Conquest Files NI 43-101 Technical Report on the Alexander Property,
Red Lake, Ontario
TORONTO, ONTARIO -- (Marketwire) -- 11/22/12 -- Conquest Resources
Limited (TSX VENTURE:CQR) ("Conquest" or "the Company") is pleased to
announce that the Company has filed a report entitled: "Technical
Report on Exploration at the Alexander Gold Project in Red Lake,
Ontario" ("Technical Report" or "report"). The report summarizes the
exploration activities conducted to date on the Alexander Property
("the Property") and concludes that additional work is warranted to
advance the project.
Conquest's exploration activities on its 100% owned Alexander
Property total $6.1 million, the majority of which are drilling
activities conducted during 2009 through 2011. Since the acquisition
of the Red Lake Alexander Property by Conquest in 2002, the Company
has completed a total of 31,086 metres of surface exploration diamond
drilling, of which 22,961 metres of drilling was completed during an
intensive exploration drilling program from 2009 through 2011.
Geophysical and geochemical surveys have also been conducted in
addition to surface trenching and mapping over the Property.
Geophysical data has been provided from a regional airborne survey
commissioned by Goldcorp and flown over Conquest's property. During
2008, Goldcorp drilled four (4) holes from their Red Lake mine
property on to the Alexander Property which are also summarized in
the Technical Report.
In order to advance exploration on the Alexander Property, the
Technical Report recommends the following work to:
"(a) establish and drill test targets through a compilation of
existing exploration drilling, geophysics, and geochemistry;
(b) follow-up previous geophysical work conducted by Goldcorp on the
Alexander Property and their adjacent mine property;
(c) conduct geochemical surveys on the ground and using existing
drill core to establish new drill hole targets; and
(d) to research and conduct a modern bore-hole EM and IP geophysical
survey which utilizes the 2009, 2010, and 2011 drill holes which have
been maintained for this purpose."
JOINT VENTURE OPPORTUNITY AT RED LAKE
Management believes that an extensive deep drilling program of 20,000
metres of drilling combined with down-hole electromagnetic and
induced polarization geophysical surveys is warranted. Conquest
considers that the most efficient way to unlock any future value for
shareholders and advance the Alexander project is to establish a
joint venture with a strategic partner to complete the work that is
recommended in the Technical Report.
The Company is soliciting expressions of interest from qualified
mining companies who may wish to enter into a strategic partnership
joint venture with the Company to advance exploration on its
Alexander Gold Project.
ABOUT THE PROPERTY
The Alexander Property is 100% owned by Conquest and is comprised of
twenty-seven (27) patented mining claims covering 448 hectares of
land situated just beyond the security gate at Goldcorp's Red Lake
gold mine. The Property is located immediately west of the Red Lake
Complex and Balmer Complex headframes at Goldcorp's Red Lake gold
mines within the Red Lake mining district.
The Alexander Property is of ample size to accommodate a high grade
gold deposit at depth as repetition of the adjacent deposits at
Goldcorp's Red Lake gold mine. The stratigraphy under the Property
remains essentially untested below 700 metres depth. The richest gold
bearing ore zones exist below a vertical depth of 1,300 metres in the
High Grade Zone at the Goldcorp Red Lake gold mine which is less than
800 metres from the property boundary.
QUALIFIED PERSON AND TECHNICAL REPORT
Information of a scientific or technical nature contained in this
release has been prepared by or under the supervision of Benjamin
Batson, P. Geo., the Vice Present of Exploration of the Company, who
is a Qualified Person within the meaning of National Instrument
43-101 of the Canadian Securities Administrators. The Technical
Report was prepared by Mr. Batson in compliance with National
Instrument 43-101 ("NI 43-101") and is available on the Company's
website and on SEDAR (www.sedar.com).
ABOUT THE COMPANY
Conquest is exploring several geologically significant gold projects
in Ontario. In addition to Conquest's flagship Alexander Property in
Red Lake, Ontario, the Company is undertaking exploration activities
at its Detour Lake and Smith Lake properties.
The Smith Lake Gold Project measures 54 square kilometres and
consists of six (6) patented mining claims and thirty-four (34)
mining claims located within the Missanabie-Goudreau greenstone belt
in Leeson and Rennie Townships in northern Ontario. The property is
100% Conquest owned and is contiguous with the former International
Corona Resources Renabie Gold Mine, which at that time produced more
than 1,000,000 ounces of gold from 1941 through 1991.
In June, the government of Ontario released a geophysical data set
containing a compilation of local and regional airborne magnetic and
electromagnetic geophysical data for the area covering 70% of the
newly amalgamated Conquest land package in the Renabie area.
Interpretation of this data by Conquest has generated more than
fifteen geophysical targets for gold and base metals exploration
which have been scheduled for prospecting and mapping following
spring break-up in 2013. The goal is to advance the project by: (i)
assessing its potential to host another Renabie sized gold deposit;
and, (ii) to determine if volcanogenic massive sulphide potential
exists in the metavolcanic and metasedimentary successions present in
the Missanabie-Goudreau Greenstone Belt.
The Sunday Lake Gold Project consists of 13 square kilometers of
prospective minerals leases located along the Sunday Lake Deformation
Zone situated approximately seven kilometres east of Detour Gold's
15.6 million ounce proposed open pit gold mine in northern Ontario
that is presently nearing commissioning.
In September 2010, Conquest entered into a joint venture with Detour
Gold (TSX:DGC) on Conquest's Sunday Lake Property pursuant to which
Detour Gold has the right to earn a 50% interest in the Sunday Lake
Property by completing $1,000,000 of exploration prior to September
Detour Gold is expected to complete a winter drill program during the
first quarter (Q1) 2013 which is estimated to cost $320,000. Conquest
does not anticipate contributing financially to the 2013 drill
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
Conquest Resources Limited
Robert J. Kinloch
President & CEO
Conquest Resources Limited
Conquest Resources Limited
John F. Kearney
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