Conquest Second Quarter Update Report
News Release
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55 University Avenue, Suite 1805
Toronto, Ontario, Canada, M5J 2H7
www.conquestresources.com
+1 647 728 4126
CONQUEST SECOND QUARTER UPDATE REPORT
● Encouraging exploration programs on Golden Rose property
● Potential for additional gold mineralisation at Golden Rose Mine site
● Eight high priority exploration targets identified
Toronto, Ontario: August 30, 2018 . Conquest Resources Limited (TSX -V: “CQR”) reports
continued progress with exploration programs at its Golden Rose Gold Mine property, at Emerald
Lake in Afton Township in northern Ontario , and notes ongoing exploration activity adjacent to
the Company’s Alexander Property at Red Lake gold camp in Ontario.
This news release should be read in conjunction with the Company’s unaudited financial statements and
the associated management’s discussion and analysis (MD&A) for the second quarter and six months
ended June 30, 2018 which are available on the Company’s website at www.conquestresources.com or
under the Company’s profile on SEDAR (www.sedar.com).
GOLDEN ROSE PROPERTY
In December 2017, Conquest acquired 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 legacy 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.
Core relogging, re interpretation of compiled geological data and new geophysics suggest that
several areas of the Golden Rose Mine are open for delineation of additional gold mineralization.
High-grade gold drill intersections in both 1984 and between 2008 and 2011 imply that ore zones
in the mine are open along trend at depth to the east, as well as both above the mine workings to
the east and below the mine workings to the west.
Conquest’s ongoing reinterpretation of existing and new data has identified several recommended
drill targets at the Golden Rose Mine site. N umerous high-grade gold intersections through the
mine sequence support Conquest’s geological interpretation of the potential for additio nal
stacked, and parallel, ore shoots, with ore -grade mining widths and strike continuity, located
above, below and as extensions of the existing Golden Rose mine workings.
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In addition, Conquest has identified eight high priority geophysical targets asso ciated with
magnetic and EM conductive anomalies, considered favourable for gold exploration, all lying
along two prospective BIF horizons of Algoman -type Banded Iron Formation, which trend
northeastward across the entire strike length of the Golden Rose property, with five of the targets
located in parts of the property which have been largely unexplored.
The Golden Rose property has been subdivided for identification and program management
purposes into four (4) exploration areas based on geology, ge ography and the airborne VTEM
geophysical survey as follows: Mine Area; South Island Zone; North BIF Zone; and South BIF
Zone. Based on preliminary examination of all four areas Conquest believes that each of the
areas has the potential for the discovery of gold mineralization.
Data Compilation and Geological ReInterpretation
Throughout 2018 to date, Conquest has undertaken an extensive compilation of all historical
mining and exploration records at both the Golden Rose property and surrounding area.
Conquest’s compilation and data mining exercise has resulted in the development of a preliminary
3D-digital transformation of historical mine maps, sections and drill logs, with historical drill hole
traces. This new model incorporates available information from more than six (6) kilometres of
underground workings and 450 drill hol es, in addition to compiled surface geological mapping,
geochemistry, and historical geophysical surveys.
Conquest’s program of relogging historical (2008 -2011) drill core recovered from the mine site
has identified previously unmapped stratigraphic units within the North Volcanic Unit (mafic
volcanic). These include Upper and Lower Marker Chert horizons and a flow -banded, sulphide-
rich, rhyolite horizon lying stratigraphically below the Banded Iron Formation.
Conquest’s relogging work has also identified ten (10) distinctive vein morphologies at the mine
site, of which two appear particularly important for gold mineralization. In addition, four (4) distinct
alteration zones are recognised with mineralization. Structural indicators support definition of both
the mine orebody geometry and further imply that other parallel zones of mineralization may be
present. Furthermore, these zones of quartz -ankerite vein mineralization and associated
alteration have orientations and geometries that are predictive.
Finally, the identification of fragments of massive sulphide in the South Volcanic Unit suggests
the presence of previously unrecognized massive sulphide mineralization which post-dates gold
mineralization at the Golden Rose mine and which may be associate d with the unexplained
Emerald Lake (Temagami) Anomaly.
Airborne Geophysics
Conquest completed a helicopter-borne Versatile Time Domain Electromagnetic (VTEM™ Plus)
and Aeromagnetic Geophysical Survey that was carried out by Geotech Ltd., over the Golden
Rose Mine project area in March 2018.
Based on the combined magnetic and electromagnetic data interpretation outcomes, at least 20
targets associated with magnetic and EM conductive anomalies and favourable for gold
exploration, were identified and delineated within the Golden Rose Property.
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Eight prioritized targets
Initial prioritization of eight (8) areas has been completed in consultation with Geotech. The eight
(8) prioritized targets all occur within favourable geological settings (lithological and s tructural
control) and are being explored for potential gold mineralization associated with magnetic
horizons.
Each of these areas is interpreted to be associated with Banded Iron Formation, mafic volcanics,
and quartz-feldspar porphyry intrusions that occur along the two prospective horizons of Algoman-
type Banded Iron Formation crossing the Golden Rose property.
Geophysical modelling results of the selected target areas have provided parameters including
thickness, which ranges between 10-20 meters, strike length, and depth to target, with seven of
eight targets within 50 meters of the surface.
Summer 2018 Field Programs
For several weeks in July 2018 the general area surrounding the Golden Rose property was the
site of extensive forest fire closure a reas resulting from extremely dry conditions and numerous
lightning strikes.
The mine site and other priority target areas across the property are now the subject of detailed
exploration including, in part, data integration, soil geochemistry, prospectin g, and geological
mapping.
Positional Trimble surveying of previous ground monuments and registration pins was carried out
to assist with both the registration of multiple historic mine maps, exploration grids and 3D mine
modelling. Additional regional geological mapping along the Banded Iron Formation continues to
support verification of the geophysical interpretation in preparation for an initial phase of drilling
which is proposed subsequent to full review and integration of new geological information.
Detailed characterization of geological units is underway and the recognition of a large quartz -
feldspar porphyry with vein style alteration and minor sulphide mineralization is widespread.
Other lithology being studied include Banded Iron Formation, mafic volcanics, sericite schist, felsic
dikes, chert, rhyolite, quartzite, dacite, and diabase intrusive rocks.
Limited line cutting of a small grid (approximately 16 km in total) is planned over a portion of the
property. This proposed work is going through normal permitting procedures.
By completing a thorough targeting exercise based on the stratigraphy, stru cture, alteration,
geochemistry, twenty VTEM geophysical anomalies, and 3D modelling, Conquest is positioned
to systematically explore the Golden Rose property during the next quarter.
ALEXANDER GOLD PROJECT
Conquest also holds an 100% interest in the Alexander Property strategically located east of the
Red Lake and Campbell mines owned and operated by Goldcorp Inc. in the heart of the Red Lake
Gold Camp in Ontario. Goldcorp’s Red Lake operations are situated in the eastern part of the Red
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Lake Greenstone Belt. The western boundary of Conquest’s Alexander Property is located
adjacent to Goldcorp’s Red Lake gold mine and approximately 500 meters east of Goldcorp’s
Balmer Complex headframe.
Conquest’s Alexander Property is located within the important “Mine Trend” regional structure
and is mostly surrounded by Goldcorp’s land holdings. Conquest believes that the Company holds
one of the most prospective land positions in the Red Lake gold camp, outside Goldcorp.
The Balmer Assemblage stratigraphy that characterize the well -established Mine Trend at Red
Lake and is host to the high -grade gold ores at the Red Lake mine is present in drill holes on
Conquest’s Alexander Property and strikes northwest to southeast through the Conquest’s
patented claim group.
On July 25, 2018, Goldcorp released an update on its 2018 exploration program in which it
reported that exploration activity continued at the Red Lake camp and had recently been extended
to encompass generative exploration programs over the h ighly prospective 385 km2 Red Lake
land package.
“Step-out exploration commenced during the second quarter of 2018 on several new targets.
Drilling focus continues to shift eastwards towards portions of the mine containing favorable
geology and structure, but which remain underexplored. The Aviation Complex was identified
during this generative phase and drilling had recently commenced. The Aviation zone comprises
folded Balmer Assemblage basalt, a significant host to gold mineralization throughout the [R ed
Lake] mine”. [Goldcorp Exploration Update News Release July 25, 2018].
Ongoing exploration success by Goldcorp at Red Lake continues to demonstrate prospectivity of
the Red Lake camp, which Conquest believes enhances potential at the Alexander Property.
Qualified Person
Paul Smith P. Geo. (NS) Vice President Exploration, 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.
FOR FURTHER INFORMATION CONTACT:
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
www.conquestresources.com
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 mate rially
from Conquest’s expectations are exploration risks detailed h erein 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.