- Focus on old mine area and high-priority geophysical
targets
TORONTO, Nov. 20, 2018 /CNW/ - Conquest Resources Limited
(TSX-V: "CQR") is pleased to announce that it has received positive
anomalous gold-in-soil results following its 2018 summer
exploration soil and MMI geochemical surveys at its Golden Rose Gold Mine property.
The Golden Rose property is located at Emerald Lake in Afton Township in northern
Ontario.
The surveys were taken over eight (8) of the priority
geophysical/geological targets previously identified in Geotech's
report on the VTEM survey completed earlier in 2018 (See Conquest
News Releases July 12 and
August 23, 2018). The intent of the
conventional soil survey and the Mobile Metal Ions ("MMI") survey
was to confirm the potential for defining anomalous gold at each of
the eight, high priority targets associated with the identified
magnetic and EM conductive anomalies, in addition to defining
underlying lithology based on MMI geochemistry to enhance
geological understanding of the Golden Rose property.
The Company received the MMI assay results from SGS Canada Inc.
in Lakefield, Ontario and the soil
samples from AGAT Laboratories in Mississauga, Ontario.
Soil Survey
A total of ninety-nine (99) conventional soil samples were
collected and delivered to AGAT Laboratories in two separate
batches for analyses for twenty-three (23) elements. These samples
were collected along a portion of the base line (BL 7400N) at the
mine site and along recce lines across the geophysical anomalies
identified as C2 (L1110), C6 (L1270), C6 (L1310), C8, C10, C10',
and C11. All the traverse lines were oriented at
approximately 330° and were centered on the preliminary drill
collar locations proposed in Geotech's report on the VTEM
survey.
Soil Survey Results
- The strongest soil anomaly occurs along the baseline near the
eastern projection of the existing underground mine workings.
Two anomalous gold values (351 ppb Au and 128 ppb Au) are located
at the exact location of a proposed drill hole previously selected
based on geological information.
- A single anomalous gold-in-soil assay occurs 25 metres north of
a proposed drill hole location at C10.
- Two adjacent samples at the C10' geophysical anomaly show
elevated gold values (128 ppb Au and 12 ppb Au) and are located
immediately south of a proposed drill hole location.
- Anomaly C8 had two anomalous gold assays (11 ppb Au and 17 ppb
Au) located north and south (respectively) of the suggested drill
hole location.
- Anomaly C6 (L1310) showed a single anomalous gold assay (14 ppb
Au) at the proposed location of the recommended drill hole.
- C11 showed a single anomalous gold assay located 125 metres
south of the proposed drill hole location.
The results of the soil survey identified positive gold-in-soil
anomalies at six of the previously prioritised geophysical targets
identified in the Geotech survey and help confirm the selected
location of the proposed drill holes in Geotech's final report.
MMI Survey
The Mobile Metal Ions ("MMI") orientation survey was completed
under the direction of SGS personnel from its Lakefield Ontario laboratory. The recce
survey was carried out to locate areas of anomalous gold
mineralization, as well as to identify geochemical parameters
reflecting underlying bedrock geochemistry. A total of
seventy-four (74) samples were collected and analysed by SGS Canada
Inc.
MMI Results
- MMI identified gold mineralization in Line #1 (mine
stratigraphy) using gold-only data. No other elements were found to
be good pathfinders with the gold. The anomalous values along Line
#1 were very high, ranging from 20 to 100 times above background
levels.
- MMI identified a low-grade single point anomalous gold value in
Line #4; however this sample will require further verification to
ensure no contamination influences from the previous 1986-1987 mill
operations.
- Most samples along Line #3 reported background levels, except
samples GR-L3-1 and its duplicate GR-L3-1D which assayed at
twenty-eight (28) and fifty-two (52) times above background,
respectively. Also, sample GR-L3-15 had a value of sixteen
(16) times above background.
The MMI survey was successful in identifying the underlying
geology at all sample location areas using the Spearman ranking
from the DOGS macro. Areas of known and well documented
underlying geology from Line #1, Line #2 and the Nipissing diabase samples were used as
reference to compare against the unknown samples in Line #3.
The MMI survey demonstrated that the elemental chemistry over
the andesite, banded ironstone formation, rhyolite and Nipissing diabase have distinctive elemental
signatures from one another that help characterize distinct
lithological populations. This information will be used in
future MMI soil surveys to help map out the underlying geology in
areas covered by glacial till and thick vegetation.
Target prioritisation
Based on the recce soil and MMI surveys, six (6) geophysical
targets (C1', C6 (L1310), C8, C10, C10', and C11) have now been
further prioritized. These prioritised targets all occur within
prospective geological settings (lithological and structural
control) having potential for gold mineralization. Favourable
zones with gold mineralization include, magnetic horizons
(magnetite-rich Banded Iron Formation; intermediate to mafic
volcanic flows and pyroclastics, and quartz-feldspar porphyry
intrusions).
All 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 near the
western end of the property.
Geophysical modelling results of the prioritized 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 lying within 50 meters of the surface.
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