- Focus on eight high priority exploration targets
TORONTO, Aug. 23, 2018 /CNW/ - Conquest Resources
Limited (TSX-V: "CQR") is providing an update on the exploration
program at its Golden Rose Gold Mine
property, located at Emerald Lake
in Afton Township in northern Ontario. The company intends to focus
exploration on eight high priority targets associated with magnetic
and EM conductive anomalies considered favourable for gold
exploration. For identification and control purposes, the targets
have been aggregated into four (4) distinct exploration areas
within the wider Golden Rose property.
Eight favourable targets prioritised
Among the numerous geophysical anomalies identified, eight
highly favourable targets have been prioritized for detailed
examination. These eight prioritised targets all occur within
favourable geological settings (lithological and structural
control) and are being explored for potential gold mineralization
associated with magnetic horizons (magnetite-rich Banded Iron
Formation) {"BIF"}; intermediate to mafic volcanic flows and
pyroclastics, and quartz-feldspar porphyry intrusions.
All of the prioritised targets lie along or adjacent to the two
prospective horizons of Algoman-type Banded Iron Formation, which
trend east-northeast across the entire strike length of the Golden
Rose property. Geologically, the two horizons of BIF are regarded
as the north and south limbs of a regional synclinal structure,
with the north limb hosting the former Golden Rose mine.
Geophysical modelling results of the eight selected targets have
provided parameters for each target including target thickness,
which ranges between 10-20 meters, and depth to target, with seven
of eight targets within 50 meters of the surface.
Exploration Areas
The exploration areas are based on aerial distribution and
geological domain lying along the two prospective parallel BIF
horizons.
The prioritised targets derived from the interpretation of the
airborne VTEM geophysical survey have been grouped into four (4)
exploration areas on the Golden Rose property as:
- Mine Area
- Island Zone
- North BIF Zone
- South BIF Zone
Mine Area
This area includes two geophysical anomalies termed C1 and C1'
respectively. C1 is located near the western edge of the old Golden
Rose mine and suggests near-surface mineralization along an 86
metre strike length. The second anomaly, C1', is located
approximately 700 metres northeast of the mine shaft at the
boundary between quartz-arenite and mafic volcanics, and is
approximately 300 metres long.
Island Zone
In the Island Zone, which is located immediately south of the
Golden Rose mine, and coincident with the South BIF on the south
limb of the regional synclinal structure, Target (C2) is a large,
400 metre strike length, near-surface geophysical anomaly that
covers approximately 75% of the entire island. Widespread
disseminated sulphide mineralization is reported from this
island.
One historical drill hole (W-1) was completed at the westernmost
edge of the island to investigate the unconformity with an
overlying chert-clast conglomerate but is not located over the
geophysical anomaly.
Eastern Targets
Several of the targeted anomalies occur on the eastern "half" of
main claim blocks, to the east of the mine, in northeast trending
BIF. Both the North and South BIF Zone lithologies have been
interpreted as strike extensions to the Mine Area and Island Zones
respectively.
Earlier diamond drilling by a previous owner based on ground
geophysical surveys encountered a thick (7 metres) internal of 50%
- 80% massive pyrrhotite on the South BIF with gold assays up to
0.15 oz./ton with one instance of visible gold. While the thirteen
(13) historic holes in the eastern area were proximal to existing
VTEM anomalies, none of them intersected the new conductive target
area identified by the Conquest's recent airborne survey.
Historical surface trenches are present at three specific sites
hosting strong sericite-silica alteration and sulphide
mineralization. The width of one alteration/sulphide zone on the
NE-South Zone has a strike length greater than fifty (50) metres at
surface. Diamond drilling in 1987-88 reports visible gold on the
North BIF Zone, as well as visible gold detected in one drill
hole.
Mapping, prospecting and sampling in the field
These priority target areas are now the subject of detailed
exploration including, in part, soil geochemistry over the
delineated target areas, geological mapping based on the detailed
parameters provided by the combined geological and geophysical
survey data, and prospecting.
Exploration has focused on surveying surface features,
historical drill holes, reference marker pins and monuments at the
mine site to assist in 3-D mine modelling in addition to other
above noted investigation.
Detailed characterization of geological units is underway and
the recognition of a large quartz-feldspar porphyry with vein style
alteration and minor sulphide mineralization appears
pervasive. Other lithology consists of BIF, mafic volcanics,
sericite schist, quartzite, and dacite.
Limited line cutting of a small grid (approximately 16 km in
total) is planned over the North and South BIF Zones. The
baseline will also extend across the Island Zone.
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.
ABOUT CONQUEST
Conquest Resources Limited incorporated in 1945 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 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 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. Conquest's exploration strategy
at its Golden Rose property is to target gold mineralization lying
along the two prospective horizons of Algoman-type Banded Iron
Formation, which trend east-northeast across the entire strike
length of the Golden Rose property. Conquest has now increased its
land position in the area by approximately 3,200 hectares and
currently holds a total of 3,980 hectares of prospective mineral
exploration ground.
Conquest also holds the Alexander Gold Property 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 patented and 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.
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
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