Conquest Resources Prepares To Drill First Of Three Large IOCG Targets On Belfast Copper Project And Secures Uranium And Ni-Cu-PGE Exploration Properties In Black Sturgeon Lake Area, Lake Nipigon, Ontario
Toronto, Ontario – (Newsfile Corp. – September 29, 2021) – Conquest Resources Limited (TSXV: CQR) (“Conquest” or the “Society”) completed 17 holes in 32 geophysical targets on its Belfast-TeckMag project located approximately 50 km east of Sudbury, Ontario. Bore Hole EM drilling is currently underway on the company’s VMS targets and is expected to be completed this week. The company intends to follow up the survey results with additional drilling after drilling the remainder of the remaining untested targets.
After a break scheduled by the drilling contractor, Conquest will begin drilling on the IOCG targets in mid-October. The targets have similar gravity and magnetic signatures to the Olympic Dam deposit in Australia which produces copper, uranium, silver and gold (Figure 1). The area hosting the Conquest geophysical anomalies presents geochemical anomalies with minor elements associated with IOCG deposits.
Figure 1 – IOCG target anomalies, Belfast-TeckMag project
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Acquisition of Uranium and Ni-Cu-PGE properties
Conquest Resources targets high-grade uranium deposits associated with veins and faults at or near the Archean-Proterozoic unconformity, and mafic intrusive Ni-Cu-Pge deposits of the Proterozoic Rift near the southern unconformity. Black Sturgeon Lake, in the Lake Nipigon Basin (LNB). In the LNB, the most likely source zone for uranium deposits associated with veins and faults near the Proterozoic / Archean unconformity is the granitoid and associated metasedimentary rocks of the Quetico gneiss belt (Figure 2) . The signature of the Quetico gneiss belt is one of the abnormally high background levels of uranium, as identified by the Ontario Geological Survey (Scott, 1987), highlighting the similarities between the Athabasca Basin and the geological and structural histories of the Sibley Basin. Using models of Athabasca uranium exploration and exploration of Pge-Ni-Cu deposits linked to the Proterozoic Rift, Conquest explores the southwestern region of Lake Nipigon in search of mineral deposits economical and making extensive use of modern geophysical tools for in-depth research. Conquest will initiate exploration with a proof-of-concept drilling program to discover this part of the Nipigon Rift system.
Conquest CEO Tom Obradovich commented, “We believe that exploring for larger and more valuable mineral deposits or mineral camps in Canada requires in-depth examination expertise. I think we have assembled a team of geophysical consultants and geologists who have already demonstrated proof of concept. to our Belfast-TeckMag project who can successfully apply their skills to the LNB. “
Conquest can acquire a 100% interest in the LNB project by issuing 200,000 shares per year over 4 years and spending $ 400,000 on exploration. The property is subject to a 2% NSR royalty with a 1% anytime buyback for $ 1,000,000.
Scott, JF 1987: Uranium occurrences in the Thunder Bay-Nipigon-Marathon area; Ontario Geological Survey, Report of Open File 5634, 158p.
Figure 2 – Uranium veins of the Quetico gneiss belt
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The technical content of this press release has been reviewed and approved by Joerg Kleinboeck, P.Geo., A Qualified Person as defined in NI 43-10.
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that explores base metals and gold on mining properties in Ontario.
Conquest owns 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, home to the former Golden Gold Mine Rose and is based on a very promising greenstone geology in the Abitibi region. over a length of seventeen (17) kilometers.
In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp., which owns a large set of mineral claims surrounding 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 km², centered on the township of Belfast, on the edge of the Temagami magnetic anomaly.
Conquest now controls over 350 square kilometers of under-explored territory, including the former Golden Rose mine at Emerald Lake, in the Temagami mining camp.
Conquest also owns 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 regional “Mine Trend” structure. The Conquest property is almost entirely surrounded by Evolution Mining landholdings.
In addition, Conquest owns a 100% interest in the Smith Lake gold property consisting of six patented claims and 181 mining claims staked to the north, west and south of the former Renabie gold mine in the Township. of Rennie in northern Ontario, mined by Corona and Barrick which had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner, March 4, 1991).
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Forward-looking statements. This press release may include certain “forward-looking statements”. All statements other than statements of historical fact included in this press release, including, without limitation, statements regarding completion of the acquisition and consolidation, release of escrow funds, future liquidity, mineralization potential, 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 that actual results and future events could differ materially from those anticipated in such statements. Significant factors that could cause actual results to differ materially from Conquest’s expectations are the exploration risks detailed here and from time to time in documents filed by Conquest with securities regulatory authorities. Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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