Mr. Tom Obradovich reports

CONQUEST RESOURCES LTD. REVIEWING ONTARIO GOLD PROJECTS FOR WINTER EXPLORATION PROGRAMS, SALE, OPTIONS AND JOINT VENTURES

Conquest Resources Ltd. is reviewing data on its 100-per-cent-owned Ontario gold projects for potential upcoming winter exploration, sale, options or joint ventures.

In addition to its 100-per-cent properties, the company also holds a 70-per-cent stake in the King Bay project located in northwestern Ontario.

The company has been focused on its Belfast-Teck Mag project where it has been evaluating VMS (volcanogenic massive sulphide) and IOCG (iron-oxide-copper-gold) mineralization. The former producing Golden Rose mine is located within the 350-square-kilometre Belfast-Teck Mag project.

The Golden Rose mine produced 45,414 ounces of gold between 1935 and 1941 after development by Cominco. Gold occurs in quartz fractures and veining with pyrite within two banded iron formations. There are over six km of underground development, a three compartment shaft 228 metres deep, a decline ramp to the sixth level and a winze connecting the sixth and seventh levels.

The Smith Lake property consists of 181 staked mining claims and six patented claims located in Leeson, Stover and Rennie townships in the Missinabie region of Northern Ontario. It is adjacent and contiguous with the former Renabie mine owned by Barrick Gold to the east and the Island gold mine project owned by Alamos Gold to the west. Grab samples from previous overburden stripping of the Campbell vein returned values in excess of 10 grams per tonne Au.

The Alexander gold project consists of 27 patented mining claims covering 448 hectares in Balmer township adjacent to the producing Campbell Red Lake mine. Drilling by Goldcorp in 2008 intersected 4.97 grams per tonne Au over 1.82 metres including 14.25 g/t over 0.61 m and 12,67 g/t over one m. The property is located on the Mine Trend and hosts favourable geology untested at depth.

Qualified person

The technical content of this news release has been reviewed and approved by Joerg Kleinboeck, PGeo, a qualified person as defined in National Instrument 43-101.

About Conquest Resources Ltd.

Conquest Resources, incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario.

Conquest holds a 100-per-cent interest in the Belfast-Teck Mag project, located in the Temagami mining camp at Emerald Lake, Ont., which is believed to have exceptional exploration upside for magmatic sulphide deposits (Cu-Ni-PGE (copper-nickel-platinum group element)), VMS, IOCG, iron formation hosted Au and Paleo-placer Au.

The Belfast-Teck Mag project is the company's flagship property, evolved from the Golden Rose project, which was initially acquired in December, 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. (CCEC) in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast copper project and Teck Mag property.

Conquest now controls over 300 square kilometres of underexplored territory in the Temagami mining camp, including the past-producing Golden Rose mine at Emerald Lake.

Conquest also holds a 100-per-cent 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 along the important mine trend regional structure. Conquest's property is almost entirely surrounded by Evolution Mining landholdings.

In addition, the company holds interests in the Smith Lake gold property and Lake Nipigon basin property.

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