TORONTO, July 31, 2018 /CNW/ - Conquest Resources Limited
(TSX-V: "CQR") is pleased to report that it has resumed its field
exploration program at it's Golden Rose
Gold Mine property located at Emerald Lake in Afton Township in Northern Ontario as fire ban is lifted.
For the past several weeks the general area surrounding the
property suffered extensive forest fire damage resulting from
extremely dry conditions and numerous lightning strikes. Road
access to the project site was closed to all but essential
personnel and evacuations either recommended or ordered.
However, the Golden Rose project site itself sustained minimal
damage with only one small fire that was quickly extinguished.
Resumption of exploration will include approximately sixteen
(16) kilometres of surface grid line cutting, mainly over the
eastern portion of the property, in addition to detailed Trimble
surveying of numerous surface features at the mine and surrounding
area to assist 3D verification of deposit geometry.
The planned field work will specifically focus on the
geophysical targets defined by the airborne Versatile Time Domain
Electromagnetic (VTEM™ Plus) and Aeromagnetic Geophysical Survey
carried out by GEOTECH Ltd., over the Golden Rose Mine project area
in March 2018. (See Conquest News Release July 12, 2018).
The primary objectives of the geophysical survey and the
interpretation of the acquired data were to derive detailed
lithological and structural maps of the Golden Rose Mine project
area and to delineate new favourable areas for detailed exploration
of gold and/or other mineralization and related alteration
zones.
Exploration over these geophysical VTEM targets will include
geological mapping and soil and till geochemistry to determine if
the target areas are gold-positive. Line cutting of a new
exploration grid over the geophysical targets and preparation of
drill pads in anticipation of a diamond drill program will also be
carried out. Completion of this initial field exploration
work is anticipated by late August.
Aboriginal Consultation
Conquest has initiated consultations with the TEMAGAMI FIRST NATION (TFN) & TEME AUGAMA
ANISHNABAI (TAA) regarding the Company's proposed exploration
activities at Emerald Lake within
the traditional lands and waterways occupied and used by the
Temagami First Nation/Teme Augama Anishnabai. The Company has
provided preliminary information to the communities and is
scheduled to attend a meeting with the Chiefs and Councils to
determine whether further consultation is required and anticipates
signing an MOU or Exploration Agreement to address any
accommodation requirements that may be identified.
Background
The Golden Rose property is underlain by highly prospective
Abitibi greenstone geology, with two parallel (North and South)
Banded Iron Formations ("BIF"). Between 1935 and 1941, mining
operations of Consolidated Mining and Smelting Company of
Canada, Limited (Cominco) produced
45,000 ounces of gold from structurally controlled, shallow to
steeply dipping, high-grade quartz-pyrite veins, hosted almost
exclusively in the Banded Iron Formations.
The Golden Rose mine workings (flooded) consist of more than six
kilometres of underground workings, as well as a three (3)
compartment, 228-metre-deep shaft and a 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.
Surface drilling between 1984-2011 identified rich
mineralization lying adjacent to known underground development.
Diamond drilling between 2009-2011 intersected gold grades as
high as 155.7 grams of gold per tonne over 1.82 metres.
Conquest believes several of these intercepts represent new
mineralized gold quartz lenses having potential economic
viability.
Exploration Strategy
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 Formations, which trend
east-northeast across the entire strike length of the Golden Rose
property.
QUALIFIED PERSON
Paul Smith P. Geo. (NS) continues
to lead the technical team and direct the Company's exploration
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
