Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

April 09, 2010 16:47 ET

Conquest Reaches Top of the Balmer Target Horizon in First Hole in Deep Drilling Program at the Alexander Gold Project, Red Lake, Ontario

TORONTO, ONTARIO--(Marketwire - April 9, 2010) - Conquest Resources Limited (TSX VENTURE:CQR) is pleased to provide the following exploration update on the deep drilling program at its Alexander Gold Project in Balmer Township within the Red Lake Gold Camp.

In February 2010, Conquest commenced its 2010 drilling program on its 100% owned Alexander Property which is located within 1,000 metres of the Goldcorp Inc. Red Lake Gold Mine Complex in Balmertown, Ontario. 

In the current phase of the ongoing program, Conquest has planned to drill approximately 8,000 metres of NQ sized surface drilling with a series of three steeply dipping, northeast oriented parent holes and approximately eight wedge holes. The first hole in the program, CR-10-039 that is currently underway, is collared in the southwest corner of the Alexander Property. This hole will be used for subsequent wedging above the planned hole depth of 2,000 metres throughout April, May, and into June. 

Hole CR-10-039 is on track and coring well at 1,100 metres down hole depth (as at April 9, 2010) corresponding to approximately 1,030 metres of vertical hole depth. The hole is collared into steeply southwest dipping siliceous fine grained clastic-dominated sediments, with intermediate intrusive dykes and sills belonging to the Huston Assemblage in the top 800 metres of the hole. 

The Huston Unconformity was intersected at 800 metres down hole, on-target, at approximately 765 metres vertical hole depth. The underlying prospective Balmer Assemblage basalts below this Huston Unconformity are locally sheared and contain quartz-carbonate-biotite alteration. Sheared and altered Balmer volcanics are the primary host rocks of high grade gold mineralization in the Red Lake Gold Mine less than 1,000 metres along strike to the west of the drilling in CR-10-039.

Conquest is pleased with the progress of the current drilling as the Company continues to explore for high grade gold mineralization at the Alexander Gold Project.

Assays are pending for all sampled core.

ABOUT THE ALEXANDER PROPERTY

Conquest's Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. The Alexander Property is situated within the "Mine Trend" adjacent to Goldcorp's Red Lake and Campbell gold mines, which have historic production and current resources in excess of 25 million ounces of gold, and approximately 1,000 metres east of the Red Lake No. 1 Shaft headframe and within 400 metres of the Far East gold zone at the Red Lake Mine. Many of the regional structures with associated gold mineralization in the area of Goldcorp's two producing mines cross on to the Alexander Property.

In the current 2010 program, the planned drilling to depths of 2000 metres represents the deepest exploration holes attempted on the Alexander Property to date.

In 2009, Conquest completed a 4,100 metre drill program which doubled the depth profile of drilling on the Alexander Property from 300 to 700 vertical metres in the western part of the property. All six holes from this program intersected gold mineralization, including 9.64 g/t gold over 0.39 metres and 4.05 g/t gold over 1.92 metres (see Press Release – December 18, 2009).

In 2008, Goldcorp drilled four holes from its adjacent Red Lake Mine property onto the western portion of the Alexander property. Significant results from these holes included one intersection containing 14.25 g/t gold over 0.61 metres (see Press Release - May 25, 2009).

QUALIFIED PERSON

Information of a scientific or technical nature contained in this release has been prepared by or under the supervision of Terence McKillen, P.Geo., the Chief Executive Officer of the Corporation and a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

ABOUT THE COMPANY

Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Aurora and Sunday Lake properties at Detour Lake; the King Bay Gold Project at Sturgeon Lake (60% interest); and the Smith Lake Gold Project at Missanabie.

There are 83,713,637 shares of Conquest issued and 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.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    647-728-4126
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    604-662-8633
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    416-362-6686
    info@conquestresources.net
    www.conquestresources.net