Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

March 19, 2007 16:30 ET

Conquest Drilling Results-King Bay

Source of One of Three Gold Bearing Boulder Trains Located Earns 60% Interest Grant of Share Options

TORONTO, ONTARIO--(CCNMatthews - March 19, 2007) - Conquest Resources Limited (TSX VENTURE:CQR) is pleased to announce that it has completed a planned winter drill programme at its King Bay gold project, Sturgeon Lake, Ontario. A total of 1,053 metres were drilled in 11 holes collared on the ice of King Bay to follow up a high grade gold intersection previously reported in April 2006 and other geophysical targets located under the waters of King Bay. George Downing Estate Drilling Ltd. carried out the NQ core drilling program between January 24 and February 27, 2007.

The 2007 drill program focussed on investigating the W-Series anomalies, identified as W1, W2, W3, W4 and W5 outlined by magnetic surveys are clustered within a circular area of about 100 metres in diameter and situated immediately up ice from the Western boulder train. Gold mineralization was encountered in 9 holes and in all of the five W-Series anomalies. Gold mineralization occurs with blue-black quartz (BBQ) veining within an intensely altered quartz-feldspar porphyry (QFP). It is significant that four samples of BBQ veining from the W4 anomaly contained fine grained free gold (visible gold).

BBQ veining was encountered over widths up to 17.5 metres but gold mineralization was confined to narrow widths (max. 1.05 metres). The BBQ veining was intersected at the bedrock surface at W2 and at depths less than 10m from the bedrock surface at W1, W4 and W5. With a BBQ system at and very near the bedrock surface, mineralized BBQ vein material could have been incorporated into an overriding glacier and subsequently laid down as boulder trains when the glacier melted. After assessing all of the property data, Conquest considers the W-Series anomalies to be the sources of the Western, lower grade, boulder train. Within this source area further drill investigation both along strike and down dip of anomalies W3, W4 and W5 is warranted.

Though the W-Series anomalies have been identified as the source areas of the Western boulder train, the source of the higher grade boulders delineated in the Eastern and Central boulder trains has yet to be found. Exploration will now focus within a much more restricted area (200m x 400m) of search to locate the source of those higher grade boulder trains.

Results of drilling have been tabulated below (holes W4-01 and W3-03, previously released are also presented).



Table 1: - Assay Results from W-Series Anomalies

------------------------------------------------------------------------
------------------------------------------------------------------------
Hole No. BBQ Interval From To Width Gold Gold
(m) (m) (m) (g/t) (oz/t)
------------------------------------------------------------------------
------------------------------------------------------------------------
W4-01(i) 29.00m-46.50m (17.5m) 36.18 36.92 0.74 5.75 0.168
------------------------------------------------------------------------
37.82 37.89 0.07 2.20 0.064
------------------------------------------------------------------------
42.87 43.19 0.32 22.66 0.662
------------------------------------------------------------------------
(including) 42.87 42.98 0.11 43.00 1.256
------------------------------------------------------------------------
------------------------------------------------------------------------
W4-02 36.85m-40.50m (3.65m) 38.18 38.92 0.74 8.44 0.246
------------------------------------------------------------------------
(including) 38.18 38.62 0.44 13.51 0.394
------------------------------------------------------------------------
(including) 65.78 65.85 0.07 3.41 0.100
------------------------------------------------------------------------
------------------------------------------------------------------------
W4-03 31.80m-36.70m (4.90m) 35.65 36.00 0.35 1.13 0.033
------------------------------------------------------------------------
103.20m-118.00m (14.80m) 103.20 103.45 0.25 74.55 2.177
------------------------------------------------------------------------
------------------------------------------------------------------------
W4-04 33.00m-50.00m (17.00m) 32.25 32.75 0.50 1.57 0.046
------------------------------------------------------------------------
36.94 37.70 0.76 20.51 0.599
------------------------------------------------------------------------
(including) 37.48 37.70 0.22 68.62 2.004
------------------------------------------------------------------------
39.40 39.60 0.20 1.87 0.055
------------------------------------------------------------------------
43.70 44.00 0.30 17.14 0.500
------------------------------------------------------------------------
------------------------------------------------------------------------
W4-05 34.70m-34.92m (0.22m) 34.70 34.92 0.22 19.90 0.581
------------------------------------------------------------------------
------------------------------------------------------------------------
W1-01 72.38m-72.46m (0.06m) 72.38 72.46 0.08 2.85 0.083
------------------------------------------------------------------------
------------------------------------------------------------------------
W1-02 71.42m-71.48m (0.06m) 71.42 71.48 0.06 3.27 0.095
------------------------------------------------------------------------
------------------------------------------------------------------------
W2-02 33.00m-34.05m (1.05m) 33.00 34.05 1.05 1.52 0.044
------------------------------------------------------------------------
------------------------------------------------------------------------
W5-01 49.00m-49.20m (0.20m) 49.00 49.20 0.20 11.14 0.325
------------------------------------------------------------------------
------------------------------------------------------------------------
W5-02 48.53m-50.22m (1.69m) 48.53 48.81 0.28 23.12 0.675
------------------------------------------------------------------------
49.65 50.22 0.57 2.71 0.079
------------------------------------------------------------------------
------------------------------------------------------------------------
W3-03(ii) 130.65m-131.10m (0.45m) 130.65 131.10 0.45 4.90 0.143
------------------------------------------------------------------------
(including) 130.96 131.10 0.14 13.45 0.393
------------------------------------------------------------------------
------------------------------------------------------------------------

results previously released (i)(April 2006)/(ii)(March 2005).
Gold values expressed in ounces per ton have been calculated from the assay
results which are expressed in grams per tonne.


Comment

Commenting on the results of the winter drill programme, Terence McKillen, Conquest's President & CEO, stated, "We are very pleased that our exploration approach has resulted in the discovery of the likely source of the Western boulder train and that we have very significantly narrowed down the search area for the source of the higher grade gold mineralization represented by the Central and Eastern boulder trains."

Additional Geophysical Surveys

Conquest is currently conducting a detailed magnetometer survey to the east along the entire length of King Bay to cover the full extent of the King Bay quartz-feldspar porphyry intrusive. In addition, a summer program of overburden drilling from a barge, in the suspected source area of the Eastern and Central boulder trains, is being considered as a lead up to further diamond drilling from the ice next winter or from a barge during the summer and fall.

Targeting the Source of High Grade Gold in Boulders

Historic high-grade gold values reported by previous owners of the property, from three boulder trains located along the southern shore of King Bay, include a highest value of 521.1 g/t gold (15.2 ounces per ton). The average of the Eastern boulder train is 18.9 g/t gold (0.55 ounces per ton), the Central boulder train average is 18.2 g/t gold (0.53 ounces per ton), and the Western train average is 5.14 g/t gold (0.15 ounces per ton). The purpose of exploration on the King Bay property has been to locate the source(s) of the boulder material. Previous exploration has identified a number of magnetic anomalies, EC1 and W Series that lie up ice under the waters of King Bay from the boulder trains.

Qualified Person

The King Bay drill programme was planned and supervised by T.N. McKillen, P.Geo. The field programme of drilling, core logging and sampling was carried out under the direct supervision of John Wahl, Ph.D., PGeo. Core samples selected for assay were split and shipped to Accurassay Laboratories in Thunder Bay for analysis using an industry standard 30 gram fire assay with AA finish technique. Samples remained in the secure possession of the company until delivered to the laboratory.

Share Options

Conquest also announces that a total of 300,000 incentive share options have been granted to a director of the company pursuant to its Share Option Plan. The share options will be valid for a period of five years at an exercise price of $0.13 per share.

About Conquest

Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake, the King Bay gold project at Sturgeon Lake, the Smith Lake gold project at Missanabie, and the Aurora, Sunday Lake and Nash Creek gold projects at Detour Lake. Conquest is also evaluating near-term gold-silver production opportunities in the Americas. Cash and short-term investments at December 31, 2006 amounted to approximately $1.3 million. There are currently 62,740,754 shares of Conquest issued and outstanding.

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    (416) 368-5344 (FAX)
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (778) 836-5891
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    or
    Conquest Resources Limited
    David Ellis
    Investor Relations
    (416) 362-2435 or (416) 704-0937
    Email: info@conquestresources.net
    Website: www.conquestresources.net