(TSX-V: "CQR") is pleased to report further assay results from its Alexander Gold Project (100%) located in the prolific Red Lake gold camp of north western Ontario.
Conquest completed its 2009 Phase-I Drill Programme in early November, which consisted of six drill holes totaling about 4,100 metres of NQ surface drilling, all of which intersected gold mineralization.
Conquest was successful in intersecting gold mineralization in all six holes and obtained valuable assay and geological information from structural and stratigraphic targets extending from
Goldcorp's Red Lakegold mine
onto the Alexander property from surface to a depth of 700 metres vertically.
These targets lie within the Balmer and Bruce Channel formations which have been identified across the width of Conquest's property, a distance of 2,000 metres.
Of particular note,
Hole CR-09-037 intersected 7.76 g/t gold over one metre at a vertical depth of 335 metres
and a second intersection of 4.05 g/t gold over almost two metres at 440 metres vertical depth.
The 2009 drilling programme successfully doubled the vertical drilling depth profile to 700 metres
in preparation for planned deeper phases of drilling.
Commenting on the results, Terence McKillen, Conquest's Presidentand Chief Executive Officer, said:
"We are particularly pleased that all six holes drilled in 2009 confirmed the presence of gold
on Conquest's Alexander property.
The final results of the 2009 programme also confirm the depth continuity of gold bearing structures
from surface to more than 700 metres and provide significant encouragement to embark on a major
programme of deep drilling of the Alexander Property.
Conquest plans to commence the first part of a 20,000 metre follow up drill program early in 2010."
Significant assays are summarized in the table below.
True thicknesses may not be calculated at this time due to the level of exploration drilling activity on the project.
Hole CR-09-037 intersected 83 metres of strongly sheared and silica altered Bruce Channel sediments
at approximately 870 metres downhole depth in the western part of the property.
CR-09-038 intersected the same altered and sheared sediments as those found in CR-09-037 at a
downhole depth of 988 metres representing the deepest holes drilled to date at Alexander.
These sheared Bruce Channel sediment intersections are prospective beyond the newly established strike
length of over 225 meters and have returned anomalous gold values up to 0.50 g/t over 0.68 m.
As part of the ongoing exploration on the property, Conquest will also be targeting the extensive untested
horizons that exist within theBalmer volcanics below the recently drilled holes in the western part of
the Alexander property.
PROXIMITY TO GOLDCORP'S NEW HIGH GRADE GOLD MINERALIZATION
On November 24, 2009, in a Press Release entitled: "Goldcorp Provides Update On 2009 Exploration Program,"
Goldcorp Inc. announced that: "A new and growing area of high grade gold called the Far East Zone
has been identified up-plunge from theHigh Grade Zone."
Goldcorp further stated: "Up-plunge and to the east of the Red LakeHigh Grade Zone lies an underexplored area called the Far East Zone. Assay results in 2009 indicate an ore grade gold zone at the 16 level that will continue to be tested as drilling moves closer to thesurface."
Results from two underground exploration drill holes conducted in Goldcorp's 2009 programme were reported
in Red Lake Drilling Results as: "29.83 g/t gold over 9.24 metres and
31.70 g/t over 4.00 m"(reported over approximate true widths).
Conquest interprets these high grade intersections to be located approximately 400 metres from
Conquest's western property boundary at approximately 700 metres depth.
Goldcorp's continued exploration in thearea between the Balmer Complex shaft at the Red Lake gold mine
andConquest's Alexander property continues to demonstrate highlyprospective, mineralized horizons in rocks
which Conquest believes aresimilar to those which have been identified from surface to 700 metres vertical depth
across the Alexander property.
ONGOING EXPLORATION
Key targets within the Balmer assemblage are chiefly volcanic inorigin with significant sedimentary
interbedded lithologies.
The most important exploration target horizons exist in sheared andquartz-carbonate altered target structures
that are contained withinthe southwest dipping northern limb of the Balmer syncline.
These altered horizons have been discovered to widen at depth providing abroad target horizon
in the western Alexander area closest to Goldcorp's Far East Zone.
The timing of Goldcorp's exploration update and the proximity oftheir new high grade gold mineralization
to the Alexander property is significant and provides additional encouragement as Conquest continues
its systematic deepening of the geological model.
Conquest's Phase Two drilling planned for 2010 will drill-test targets to vertical depths
between 1,300 and 1,700 metres to evaluatethe untested extensions of similar structures
found in the Goldcorpmine below the western part of the Alexander property.
ABOUT THE ALEXANDER PROPERTY
Conquest's Alexander gold project is located in Balmer Townshipin the heart of the Red Lake Gold Camp.
It is situated within the "MineTrend" structural corridor adjacent to Goldcorp's Red Lake
and Campbell gold mines, which contain historic production and current resources
in excess of 28 million ounces of gold, and approximately 1,000 metreseast of
the Red Lake Complex shaft headframe and within 400 metres ofthe Far East gold zone
at the Red Lake Mine.
QUALIFIED PERSON
Information of a scientific or technical nature contained inthis 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 ofthe Canadian Securities Administrators.
Samples were fire assayed forgold content by SGS Mineral Services in Red Lake, Ontario with theregular use
of standards and blanks for quality control. All holes weresurveyed by Reflex Instruments Canada
using a gyro tool.
ABOUT THE COMPANY
Conquest is exploring several gold projects in Ontario.
These include theAlexander GoldProject at Red Lake;
the Aurora andSunday Lakeproperties at Detour Lake;
theKing Bay Gold Projectat 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".
Allstatementsotherthanstatementsof historical fact, included inthisrelease,including,withoutlimitation, statementsregardingpotentialmineralization,resources andreserves, explorationresults,and futureplans andobjectives of Conquest,areforward-lookingstatements thatinvolvevarious risks anduncertainties.There can be noassurance thatsuchstatements will prove tobe accurateand actualresults and futureeventscould differ materiallyfrom thoseanticipatedin suchstatements.Important factors that couldcause actualresults todiffermateriallyfrom Conquest's expectations areexplorationrisksdetailedherein andfrom time to time in the filings madebyConquestwithsecuritiesregulators.
Neither the TSXVentureExchangenor its RegulationServicesProvider (as that term isdefinedin thepolicies of the TSXVentureExchange) accepts responsibilityfortheadequacy or the accuracyofthis release.
For further information:
Terence N. McKillen,President & CEO, (647) 728-4126;
Goldcorp Consolidating Red Lake District in 2008 with $1.5 Billion Acquisition of Gold Eagle is part of the agenda acquisition process of expanding the Red Lake Gold Mines production -
At a time of much lower POG - Price Of GOLD -
– Vancouver, BC – Goldcorp Inc. (“Goldcorp”) (NYSE:GG, TSX:G)
and Gold Eagle Mines Ltd. (“Gold Eagle”) (TSX:GEA)
announced an agreement whereby
Goldcorp acquired, through a friendly plan
of arrangement, all outstanding shares of Gold Eagle.
Gold Eagle’s principal asset is the world class Bruce Channel gold discovery
which is situated along the prolific Red Lake Trend, adjacent to Goldcorp’s
Red Lake gold mine and immediately southwest of Goldcorp’s
past-producing Cochenour-Willans Mine.
This transaction will enable Goldcorp to capitalize on its extensive exploration and
operations expertise in the Red Lake district and its considerable human
resources and related infrastructure.
“This transaction secures for Goldcorp full control of 8 kilometres of strike length
in the heart of the world's richest high grade gold district,” said Kevin McArthur,
Goldcorp’s President and Chief Executive Officer.
“Nearly 200 drill holes have defined an impressive gold deposit at Bruce
Channel, with potential for additional expansion over time.
Development of this strategically important zone can now move forward with
our adjoining assets as a single, comprehensive project, sharing mine
infrastructure, ore processing facilities and human talent with Red Lake,
thus minimizing capital and operating costs and maximizing long-term
shareholder value.
Red Lake mine has operated for over 50 years, and Goldcorp’s continued district
consolidation efforts are designed to sustain this world-class operation
for decades into the future.
We are the natural partner to develop the Bruce Channel project with the
geographic footprint preferred by our community.”
Under the plan of arrangement, each common share of Gold Eagle not owned
by Goldcorp will be exchanged for
(i) a cash payment in the amount of C$6.80 and
(ii) 0.146 common shares of Goldcorp, assuming full pro-ration.
Gold Eagle shareholders will have the option to elect to receive cash
(on the basis of $13.60 per Gold Eagle share), shares
(on the basis of 0.292 Goldcorp shares and .0001 per Gold Eagle share)
or any combination of cash and shares, subject to pro-ration,
with an aggregate maximum cash consideration of $691 million and
an aggregate maximum of 14.8 million common shares of Goldcorp subject
to increase on a prorated basis if Gold Eagle warrants and options are
exercised prior to the effective date of the arrangement.
The total consideration for 100% of the fully diluted shares of Gold Eagle
would be approximately $1.5 billion.
Basedon the July 30, 2008 closing price and 20-day volume weightedaverageprice for Goldcorp’s
common shares on the TSX, and assumingfullpro-ration, the transaction values each Gold Eagle share
at C$12.62 andC$13.39, respectively.
On this basis, the considerationreceived by Gold Eagle shareholders represents a 19% premium to
closing prices and a 36% premium to the 20-day volume-weighted average prices for each company.
The transaction is expected to close in September,2008.
The combination has been approved by the boards of directors of Goldcorp
and Gold Eagle and will be subject, among other things, to the favourable vote
of 66 2/3% of the Gold Eagle common shares voted at a special meeting
of shareholders called to approve the transaction.
Officers, directors and certain shareholders of Gold Eagle representing
approximately 10.5% of Gold Eagle’s outstanding shares have entered
into lock-up and support arrangements with Goldcorp under which they
have agreed to vote in favour of the transaction.
Goldcorp currently owns 4.7% of the outstanding shares of Gold Eagle.
BMO Capital Markets, Gold Eagle’s financial advisor, has provided an opinion
to the Gold Eagle Board of Directors that the consideration offered is fair,
from a financial point of view, to Gold Eagle’s shareholders.
In the event that the transaction is not completed, Gold Eagle has agreed to
pay Goldcorp a termination fee equal to C$44 million, under certain
circumstances.
Gold Eagle has also provided Goldcorp with certain other customary rights,
including a right to match competing offers.
Full details of the transaction will be included in the management information
circular of Gold Eagle, to be mailed to Gold Eagle shareholders in due course.
“We believe that Bruce Channel ranks among the very highest quality gold
discoveries,” said Simon Lawrence, President and Chief Executive Officer
of Gold Eagle.
“The success we have had is a testament to our Red Lake based exploration
team and their endeavours have helped deliver significant value to our
shareholders.
Goldcorp, with their considerable infrastructure and expertise in the area,
are ideally positioned to advance the project in an expedient and capital
efficient manner.
For our shareholders this is a very attractive transaction.”
Macquarie Capital Markets Canada Ltd. acted as financial advisor to Goldcorp Inc.
and J.P. Morgan Securities Inc. acted as strategic advisor.
Cassels Brock & Blackwell LLP acted as Goldcorp’s legal counsel.
BMOCapital Markets acted as financial advisor to Gold Eagle andFraserMilner Casgrain LLP acted as Gold Eagle’s legal counsel.
Goldcorp held hold a conference call today at 10:00 a.m. (PDT) todiscuss itssecond quarter financial results as well as the details ofthe GoldEagle acquisition. Participants may join the call by dialingtoll free1-866-226-1799 or 416-641-6129 for calls from outside Canadaand theUS. A recorded playback of the call can be accessed after theeventuntil September 1, 2008 by dialing 1-800-408-3053 or 416-695-5800forcalls outside Canada and the US. Passcode: 3264804. A live andarchivedaudio webcast will also be available at www.goldcorp.com.
About Goldcorp Goldcorp is the lowest-cost and fastest growing multi-million ouncegold producer
with operations throughout the Americas.
Its goldproduction remains 100% unhedged.
About Gold Eagle Gold Eagle Mines Ltd. is a Canadian based junior natural resourcecompany
developing a significantnew gold discovery
in the prolific RedLake gold camp, located in Northern Ontario, Canada.
* * * *
I had discovered, through a reliable source, the real reason why Goldcorp acquired Gold Eagle Mines located directly to the west of their property in july 2008, for 1.3B.It had come to Goldcorp's attention that a major gold mining company, one my source had been working for at the time, was buying up Gold Eagle shares in order to launch a takeover bid for the company. Upon hearing this Goldcorp freaked out and immediately launched their own takeover bid for Gold Eagle Mines and ended up paying top dollar for the property. The reason I bring this up is after hearing about this it got me thinking.
If the thought of a major mining company moving in on Godcorp's properties and subsequently challenging their supremacy in the Red Lake region was what caused them to spend 1.3B to prevent that from happening what would they do if they were to discover Conquest was being pursued by a major gold mining company on the east side of Goldcorp's property.
Not to say, this is the case, however, this little share purchase recently by Mr. Kearney might be interpreted by some as what poker players like to refer to as a TELL. In other words has he tipped his hand with regards to what the future might hold for Conquest Resources. I believe he has. JMHO of course.
gCalf
* * * *
Conquest's Alexander Gold Property:
is located in Balmer Township in the heart of the Red Lake Gold Camp. It is situated within the "Mine Trend" structural corridor adjacent to Goldcorp's Red Lake and Campbell Gold Mines, which contain historic production and current resources in excess of 28 million ounces of gold, and approximately 1,000 metres east of the Red Lake Complex shaft head frame and within 400 metres of the Far East gold zone at the Red Lake Mine. The Alexander gold virgine project is larger than the old Red Lake Gold Mine property:
In November 2009, Conquest completed a 4,100 metre drill program which successfully doubled the drilling depth profile on the project and reported gold mineralization in all six holes completed in the program. Conquest plans to continue exploration in 2010 with a drill program targeting structures at depth interpreted to extend from the adjacent Red Lake Gold Mine.
Following the completion of the placement, there will be 81,813,637 shares of Conquest
issued and outstanding. and
ex... in case of..
Goldcorp consolidating the Red Lake Gold Mine with the Alexander gold project:
$ 1.5 billion for Alexander property devided on 82 milion shares = $ 19.5 / sh
Note.
at the time of the much lower POG - Price Of GOLD - in July 1988 -
Goldcorp consolidated with Gold Eagle project situated a few miles away -
compared to the Alexander gold project neighbour who adjoin,
the underground workings of Red Lake Gold Mine workings now extended
to the border of the Alexander gold property which is situated along the prolific
Red Lake Gold Mine Trend gold zone confirmed by Goldcorp's latest own drilling into
Alexander gold property in 2009 -
today at higher POG - the CQR per share price should be adjusted higher -
in proportion to the higher POG today compared to July 1988 -
Conquest Alexander Project can be compared to the Gold Eagle project -
and "the Alexander project" is the only Conquest Red Lake project -
to be aquired of ex. Goldcorp -
Conquest remaining Gold property projects should stay with the Conquest shareholders:
* * * *
Goldcorp Provides Update On 2009 Exploration Program
VANCOUVER, British Columbia, November 24, 2009 – Goldcorp Inc. (TSX: G, NYSE: GG)
today provided highlights
of its successful $110 million 2009 exploration program.
Red Lake High Grade Zone Continues at Depth.
Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zone support the strong potential
for gold resource to reserve conversionbetween the 46 and 50 levels, as well as for new gold resources belowthe 50 level.
A new and growing area of high grade gold called the Far East Zone
has also been identified up-plunge
from the High Grade Zone.
In the under-explored Party Wall area (“R Zone”) , strong results from the deepest drilling will direct an aggressive exploration campaign in 2010.
Goldcorp’s cornerstone asset delivered a strong performance in the third quarter.
Gold production at Red Lake totalled 178,800 ounces ata total cash cost of $255 per ounce compared to gold production of160,100 ounces at a total cash cost of $297 in the third quarter of 2008.
Exploration drilling from the 4199 drift is advancing well with three drills off the platform: two drilling the High Grade zone and one drilling targets in the high-potential Party Wall area.
Rob McEwen, Goldcorp founder sees $5000 gold
Goldcorp Inc. founder Rob McEwen, who has more than $100 million in gold investments, said he expects the metal to top $5,000 an ounce as governments increase the money supply to combat recession. Bullion will more than double to $2,000 an ounce by the end of next year before rising to McEwen’s target by the end of the cycle, which could take an additional four years, the investor said. “Politicians around the world are listening to cries from their electorates and they’re giving money to all callers,” McEwen said yesterday in a telephone interview from Toronto. McEwen, who founded what is now the world’s second-largest gold producer by market value, owns stakes in three Canadian precious- metal explorers worth more than $100 million. He said he also has a “big, big” holding in bullion. Gold gained for the eighth straight year in 2008 amid investor concern the economy would collapse and government efforts to prevent that would increase inflation
Vancouver Resource Investment Conference - January 17 & 18, 2010 vancouver_skyline
Hyatt & Fairmont Conference Hotels, Vancouver, BC NEW LOCATION for JAN 2010 ONLY
Conference Registration | Agenda | Hotel & Travel | Floorplan Speaker Line Up | Exhibitor List | Exhibitor Information
Vancouver 2010: Exhibitors & Sponsors Welcome to visit us for more info at H80
. Conquest Resources Ltd. CQR - TSX - H80
"CONQUEST & GOLDCORP CHALLENGE"
Goldcorp Inc. (TSX:G)(NYSE:GG) provided highlights of its successful $110 million 2009 exploration program.
- Red Lake High Grade Zone Continues at Depth. Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zone-
support the strong potential for gold resource to reserve conversion between the 46 and 50 levels, as well as for new gold resources belowthe 50 level.
A new and growing area of high grade gold called the Far East Zone
has also been identified up-plunge from the High Grade Zone.
In the under-explored Party Wall area ("R Zone") between Campbell and the Red Lake,
strong results from the deepest drilling will direct an aggressive
exploration campaign in 2010.
The new and growing area of high grade gold called the Far East Zone -
....has also been identified up-plunge from the High Grade Zone -
we see in this area of the new headframe and shaft in the background
of the picture -
with a cost for Goldcorp of about $125,000,000.00 to construct -
more than $125 Million in the development beside the Conquest
Alexander gold virgine property -
At the Red Lake Gold Mine -
a primary focus of exploration at Red Lake in 2009 was the early completion of the 4199 exploration drift,
enabling drilling of the deep High Grade Zone for the first time in four years.
Five assayed drill holes have been completed within the resource shape
from this platform, with results
indicating the continuation of the High Grade Zone at depth.
This year, the Company is targeting new gold reserves in the zone between the 46 and 50 levels and new resources below the 50 level.
The 4199 exploration drift will now provide the primary exploration platform for exploration of the deep High Grade Zone on an ongoing basis.
It will be developed progressively in order to maintain favourable
drilling geometry into the area.
The Party Wall at Red Lake comprises the former boundary area between the Red Lake and Campbell mines that had been previously unexplored.
Assays over the last two years have demonstrated a high grade gold resource.
Mining operations in the shallower portions of the Party Wall have drifted toward the gold zone, with in-fill drilling confirming the resource model.
Deep drilling of the Party Wall area tothe 38 level has resulted
in some of the highest grade intercepts to date, and will be
the focus of an aggressive drill program in 2010.
Up-plunge and to the east of the Red Lake High Grade Zone lies
an underexplored area
called the Far East Zone.
Assay results in 2009 indicate an ore grade gold zone
at the 16 level that will continue tobe tested
as drilling moves closer to the surface.
Red Lake Drilling Results
--------------------------------------------------------------------------- Drill Approx. true Hole Area From (m) To (m) width (m) Au (g/t) --------------------------------------------------------------------------- D44008 High Grade Zone 49 level 360.30 365.91 4.50 931.89 --------------------------------------------------------------------------- D44004 High Grade Zone 48 level 362.41 374.29 8.11 65.83 --------------------------------------------------------------------------- D43058 High Grade Zone 49 level 322.78 325.53 2.19 120.00 --------------------------------------------------------------------------- D43059 High Grade Zone 49 level 359.36 369.94 10.58 43.89 --------------------------------------------------------------------------- D36439 R Zone 92.20 96.77 3.50 60.00 --------------------------------------------------------------------------- D41178 R Zone 663.25 670.56 4.73 45.87 --------------------------------------------------------------------------- 16L1427 Far East 21.03 32.13 9.24 29.83 --------------------------------------------------------------------------- 16L1426 Far East 38.40 42.67 4.00 31.70 ---------------------------------------------------------------------------
GOOD LUCK AND GOD BLESS
If America is to be saved, we will have to return to a gold standard.
Until that time, if we are to be saved, then we must put our
financial assets into gold....
EX..CQR Gold virgine play bargain..beside one of the worlds richest gold mines and lowest cost gold producers..dd....
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 Robert Kinloch, Director, (306) 343-5799 Email: info@conquestresources.net, URL: http://www.conquestresources.net
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