Conquest Continues Search for Critical Metals at Marr Lake PGE-Cu-Ni Property
55 University Avenue, Suite 1805
Toronto, Ontario, Canada,
M5J 2H7
www.ConquestResources.com
News Release
Conquest Continues Search for Critical Metals at Marr Lake PGE-Cu-Ni Property
Toronto, Ontario, January 18, 2023 -- Conquest Resources Limited (TSX-V: CQR) (“Conquest” or the
“Company”) announces that from September 7 th to 13th, 2022, Conquest completed a 419 line -km
heliborne high-resolution magnetic survey covering the Marr Lake PGE-Cu-Ni Project situated 65 km
southwest of Atikokan, Ontario. Prospectair Geosurveys Inc. was contracted to survey the Pr operty
with flight lines orientated N-S at 50 m spacings, and E-W tie lines were flown at 500 m spacings. The
orientation of the survey was optimized to cover the interpreted E-W orientated Marr Lake Intrusive,
as well as to cover any other structural features that may control the potential emplacement of other
similar types of intrusions and rare-element pegmatites that are a second deposit type being explored
for on the Marr Lake PGE-Cu-Ni Property.
The survey was successful in mapping the magnetic properties of the Marr Lake Intrusive, part of a
series of mafic, ultramafic, and alkaline stocks and sills known as the Quetico Intrusions which are
known to host PGE -Cu-Ni mineralization. The geophysical survey outlined an elongated east -west
magnetic anomaly that mostly falls under the waters of Marr Lake which corresponds with the
interpreted outline of the ultramafic intrusive. The preliminary data was used to execute a mid-fall
reconnaissance prospecting program in which a total of 20 grab samples were collected. Samples
were collected from the main showing (862401 to 862414) located along the northwestern shoreline
of Marr Lake, as well as the only other known outcropping located approximately 800 m to the WSW
(862418 to 862420). Samples 862415 to 862417 were collected north of the main showing from a
gabbroic intrusive that outcrops along the shoreline of a small marsh. At the main showing, samples
862401 to 862409 were collected along a poorly exposed trench over a length of approximately 20
m, and samples 862410 to 862414 were collected from a blasted pit located 10 m to the west of the
trench. Of the 20 samples that were collected, 3E (Pt+Pd+Au) values ranged from 6 to 2,617 ppb,
Cu+Ni values ranged from 42 to 8,000 ppm, and Cr values ranged from 6 to 1,930 ppm (see Table 1
below).
Samples collected from the Marr Lake Intrusive were pyroxenite in composition and contained trace
to 3% interstitial sulphides consisting of pyrite, chalcopyrite, and pyrrhotite.
Grab samples are selective in nature and may not represent true mineralization on the Property.
Conquest intends to complete a 3D geophysical inversion of the magnetic data on the Property over
the next few months, as well as complete additional prospecting and ground -truthing of the
geophysical magnetic features in early May. The 3D geophysical inversion will give Conquest a better
understanding of the extent and orientation of the Marr Lake Intrusive, along with any feeder dykes
related to the intrusive which will also make attractive exploration targets.
Table 1: Selected results from the 2022 Prospecting Program
Sample Pd
(ppb)
Pt
(ppb)
Au
(ppb)
3E
(ppb)
Cu
(ppm)
Ni
(ppm)
862401 333 236 65 634 1360 573
862402 871 1090 194 2155 4220 916
862403 1090 1050 265 2405 4580 1080
862404 1030 1220 367 2617 4650 650
862405 49 36 20 105 346 245
862406 602 768 44 1414 805 288
862407 718 587 233 1538 6490 385
862408 477 446 109 1032 762 285
862409 642 567 147 1356 2800 280
862410 37 17 14 68 2730 1180
862411 1220 1040 248 2508 5950 2050
862412 728 1030 393 2151 4460 184
862413 863 821 268 1952 2030 219
862414 7 6 3 16 315 502
862415 5 1 4 10 184 1
862416 1 2 3 6 77 15
862417 6 5 8 19 3 39
862418 9 9 3 21 99 370
862419 11 10 4 25 63 512
862420 220 128 98 446 333 683
*3E=Pd+Pt+Au
Quality Control
Samples were delivered by Conquest to Activation Laboratories Ltd. in North Bay, Ontario.
Once the samples are received and dried at the laboratory, the samples are then crushed to 80%
passing 10 mesh (2 mm) and then split into 250 g sub-sample size using a Jones Riffle Splitter. These
sub-samples are then pulverized (using rings and pucks to 9 0% passing 200 mesh (0.075 mm) and
homogenized prior to analysis. Precious metal analysis is performed using a 30 g charge by fire assay
using lead collection with a silver inquart (1C-Exploration package) with ICP-MS finish. The detection
limits for Au range from 2 to 30,000 ppb, and Pt and Pd both range from 1 to 30,000 ppb.
Results for the 38-element ICP analysis (1E3 package) include digesting 0.5 g of the sample with aqua
regia for 2 hours at 95 °C. The sample is cooled and then diluted with deionized water. The samples
are then analyzed using an Agilent 700 series ICP for the 38-element suite. QC for the digestion is 15%
for each ba tch, 2 method reagent blanks, 6 in -house controls, 8 sample duplicates and 5 certified
reference materials. An additional 20% QC is performed as part of the instrumental analysis to ensure
quality in the areas of instrumental drift. If over limits for base metals are encountered, a sodium
peroxide fusion, acid dissolution followed by ICP‐OES is completed.
A certified standard and blank were inserted into the sample stream which comprised 10% of the
number of grab samples that were submitted for analysis.
Joerg Kleinboeck, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed
and approved the technical content of this news release.
ABOUT CONQUEST
Conquest Resources Limited, 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% interest in the Belfast – Teck Mag Project, located in the Temagami Mining Camp
at Emerald Lake, approximately 65 kilometers northeast of Sudbury, Ontario, which hosts the former
Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike
length of seventeen (17) kilometers.
In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp . which
holds an extensive package of mining claims which surround Conquest’s Golden Rose Mine, and
subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining
cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami
Magnetic Anomaly.
Conquest now controls over 300 sq km of underexplored territory, including the past producing Golden
Rose Mine at Emerald Lake, situated in the Temagami Mining Camp.
Conquest also holds a 100% 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 on the important “Mine Trend” regional
structure. Conquest’s property is almost entirely surrounded by Evolution Mining land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six 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, operated by Corona and Barrick that had reported gold production of over
1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).
FOR FURTHER INFORMATION CONTACT:
www.conquestresources.com
Tom Obradovich
President & Chief Executive
416-985-7140
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 the completion of the Acquisition and the Consolidation, the release of escrowed
funds, future cash on hand, 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 TSXV
nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the
adequacy or accuracy of this release.