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Press Releases
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Release Date: 05-07-2010
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TORONTO, ONTARIO, July 5, 2010 - Conquest Resources Limited (TSXV:CQR) ("Conquest") is pleased to announce plans to mobilize a second drill rig to the Alexander Gold Project at Red Lake, Ontario.
In February 2010, the Company commenced a deep drilling program at its 100% owned Alexander Gold Project in Red Lake, Ontario consisting of approximately 8,000 metres of NQ sized surface drilling in a series of three deep parent holes and subsequent wedge holes. The first deep hole and the first wedge hole have been completed and the second deep hole is underway (see Press Release - June 28, 2010).
SECOND RIG TO DRILL SULPHIDE ZONE TARGETS IN CENTRAL AREA OF ALEXANDER PROPERTY
Conquest plans to mobilize a second drill rig to the Alexander property in mid July to test the depth extension of the Sulphide Shear Zone discovered by Conquest during its 2003 and 2004 shallow drilling and surface trenching programs.
The supplemental two-hole program will consist of approximately 1,200 metres of NQ-sized drilling in the central part of the Alexander Property located approximately one kilometre east of the ongoing deep drilling program near the property boundary with Goldcorp.
The two planned holes will target the down dip extension of the Sulphide Shear Zone where historic drilling and trenching defined a sulphide-bearing shear structure that is five to ten metres in thickness and extends approximately 700 metres on surface under the central portion of the Alexander Property. Several holes drilled by Conquest in 2003 and 2004 tested the upper stratigraphy where the best hole intersected gold mineralization reporting 12 grams per tonne over 0.43 metres. The zone is oriented approximately 110 degrees in strike, dipping steeply to the south, and is untested in all directions below 225 metres vertical depth.
The planned drilling will also test targets in the footwall to the Sulphide Shear Zone where Conquest has identified evidence of shearing in outcrop and which is entirely untested and open in all directions below surface.
The new drilling with the second rig will be conducted in addition to and concurrent with the ongoing 8,000 metre deep-drilling program.
ABOUT THE ALEXANDER PROPERTY
Conquest's Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. The Alexander Property is situated within the "Mine Trend" adjacent to Goldcorp's Red Lake and Campbell gold mines, which have historic production and current resources in excess of 25 million ounces of gold, and approximately 1,000 metres east of the Red Lake No. 1 Shaft headframe and within 400 metres of the Far East gold zone at the Red Lake Mine. Many of the regional structures with associated gold mineralization in the area of Goldcorp's two producing mines cross on to the Alexander Property.
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Release Date: 28-06-2010
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is pleased to report the balance of the assays at depth from the Company's first parent hole, CR-10-039, at the Alexander Property in Red Lake, Ontario, and that gold mineralization was intersected at a vertical depth of 1,615 metres in magnetite- and sulphide-bearing, banded chert within the Bruce Channel Formation, reporting 8.49 grams per tonne over 1.00 metre.
BRUCE CHANNEL FORMATION HOSTED GOLD MINERALIZATION
The 8.49 grams per tonne intersection represents the deepest gold mineralization intersected on the Alexander property to date and is significant because it also demonstrates for the first time that Bruce Channel Formation metasediments in the eastern portion of the Red Lake Camp host gold mineralization.
Adjacent sampling indicates that a two metre thick envelope of elevated gold values (0.1 to 0.3 grams per tonne) is located stratigraphically above and below the 8.49 g/t anomalous assay. True thickness of this horizon is unknown as it has never been previously tested and is interpreted to outcrop approximately 1,700 metres up‐dip on the northern portion of the Alexander Property under the Red Lake Mine tailings pond.
Terence McKillen, President and CEO, commented on the ongoing exploration stating, "With an intersection of over one quarter of an ounce over one metre at a vertical depth of 1,615 metres we have demonstrated that there is gold at depth on Conquest’s Alexander Property at Red Lake. The goal of this deep drill program is to demonstrate through systematic exploration that the Alexander property has the potential to host another large gold deposit, east of the Red Lake Gold Mine." |
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Release Date: 27-05-2010
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Toronto, Ontario - May 27, 2010 - Conquest Resources Limited (TSX-V: "CQR") reports the completion of the first "parent hole" in the deep drilling program at its 100% owned Alexander Gold Project in Red Lake, Ontario which is located within 1,000 metres of the Goldcorp Inc. Red Lake Gold Mine Complex in Balmertown.
During February 2010, Conquest commenced a deep drilling program which consists of approximately 8,000 metres of NQ sized surface drilling with a series of three deep parent holes and approximately eight wedged holes.
The first hole in the deep drill program, CR-10-039, was collared in a steeply dipping northeast direction from the southwest corner of the Alexander Property and was completed in 75 days of drilling to a hole depth of 2,084 metres. This hole is the deepest drilled on the property to date.
EXPLORATION GEOLOGY AND RESULTS
Hole CR-10-039 intersected a favorable shear zone in basalts belonging to the Balmer Assemblage over 10 metres in the hole (approximately 7.2 metres true thickness) at a depth of 790 vertical metres. The zone is characterized by three metres of hanging wall brecciation followed by a zone of shearing and strong silica-quartz-carbonate and biotite alteration over this interval. Similar rocks to these at the adjacent Goldcorp Red Lake mine are host to high grade mineralization within similar shear structures that are believed to extend onto the Alexander Property.
Assay values from this structure returned marginally anomalous gold values and the zone provides encouragement for gold mineralizing potential both up- and down-dip along this structure which is untested and open in all directions.
The underlying Bruce Channel sediments were also found to contain several encouraging 10 to 50 metre thick sections of sheared sediments which were locally found to contain massive sulphide replacement and cherty iron formations. Assays for sampling within the Bruce Channel Formation are pending. True thickness of these horizons is unknown as they have never been tested and outcrop 1,700 metres up-dip on the northern portion of the Alexander Property under the Red Lake Mine tailings pond.
Terence McKillen, President and CEO, commenting on the ongoing exploration stating "We are pleased that the first deep hole has intersected similar structures and alteration within the same geological formations which host one of the North America's richest gold deposits The location and geometries of these targeted shear zones provide critical information at depth where information was previously only inferred from shallow drilling in the upper 700 metres of the Balmer volcanics. This first parent hole is now being used for subsequent wedging and the program is on track and on budget."
WEDGING IN THE PARENT HOLE CR-10-039
The first wedge hole was started at a hole depth of 320 metres. Two primary targets have been identified for this wedge hole. The first is a sheared and altered structure in the Balmer volcanics and the second is a broad, 400 metre thick horizon of locally sheared and brecciated sediments below the Balmer Assemblage belonging to the Bruce Channel Formation which was discovered in the drilling of the parent hole, CR-10-039.
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Release Date: 12-04-2010
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Toronto, Ontario - April 12, 2010 - Conquest Resources Limited (TSX-V: "CQR") is pleased to announce that it has entered into a letter of agreement (the "LOA") with Detour Gold Corporation ("Detour Gold") whereby Detour Gold will have the option to acquire a 50% interest in Conquest's Sunday Lake Property and Detour Gold will purchase Conquest's interest in the Aurora Property.
The Sunday Lake property lies immediately east of Detour Gold's Detour Lake Project, along the eastern extension of the Sunday Lake Deformation Zone, in what is believed to be a prospective area of this relatively under-explored part of the Abitibi Greenstone Belt.
The Aurora Property lies south of Detour Gold's Detour Lake Project. Detour Gold is acquiring the Aurora Property to accommodate the infrastructure requirements for the development of its Detour Lake mine.
Conquest has earned an undivided 60% interest in those properties, and has exercised its right to earn an additional 40% interest from NVI Mining Ltd., an indirect wholly owned subsidiary of Breakwater Resources Ltd., by completing the remaining $2.13 million exploration expenditures prior to December 31, 2012, subject to a 2% net smelter royalty payable to NVI Mining Ltd.
Pursuant to the terms of the LOA, as consideration for Conquest's interest in the Aurora Property, Detour Gold will pay Conquest $1 million in cash and will, subject to regulatory approval, issue 100,000 common shares of Detour Gold to Conquest. Detour Gold shares recently traded in the range of $19 to $20 per share on the TSX. In addition, Detour Gold will complete the remaining $2.13 million in exploration expenditures on the Aurora and Sunday Lake Properties prior to December 31, 2012, of which a minimum of $1 million will be expended on the Sunday Lake Property.
After completion of those expenditures, Detour Gold will have a 100% interest in the Aurora Property and a 50% interest in a joint venture with Conquest on the Sunday Lake Property. Conquest will retain a 50% joint venture interest in the Sunday Lake Property, subject to a 7.5% net profits interest held by Prism Resources Inc.
"We are pleased to have reached an agreement with Detour Gold which will be beneficial to both companies," said Terence McKillen, President and Chief Executive of Conquest. "The agreement will result in a transaction value to Conquest of approximately $3 million, which includes $1 million in cash and the current value of the 100,000 shares of Detour Gold. In addition, as part of the agreement, Detour Gold will complete the remaining $2.13 million expenditures required to vest the properties, of which a minimum of $1 million will be expended on the Sunday Lake Property over a two year period with a minimum of $500,000 per year. Detour Gold's geological knowledge and expertise in the area will be invaluable in the future exploration on the Sunday Lake Property," added Mr. McKillen.
The Transaction with Detour Gold is expected to close in the second quarter of 2010. Closing of the Transaction is conditional upon (i) completion of satisfactory due diligence by Detour Gold; (ii) receipt of regulatory, contractual and corporate consents and approvals; (iii) entering into a formal agreement for the Transaction; (iv) Detour Gold and Conquest entering into a joint venture agreement providing Detour Gold with a right to earn a 50% interest in Conquest's interest in the Sunday Lake Property; and (v) the satisfaction of other customary conditions.
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Release Date: 09-04-2010
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Toronto, Ontario - April 09, 2010 - Conquest Resources Limited (TSX-V: "CQR") is pleased to provide the following exploration update on the deep drilling program at its Alexander Gold Project in Balmer Township within the Red Lake Gold Camp.
In February 2010, Conquest commenced its 2010 drilling program on its 100% owned Alexander Property which is located within 1,000 metres of the Goldcorp Inc. Red Lake Gold Mine Complex in Balmertown, Ontario.
In the current phase of the ongoing program, Conquest has planned to drill approximately 8,000 metres of NQ sized surface drilling with a series of three steeply dipping, northeast oriented parent holes and approximately eight wedge holes. The first hole in the program, CR-10-039 that is currently underway, is collared in the southwest corner of the Alexander Property. This hole will be used for subsequent wedging above the planned hole depth of 2,000 metres throughout April, May, and into June.
Hole CR-10-039 is on track and coring well at 1,100 metres down hole depth (as at April 9, 2010) corresponding to approximately 1,030 metres of vertical hole depth. The hole is collared into steeply southwest dipping siliceous fine grained clastic-dominated sediments, with intermediate intrusive dykes and sills belonging to the Huston Assemblage in the top 800 metres of the hole.
The Huston Unconformity was intersected at 800 metres down hole, on-target, at approximately 765 metres vertical hole depth. The underlying prospective Balmer Assemblage basalts below this Huston Unconformity are locally sheared and contain quartz-carbonate-biotite alteration. Sheared and altered Balmer volcanics are the primary host rocks of high grade gold mineralization in the Red Lake Gold Mine less than 1,000 metres along strike to the west of the drilling in CR-10-039.
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To view all public documents of Conquest Resources Limited filed with SEDAR, please click here
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