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Enter Symbol
or Name
USA
CA



Conquest Resources Ltd
Symbol CQR
Shares Issued 118,923,348
Close 2018-06-22 C$ 0.025
Market Cap C$ 2,973,084
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Conquest provides Golden Rose update, AGM results

2018-06-26 11:15 ET - News Release

Mr. Robert Kinloch reports

CONQUEST UPDATES GOLDEN ROSE EXPLORATION PROGRAM AT ANNUAL MEETING OF SHAREHOLDERS

Conquest Resources Ltd. held its annual meeting of shareholders in Toronto, Canada, on June 25, 2018.

At the annual meeting, the chairman, John Kearney, with the vice-president of exploration, Paul Smith, provided shareholders with an update on its exploration programs at the Golden Rose property and the outlook for the company.

Golden Rose -- acquisition

In December, 2017, Conquest began an exciting transformation by acquiring a 100-per-cent interest in the Golden Rose property (historical production of 52,000 ounces of gold), located at Emerald Lake 65 kilometres northeast of Sudbury, Ont. The 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.

In April, 2018, following initial data compilation, Conquest aggressively increased its land position at Emerald Lake by claiming 3,200 hectares of prospective land near the Golden Rose property. Conquest now controls 3,980 hectares in six exploration blocks at Emerald Lake and believes that mineral potential in the region is high, with significant potential for the discovery of one or more mineral deposits having a similar style to the Golden Rose gold mine.

Background

The Golden Rose property is underlain by highly prospective Abitibi greenstone geology, with two parallel (North and South) banded iron formations. Between 1935 and 1941, mining operations of Consolidated Mining and Smelting Company of Canada Ltd. (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. Although reported as profitable at the time, operations were suspended at the onset of the Second World War.

Only limited development work has taken place on the property since that time, including some extended underground development by Noramco in 1986 to 1988. The Golden Rose mine workings (flooded) consist of more than six kilometres of underground workings, as well as a three-compartment, 228-metre-deep shaft and a decline ramp from surface to the sixth level of the mine. An inclined winze connects the sixth and seventh levels to the fifth level of the mine.

Surface drilling in various limited programs between 1984 to 2011 identified rich mineralization lying adjacent to known underground development. In 2009, surface drilling by others was reported to have intersected 155.7 grams of gold per tonne over 1.82 metres.

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 over the past six months has resulted in development of a preliminary 3-D 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 kilometres of underground workings and 450 drill holes, in addition to compiled surface geological mapping, geochemistry and historical geophysical surveys.

A program of relogging of historical (2009 to 2011) drill core recovered has identified stratigraphic facies variations between the north volcanic unit and the BIF along a significant strike distance of the mine working, as well as confirming stratigraphy at the mine younging toward the south. Investigation has also identified two marker chert horizons stratigraphically below the BIF, as well as a highly deformed, flow-banded and sulphide-bearing rhyolite unit.

Relogging to date has identified 10 distinctive vein morphologies at the mine site, of which two appear particularly important for gold mineralization. In addition, differing vein sets demonstrate a predictive geometry of mineralized, quartz-ankerite dominated ore veins.

Surveying of previously set survey marker and monuments is planned to help with both the registration of multiple historical mine and exploration grids, and assist in the surface delineation of the regional surface expression of marker stratigraphy, as observed within the mine sequence. Additional regional geological mapping along the banded iron formation will be carried out to support verification of the geophysical interpretation in preparation for an initial phase of drilling.

Airborne geophysics

As previously reported, Conquest has carried out an airborne geophysical survey flown under contract to Geotech Ltd., using helicopter-borne horizontal magnetic gradiometer and variable time-domain electromagnetic instrumentation. This survey was specifically designed for subvertically oriented geology and faulting of the Archean basement stratigraphy that underlies the Emerald Lake property.

A preliminary report has been received and the final report is expected before the end of June. The interpretation of Geotech's final airborne VTEM geophysical studies include three-dimensional solids which will be integrated into Conquest's target model of the property, and interpreted zones of conductance that will be layered into compiled magnetic and bedrock geology models.

Massive sulphide potential identified

On the wider property scale, gold and base metal mineralization is known from both outcrop and drill holes in the eastern portion of the property where relatively little detailed exploration has been carried out.

Two of the identified distinctive vein types are younger, undeformed and are weakly mineralized in base metal sulphides and pyrite-pyrrhotite. This superimposed quartz veining event is characterized by colloidal and comb-textured quartz, and hydrothermal breccia veins indicative of a potential epithermal event. In addition, historical mapping has noted a significant number of porphyry intrusions on the property. It is believed this potential evidence of an epithermal event may have broader implications for the regionally large, unexplained Emerald Lake (Temagami) anomaly that enclosed the Golden Rose gold mine.

Exploration strategy summer 2018 exploration program

By completing a thorough compilation review and reinterpretation of the stratigraphy, structure, alteration, geochemistry, alteration and geophysics, Conquest is working to systematically explore the Golden Rose property, where multiple targets at both the mine site and on the wider property area have already been identified.

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 to west-southwest across entire strike length of the Golden Rose property.

Exploration for orogenic gold deposits within the Archean-aged greenstone volcanic sequence will be conducted sequentially at three complementary scales: mine area, property wide and regionally. The objective is to locate previously unrecognized zones of en-echelon quartz vein hosted gold mineralization peripheral to existing mine workings.

Qualified person

Paul Smith, PGeo (NS), continues to lead the technical team and direct 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.

Business of the AGM

Election of directors

All the nominees for election as directors: John F. Kearney, Robert Kinloch, Gerald Gauthier, Terence McKillen, Peter Palframan and Neil J.F. Steenberg, were unanimously re-elected as directors by a show of hands. The detailed results of the proxies submitted for the vote on the election of directors are as shown in the attached table.

Director                 Votes for   % of votes for  Votes withheld  % of votes withheld

John F. Kearney         24,894,818            99.81          47,000                0.188
Robert Kinloch          24,894,818            99.81          47,000                0.188
Gerald Gauthier         24,936,818            99.80           5,000                0.020
Terence McKillen        24,937,318            99.98           4,500                0.018
Peter Palframan         24,886,818            99.78          55,000                0.221
Neil J.F. Steenberg     24,844,818            99.61          97,000                0.389

Reappointment of auditor

UHY McGovern Hurley LLP, chartered accountants, was reappointed as the company's auditor for the current year and the directors were authorized to fix the remuneration of the auditor.

Approval of the corporation's stock option plan

By a unanimous vote on a show of hands, the corporation stock option plan was approved.

About Conquest Resources Ltd.

Conquest was first incorporated in 1945 and 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-per-cent interest in the Golden Rose property located at Emerald Lake, 65 kilometres northeast of Sudbury, Ont.

We seek Safe Harbor.

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