Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

February 18, 2010 13:12 ET

Conquest Starts Phase Two Drilling at Alexander Property, Red Lake, Ontario

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2010) - Conquest Resources Limited (TSX VENTURE:CQR) is pleased to announce that it has commenced Phase Two of an ongoing exploration program being carried out at the Alexander Gold Project (100% owned) in Red Lake, Ontario.

Boart Longyear Canada has been chosen to carry out the 8,000 metre drill program to down-hole depths of 2,000m to test targets within the Balmer volcanic assemblage with a series of mother holes and wedged holes. Conquest plans to conduct a total of 20,000 metres of diamond drilling in subsequent phases of exploration on the Alexander Property, subject to additional financing.

Conquest's geological team and Boart's drilling crew as well as program support staff are presently on site in Red Lake with drilling expected to commence on or about February 25th, 2010. The initial program is anticipated to take approximately four months to complete.

ABOUT THE ALEXANDER PROPERTY

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 area below the western part of the property, adjacent to the Red Lake mine. 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 their 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).

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" structural corridor adjacent to Goldcorp's Red Lake and Campbell gold mines, which contain 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 that have associated gold mineralization in the area of Goldcorp's two producing mines cross on to the Alexander Property.

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 currently 81,813,637 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
    or
    Conquest Resources Limited
    Robert Kinloch
    Director
    306-343-5799
    info@conquestresources.net
    www.conquestresources.net