/NEWS RELEASE FOR IMMEDIATE DISSEMINATION IN
CANADA ONLY. NOT FOR
DISTRIBUTION IN UNITED STATES OF
AMERICA./
TORONTO, Jan. 29, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") ("Conquest" or "the Company") reports
that the Company has completed its non-brokered, private placement
for gross proceeds of $535,281.
Conquest has issued 10,705,620 shares to investors in the
private placement representing 9% of the total issued and
outstanding shares of the Company for gross proceeds of
$535,281. Insiders of Conquest
subscribed for 3,000,000 shares ($150,000) in the private placement.
At least $350,000 of the total
$535,281 private placement will be
used for exploration at Golden Rose, while the remaining proceeds
will be used for the general expenses of the Company.
THE GOLDEN ROSE PROPERTY AT EMERALD LAKE, ONTARIO
On December 7, 2017, Conquest
acquired a 100% interest in the Golden Rose Property located 65
kilometres northeast of Sudbury,
Ontario. The patented and staked mining claims measure 770
hectares in size which encompass the former Golden Rose gold mine
and highly prospective North and South banded iron formations at
Emerald Lake.
Conquest's exploration strategy for the Golden Rose Property
targets gold mineralization in Algoman-type banded iron formation
and Archean-aged greenstone volcanics in search of orogenic gold
deposits at three distinct mine-, property- and regional-
scales.
Conquest is undertaking the compilation of new geological
modeling that is focused on the folded and faulted stratigraphy of
prospective Archean-aged banded iron formations which transect the
width of the property over a seven-kilometer strike length.
More than six kilometres of underground workings and 450 drill
holes, in addition to surface mapping, geochemistry and geophysics
are being integrated into a new geological model of the Golden Rose
project.
Clear targets have been identified both at the mine-site and
elsewhere on the Property along the North and South banded iron
formations which will be the subject of structural interpretation
and drill testing by Conquest in the upcoming exploration season
following Spring break-up.
Relogging of drill core will commence shortly and will provide
valuable information for input into the new geological model with
respect to the interpretation of stratigraphic controls, the
structural setting and alteration geochemistry associated with gold
mineralization at the Golden Rose mine.
SETTLEMENT OF DEBT FOR SHARES
The Company also reports that it has settled and discharged a
total $97,000 of outstanding
liabilities through the issue of a total of 1,940,000 shares of
Conquest valued at $0.05 per
share. These shares represent 1.6% of the outstanding shares
of the Conquest.
Conquest issued 600,000 shares to Robert
Kinloch, a director of the Company, in settlement of an
outstanding liability of $30,000 and
540,000 shares were issued in settlement of a liability of
$27,000 to Paul Smith, for professional services related to
consulting geology carried out during 2016 and 2017. The
shares for debt settlement was approved by the Board of
Directors.
The Company also reports that the Board of Directors have
approved the issue of 800,000 shares valued at $0.05 per share, to Benjamin Batson, President and Chief Executive,
as compensation for professional geological and management services
provided to Conquest during 2017.
COMPANY OVERVIEW
Conquest Resources Limited was first incorporated in 1945 and 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 an undivided 100% interest in the Alexander Gold
Property located in the Red Lake
mining camp in Ontario. The Alexander Property is 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 six (6) patented mining claims and
sixteen (16) 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.
Following the placement and debt settlement, Conquest has
118,723,348 shares outstanding.
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