Conquest Resumes Golden Rose Exploration Program
Conquest Resumes Golden Rose Exploration
Program
TORONTO
,
July 31, 2018
/CNW/ - Conquest Resources Limited (TSX-V: "CQR") is pleased to
report that it has resumed its field exploration program at it's
Golden Rose Gold Mine
property
located at
Emerald Lake
in Afton Township in
Northern Ontario
as fire ban is lifted.
For the past several weeks the general area surrounding the property suffered extensive forest fire
damage resulting from extremely dry conditions and numerous lightning strikes. Road access to the
project site was closed to all but essential personnel and evacuations either recommended or
ordered. However, the Golden Rose project site itself sustained minimal damage with only one
small fire that was quickly extinguished.
Resumption of exploration will include approximately sixteen (16) kilometres of surface grid line
cutting, mainly over the eastern portion of the property, in addition to detailed Trimble surveying of
numerous surface features at the mine and surrounding area to assist 3D verification of deposit
geometry.
The planned field work will specifically focus on the geophysical targets defined by the airborne
Versatile Time Domain Electromagnetic (VTEM™ Plus) and Aeromagnetic Geophysical Survey
carried out by GEOTECH Ltd., over the Golden Rose Mine project area in March 2018. (See
Conquest News Release
July 12, 2018
).
The primary objectives of the geophysical survey and the interpretation of the acquired data were to
derive detailed lithological and structural maps of the Golden Rose Mine project area and to
delineate new favourable areas for detailed exploration of gold and/or other mineralization and
related alteration zones.
Exploration over these geophysical VTEM targets will include geological mapping and soil and till
geochemistry to determine if the target areas are gold-positive. Line cutting of a new exploration
grid over the geophysical targets and preparation of drill pads in anticipation of a diamond drill
program will also be carried out. Completion of this initial field exploration work is anticipated by late
August.
Aboriginal Consultation
Conquest has initiated consultations with the
TEMAGAMI
FIRST NATION (TFN) & TEME AUGAMA
ANISHNABAI (TAA) regarding the Company's proposed exploration activities at
Emerald Lake
within
the traditional lands and waterways occupied and used by the Temagami First Nation/Teme Augama
Anishnabai. The Company has provided preliminary information to the communities and is scheduled
to attend a meeting with the Chiefs and Councils to determine whether further consultation is
required and anticipates signing an MOU or Exploration Agreement to address any accommodation
requirements that may be identified.
Background
The Golden Rose property is underlain by highly prospective Abitibi greenstone geology, with two
parallel (North and South) Banded Iron Formations ("BIF"). Between 1935 and 1941, mining
operations of Consolidated Mining and Smelting Company of
Canada
, Limited (Cominco) produced
45,000 ounces of gold from structurally controlled, shallow to steeply dipping, high-grade quartz-
pyrite veins, hosted almost exclusively in the Banded Iron Formations.
The Golden Rose mine workings (flooded) consist of more than six kilometres of underground
workings, as well as a three (3) compartment, 228-metre-deep shaft and a decline ramp from
surface to the 6th level of the mine. An inclined winze connects the 6
th
and 7
th
levels to the 5
th
level
of the mine.
Surface drilling between 1984-2011 identified rich mineralization lying adjacent to known
underground development. Diamond drilling between 2009-2011 intersected gold grades as high as
155.7 grams of gold per tonne over 1.82 metres. Conquest believes several of these intercepts
represent new mineralized gold quartz lenses having potential economic viability.
Exploration Strategy
Conquest's exploration strategy at its Golden Rose property is to target gold mineralization lying
along the two prospective horizons of Algoman-type Banded Iron Formations, which trend east-
northeast across the entire strike length of the Golden Rose property.
QUALIFIED PERSON
Paul Smith P. Geo
. (NS) continues to lead the technical team and direct the Company's exploration
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.
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 Golden Rose Property located at
Emerald Lake
, sixty-five
(65) kilometres northeast of
Sudbury, Ontario
. The thirty-three (33) easily accessible patented and
staked mining claims encompass 770 hectares 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. Conquest's exploration strategy at
its Golden Rose property is to target gold mineralization lying along the two prospective horizons of
Algoman-type Banded Iron Formation, which trend east-northeast across the entire strike length of
the Golden Rose property. Conquest has now increased its land position in the area by
approximately 3,200 hectares and currently holds a total of 3,980 hectares of prospective mineral
exploration ground.
Conquest also holds the Alexander Gold Property located immediately east of Goldcorp's
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 Goldcorp's land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property which consists of
patented and staked mining claims in Leeson, Stover, Brackin, and Rennie Townships in northern
Ontario
, lying to the north, west and south of the former Renabie gold mine.
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.
SOURCE
Conquest Resources Limited
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%SEDAR: 00005021E
For further information:
Paul Smith, P. Geo., Vice President Exploration, 647-729-0311; Robert
Kinloch, President and CEO, 306-343-5799; John F. Kearney, Chairman, 416-362-6686
CO: Conquest Resources Limited
CNW 21:06e 31-JUL-18