Aug. 19 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") is pleased to announce that it has selected a contractor for the first phase of a two-phase drilling programme to be carried out at its Alexander Gold Project in Red Lake, Ontario.
Boart Longyear Canada will carry out approximately 4,000 meters of NQ drilling in six planned holes with work scheduled to commence in early September.
In late 2008, Goldcorp Inc. drilled four deep holes from its adjacent Red Lake mine property onto Conquest's 100%-owned Alexander property resulting in the deepest gold mineralization intersection on Conquest's property at vertical depth of 300 metres returning 14.26 grams per tonne gold over 0.61 metres (previously announced May 25, 2009).
Conquest's upcoming drill programme is designed to test specific targets, to vertical depths of approximately 500 metres, along a strike length of about 1,800 metres extending from the boundary with Goldcorp's property towards the central portion of the Alexander property.
Gold mineralization potential in this area is open at depth across the length of the Alexander property where Conquest has identified two types of gold mineralization characterized by replacement massive sulphides and quartz-carbonate veining within volcanic and sedimentary lithologies.
ABOUT THE ALEXANDER PROPERTY
Conquest's Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. The Alexander Property is situated within the "Mine Trend" 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, and approximately 1,000 metres east of the Red Lake No. 1 Shaft headframe and within 400 metres of the Far East gold 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.
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 Corporation and a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
ABOUT THE COMPANY
Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Aurora and Sunday Lake properties at Detour Lake; the King Bay Gold Project at Sturgeon Lake (60% interest); and the Smith Lake Gold Project at Missanabie.
There are currently 72,663,830 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.
For further information
Terence N. McKillen, President & CEO, (647) 728-4126 D. Brett Whitelaw, Vice-President, (604) 662-8633 John F. Kearney, Chairman, (416) 362-6686 Email: info@conquestresources.net, URL: http://www.conquestresources.net
CONTRACT SIGNED FOR ALEXANDER DRILLING, RED LAKE Release Date: 19-08-2009 Toronto, Ontario – August 18, 2009 -
Conquest Resources Limited (TSX-V: “CQR”) is pleased to announce that it has selected a contractor for the first phase of a two-phase drilling programme to be carried out at its Alexander Gold Project in Red Lake, Ontario.
Boart Longyear Canada - will carry out approximately 4,000 meters of NQ drilling in six planned holes with work scheduled to commence in early September.
In late 2008, Goldcorp Inc. - drilled four deep holes from its adjacent Red Lake mine property onto Conquest’s 100%-owned Alexander property resulting in the deepest gold mineralization intersection on Conquest’s property at vertical depth of 300 metres returning 14.26 grams per tonne gold over 0.61 metres (previously announced May 25, 2009).
Conquest’s upcoming drill programme is designed to test specific targets, to vertical depths of approximately 500 metres, along a strike length of about 1,800 metres extending from the boundary with Goldcorp’s property towards the central portion of the Alexander property.
Gold mineralization potential in this area is open at depth across the length of the Alexander property where Conquest has identified two types of gold mineralization characterized by replacement massive sulphides and quartz- carbonate veining within volcanic and sedimentary lithologies.
Conquest’s Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. The Alexander Property is situated within the “Mine Trend” 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, and approximately 1,000 metres east of the Red Lake No. 1 Shaft headframe and within 400 metres of the Far East gold 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.
The Babs & Beehive Mines are former gold production properties situated respectively about 10km north and 30km northwest of Kwe Kwe. The mines were developed by African Gold PLC of London between 1997 and 1998 at a cost of approximately $4.5 million and operated for nine months before being placed on care and maintenance in early 1999 as a result of falling gold prices and increasing costs in Zimbabwean currency.
The inferred mineral resource for both mines is 360,000 tonnes at a grade of 5.7gm/t gold. A further open pit potential of 400,000 tonnes of low grade mineralisation may be amenable to heap leach gold extraction. The mines are considered to have excellent upside for additional reserves to be delineated following completion of drilling and underground development programmes.
As part of the acquisition Conquest acquired a 300 tonne per day processing plant located at the Beehive mine site which was constructed in 1998. --
Could Zimbabwe show Africa how to find prosperity? Submitted by cpowell on Thu, 2009-08-20 03:49. Section: Daily Dispatches
11:46p ET Wednesday, August 19, 2009
Dear Friend of GATA and Gold (and Silver):
The world is full of rich countries insisting on being poor -- the natural resource-endowed countries, especially the countries endowed with the monetary metals, gold and silver, countries that, like Mexico, Russia, and South Africa, allow their national patrimonies to be priced by the markets in New York and London that are rigged by the production of infinite U.S. dollars, the currency of empire.
Another such country is pathetic Zimbabwe, which is full of mineral wealth and agricultural potential, wealth and potential squandered for years under the corrupt and totalitarian regime that inflated the country's currency, the Zimbabwe dollar into oblivion and then formal abandonment.
International pressure has forced that regime to start changing, and now the governor of the Reserve Bank of Zimbabwe, Gideon Gono, has proposed the opposite sort of currency management.
In a treatise published this week in the Zimbabwean government newspaper, the Herald, headquartered in the capital, Harare, Gono noted his country's mineral wealth and recommended renewal of the Zimbabwe dollar on a fully asset-based and convertible basis -- the architecture of the old gold standard.
Gono wrote:
"It is also critical that stakeholders get it clearly that what this governor is calling for is not a blind return to the money printing press and then saying to the market, 'To hell with other currencies, here are new Zimbabwe dollars.' No, this is not what I am advocating. Rather, what I am calling for is the guarded reintroduction of the Zimbabwe dollar where such new currency will be fully backed by credible, tangible, and locally available assets, such as gold, diamonds, or platinum, among several other possibilities.
"The benefits of supporting the new currency with our own internally produced resources are that:
"-- Such a new currency will have real, tangible worth as embodied in the real assets backing it. This gives the new currency the characteristic of general acceptability as a fluent medium of exchange in goods and service markets.
"-- Given the country's proven reserves of gold, platinum, and diamonds, among several other minerals, a fully backed currency which can freely convert back to the real underlying assets at the insistence of the currency holder's wishes will have the desirable characteristic of being a legitimate store of value. In other words, the currency will have a stable value over time, given the direct link to the volume of tangible assets from the real sector."
Gono's treatise can be found at the Herald's Internet site here:
A Johannesburg (South Africa) Times story about Gono's idea is appended. The Times story is inclined to ridicule, given Gono's culpability in the ruin of Zimbabwe. And yet of course South Africa itself, struggling to rise above its history of colonial oppression and being even richer in natural resources, would be a lot richer still if it adopted an asset-backed currency system. Together democratic, rich, and self-sufficient South Africa and Zimbabwe could lead all of Africa toward prosperity and true independence.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc.
* * *
Gono Wants Zim Dollar Back
By Moses Mudzwiti The Times, Johannesburg Wednesday, August 19, 2009
Zimbabweans have laughed off their central bank's proposal to bring back the local dollar as a means of dealing with the problem of "change" during transactions.
Controversial central bank governor Gideon Gono has differed with Finance Minister Tendai Biti, who last month declared he had put a "tombstone on the grave of the Zimbabwe dollar."
Gono wants to revive the dead currency and link it to gold reserves held in the country. He says bringing back the Zimbabwe dollar will make trading easier because people are struggling to find small change. "We anchor our Zim dollar to the gold available. It will not only be the Reserve Bank of Zimbabwe, but all stakeholders," Gono was quoted as saying in state media yesterday.
"We can even print gold coins. The Zim dollar can then gain, as it is anchored on gold. We need to think outside the box."
However, ordinary people and serious businesses brushed aside Gono's suggestions as retrogressive.
"Gono is mad. Can he not see how Zimbabweans have suffered under his experiments?," asked Letwine Domingo, a Harare housewife.
"We don't want the Zimbabwe dollar back. They will just print those worthless papers again," said Chino Nharo, a Harare worker.
The Zimbabwe dollar was the primary driver of record inflation experienced during the meltdown of the economy. Inflation reached a record 230,000,000 percent before the multi-currency system was adopted six months ago.
Industry Minister Welshman Ncube told Business Times this week that the multi-currency regime was up for review at the end of the year.
President Robert Mugabe is keen to see the return of the Zimbabwe dollar.
The unity government has no money, a situation that can only be remedied by increased production.
* * *
Join GATA here:
The Silver Summit 2009 Thursday-Friday, September 24-25, 2009 Davenport Hotel, Spokane, Washington http://thesilversummit.com
New Orleans Investment Conference Thursday-Sunday, October 8-11, 2009 Hilton New Orleans Riverside Hotel, New Orleans, Louisiana http://www.neworleansconference.com/
* * *
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The Piper Moss Mine is a former gold production property situated just 3km north of and in a similar geological setting to the Globe & Phoenix Mine, the second largest gold producer in Zimbabwe's history (over 2.3 million ounces gold). The Moss vein from which most of the past production of 163,200 ounces (520,000 tonnes at 10.8gm/t gold) was derived can be traced for over 1,200 metres and is up to 2m wide in places.
The deposit was formerly accessed on 14 levels by two shafts and by over 10,670 metres of lateral development. Other production came from the Sinola and Spur veins. Several other mineralized structures occur parallel to the Moss vein and contain ore grade values. The New Reef is up to 1.5m thick and contains ore grade gold values (average 19.9gm/t). Potential exists for further gold reserves to be delineated within the Moss vein system as well as in parallel and cross-cutting veins. Over 30 present and past producting gold mines are located within 10km radius of the property. Conquest has identified a number of other gold procuction properties in the immediate area for acquisition.
Conquest plans to evaluate the potential to retreat approximately 500,000 tonnes of tailings and other surface stockpiles on the property by a vat leaching process and will undertake a comprehensive reevaluation of the primary gold potential through surface and underground exploration. --
The Babs & Beehive Mines are former gold production properties situated respectively about 10km north and 30km northwest of Kwe Kwe. The mines were developed by African Gold PLC of London between 1997 and 1998 at a cost of approximately $4.5 million and operated for nine months before being placed on care and maintenance in early 1999 as a result of falling gold prices and increasing costs in Zimbabwean currency.
The inferred mineral resource for both mines is 360,000 tonnes at a grade of 5.7gm/t gold. A further open pit potential of 400,000 tonnes of low grade mineralisation may be amenable to heap leach gold extraction. The mines are considered to have excellent upside for additional reserves to be delineated following completion of drilling and underground development programmes.
As part of the acquisition Conquest acquired a 300 tonne per day processing plant located at the Beehive mine site which was constructed in 1998. --
Could Zimbabwe show Africa how to find prosperity? Submitted by cpowell on Thu, 2009-08-20 03:49. Section: Daily Dispatches
11:46p ET Wednesday, August 19, 2009
Dear Friend of GATA and Gold (and Silver):
The world is full of rich countries insisting on being poor -- the natural resource-endowed countries, especially the countries endowed with the monetary metals, gold and silver, countries that, like Mexico, Russia, and South Africa, allow their national patrimonies to be priced by the markets in New York and London that are rigged by the production of infinite U.S. dollars, the currency of empire.
Another such country is pathetic Zimbabwe, which is full of mineral wealth and agricultural potential, wealth and potential squandered for years under the corrupt and totalitarian regime that inflated the country's currency, the Zimbabwe dollar into oblivion and then formal abandonment.
International pressure has forced that regime to start changing, and now the governor of the Reserve Bank of Zimbabwe, Gideon Gono, has proposed the opposite sort of currency management.
In a treatise published this week in the Zimbabwean government newspaper, the Herald, headquartered in the capital, Harare, Gono noted his country's mineral wealth and recommended renewal of the Zimbabwe dollar on a fully asset-based and convertible basis -- the architecture of the old gold standard.
Gono wrote:
"It is also critical that stakeholders get it clearly that what this governor is calling for is not a blind return to the money printing press and then saying to the market, 'To hell with other currencies, here are new Zimbabwe dollars.' No, this is not what I am advocating. Rather, what I am calling for is the guarded reintroduction of the Zimbabwe dollar where such new currency will be fully backed by credible, tangible, and locally available assets, such as gold, diamonds, or platinum, among several other possibilities.
"The benefits of supporting the new currency with our own internally produced resources are that:
"-- Such a new currency will have real, tangible worth as embodied in the real assets backing it. This gives the new currency the characteristic of general acceptability as a fluent medium of exchange in goods and service markets.
"-- Given the country's proven reserves of gold, platinum, and diamonds, among several other minerals, a fully backed currency which can freely convert back to the real underlying assets at the insistence of the currency holder's wishes will have the desirable characteristic of being a legitimate store of value. In other words, the currency will have a stable value over time, given the direct link to the volume of tangible assets from the real sector."
Gono's treatise can be found at the Herald's Internet site here:
A Johannesburg (South Africa) Times story about Gono's idea is appended. The Times story is inclined to ridicule, given Gono's culpability in the ruin of Zimbabwe. And yet of course South Africa itself, struggling to rise above its history of colonial oppression and being even richer in natural resources, would be a lot richer still if it adopted an asset-backed currency system. Together democratic, rich, and self-sufficient South Africa and Zimbabwe could lead all of Africa toward prosperity and true independence.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc.
* * *
Gono Wants Zim Dollar Back
By Moses Mudzwiti The Times, Johannesburg Wednesday, August 19, 2009
Zimbabweans have laughed off their central bank's proposal to bring back the local dollar as a means of dealing with the problem of "change" during transactions.
Controversial central bank governor Gideon Gono has differed with Finance Minister Tendai Biti, who last month declared he had put a "tombstone on the grave of the Zimbabwe dollar."
Gono wants to revive the dead currency and link it to gold reserves held in the country. He says bringing back the Zimbabwe dollar will make trading easier because people are struggling to find small change. "We anchor our Zim dollar to the gold available. It will not only be the Reserve Bank of Zimbabwe, but all stakeholders," Gono was quoted as saying in state media yesterday.
"We can even print gold coins. The Zim dollar can then gain, as it is anchored on gold. We need to think outside the box."
However, ordinary people and serious businesses brushed aside Gono's suggestions as retrogressive.
"Gono is mad. Can he not see how Zimbabweans have suffered under his experiments?," asked Letwine Domingo, a Harare housewife.
"We don't want the Zimbabwe dollar back. They will just print those worthless papers again," said Chino Nharo, a Harare worker.
The Zimbabwe dollar was the primary driver of record inflation experienced during the meltdown of the economy. Inflation reached a record 230,000,000 percent before the multi-currency system was adopted six months ago.
Industry Minister Welshman Ncube told Business Times this week that the multi-currency regime was up for review at the end of the year.
President Robert Mugabe is keen to see the return of the Zimbabwe dollar.
The unity government has no money, a situation that can only be remedied by increased production.
* * *
Join GATA here:
The Silver Summit 2009 Thursday-Friday, September 24-25, 2009 Davenport Hotel, Spokane, Washington http://thesilversummit.com
New Orleans Investment Conference Thursday-Sunday, October 8-11, 2009 Hilton New Orleans Riverside Hotel, New Orleans, Louisiana http://www.neworleansconference.com/
* * *
Support GATA by purchasing a colorful GATA T-shirt:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
Conquest Resources Limited engages in the acquisition, exploration, and development of mineral exploration properties, primarily gold and diamond in Canada, Zimbabwe, and Tanzania.
The company's mineral properties include ; the Alexander project; which consist of 27 patented claims totaling 1107 acres in Central Balmer Township, Red Lake Mining District, Ontario;
the Aurora gold project; comprising 11 mining leases and 18 mining claims situated at Detour Lake, Ontario;
the Smith Lake property comprising 6 patented claims located in the Missanabie area of the Sault Saint Marie Mining Division, Ontario;
and the King Bay Gold project, Ontario.
It also holds a 100% interest in the Suguti property; located in Lake Victoria Gold Field approximately, 60 kilometer south of Musoma, Tanzania;
and certain gold production properties in Zimbabwe.
The company is also evaluating near-term gold-silver production opportunities in the Americas.
Conquest Resources; was incorporated in 1945 under the name Quest Yellowknife Mines Limited. It changed its name to Conquest Yellowknife Resources, Ltd. in 1984 and to Conquest Resources Limited in 2000.
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