CONQUEST ANNOUNCES 2019 YEAR END RESULTS Drilling program planned for 2020 exploration season
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55 University Avenue, Suite 1805
Toronto, Ontario, Canada,
M5J 2H7
www.conquestresouces.com
+1 647 728 4126
CONQUEST ANNOUNCES 2019 YEAR END RESULTS
Drilling program planned for 2020 exploration season
Toronto, Ontario – April 27, 2020 | Conquest Resources Limited (TSX-V: “CQR”) reports its financial
results for the year ended December 31, 2019 and update on planned drilling program at Golden Rose
in 2020 exploration season, subject to COVID -19 restrictions .
This news release should be read in conjunction with the Company’s audited financial statements and
the associated management’s discussion and analysis (MD&A) for the year ended December 31, 2019
which are available on the Company’s website at www.conquestresources.com or under the Company’s
profile at www.sedar.com .
COMPANY OVERVIEW
Conquest Resources Limited is a mineral exploration company engaged in the exploration of mineral
properties in Ontario, where the Company holds three advanced exploration properties with the potential
for the discovery of extensions to adjacent existing gold deposits , the Golden Rose Property at Emeral d
Lake, the Alexander Property at Red Lake and the Smith Lake Property at Renabie.
Conquest holds a 100% interest in the Golden Rose Property located at Emerald Lake, sixty -five
kilometres northeast of Sudbury, Ontario where 28 claims plus four mining leases include the former Golden
Rose Gold Mine . Mining operations at the Golden Rose Gold Mine between 1915 -1988 produced
approximately 52,000 oz of gold from structurally controlled, high -grade quartz-pyrite veins, hosted within
banded iron formations.
Conquest holds a 100% interest in the Alexander Property in the heart of the Red Lake Gold Camp in
Ontario, strategically located immediately east of the Red Lake mine complex and within the important
“Mine Trend” regional structure and adjacent to the Aviation exploration target area.
Conquest also holds a 100% interest in the Smith Lake Property which is located within the Missanabie-
Goudreau Greenstone Belt in northern Ontario , between the former Renabie Mine to the east and the
Manitou Gold / Alamos Gold (Island Mine) land package to the west. The property includes claims lying to
the north, west and south of the former Renabie gold mine.
During December 2019 and January 2020 , the Company completed several non-brokered, private
placements for aggregate gross proceeds of $400,000, of which $350,000 is planned to be used for a
drilling program at Golden Rose, and continued exploration at Alexander and Smith Lake Properties.
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EXPLORATION PLANS 2020
Conquest has planned exploration programs at its Golden Rose , Smith Lake and Alexander properties,
including a planned drilling campaign of 1,500 metres at Golden Rose to test six prioritized targets deemed
most prospective for the discovery of gold mineralisation. Th e planned programs have an indicative
exploration budget of circa $350,000.
The Company’s operations could be significantly adversely affected by the effects of the global spread of
the contagious coronavirus, causing the outbreak of the COVID-19 pandemic. The Company cannot
accurately predict the impact the COVID -19 pandemic will have on its operations, including the impact on
schedules and timelines for planned exploration programs and the length of travel and quarantine
restrictions imposed by governmen tal authorities. With the evolving COVID -19 pandemic the Company is
following the instructions and advice of Provincial and Federal health professionals and government
officials, as well as industry -wide best practice guidelines to help limit the spread of COVID-19. The
Company has initiated a number of preventative measures including implementing remote work for all
personnel and eliminating all business travel and in-person meetings.
Given growing concerns with respect to containing the spread of COVID-19, many indigenous communities
have declared a state of emergency or taken other measure s to protect community health and safety that
may also disrupt anticipated field exploration and aboriginal consultation and engagement activities. The
Ontario Ministry of Northern Development and Mines (ENDM) has adopted an Extension of Time Policy
and an Exclusion of Time Policy for meeting assessment work obligations on mineral claims during the
COVID-19 crisis.
Exploration Programs at Golden Rose
Exploration work by Conquest in 2018 and 2019 identified and confirmed eight high priority geophysical
targets associated with filtered magnetic and EM conductive anomalies, considered favourable for gold
exploration. Six of these geophysical target areas have gold -in-soil anomalies that occur along the two
prospective Banded Iron Formation (“BIF”) horizons. Geochemical soil anomalies also support the potential
of previously unrecognized gold mineralization located north of the northernmost BIF.
These six targets have been prioritized for a 1,500 metre drilling program at Golden Rose during 2020.
Clear targets have been identified at the mine-site and elsewhere on the Property along the north and south
banded iron formations which will be the subject of an initial drill campaign in the upcoming 2020 exploration
season.
This drill program will in part follow -up on historical drill results by SNS Silver Corp., which reported gold
grades of 171 g/t over 1.8 metres (6 feet) in drill hole GR09-29, and 55 g/t over 0.61 metres in hole GR09-
23. Subsequent infill drill results recorded multiple gold zones in GR -10-37 indicating 0.34 metres at 48.7
g/t, 0.57 metres for 19.45 g/t, and 0.36 metres at 9.73 g/t. GR10 -42 intersected two high grade zones of
5.10 metres at 15.62 g/t an d 2.60 metres at 70.05 g/t, including 0.3 metres at 543 g/t, or 17 ounces gold
over 0.3 metres (1 foot). This earlier drilling supports the theory that gold mineralization is open along strike
to the east and continues below a depth of 320 metres with grades as high as 14 g/t over 25.6 metres.
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ALEXANDER GOLD PROJECT AT RED LAKE
Conquest’s Alexander Property is strategically located east of the Red Lake and Campbell mines. in the
heart of the Red Lake Gold Camp. The western boundary of Conquest’s Alexander Property is located
adjacent to the Red Lake gold mine , approximately 500 m eters east of the Balmer Complex headframe ,
and near the Aviation exploration target area.
In April 2020, Evolution Mining Limited completed the acquisition of the Red lake complex from Newmont
Goldcorp and committed to invest US$100 million on existing op erations and an additional US$50 million
in exploration at Red Lake over a three-year period. Upon closing of the acquisition, Evolution reported that
“The driver for our interest was both the outstanding potential for the discovery of new, high grade
mineralisation and clear turnaround opportunity to restore it to being a safe, efficient, long life, low cost
operation.”
In 2019, in a Goldcorp technical report describing the exploration potential at Red Lake, it was stated that
“there is considerable remining exploration potential in the vicinity of the current mining operations…. (The)
Aviation Complex encompasses several exploration targets in the under -explored eastern portion of the
Red Lake Complex. Targets include Twin otter Zone, Sn owbird Zone and Norseman Zone with other
exploration targets hosted within the regional fold nose yet to be tested. The Swamp target is in the low -
lying area between the Red Lake and Balmer Complexes This target occurs in the footwall of the rhyolite
basalt contact in the upper eastern part of the Red Lake mine.”
Conquest maintains that the Alexander Property is one of the most prospective land positions in the Red
Lake gold camp.
QUALIFIED PERSON:
Paul Smith P. Geo. (NS) Senior Geologist, 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.
RESULTS OF OPERATIONS
Conquest recorded no revenue for the years ended December 31, 2019 or December 31, 2018.
For the year ended December 31, 2019, the Company recorded a loss of $214,436 ($0.002 per share).
The loss included exploration expenditures of $74,644. For the year ended December 31, 2018, the
Company recorded a loss of $440,080 ($0.004 per share). The loss included exploration expenditures of
$276,394.
At December 31, 2019, the Company had cash of $252,034 compared to $11,292 at December 31, 2018.
On January 29, 2020, the Company completed the second tranche of its non-brokered, private placement
through the issuance of 2,000,000 flow -through units and 1,000,000 units at a price of $0.05 per unit, for
gross proceeds of $150,000. In March 2020, the Company agreed a ‘shares for debt’ settlement of an
aggregate indebtedness of $144,480 by the issue of a total of 2,889,619 shares at a deemed issue price of
$0.05 per share.
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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 Emerald Lake Project located approximately 65 kilometres
northeast of Sudbury, Ontario, underlain by highly prospective Abitibi greens tone geology along a
strike length of seventeen (17) kilometres. The former Golden Rose Gold Mine is located deep within
the regionally large, unexplained Emerald Lake (Temagami) Anomaly which closely resembles the
magnetic signature of the adjacent Sudbury Basin.
Conquest also holds the Alexander Gold Property located immediately east of the 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 Evolution’s land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property which consists of six (6)
patented claims and 181 staked mining claims to the north, west and south of the former Renabie
Gold Mine in Rennie Township in northern Ontario that had reported production of over 1,000,000
ounces of gold.
Conquest currently has 126,973,348 common shares issued and outstanding.
FOR FURTHER INFORMATION CONTACT:
Paul Smith
Senior Geologist
902-698-2662
Robert Kinloch
President
306-881-8296
John F. Kearney
Chairman
416-362-6686
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.