- Encouraging exploration programs on Golden Rose
property
- Potential for additional gold mineralisation at Golden Rose
Mine site
- Eight high priority exploration targets identified
TORONTO, Aug. 30, 2018 /CNW/ - Conquest Resources Limited
(TSX-V: "CQR") reports continued progress with exploration programs
at its Golden Rose Gold Mine
property, at Emerald Lake in Afton
Township in northern Ontario, and
notes ongoing exploration activity adjacent to the Company's
Alexander Property at Red Lake
gold camp in Ontario.
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 second
quarter and six months ended June 30,
2018 which are available on the Company's website at
www.conquestresources.com or under the Company's profile on SEDAR
(www.sedar.com).
GOLDEN ROSE PROPERTY
In December 2017, Conquest
acquired 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 legacy
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.
Core relogging, reinterpretation of compiled geological data and
new geophysics suggest that several areas of the Golden Rose Mine
are open for delineation of additional gold mineralization.
High-grade gold drill intersections in both 1984 and between 2008
and 2011 imply that ore zones in the mine are open along trend at
depth to the east, as well as both above the mine workings to the
east and below the mine workings to the west.
Conquest's ongoing reinterpretation of existing and new data has
identified several recommended drill targets at the Golden Rose
Mine site. Numerous high-grade gold intersections through the mine
sequence support Conquest's geological interpretation of the
potential for additional stacked, and parallel, ore shoots, with
ore-grade mining widths and strike continuity, located above, below
and as extensions of the existing Golden Rose mine workings.
In addition, Conquest has identified eight high priority
geophysical targets associated with magnetic and EM conductive
anomalies, considered favourable for gold exploration, all lying
along two prospective BIF horizons of Algoman-type Banded Iron
Formation, which trend northeastward across the entire strike
length of the Golden Rose property, with five of the targets
located in parts of the property which have been largely
unexplored.
The Golden Rose property has been subdivided for identification
and program management purposes into four (4) exploration areas
based on geology, geography and the airborne VTEM geophysical
survey as follows: Mine Area; South
Island Zone; North BIF Zone; and South BIF Zone. Based on
preliminary examination of all four areas Conquest believes that
each of the areas has the potential for the discovery of gold
mineralization.
Data Compilation and Geological Reinterpretation
Throughout 2018 to date, Conquest has undertaken an extensive
compilation of all historical mining and exploration records at
both the Golden Rose property and surrounding area. Conquest's
compilation and data mining exercise has resulted in the
development of a preliminary 3D-digital transformation of
historical mine maps, sections and drill logs, with historical
drill hole traces. This new model incorporates available
information from more than six (6) kilometres of underground
workings and 450 drill holes, in addition to compiled surface
geological mapping, geochemistry, and historical geophysical
surveys.
Conquest's program of relogging historical (2008-2011) drill
core recovered from the mine site has identified previously
unmapped stratigraphic units within the North Volcanic
Unit (mafic volcanic). These include Upper and Lower Marker
Chert horizons and a flow-banded, sulphide-rich, rhyolite horizon
lying stratigraphically below the Banded Iron Formation.
Conquest's relogging work has also identified ten (10)
distinctive vein morphologies at the mine site, of which two appear
particularly important for gold mineralization. In addition,
four (4) distinct alteration zones are recognised with
mineralization. Structural indicators support definition of both
the mine orebody geometry and further imply that other parallel
zones of mineralization may be present. Furthermore, these zones of
quartz-ankerite vein mineralization and associated alteration have
orientations and geometries that are predictive.
Finally, the identification of fragments of massive sulphide in
the South Volcanic Unit suggests the presence of previously
unrecognized massive sulphide mineralization which post-dates gold
mineralization at the Golden Rose mine and which may be associated
with the unexplained Emerald Lake
(Temagami) Anomaly.
Airborne Geophysics
Conquest completed a helicopter-borne Versatile Time Domain
Electromagnetic (VTEM™ Plus) and Aeromagnetic Geophysical Survey
that was carried out by Geotech Ltd., over the Golden Rose Mine
project area in March 2018.
Based on the combined magnetic and electromagnetic data
interpretation outcomes, at least 20 targets associated with
magnetic and EM conductive anomalies and favourable for gold
exploration, were identified and delineated within the Golden Rose
Property.
Eight prioritized targets
Initial prioritization of eight (8) areas has been completed in
consultation with Geotech. The eight (8) prioritized targets all
occur within favourable geological settings (lithological and
structural control) and are being explored for potential gold
mineralization associated with magnetic horizons.
Each of these areas is interpreted to be associated with Banded
Iron Formation, mafic volcanics, and quartz-feldspar porphyry
intrusions that occur along the two prospective horizons of
Algoman-type Banded Iron Formation crossing the Golden Rose
property.
Geophysical modelling results of the selected target areas have
provided parameters including thickness, which ranges between 10-20
meters, strike length, and depth to target, with seven of eight
targets within 50 meters of the surface.
Summer 2018 Field Programs
For several weeks in July 2018 the
general area surrounding the Golden Rose property was the site of
extensive forest fire closure areas resulting from extremely dry
conditions and numerous lightning strikes.
The mine site and other priority target areas across the
property are now the subject of detailed exploration including, in
part, data integration, soil geochemistry, prospecting, and
geological mapping.
Positional Trimble surveying of previous ground monuments and
registration pins was carried out to assist with both the
registration of multiple historic mine maps, exploration grids and
3D mine modelling. Additional regional geological mapping along the
Banded Iron Formation continues to support verification of the
geophysical interpretation in preparation for an initial phase of
drilling which is proposed subsequent to full review and
integration of new geological information.
Detailed characterization of geological units is underway and
the recognition of a large quartz-feldspar porphyry with vein style
alteration and minor sulphide mineralization is widespread.
Other lithology being studied include Banded Iron Formation, mafic
volcanics, sericite schist, felsic dikes, chert, rhyolite,
quartzite, dacite, and diabase intrusive rocks.
Limited line cutting of a small grid (approximately 16 km in
total) is planned over a portion of the property. This proposed
work is going through normal permitting
procedures.
By completing a thorough targeting exercise based on the
stratigraphy, structure, alteration, geochemistry, twenty VTEM
geophysical anomalies, and 3D modelling, Conquest is positioned to
systematically explore the Golden Rose property during the next
quarter.
ALEXANDER GOLD PROJECT
Conquest also holds an 100% interest in the Alexander
Property strategically located east of the Red Lake and Campbell mines owned and operated
by Goldcorp Inc. in the heart of the Red Lake Gold Camp in
Ontario. Goldcorp's Red Lake operations are situated in the
eastern part of the Red Lake Greenstone Belt. The western
boundary of Conquest's Alexander Property is located adjacent to
Goldcorp's Red Lake gold mine and
approximately 500 meters east of Goldcorp's Balmer Complex
headframe.
Conquest's Alexander Property is located within the important
"Mine Trend" regional structure and is mostly surrounded by
Goldcorp's land holdings. Conquest believes that the Company holds
one of the most prospective land positions in the Red Lake gold camp, outside Goldcorp.
The Balmer Assemblage stratigraphy that characterize the
well-established Mine Trend at
Red Lake and is host to the
high-grade gold ores at the Red
Lake mine is present in drill holes on Conquest's Alexander
Property and strikes northwest to southeast through the Conquest's
patented claim group.
On July 25, 2018, Goldcorp
released an update on its 2018 exploration program in which it
reported that exploration activity continued at the Red Lake camp and had recently been extended
to encompass generative exploration programs over the highly
prospective 385 km2 Red Lake land package.
"Step-out exploration commenced during the second quarter of
2018 on several new targets. Drilling focus continues to shift
eastwards towards portions of the mine containing favorable geology
and structure, but which remain underexplored. The Aviation
Complex was identified during this generative phase and drilling
had recently commenced. The Aviation zone comprises folded Balmer
Assemblage basalt, a significant host to gold mineralization
throughout the [Red Lake]
mine". [Goldcorp Exploration Update News Release
July 25, 2018].
Ongoing exploration success by Goldcorp at Red Lake continues to demonstrate
prospectivity of the Red Lake
camp, which Conquest believes enhances potential at the Alexander
Property.
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.
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
