Mr. Robert Kinloch reports

CONQUEST SECOND QUARTER UPDATE REPORT

Conquest Resources Ltd. has provided an update on the continuing exploration programs at its Golden Rose gold mine property at Emerald Lake in the Afton township of Northern Ontario, as well as exploration activity adjacent to the company's Alexander property at the Red Lake gold camp in Ontario.

Highlights:

• Encouraging exploration programs on the Golden Rose property;
• Potential for additional gold mineralization at the Golden Rose mine site;
• Eight high-priority exploration targets identified.

This news release should be read in conjunction with the company's unaudited financial statements and the associated management's discussion and analysis for the second quarter and six months ended June 30, 2018, which are available at the company's website and under the company's profile on SEDAR.

Golden Rose property

In December, 2017, Conquest Resources acquired a 100-per-cent interest in the Golden Rose property located at Emerald Lake, 65 kilometres northeast of Sudbury, Ont. The 33 easily accessible legacy-patented and staked mining claims encompass 770 hectares, including 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 Resources' continuing 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 Resources' 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 Resources has identified eight high-priority geophysical targets associated with magnetic and electromagnetic conductive anomalies, considered favourable for gold exploration, all lying along two prospective Algoman-type banded iron formation (BIF) horizons 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 exploration areas based on geology, geography and the airborne VTEM (versatile time-domain electromagnetic) geophysical survey: mine area, South Island zone, North BIF zone and South BIF zone. Based on preliminary examination of all four areas, Conquest Resources 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 Resources has undertaken an extensive compilation of all historical mining and exploration records at both the Golden Rose property and the surrounding area. Conquest Resources' compilation and data mining exercise has resulted in the 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.

Conquest Resources' program of relogging historical (2008 to 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 Resources' relogging work has also identified 10 distinctive vein morphologies at the mine site. Of the 10, two appear particularly important for gold mineralization. In addition, four distinct alteration zones are recognized 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 postdates gold mineralization at the Golden Rose mine and which may be associated with the unexplained Emerald Lake (Temagami) anomaly.

Airborne geophysics

Conquest Resources completed a helicopter-borne VTEM and aeromagnetic geophysical survey, which 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 electromagnetic conductive anomalies and favourable for gold exploration were identified and delineated within the Golden Rose property.

Eight prioritized targets

Initial prioritization of eight areas has been completed in consultation with Geotech. The eight 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 metres to 20 metres, strike length and depth to target, with seven of eight targets within 50 metres 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 closures 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 the registration of multiple historic mine maps, exploration grids and 3-D 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 under way 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 kilometres 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, 20 VTEM geophysical anomalies and 3-D modelling, Conquest Resources is positioned to systematically explore the Golden Rose property during the next quarter.

Qualified person

Paul Smith, PGeo (Nova Scotia), vice-president of exploration, directs the company's exploration programs and is the company's qualified person for the purposes of National Instrument 43-101. He has approved the technical disclosures within this news release.

We seek Safe Harbor.