Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

April 14, 2011 15:47 ET

Conquest Commences Drilling from Goldcorp Red Lake Mine Property

Conquest Appoints Vice President of Exploration

TORONTO, ONTARIO--(Marketwire - April 14, 2011) -Conquest Resources Limited (TSX VENTURE:CQR)is pleased to announce that the Company has commenced drilling from Goldcorp's Red Lake Gold Mines Ltd. ("Goldcorp") mine property located next to Conquest's 100% owned Alexander Property in Red Lake, Ontario.

Drilling with a second drill rig is underway on the initial 1,600 metre deep hole, CR-11-047, designed to test Balmer Assemblage basalts which occur under the western corner of the Alexander claim block. The hole will be maintained for subsequent wedging following the drilling of the parent hole expected during June.

Conquest has collared hole CR-11-047 from surface approximately 175 metres from the south western corner of the Alexander Property boundary where an estimated 800 metres of drilling in the upper portion of the hole will take place on Goldcorp's property and the remaining lower portion will be on Conquest's Alexander Property. Conquest and Goldcorp will mutually benefit from the information obtained through drilling.

No formal agreement or interest in the Alexander Property has been assigned to Goldcorp.

SULPHIDE SHEAR ZONE DRILLING

The first drill hole (CR-11-044) was completed to a total hole depth of 1,365 metres. The hole was designed to target the deep extension of the Sulphide Shear Zone which is known to exist on surface over a true-thickness of 7-metres within the Balmer Assemblage. A sheared zone of sulphide mineralization and quartz-carbonate alteration was intersected at a vertical depth of 1,115 metres. Several gold bearing intrusives between 480 and 900 metres vertically were found to contain 1.49 grams per tonne (gpt) gold over 1.17 metres, 0.51 gpt gold over 1.20 metres, and 0.57 gpt gold over 1.12 metres of drill core. Sampling from the sheared and sulphide mineralized zone did not contain significant gold mineralization. The hole was completed in Bruce Channel Formation metasediments.

The second hole (CR-11-045) was collared 150 metres to the grid west and 260 metres to the grid north of CR-11-044. The hole was completed to a depth of 909 metres. A gold mineralized intermediate intrusive in the footwall stratigraphy to the targeted extension of the Sulphide Shear Zone returned 0.50 gpt over 5.45 metres, including 1.09 over 0.95 metres of drill core. The hole was completed in Bruce Channel Formation metasediments. The Sulphide Shear Zone was not intersected. Interpretation of the core and local geology suggests that the Sulphide Shear Zone has been offset by north-south oriented faulting.

A third hole (CR-11-046) is currently being drilled to a planned depth of 1,100 metres between CR-11-044 and -045 to follow up the extension of the Sulphide Shear Zone.

CONQUEST APPOINTS VICE PRESIDENT EXPLORATION

Conquest is pleased to announce the appointment of Mr. Benjamin Batson (P. Geo) to the position of Vice President Exploration of the Company. Mr. Batson has worked with Conquest since 2009 as Exploration Manager directing the Company's exploration program at Red Lake. As a Professional Geologist and graduate of Geological Engineering (Queen's University), Mr. Batson provides a strong technical background and possesses a broad knowledge base of the exploration and mining business in North America. Mr. Batson will continue to focus the Company's efforts at Red Lake, Ontario while also pursuing corporate development opportunities in other favorable gold mining districts in North America.

ABOUT THE ALEXANDER GOLD PROJECT

Conquest's Alexander Property lies immediately east of Goldcorp Inc.'s Red Lake and Campbell mines in the heart of the Red Lake Gold Camp on the important "Mine Trend" regional structure and is almost completely surrounded by Goldcorp's land holdings. The Red Lake Mining District has produced in excess of 25 million ounces of gold over the past 60 years.

The important Balmer Assemblage volcanic rocks, which host the majority of gold produced from the Red Lake greenstone belt, and the adjacent Bruce Channel Formation metasedimentary rocks, which host some of the new gold discoveries at Red Lake, have been identified on the Alexander Property. These prospective host rocks lie within the Red Lake Mine Trend structural corridor which extends southeast from Goldcorp's two gold mines on to and across the Conquest Alexander Property. Many of the regional structures that have associated gold mineralization in the area of the two producing gold mines at Red Lake extend eastwards on to the Alexander Property.

For 2011, Conquest plans to conduct 15,000 metres of diamond drilling in subsequent phases of exploration on the Alexander Property. The focus is to continue systematic drilling to test the Balmer Assemblage stratigraphy in structures extending from the adjacent Red Lake Mine (Goldcorp) within volcanic lithologies below the 700 metre level under the western and central portions of 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 Company and a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

Samples are analyzed by AGAT Laboratories in Mississauga, Ontario using a 50 gram pulp fire assay technique with ICP-OES finish. Conquest employs the use of standards, blanks, and duplicate samples to maintain confidence in the analytical techniques used to determine gold content in its core. Fifteen percent of the samples submitted to the laboratory comprise samples used for quality assurance and control for gold content. AGAT also employ the use standards, blanks and duplicate samples to calibrate on a regular basis within batches.

ABOUT THE COMPANY

Conquest and Detour Gold Corporation ("Detour Gold") are exploring for structurally-hosted gold mineralization under a joint-venture agreement at the Sunday Lake property located along the Sunday Lake Deformation Zone approximately seven kilometres east of Detour Gold's 14.9 million ounce proposed open pit gold mine. Detour Gold, as operator, has agreed to expend $1,000,000 on exploration prior to September 30, 2014 to earn a 50% interest in the Sunday Lake Property. Drilling is currently underway by Detour Gold.

Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Sunday Lake property at Detour Lake in joint venture with Detour Cold Corporation; and, the Smith Lake Gold Project at Missanabie.

Conquest holds 100,000 shares of Detour Gold Corporation.

There are currently 95,477,728 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

    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President Investor Relations
    604-984-8633

    Conquest Resources Limited
    John F. Kearney
    Chairman
    416-362-6686
    info@conquestresources.net
    www.conquestresources.net