Conquest Resources Limited

Conquest Resources Limited

March 24, 2005 09:00 ET

Conquest Resources Limited: King Bay Drill Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONQUEST RESOURCES LIMITED

TSX VENTURE SYMBOL: CQR

MARCH 24, 2005 - 09:00 ET

Conquest Resources Limited: King Bay Drill Results

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Conquest Resources
Limited (TSX VENTURE:CQR) reports that it has completed its winter drill
program on its King Bay property at Sturgeon Lake, Ontario. The program
comprised seven holes for a total of 865 meters of diamond drilling.

Deteriorating ice conditions limited the drill program to the
investigation of two of six previously identified magnetic anomalies
believed to represent the source of high grade gold bearing blue-black
quartz float found on the south shore of King Bay. One of the anomalies,
W-3 was drilled by two holes from the land, whilst the second EC-1 was
drilled with five holes from the ice.

W-3 Anomaly 2 holes (Land)

Exploration of the W-3 anomaly was undertaken by two drill holes
totalling 571 metres. Both holes intersected the southern and eastern
flanks of the anomaly but due to hole deviation did not intersect the
core zone located within the quartz feldspar porphyry.

The highest value reported in the initial sampling was 13.45 gm/t gold
over a narrow width of 14 centimetres within a wider zone averaging 4.9
gm/t gold over 0.45 metres. The drilling determined that the W-3 anomaly
is directly associated with an extensive area of intense hydrothermal
alteration. Mineralization associated with this hydrothermal event is
pyrrhotite, the source of the magnetic response, and gold bearing
blue-black quartz veins. In total, 46 blue-black quartz veins or
clusters of veins were intersected along the lengths of both holes
suggesting a continuity of mineralization to at least a depth of 200
metres vertically below surface.

Additional sampling is to be carried out on the remaining blue-black
quartz intersections, including a section of one hole containing
pyrrhotite mineralization over a 20 metre interval.

EC-1 Anomaly 5 Holes (Ice)

The EC-1 anomaly was investigated from various locations by five short
drill holes on the ice totaling 294 metres. The drilling explored an
area of intensive hydrothermal alteration containing several well
defined zones of blue-black quartz veining carrying minor amounts of
pyrrhotite.

The highest value of vein material reported to date is 4.18 gm/t gold
over a narrow width of 18 centimetres. Only about 50% of the vein and
alteration material reported from the EC-1 drilling has been sampled and
analyzed. The remaining quartz vein intersections and associated altered
quartz feldspar porphyry host remains to be sampled.

King Bay Target:

The targets of the winter drill program at King Bay were six
magnetometer anomalies believed to represent the source of the high
grade gold bearing blue-black quartz float found on the south shore of
King Bay. The gold bearing float boulders are characterized as
blue-black quartz veins carrying variable concentrations of pyrrhotite
contained within highly altered quartz feldspar porphyry. All of the six
anomalies are situated under the waters of King Bay. The winter drill
program established that the causative source, at least of the W-3 and
EC-1 anomalies, is related to the same intense alteration of quartz
feldspar porphyry, in the presence of gold bearing blue-black quartz
veins carrying varying concentrations of pyrrhotite.

In the two holes drilled on the W-3 anomaly, alteration was observed in
the quartz feldspar porphyry, the host of the gold bearing blue-black
quartz float, and extended into the adjacent mafic metavolcanic rocks.

Commenting on the results, Conquest's President & CEO, Terence McKillen,
noted: " The target mineralization, as indicated by the three discrete
boulder trains comprising over 265 boulders found on the south shore of
King Bay, is high grade gold contained in blue-black quartz veins in a
hydrothermally altered quartz porphyry together with pyrrhotite. Two of
the boulder trains average between 18 gm/t and 19 gm/t gold with a
maximum value of 521 gm/t gold. Through our limited drill program we
have confirmed the presence of the key blue-black quartz, extensive
hydrothermal alteration and gold mineralization to a depth of 200 metres
along the flanks of two of the magnetic targets."

Future Work:

Additional drilling is planned to further explore the highly magnetic
core of both the EC-1 and W-3 anomalies, whilst the similarity of the
W-3 and EC-1 anomalies to the other four untested anomalies W-1, W-2,
W-4 and W-5, located immediately adjacent in King Bay, provides support
for a continued aggressive exploration program.

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.

Cash and short-term investments at December 31, 2004 amounted to
approximately $1.6 million. There are currently 59,971,677 shares of
Conquest issued and outstanding.

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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (604) 699-2320
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    info@conquestresources.net
    www.conquestresources.net
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy release.