Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

April 04, 2006 16:15 ET

Conquest's Drilling Intersects Visible Gold At King Bay

TORONTO, ONTARIO--(CCNMatthews - April 4, 2006) -

DRILLING INTERSECTS VISIBLE GOLD AT KING BAY

INTERSECTION OF 22.7 GM/T GOLD OVER 0.3 METRES

Conquest Resources Limited (TSX VENTURE:CQR) is pleased to announce that its winter drill program on its King Bay, Sturgeon Lake, Ontario property has intersected a quartz stockwork containing visible gold, with the most significant interval returning 22.7 gm/t gold over 0.3 meters.

The recently completed drill program consisted of three holes totalling 197 meters. The holes were drilled from the ice and were designed to test several target areas under the waters of King Bay.

Hole W4-01 intersected a quartz stockwork zone in a highly altered and sheared quartz-feldspar porphyry from 29.9m to 67.0m. This 34.7m intersection contained numerous blue-black quartz veins, which returned gold assays ranging from 0.79 to 43.0 gm/t gold over narrow widths. Several of the veins contain visible gold. The most significant interval returned 22.7 gm/t gold over 0.3m, which includes a "best assay" of 43.0 gm/t gold over 0.1m, all within a 1.07 metre interval averaging 6.86 gm/t gold.

The Company believes that it may have identified a possible source of the high-grade gold contained in blue-black quartz veins discovered in float boulders of altered quartz-feldspar porphyry on the south shore of King Bay on Sturgeon Lake.

"The results of hole W4-01 are very encouraging as it indicates the presence of a primary gold bearing quartz stockwork system. The presence of physical gold in several of the veins is particularly encouraging," states Mr. Terence McKillen, President of Conquest Resources Limited. "The challenge will be to locate the core fracture zones within the more intensely altered sections of the fracture sections."

The other two holes in the winter drilling program, EC1-06 and W3-01, intersected weakly to moderately altered quartz-feldspar porphyries with little or no quartz stockwork.

The historic high grade gold values reported by previous owners of the property were recorded in blue-black quartz boulders in three distinct "trains" with the highest value of 521.1 gm/t gold (15.2 opt). The average grade of boulders sampled from the Central train is 18.2 gm/t gold (0.53 opt) while the Eastern train averages 18.9 gm/t gold (0.55 opt) and the Western train averages 5.14 gm/t gold (0.15 opt).

Dr. John Wahl, P.Geo., a director of KBG Minerals Corp., the underlying owner of the project and a Qualified Person as defined in National Instrument 43-101, states "the presence of gold bearing stockwork in the altered quartz-feldspar porphyry is very significant as it represents a starting point to define the orientation of the breccia pipes within the various target areas at King Bay."

Conquest is evaluating the results with a view to determining the extent of the gold bearing quartz stockwork zones and will evaluate the possibility of continuing drilling through the summer at King Bay using a barge or other floating platform.

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, gold projects at Detour Lake.

Conquest's joint venture partner, Tradewinds Ventures Inc., is currently conducting a winter diamond drill programme on the Aurora property, located immediately south of the former Detour Lake gold mine.

Cash at December 31, 2005 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.

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

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (778) 836-5891
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    info@conquestresources.net
    www.conquestresources.net