceptance of the TSXV, the Acquisition is expected to close immediately following a special meeting of shareholders of CCEC, scheduled to be held on September 23, 2020.
Pursuant to the Acquisition, Conquest will issue 40,306,667 shares of Conquest (after giving effect to the Consolidation) to the shareholders of CCEC, on the basis of one share for each share of CCEC held. Conquest will also issue 2,900,000 options (the "Replacement Options"), under the Company's stock option plan in replacement of existing options currently outstanding in CCEC. Each Replacement Option will be exercisable at $0.15 to acquire one share of Conquest (after giving effect to the Consolidation) and expire in September 2021.
CCEC holds an extensive package of mining claims and has approximately $900,000 in a combination of cash and marketable securities. See Conquest News Releases July 16, August 7, and August 27, 2020.
Upon completion of the Acquisition, and release of the KL Escrow Funds and Non-Brokered Escrowed Funds to Conquest, Conquest is expected to have a total of approximately $5,200,000 in available funds to pursue its planned drilling and exploration activities, of which approximately $800,000 will be flow through funds.
Final acceptance of the Acquisition by the TSXV is subject fulfilling the requirements of the TSXV.
Canadian ContinentalProperties
The CCEC land package consists of almost 10,000 hectares of underexplored mining lands in Northern Ontario, which the Company believes are highly prospective for precious and base metals. The land package includes the Teckmag1 and Eaglerock claims, which immediately surround Conquest's Golden Rose Property, situated in Afton and Scholes townships at Emerald Lake approximately 65 km northeast of Sudbury, Ontario. When combined with the Company's current land holdings, Conquest will control over 130 square kilometers making it one of the largest land holders in the Temagami Mining Camp area.
Conquest's Golden Rose Property
Conquest's Golden Rose Property encompasses patented and staked mining claims measuring 770 hectares in size that encompass the former Golden Rose gold mine and highly prospective North and South banded iron formations at Emerald Lake. The Golden Rose gold mine (which is currently flooded) consists of more than six kilometres of underground workings, as well as a three (3) compartment, 228-metre-deep shaft, and a modern 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.
It is reported that between 1935 and 1941, mining operations at the Golden Rose gold mine by Consolidated Mining and Smelting Company of Canada, Limited (Cominco) produced 46,000 ounces of gold from structurally controlled, shallow to steeply dipping, high-grade quartz-pyrite veins, hosted almost exclusively in an east-west trending Banded Iron Formation (BIF). The property largely lay dormant from 1941 to 1982, when exploration resumed.
Diamond drilling of the mine sequence stratigraphy in 1984 intersected numerous high-grade gold intercepts. This drill campaign led to reopening and mine development by Noramco between 1986-87 which included widening of the mine adit and portal down to the 600-foot level. Minor gold production of approximately 7,000 oz. was reported.
Further, surface drilling between 1984-2011 by a previous operator identified mineralization lying adjacent to known underground development. It was reported by the previous operator that diamond drilling between 2009-2011 intersected gold grades as high as 155.7 grams of gold per tonne over 1.82 metres. However, the potential quantity and grade is conceptual in nature and Conquest has not undertaken sufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
Share Consolidation
At the annual and special meeting of shareholders held on August 31, 2020, Conquest shareholders approved the Consolidation.
It is intended that Articles of Amendment in prescribed form will be filed with the Director under the Business Corporations Act (Ontario) (the "OBCA") immediately prior to completion of the Acquisition and such Articles of Amendment will become effective upon the issuance by the Director under the OBCA of a Certificate of Amendment. See Conquest News Release August 31, 2020.
The TSXV has conditionally approved the Consolidation subject to the Company fulfilling all the conditions of the TSXV in respect of the Consolidation.
ABOUT CONQUEST
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Golden Rose Project,acquired in December 2017, located at Emerald Lake approximately 65 kilometres 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) kilometres. The property is located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.
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 that had reported gold production of over 1,000,000 ounces.
Qualified Person
Paul Smith P. Geo., (NS) Senior Geologist, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the technical disclosure contained within this news release.
FOR FURTHER INFORMATION CONTACT:
general@ConquestResources.com
www.ConquestResources.com
John F. Kearney
Chairman
416-362-6686
Robert Kinloch
President
306-881-8296
Paul Smith
Senior Geologist
902-698-2662
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.
Corporate Logo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63950
copyright (c) newsfile corp. 2020
Newsfile Corp.
September 16, 2020 - 9:04 AM PDT
Tags:
GOLD INDUSTRIAL METALS & MINERALS
1
The Sudbury Basin: Ontario’s trillion dollar mining camp
Last month, I had the pleasure of participating in the 16th Annual Sudbury Mining Week -
Jun 18, 2008 10:22 PM By: Sudbury.com Staff
It was appropriate to celebrate Mining Week in Canada, and especially in Sudbury –
one of the most prolific mining camps in the world. In Canada,
mining contributes $40 billion dollars or 5 per cent of
Canada’s GDP every year and pays $4.7 billion in corporate taxes alone.
This industry directly employs 370,000 Canadians and
is the largest private sector employer of Aboriginals.
Canada remains the leading source of new capital for
the global mining industry accounting for 36 per cent
of the $53 billion raised in 2007 or net $19 billion.
As a mining engineer who has spent his career in Africa,
the United Sates and Latin America, I can confirm that there
are few places in the world where mining is embraced and
supported as it is in Sudbury.
However, even in Sudbury, it is important that the mining industry support events such as Mining Week to communicate with local communities and, perhaps, persuade some young people to consider this industry as a future career choice.
The Sudbury area is a 1.85 billion year old meteorite impact crater and the first mineral discoveries were made here in 1883.
Let me give you a few numbers about;
Sudbury which may
surprise even local residents.
The total ore mined to date in Sudbury is
approximately 1.7 billion tonnes with
40 billion pounds of nickel,
36 billion pounds of copper,
70 million ounces of platinum, palladium and
gold and 283 million ounces of silver recovered.
At today’s commodity prices, total historic production
and current known reserves in Sudbury represent a
one trillion dollar value.
The community is the richest mining district in
North America and among the top ten most important
globally.
Sudbury accounts for about half the mining activity in Ontario, Canada’s largest mineral producing province.
The value of Ontario’s mining sector is about
$10 billion annually (2007 figures).
I think these numbers give you some idea of what an
incredible mining area Sudbury is and the impact
it has had on the wealth, not only of the City of
Greater Sudbury, but of Ontario and Canada.
In addition to exploration for gold at
The Golden Rose Gold Mine proiect site,
Click on image and find The Golden Rose Gold Mine - with shallow mining I see it as virgin -
Conquest said two other styles of economic mineral deposits have been identified
within the enlarged Sudbury land package....
Golden Rose Mine- Contains a reserve
2.4 million tonnes at 0.26 ounces of gold a tonne that contains 619,000 ounces of gold.
10/5/20160 Comments
https://www.ontarioexplorations101.com/temagami-ontario-mines/golden-rose-mine-owned-by-temagami-gold-inc-contains-a-reserve-24-million-tonnes-at-026-ounces-of-a-tonne-that-contains-619000-ounces-of-gold
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website
http://www.conquestresources.net
Mining Companies Flock To Stake Claims
In Red Lake After Recent Gold Strikes In That Area
Conquest's Alexander Property comprises 27 patented claims
acres adjoining
Goldcorp's Red Lake mine.
Published: July 28, 2020 at 8:32 a.m. ET
https://www.marketwatch.com/press-release/mining-companies-flock-to-stake-claims-in-red-lake-after-recent-gold-strikes-in-that-area-2020-07-28-81973250
Alexander Gold Project
Red Lake, Ontario
is claimed by Goldcorp to be
the richest gold mine in the world
The Alexander Property is situated within 2 kilometres of more than
28 million ounces of gold from past production and current resources
and within 400 metres of Goldcorp’s Far East Zone gold discovery.
The Alexander Property is of ample size to accommodate a high-grade
gold deposit at depth as repetition of the adjacent deposits at
Goldcorp’s Red Lake gold mine.
The stratigraphy under the property remains essentially untested
below 700 metres depth.
The richest gold bearing ore zones exist below a vertical depth of
1,300 metres in the High Grade Zone at
the Goldcorp Red Lake gold mine which is less
than 800 metres from the property boundary.
Conquest's target on the Alexander claims is an extension,
or repetition, of the mineralization at the Red Lake mine.
The Red Lake mine is claimed by Goldcorp to be
the richest gold mine in the world with
approximately 28,000,000 ounces of historic
production and current reserves.
https://www.conquestresources.com/project/alexander-gold/
Location and Property Description
Conquest's Alexander Property comprises 27 patented claims
covering 448 hectares (1,107 acres) adjoining
Goldcorp's Red Lake mine.
Conquest’s land is situated just beyond the security gate at
Goldcorp’s Red Lake gold mine and is almost completely
surrounded by Goldcorp's Red Lake mine property.
The Alexander claim holdings are patented and do not
require any annual minimum expenditures, other than
nominal property taxes.
https://www.conquestresources.com/project/alexander-gold/
https://www.conquestresources.com
$15,000 gold price? Jim Rickards and Peter Schiff give forecasts (Part 1/3)
48,024 views •Jul 30, 2020
https://www.youtube.com/watch?v=TnOcRRJHTmk
The chart attached is a forecast for gold based upon that technique.
The data suggests that this current rally could easily surpass
$2000 per ounce, and is most likely to reach $2100 or higher
by the conclusion of this rally.
Gold & Silver bulls starting to break out > ^ > ^ > ^
Gold & Silver bulls starting to break out > ^ > ^ > ^
https://www.youtube.com/watch?time_continue=3&v=RDZQoQ61RrY&feature=emb_logo
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
NYBob
5 years ago
Conquest Summer Drilling Program at Golden Rose Property, Emerald Lake, Ontario
V.CQR | May 29, 2019
Canada NewsWire
TORONTO, May 29, 2019
NEW OPTION AGREEMENT ON 27 CLAIMS NEAR GOLDEN ROSE
FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2019
TORONTO, May 29, 2019 /CNW/ -
Conquest Resources Limited (TSX-V: "CQR") ("Conquest" or the "Company")
is pleased to provide an update on the Company's planned summer
drilling program at its 100% owned Golden Rose Gold Property, details
of a new exploration option agreement in the Temagami Anomaly area and
its Interim Financial Results for the three-month period ended
March 31, 2019.
Conquest Resources Limited (CNW Group/Conquest Resources Limited)
GOLDEN ROSE SUMMER 2019 DRILLING PROGRAM
Conquest plans to carry out approximately 1,200 meters of drilling at six (6) favorable targets on its 100% owned Golden Rose property at Emerald Lake, Ontario. The Company has applied for the necessary exploration permits for the summer drilling program and expects to commence its summer program as early as mid July 2019.
The six (6) selected drill sites were chosen based on geological investigation and the interpretation of a high-resolution, property-scale, airborne geophysical survey and follow up soil and MMI surveys completed in 2018 that verified each target to have anomalous gold geochemistry and confirmed potential for the discovery of gold mineralization in these areas. Execution of the planned drilling program is predicated on financing of a minimum of $250,000, on terms acceptable to the Company.
MACBETH CLAIMS OPTION AGREEMENT
Conquest has entered into an option agreement with Vision Exploration to earn up to a 100% interest, subject to a 1.5% Net Smelter Royalty in twenty-seven (27) mineral claims, the "MacBeth" claims, situated approximately nine (9) kilometres southwest of Conquest's Golden Rose property at Emerald Lake.
The MacBeth claims are located in the east-central portion of Macbeth and western portion of Clement Townships, Sudbury Mining Division, Districts of Sudbury and Nipissing, Ontario.
Vision's MacBeth claims are proximate to Conquest's Golden Rose property and Vision Exploration brings seasoned exploration experience with on-site local knowledge and operational expertise which will be invaluable to Conquest as it explores its large land package in the area of the Temagami Anomaly.
In 1959 W.H. Nichol carried out trenching and diamond drilling on a mineralized quartz vein on the MacBeth claims and reported high-grade gold mineralization from grab samples in the trench
Option Terms – Issue of 50,000 Shares
Conquest has commenced a $10,000 work commitment of Induced Polarization (IP), channel sampling, geochemistry and petrography to confirm the previously reported (1957) high-grade gold mineralization. This work is scheduled to be completed by June 30, 2019. This expenditure and the issuance of 50,000 common shares of Conquest will meet the first-year obligations under the three year option earn-in agreement.
Years 2 and 3 of the option agreement each require minimum expenditures on the MacBeth property of $10,000 and the issuance of 75,000 and 100,000 shares, respectively, should Conquest choose to maintain the option.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the three-month periods ended March 31, 2019 or March 31, 2018. In accordance with the Company's accounting policies exploration and evaluation expenditures are expensed as incurred through profit and loss and included in the statement of operations.
For the three-month period ended March 31, 2019, the Company recorded a loss of $39,677 ($0.000 per share). The loss included exploration expenditures of $14,480.
For the three-month period ended March 31, 2018, the Company recorded a loss of $179,196 ($0.002 per share). The loss included exploration expenditures of $123,581.
This news release should be read in conjunction with the Company's unaudited financial statements and the associated management's discussion and analysis (MD&A) for the first quarter ended March 31, 2019 which are available on the Company's website at www.conquestresources.com or under the Company's profile on SEDAR (www.sedar.com).
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 a 100% interest in the Emerald Lake Project located approximately 65 kilometres northeast of Sudbury, Ontario, underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.
Conquest's exploration strategy at its Golden Rose property and Emerald Lake Project overall, is to target high-grade gold mineralization in structurally controlled mesothermal type quartz veins lying along the two prospective horizons of Algoman-type Banded Iron Formation which trend east-north-easterly across the entire strike length of the Emerald Lake Project area.
Conquest also holds the Alexander Gold Property 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 claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario that had reported production of over 1,000,000 ounces of gold.
Conquest has planned exploration programs at its Golden Rose and Smith Lake properties, including a planned drilling campaign of up to 1,500 metres at Golden Rose to test prioritized targets identified in 2018 deemed most prospective for the discovery of gold mineralisation. The planned programs have an indicative exploration budget of circa $500,000 and are subject to the successful completion of additional financing.
Qualified Person:
Paul Smith P. Geo. (NS) Senior Geologist, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 and has approved the technical disclosures within this News Release.
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 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
image: https://rt.newswire.ca/rt.gif?NewsItemId=C0385&Transmission_Id=201905291254CANADANWCANADAPR_C0385&DateId=20190529
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/29/c0385.html
Paul Smith, P. Geo., Senior Geologist, 647-729-0311; Robert Kinloch, President and CEO, 306-881-8296; John F. Kearney, Chairman, 416-362-6686Copyright CNW Group 2019
Canada Newswire
May 29, 2019 - 9:54 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at
https://stockhouse.com/news/press-releases/2019/05/29/conquest-summer-drilling-program-at-golden-rose-property-emerald-lake-ontario#khjgvEtHCrjfmY7Q.99
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website http://www.conquestresources.net
Ownership Publicly-traded corporation
Stocks TSXVE: CQR
NAICS
Gold Ore Mining (212221)
Status Common shares listed on the TSX Venture Exchange.
Executive Terence N. McKillen - President & CEO
God Bless
Danesh K. Varma - CFO
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
NYBob
5 years ago
mick RE: i notice several of these mining company's near big lakes?
Well, in the old days the lake and rivers often become transport ways
for the concentrate to be sent to the refiners -
Also the GOLD come from Mother Earth heat inside and were forced up by
volcanic earthquakes force etc. and the higher route to surface it cold
off - ex. the veins with gold become more narrow at the top of Mtn.
compared to at the bottom of mtn. in valleys often wider and richer. )
mick PPO GOLD RE: Gold is trading at more than CAN$2K per ounce -
1,009 views
CityNews Toronto
Published on 13 Aug 2019
https://www.youtube.com/watch?v=gDY2dHZQwvM
Conquest Summer Drilling Program at Golden Rose Property, Emerald Lake, Ontario
V.CQR | May 29, 2019
Canada NewsWire
TORONTO, May 29, 2019
NEW OPTION AGREEMENT ON 27 CLAIMS NEAR GOLDEN ROSE
FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2019
TORONTO, May 29, 2019 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") ("Conquest" or the "Company") is pleased to provide an update on the Company's planned summer drilling program at its 100% owned Golden Rose Gold Property, details of a new exploration option agreement in the Temagami Anomaly area and its Interim Financial Results for the three-month period ended March 31, 2019.
image: https://mma.prnewswire.com/media/894497/Conquest_Resources_Limited_Conquest_Summer_Drilling_Program_at_G.jpg
Conquest Resources Limited (CNW Group/Conquest Resources Limited)
GOLDEN ROSE SUMMER 2019 DRILLING PROGRAM
Conquest plans to carry out approximately 1,200 meters of drilling at six (6) favorable targets on its 100% owned Golden Rose property at Emerald Lake, Ontario. The Company has applied for the necessary exploration permits for the summer drilling program and expects to commence its summer program as early as mid July 2019.
The six (6) selected drill sites were chosen based on geological investigation and the interpretation of a high-resolution, property-scale, airborne geophysical survey and follow up soil and MMI surveys completed in 2018 that verified each target to have anomalous gold geochemistry and confirmed potential for the discovery of gold mineralization in these areas. Execution of the planned drilling program is predicated on financing of a minimum of $250,000, on terms acceptable to the Company.
MACBETH CLAIMS OPTION AGREEMENT
Conquest has entered into an option agreement with Vision Exploration to earn up to a 100% interest, subject to a 1.5% Net Smelter Royalty in twenty-seven (27) mineral claims, the "MacBeth" claims, situated approximately nine (9) kilometres southwest of Conquest's Golden Rose property at Emerald Lake.
The MacBeth claims are located in the east-central portion of Macbeth and western portion of Clement Townships, Sudbury Mining Division, Districts of Sudbury and Nipissing, Ontario.
Vision's MacBeth claims are proximate to Conquest's Golden Rose property and Vision Exploration brings seasoned exploration experience with on-site local knowledge and operational expertise which will be invaluable to Conquest as it explores its large land package in the area of the Temagami Anomaly.
In 1959 W.H. Nichol carried out trenching and diamond drilling on a mineralized quartz vein on the MacBeth claims and reported high-grade gold mineralization from grab samples in the trench
Option Terms – Issue of 50,000 Shares
Conquest has commenced a $10,000 work commitment of Induced Polarization (IP), channel sampling, geochemistry and petrography to confirm the previously reported (1957) high-grade gold mineralization. This work is scheduled to be completed by June 30, 2019. This expenditure and the issuance of 50,000 common shares of Conquest will meet the first-year obligations under the three year option earn-in agreement.
Years 2 and 3 of the option agreement each require minimum expenditures on the MacBeth property of $10,000 and the issuance of 75,000 and 100,000 shares, respectively, should Conquest choose to maintain the option.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the three-month periods ended March 31, 2019 or March 31, 2018. In accordance with the Company's accounting policies exploration and evaluation expenditures are expensed as incurred through profit and loss and included in the statement of operations.
For the three-month period ended March 31, 2019, the Company recorded a loss of $39,677 ($0.000 per share). The loss included exploration expenditures of $14,480.
For the three-month period ended March 31, 2018, the Company recorded a loss of $179,196 ($0.002 per share). The loss included exploration expenditures of $123,581.
This news release should be read in conjunction with the Company's unaudited financial statements and the associated management's discussion and analysis (MD&A) for the first quarter ended March 31, 2019 which are available on the Company's website at www.conquestresources.com or under the Company's profile on SEDAR (www.sedar.com).
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 a 100% interest in the Emerald Lake Project located approximately 65 kilometres northeast of Sudbury, Ontario, underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.
Conquest's exploration strategy at its Golden Rose property and Emerald Lake Project overall, is to target high-grade gold mineralization in structurally controlled mesothermal type quartz veins lying along the two prospective horizons of Algoman-type Banded Iron Formation which trend east-north-easterly across the entire strike length of the Emerald Lake Project area.
Conquest also holds the Alexander Gold Property 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 claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario that had reported production of over 1,000,000 ounces of gold.
Conquest has planned exploration programs at its Golden Rose and Smith Lake properties, including a planned drilling campaign of up to 1,500 metres at Golden Rose to test prioritized targets identified in 2018 deemed most prospective for the discovery of gold mineralisation. The planned programs have an indicative exploration budget of circa $500,000 and are subject to the successful completion of additional financing.
Qualified Person:
Paul Smith P. Geo. (NS) Senior Geologist, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 and has approved the technical disclosures within this News Release.
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 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
image: https://rt.newswire.ca/rt.gif?NewsItemId=C0385&Transmission_Id=201905291254CANADANWCANADAPR_C0385&DateId=20190529
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/29/c0385.html
Paul Smith, P. Geo., Senior Geologist, 647-729-0311; Robert Kinloch, President and CEO, 306-881-8296; John F. Kearney, Chairman, 416-362-6686Copyright CNW Group 2019
Canada Newswire
May 29, 2019 - 9:54 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at
https://stockhouse.com/news/press-releases/2019/05/29/conquest-summer-drilling-program-at-golden-rose-property-emerald-lake-ontario#khjgvEtHCrjfmY7Q.99
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website http://www.conquestresources.net
Ownership Publicly-traded corporation
Stocks TSXVE: CQR
NAICS
Gold Ore Mining (212221)
Status Common shares listed on the TSX Venture Exchange.
Executive Terence N. McKillen - President & CEO
Danesh K. Varma - CFO
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
NYBob
5 years ago
mick PPO GOLD RE: Gold is trading at more than CAN$2K per ounce -
1,009 views
CityNews Toronto
Published on 13 Aug 2019
https://www.youtube.com/watch?v=gDY2dHZQwvM
Conquest Summer Drilling Program at Golden Rose Property, Emerald Lake, Ontario
V.CQR | May 29, 2019
Canada NewsWire
TORONTO, May 29, 2019
NEW OPTION AGREEMENT ON 27 CLAIMS NEAR GOLDEN ROSE
FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2019
TORONTO, May 29, 2019 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") ("Conquest" or the "Company") is pleased to provide an update on the Company's planned summer drilling program at its 100% owned Golden Rose Gold Property, details of a new exploration option agreement in the Temagami Anomaly area and its Interim Financial Results for the three-month period ended March 31, 2019.
image: https://mma.prnewswire.com/media/894497/Conquest_Resources_Limited_Conquest_Summer_Drilling_Program_at_G.jpg
Conquest Resources Limited (CNW Group/Conquest Resources Limited)
GOLDEN ROSE SUMMER 2019 DRILLING PROGRAM
Conquest plans to carry out approximately 1,200 meters of drilling at six (6) favorable targets on its 100% owned Golden Rose property at Emerald Lake, Ontario. The Company has applied for the necessary exploration permits for the summer drilling program and expects to commence its summer program as early as mid July 2019.
The six (6) selected drill sites were chosen based on geological investigation and the interpretation of a high-resolution, property-scale, airborne geophysical survey and follow up soil and MMI surveys completed in 2018 that verified each target to have anomalous gold geochemistry and confirmed potential for the discovery of gold mineralization in these areas. Execution of the planned drilling program is predicated on financing of a minimum of $250,000, on terms acceptable to the Company.
MACBETH CLAIMS OPTION AGREEMENT
Conquest has entered into an option agreement with Vision Exploration to earn up to a 100% interest, subject to a 1.5% Net Smelter Royalty in twenty-seven (27) mineral claims, the "MacBeth" claims, situated approximately nine (9) kilometres southwest of Conquest's Golden Rose property at Emerald Lake.
The MacBeth claims are located in the east-central portion of Macbeth and western portion of Clement Townships, Sudbury Mining Division, Districts of Sudbury and Nipissing, Ontario.
Vision's MacBeth claims are proximate to Conquest's Golden Rose property and Vision Exploration brings seasoned exploration experience with on-site local knowledge and operational expertise which will be invaluable to Conquest as it explores its large land package in the area of the Temagami Anomaly.
In 1959 W.H. Nichol carried out trenching and diamond drilling on a mineralized quartz vein on the MacBeth claims and reported high-grade gold mineralization from grab samples in the trench
Option Terms – Issue of 50,000 Shares
Conquest has commenced a $10,000 work commitment of Induced Polarization (IP), channel sampling, geochemistry and petrography to confirm the previously reported (1957) high-grade gold mineralization. This work is scheduled to be completed by June 30, 2019. This expenditure and the issuance of 50,000 common shares of Conquest will meet the first-year obligations under the three year option earn-in agreement.
Years 2 and 3 of the option agreement each require minimum expenditures on the MacBeth property of $10,000 and the issuance of 75,000 and 100,000 shares, respectively, should Conquest choose to maintain the option.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the three-month periods ended March 31, 2019 or March 31, 2018. In accordance with the Company's accounting policies exploration and evaluation expenditures are expensed as incurred through profit and loss and included in the statement of operations.
For the three-month period ended March 31, 2019, the Company recorded a loss of $39,677 ($0.000 per share). The loss included exploration expenditures of $14,480.
For the three-month period ended March 31, 2018, the Company recorded a loss of $179,196 ($0.002 per share). The loss included exploration expenditures of $123,581.
This news release should be read in conjunction with the Company's unaudited financial statements and the associated management's discussion and analysis (MD&A) for the first quarter ended March 31, 2019 which are available on the Company's website at www.conquestresources.com or under the Company's profile on SEDAR (www.sedar.com).
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 a 100% interest in the Emerald Lake Project located approximately 65 kilometres northeast of Sudbury, Ontario, underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.
Conquest's exploration strategy at its Golden Rose property and Emerald Lake Project overall, is to target high-grade gold mineralization in structurally controlled mesothermal type quartz veins lying along the two prospective horizons of Algoman-type Banded Iron Formation which trend east-north-easterly across the entire strike length of the Emerald Lake Project area.
Conquest also holds the Alexander Gold Property 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 claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario that had reported production of over 1,000,000 ounces of gold.
Conquest has planned exploration programs at its Golden Rose and Smith Lake properties, including a planned drilling campaign of up to 1,500 metres at Golden Rose to test prioritized targets identified in 2018 deemed most prospective for the discovery of gold mineralisation. The planned programs have an indicative exploration budget of circa $500,000 and are subject to the successful completion of additional financing.
Qualified Person:
Paul Smith P. Geo. (NS) Senior Geologist, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 and has approved the technical disclosures within this News Release.
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 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
image: https://rt.newswire.ca/rt.gif?NewsItemId=C0385&Transmission_Id=201905291254CANADANWCANADAPR_C0385&DateId=20190529
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/29/c0385.html
Paul Smith, P. Geo., Senior Geologist, 647-729-0311; Robert Kinloch, President and CEO, 306-881-8296; John F. Kearney, Chairman, 416-362-6686Copyright CNW Group 2019
Canada Newswire
May 29, 2019 - 9:54 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at
https://stockhouse.com/news/press-releases/2019/05/29/conquest-summer-drilling-program-at-golden-rose-property-emerald-lake-ontario#khjgvEtHCrjfmY7Q.99
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website http://www.conquestresources.net
Ownership Publicly-traded corporation
Stocks TSXVE: CQR
NAICS
Gold Ore Mining (212221)
Status Common shares listed on the TSX Venture Exchange.
Executive Terence N. McKillen - President & CEO
Danesh K. Varma - CFO
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
NYBob
5 years ago
Conquest Summer Drilling Program at Golden Rose Property, Emerald Lake, Ontario
V.CQR | May 29, 2019
Canada NewsWire
TORONTO, May 29, 2019
NEW OPTION AGREEMENT ON 27 CLAIMS NEAR GOLDEN ROSE
FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2019
TORONTO, May 29, 2019 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") ("Conquest" or the "Company") is pleased to provide an update on the Company's planned summer drilling program at its 100% owned Golden Rose Gold Property, details of a new exploration option agreement in the Temagami Anomaly area and its Interim Financial Results for the three-month period ended March 31, 2019.
image: https://mma.prnewswire.com/media/894497/Conquest_Resources_Limited_Conquest_Summer_Drilling_Program_at_G.jpg
Conquest Resources Limited (CNW Group/Conquest Resources Limited)
GOLDEN ROSE SUMMER 2019 DRILLING PROGRAM
Conquest plans to carry out approximately 1,200 meters of drilling at six (6) favorable targets on its 100% owned Golden Rose property at Emerald Lake, Ontario. The Company has applied for the necessary exploration permits for the summer drilling program and expects to commence its summer program as early as mid July 2019.
The six (6) selected drill sites were chosen based on geological investigation and the interpretation of a high-resolution, property-scale, airborne geophysical survey and follow up soil and MMI surveys completed in 2018 that verified each target to have anomalous gold geochemistry and confirmed potential for the discovery of gold mineralization in these areas. Execution of the planned drilling program is predicated on financing of a minimum of $250,000, on terms acceptable to the Company.
MACBETH CLAIMS OPTION AGREEMENT
Conquest has entered into an option agreement with Vision Exploration to earn up to a 100% interest, subject to a 1.5% Net Smelter Royalty in twenty-seven (27) mineral claims, the "MacBeth" claims, situated approximately nine (9) kilometres southwest of Conquest's Golden Rose property at Emerald Lake.
The MacBeth claims are located in the east-central portion of Macbeth and western portion of Clement Townships, Sudbury Mining Division, Districts of Sudbury and Nipissing, Ontario.
Vision's MacBeth claims are proximate to Conquest's Golden Rose property and Vision Exploration brings seasoned exploration experience with on-site local knowledge and operational expertise which will be invaluable to Conquest as it explores its large land package in the area of the Temagami Anomaly.
In 1959 W.H. Nichol carried out trenching and diamond drilling on a mineralized quartz vein on the MacBeth claims and reported high-grade gold mineralization from grab samples in the trench
Option Terms – Issue of 50,000 Shares
Conquest has commenced a $10,000 work commitment of Induced Polarization (IP), channel sampling, geochemistry and petrography to confirm the previously reported (1957) high-grade gold mineralization. This work is scheduled to be completed by June 30, 2019. This expenditure and the issuance of 50,000 common shares of Conquest will meet the first-year obligations under the three year option earn-in agreement.
Years 2 and 3 of the option agreement each require minimum expenditures on the MacBeth property of $10,000 and the issuance of 75,000 and 100,000 shares, respectively, should Conquest choose to maintain the option.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the three-month periods ended March 31, 2019 or March 31, 2018. In accordance with the Company's accounting policies exploration and evaluation expenditures are expensed as incurred through profit and loss and included in the statement of operations.
For the three-month period ended March 31, 2019, the Company recorded a loss of $39,677 ($0.000 per share). The loss included exploration expenditures of $14,480.
For the three-month period ended March 31, 2018, the Company recorded a loss of $179,196 ($0.002 per share). The loss included exploration expenditures of $123,581.
This news release should be read in conjunction with the Company's unaudited financial statements and the associated management's discussion and analysis (MD&A) for the first quarter ended March 31, 2019 which are available on the Company's website at www.conquestresources.com or under the Company's profile on SEDAR (www.sedar.com).
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 a 100% interest in the Emerald Lake Project located approximately 65 kilometres northeast of Sudbury, Ontario, underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.
Conquest's exploration strategy at its Golden Rose property and Emerald Lake Project overall, is to target high-grade gold mineralization in structurally controlled mesothermal type quartz veins lying along the two prospective horizons of Algoman-type Banded Iron Formation which trend east-north-easterly across the entire strike length of the Emerald Lake Project area.
Conquest also holds the Alexander Gold Property 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 claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario that had reported production of over 1,000,000 ounces of gold.
Conquest has planned exploration programs at its Golden Rose and Smith Lake properties, including a planned drilling campaign of up to 1,500 metres at Golden Rose to test prioritized targets identified in 2018 deemed most prospective for the discovery of gold mineralisation. The planned programs have an indicative exploration budget of circa $500,000 and are subject to the successful completion of additional financing.
Qualified Person:
Paul Smith P. Geo. (NS) Senior Geologist, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 and has approved the technical disclosures within this News Release.
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 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
image: https://rt.newswire.ca/rt.gif?NewsItemId=C0385&Transmission_Id=201905291254CANADANWCANADAPR_C0385&DateId=20190529
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/29/c0385.html
Paul Smith, P. Geo., Senior Geologist, 647-729-0311; Robert Kinloch, President and CEO, 306-881-8296; John F. Kearney, Chairman, 416-362-6686Copyright CNW Group 2019
Canada Newswire
May 29, 2019 - 9:54 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at
https://stockhouse.com/news/press-releases/2019/05/29/conquest-summer-drilling-program-at-golden-rose-property-emerald-lake-ontario#khjgvEtHCrjfmY7Q.99
Company Conquest Resources Limited
Address Suite 700, 220 Bay Street, Toronto, ON M5J 2W4 Canada
Phone 416-362-8243
Fax 416-368-5344
Email Address terence_mckillen@conquestresources.net
Website http://www.conquestresources.net
Ownership Publicly-traded corporation
Stocks TSXVE: CQR
NAICS
Gold Ore Mining (212221)
Status Common shares listed on the TSX Venture Exchange.
Executive Terence N. McKillen - President & CEO
Danesh K. Varma - CFO
NYBob
6 years ago
Conquest Reports Positive Gold Anomalies From Soil and Geochemical Surveys at its Golden Rose Property, Ontario
Canada NewsWire
TORONTO, Nov. 20, 2018
Focus on old mine area and high-priority geophysical targets
TORONTO, Nov. 20, 2018 /CNW/ -
Conquest Resources Limited (TSX-V: "CQR") is pleased to announce that it
has received positive anomalous gold-in-soil results following its 2018
summer exploration soil and MMI geochemical surveys at its Golden Rose
Gold Mine property.
Conquest Resources Limited (CNW Group/Conquest Resources Limited)
The Golden Rose property is located at Emerald Lake in Afton Township
in northern Ontario.
https://web.tmxmoney.com/article.php?newsid=5020130444954604&qm_symbol=CQR
The surveys were taken over eight (8) of the priority geophysical/geological targets previously identified in Geotech's report on the VTEM survey completed earlier in 2018 (See Conquest News Releases July 12 and August 23, 2018). The intent of the conventional soil survey and the Mobile Metal Ions ("MMI") survey was to confirm the potential for defining anomalous gold at each of the eight, high priority targets associated with the identified magnetic and EM conductive anomalies, in addition to defining underlying lithology based on MMI geochemistry to enhance geological understanding of the Golden Rose property.
The Company received the MMI assay results from SGS Canada Inc. in Lakefield, Ontario and the soil samples from AGAT Laboratories in Mississauga, Ontario.
Soil Survey
A total of ninety-nine (99) conventional soil samples were collected and delivered to AGAT Laboratories in two separate batches for analyses for twenty-three (23) elements. These samples were collected along a portion of the base line (BL 7400N) at the mine site and along recce lines across the geophysical anomalies identified as C2 (L1110), C6 (L1270), C6 (L1310), C8, C10, C10', and C11. All the traverse lines were oriented at approximately 330° and were centered on the preliminary drill collar locations proposed in Geotech's report on the VTEM survey.
Soil Survey Results
The strongest soil anomaly occurs along the baseline near the eastern projection of the existing underground mine workings. Two anomalous gold values (351 ppb Au and 128 ppb Au) are located at the exact location of a proposed drill hole previously selected based on geological information.
A single anomalous gold-in-soil assay occurs 25 metres north of a proposed drill hole location at C10.
Two adjacent samples at the C10' geophysical anomaly show elevated gold values (128 ppb Au and 12 ppb Au) and are located immediately south of a proposed drill hole location.
Anomaly C8 had two anomalous gold assays (11 ppb Au and 17 ppb Au) located north and south (respectively) of the suggested drill hole location.
Anomaly C6 (L1310) showed a single anomalous gold assay (14 ppb Au) at the proposed location of the recommended drill hole.
C11 showed a single anomalous gold assay located 125 metres south of the proposed drill hole location.
The results of the soil survey identified positive gold-in-soil anomalies at six of the previously prioritised geophysical targets identified in the Geotech survey and help confirm the selected location of the proposed drill holes in Geotech's final report.
MMI Survey
The Mobile Metal Ions ("MMI") orientation survey was completed under the direction of SGS personnel from its Lakefield Ontario laboratory. The recce survey was carried out to locate areas of anomalous gold mineralization, as well as to identify geochemical parameters reflecting underlying bedrock geochemistry. A total of seventy-four (74) samples were collected and analysed by SGS Canada Inc.
MMI Results
MMI identified gold mineralization in Line #1 (mine stratigraphy) using gold-only data. No other elements were found to be good pathfinders with the gold. The anomalous values along Line #1 were very high, ranging from 20 to 100 times above background levels.
MMI identified a low-grade single point anomalous gold value in Line #4; however this sample will require further verification to ensure no contamination influences from the previous 1986-1987 mill operations.
Most samples along Line #3 reported background levels, except samples GR-L3-1 and its duplicate GR-L3-1D which assayed at twenty-eight (28) and fifty-two (52) times above background, respectively. Also, sample GR-L3-15 had a value of sixteen (16) times above background.
The MMI survey was successful in identifying the underlying geology at all sample location areas using the Spearman ranking from the DOGS macro. Areas of known and well documented underlying geology from Line #1, Line #2 and the Nipissing diabase samples were used as reference to compare against the unknown samples in Line #3. The MMI survey demonstrated that the elemental chemistry over the andesite, banded ironstone formation, rhyolite and Nipissing diabase have distinctive elemental signatures from one another that help characterize distinct lithological populations. This information will be used in future MMI soil surveys to help map out the underlying geology in areas covered by glacial till and thick vegetation.
Target prioritisation
Based on the recce soil and MMI surveys, six (6) geophysical targets (C1', C6 (L1310), C8, C10, C10', and C11) have now been further prioritized. These prioritised targets all occur within prospective geological settings (lithological and structural control) having potential for gold mineralization. Favourable zones with gold mineralization include, magnetic horizons (magnetite-rich Banded Iron Formation; intermediate to mafic volcanic flows and pyroclastics, and quartz-feldspar porphyry intrusions).
All the prioritised targets lie along or adjacent to the two prospective horizons of Algoman-type Banded Iron Formation, which trend east-northeast across the entire strike length of the Golden Rose property. Geologically, the two horizons of BIF are regarded as the north and south limbs of a regional synclinal structure, with the north limb hosting the former Golden Rose mine near the western end of the property.
Geophysical modelling results of the prioritized targets have provided parameters for each target, including target thickness, which ranges between 10-20 meters, and depth to target, with seven of eight targets lying within 50 meters of the surface.
Qualified Person:
Paul Smith P. Geo. (NS) Vice President Exploration, directs the Company's explorations programs and is the Company's Qualified Person for the purposes of National Instrument 43-101 and has approved the technical disclosures within this News Release.
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 a 100% interest in the Golden Rose Property located at Emerald Lake, sixty-five (65) kilometres northeast of Sudbury, Ontario. The thirty-three (33) easily accessible patented and staked mining claims encompass 770 hectares and the former Golden Rose Gold Mine, located deep within the regionally large, unexplained Emerald Lake (Temagami) Anomaly, which closely resembles the magnetic signature of the adjacent Sudbury Basin. Conquest's exploration strategy at its Golden Rose property is to target gold mineralization lying along the two prospective horizons of Algoman-type Banded Iron Formation, which trend east-northeast across the entire strike length of the Golden Rose property. Conquest has now increased its land position in the area by approximately 3,200 hectares and currently holds a total of 3,980 hectares of prospective mineral exploration ground.
Conquest also holds the Alexander Gold Property 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.
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 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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2018/20/c7767.html
Paul Smith, P. Geo., Vice President Exploration, 647-729-0311;
Robert Kinloch, President and CEO, 306-343-5799;
John F. Kearney, Chairman, 416-362-6686
Copyright CNW Group 2018
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