Conquest Options Marr Lake to add to Critical Metals Portfolio
55 University Avenue, Suite 1805
Toronto, Ontario, Canada,
M5J 2H7
www.ConquestResources.com
News Release
Conquest Options Marr Lake to add to Critical Metals Portfolio
Toronto, Ontario – July 6, 2022 | Conquest Resources Limited (TSX-V: “CQR”) (“Conquest” or the
“Company”) is pleased to announce it has entered into an option agreement (the “ Agreement”) to
acquire 100% of the Marr Lake Cu -Ni-PGE Property (“Property”). The Property is a grass roots property
that is prospective for Cu-Ni-PGE and Li mineralization in an area that has seen limited exploration in the
past.
The Property is located 70 km southwest of Atikokan, Ontario, and is contiguous with Green Technology
Metals (ASX:GT1) Wisa Lake Property that hosts Li -Ta bearing pegmatite dyke swarms that have been
mapped over a strike length of 1.5 km, with widths of up to 20 m having been reported. President and
CEO Tom Obradovich stated “The Marr Lake Project underlines Conquests focus on critical metals with
potential for Cu -Ni-PGE and Lithium. Our Nipigon Basin Project has Uranium in addition to NI -Cu-PGE
targets and our Temagami Belfast Project is currently being explored for Ni -Cu PGE as well as IOCG
potential.”
The Project falls within the Quetico Subprovince and is primarily underlain by east -west striking
metasedimentary rocks that have a mixed clastic composition and are wacke dominated with lesser
amounts of conglomerates, mudstones, and carbonates that have been intruded by granitic plutons and
ultramafic intrusions. The Property hosts the Marr Lake Ultramafic Intrusive that is interpreted for the
most part to fall under the waters of Marr Lake and forms a 500 m by 100 m magnetic feature. The Marr
Lake Ni -Cu-PGE occurrence is located along the northeast s horeline where in 2005, a claim
owner/geologist collected three samples from a 60 m wide pyroxenite dyke that averaged 1.1% Cu, 0.20%
Ni, 0.02% Co, 6 g/t Ag, 1.3 g/t Pt, 1.3 g/t Pd, and 0.40 g/t Au (20003485).
In 2015, the Ontario Geological Survey (“OGS ”) completed a magnetic and gamma -ray spectrometric
survey (GDS 1077) that covered a portion of the Property, and identified a magnetic feature at the edge
of the survey that may represent an unrecognized ultramafic intrusive.
As well, in 2003, the OGS, under Operation Treasure Hunt, completed a report titled “Fertile Peraluminous
Granites and Related Rare -Element Mineralization in Pegmatites, Superior Province, Northwest and
Northeast Ontario” (OFR 6099) where the authors recognized the potential for add itional rare-element
pegmatites to be found in the Wisa Lake area.
Conquest has contracted Prospectair Geosurveys Inc. to complete a high -resolution airborne magnetic
survey totaling 535 line-km flow at 50 m line spacings. The survey will commence mid-July, and will assist
with prospecting programs planned for August.
Terms of option:
Under the terms of the option agreement, Conquest can earn a 100% interest in the Marr Lake Project by
making cash payments of $92,000.00 and issuing 940,000 shares over a period of three years. The
property is subject to a 2% NSR which the Company has a right to buy back 1% at any time for $1 million.
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 hos ts 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.