Goldcorp drills four holes on Conquest’s Alexander property at RED LAKE -
· new GOLD INTERSECTION of 14.25 G/T OVER 0.61 METRES AT A DEPTH OF 300 METRES Toronto, Ontario – May 25, 2009 -
Conquest Resources Limited - (TSX-V: “CQR”) is pleased to announce that Goldcorp Inc. (“Goldcorp”) has recently completed four diamond drill holes on to Conquest’s Alexander Property at Red Lake, Ontario.
The holes were drilled by Goldcorp from its adjacent Red Lake Mine Property as part of a wider program to delineate mineralization within the upper part of the Red Lake Mine.
The four inclined holes, which were collared from surface within approximately 1,000 metres of the Red Lake Mine No. 1 Shaft headframe, were drilled in a north-easterly direction into the western part of Conquest’s property to downhole depths between 690 to 836 metres.
Hole DS641 of Goldcorp’s drilling programme located a significant gold intersection of 4.97 grams per tonne gold over 1.82 metres, including 14.25 g/t over 0.61m, at a down hole depth of 473 metres and an estimated vertical depth of approximately 300 metres.
The preliminary drilling results were provided to Conquest by Goldcorp. The gold assay results were determined by SGS and Accurassay Laboratories in Red Lake and Thunder Bay, Ontario.
Conquest’s Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. It lies immediately adjacent to Goldcorp’s high grade Red Lake Mine, within the east-southeast trending “Mine Trend” deformation zone, and is almost completely surrounded by Goldcorp’s claim holdings.
Commenting on the drilling results, Conquest’s President & CEO, Mr. Terence McKillen, stated: “The intersection of good grade gold at this depth on Conquest’s property is extremely encouraging.
The gold mineralization previously encountered by Conquest in the west-central part of the Alexander Property was in trenching and shallow drilling.
Goldcorp’s four drill holes extend to approximate vertical depths of 450 – 570 metres representing the deepest drilled holes on the Alexander Property to date. The intersection in hole DS641 confirms gold potential exists at depth on Conquest’s property.”
Conquest’s Alexander Property at Red Lake is situated 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, approximately 1,000 metres east of the No. 1 Shaft headframe and within 400 metres of the Far East 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.
Conquest has developed a phased exploration strategy for its Alexander Project to investigate depth extensions from known surface and near surface gold mineralization and plans to initiate the first phase of drilling later this summer.
ABOUT CONQUEST RESOURCES
Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake; the Aurora and Sunday Lake gold projects at Detour Lake; the King Bay gold project at Sturgeon Lake (60% interest); and the Smith Lake gold project at Missanabie.
Conquest has 72,663,830 shares issued and outstanding.
This release has been prepared under the supervision of Terence N. McKillen, P. Geo. who is a qualified person under NI 43-101, based on data provided by Goldcorp Inc.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Terence N. McKillen, President & CEO – (647) 728-4126
D. Brett Whitelaw, Vice-President – (604) 662-8633
Gold at $10,000 an ounce? 10 reasons it could happen within the next 12 months…
(Patrick Kerr – Amerifutures) Gold at $10,000 an ounce? 10 reasons it could happen within the next 12 months…
1) As the world looks to “reflate” their economies, fiat currencies (dollar, euro etc) are being deliberately devalued by governments worldwide as a way to get out from massive debt burdens that were run up during “credit bubble” and continue at ever higher levels with “stimulus” plans. The US very much wants and needs a weaker dollar and low interest rates as deficits and unemployment continue to soar. Fiat currencies will likely continue to be aggressively devalued over the next decade.
2) China has $2 Trillion in Foreign Currency reserves (Fiat Currency) and only 2% in gold, vs. 75% for US and 10% worldwide average. With every .5% drop in the dollar, drops the value of China foreign currency reserves by $10 billion dollars (a move happening daily recently). If China wisely decides to increase its gold reserves and reduce it fiat currency exposure to even just the worldwide average, gold prices could move substantially higher and stay at higher price levels.
3) Scarcity Part One: The gold industry has not replaced gold reserves mined in over a decade, gold is simply too scarce. Scarcity means shortages on the near term horizon. Shortages in gold means there is not enough physical gold available to cover the massive quantities of gold that has been “lent”, “leased” or “pledged”. This situation will only be exasperated going forward opening the real possibility of a major gold short squeeze and possible price spike pushing gold to the stratosphere (and keeping it there).
4) Scarcity Part Two: Throughout history only 160,000 tons of gold has ever been mined. At today’s prices that equates to $4.9 trillion dollars vs $60 trillion in outstanding fiat currency. As fiat currency continues to be deliberately debased look for this price relationship to invert.
5) Scarcity Part Three: Repatriation. Hong Kong recently pulled all its gold holdings and deposits from London. Hong Kong wants to physically possess and control its gold and now does. Look for other countries to follow.
6) Deep Pockets Part One: Central banks, the deepest pockets of them all, are in the process of switching from net sellers of gold to net buyers, this is a major secular change and is likely to continue as other central banks look to follow suit diversify reserves away from heavy fiat currency exposure.
7) Deep Pockets Part Two: Major insurance companies have begun purchasing gold. Northwestern Mutual, considered a conservatively run yet savvy company, recently purchased $400 million worth of gold, its first purchase in 152 years, its CEO Edward Zore believes gold could increase five fold. Look for other insurance companies to follow.
8) Deep Pockets Part Three: Sovereign wealth funds, China, Qatar, and Saudi Arabia have begun heavily investing in commodities world-wide to diversify out of Fiat Currency (dollar, euro). Look for more SWF to follow.
9) Deep Pockets Part Four: Respected and widely followed fund managers are publicly piling into gold and/or out of the dollar including John Paulson, Bill Gross, Paul Tudor Jones, Kyle Bass, David Einhorn, Paolo Pellegrini, John Burbank, Sri Kumar, David Rosenberg (economist,) John Hasenstab, Evy Hambro, Donald Coxe, John Brynjolfsson and David Tice. Look for other major mutual funds, hedge funds and pension funds to follow the leaders.
10) Traditional Gold hedgers (producers, miners etc) such as Barrick, the world’s largest gold company, are eliminating their hedge books…essentially taking the cap of the market…as gold supplies dry up producers are no longer locking in prices by selling massive quantities of futures contracts…this takes selling pressure off and indicates producers believe prices will be going much higher. Look for all producers to unwind their hedge books.
The world is changing rapidly. Old world powers, like the US, are making room on the stage for new world powers like China. Previous deep pockets are being displaced by new even deeper pockets: Central Banks. All of the above indicates much higher prices to come. The first movers in all the categories above (central banks, insurance companies, funds, sovereign wealth funds) will have the advantage of getting in at lower prices. Late movers will be forced to buy at higher prices. Regardless of who does what we are going higher. Recommendation: If you do one trade in the next two years do this: Get long and stay long gold.
Gold $5000+ we only got to 2nd page in the Gold book it will be many more golden pages to come
• Same geology and structural setting as Red Lake and Campbell Gold Mines • Favorable lithologies in Balmer volcanics & Bruce Channel sediments • Chemical, Structural & Physical Traps • Iron-rich biotite and quartz-carbonate alteration • Regional folding • D2 shear structures –conjugate faulting • Major regional folding • Ultramafic/mafic and iron-formation contacts • Brittle & ductile faulting • High grade zones often in N-S fault structures TARGETS • North Shaft Zone cuts across length of Alexander property •North limb of unconformity at estimated 400 metres depth across length of Alexander property • Stratigraphy Volcanic/Intrusive contacts and Bruce Channel sediments • Mine Trend deformation zone • Two Mineralization Styles: sulphide-related and high grade quartz-carbonate • Strong MMI Targets show leakage from gold-bearing structures
• Hole CR-09-037 intersected 83 metres of strongly sheared and silica altered Bruce Channel sediments at approximately 870 metres down-hole depth. Hole CR-09-038 intersected the same altered and sheared sediments at a down-hole depth of 988 metres. These two holes provide a newly established strike length of over 225 meters of prospective horizon within the important Bruce Channel sediments. Assays are pending for these two holes. • Goldcorp would love to get it for the property is larger than Goldcorp's old Red Lake Mines property -
Red Lakes Gold Mines - It's a story about a real life gold super hero whose deviance of conventional wisdom turned a failing corporation into one of the world's largest and richest gold producers -
Conquest Res. - Alexander Virgin Gold Project – in same gold belt structure zone - the same geology and structural setting as Red Lake and Campbell Gold Mines -
the favorable lithologies in Balmer volcanics & Bruce Channel sediments which is said to be one of the richest gold properties in the world -
dd..listen to.. Presentation by John F. Kearney, Conquest's Chairman on "InvestmentPitch.com"....
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