The COMEX August gold futures contract closed up $23.10 Monday at $1240.80, trading between $1212.10 and $1241.70
June 7, p.m. excerpts: (from Dow Jones) -- Gold rallied to within inches of its U.S.-dollar record and beat its all-time high in euros as investors increasingly buy the metal as a hedge against financial deterioration in the euro-zone. Gold for August delivery rose 1.9% to settle at $1,240.80 an ounce, just missing the $1,243.10 record close for a most-active contract set in mid-May. "The global tensions are at a pinnacle," said Mike Daly, gold specialist at PFGBest. "People are saying, 'We don't have any confidence in these fiat currencies, and we need to move our money into tangible, safer assets.'"..
Conquest-4.64 Grams Per Tonne Gold Intersected Over 6 Metres in Sulphide Shear Zone Area
- Three Holes Intersect Sulphide Shear Zone Over 325 Metres Strike at Alexander Gold Project in Red Lake, Ontario
TORONTO, ONTARIO, Sep 27, 2010 (MARKETWIRE via COMTEX) --
Conquest Resources Limited (TSX-V:CQR) is pleased to announce the completion of 1,275 metres of drilling in the central portion of its 100% owned Alexander property at Red Lake where three drill holes intersected a zone of strongly sheared and altered Balmer basalt containing strong sulphide mineralization.
The Company also continues to explore under the western portion of the property with its ongoing 8,000 metre deep drilling program.
SULPHIDE SHEAR ZONE DRILLING
The supplemental three-hole program consisted of 1,275 metres of NQ-sized drilling in the central part of the Alexander Property located approximately one kilometre east of the ongoing deep drilling program near the property boundary with Goldcorp.
Three holes, CR-10-041, -042, and -043 were drilled at -60 degrees dip to the north east under the eastern portion of the Sulphide Shear Zone to respective hole depths of 486, 429, and 360 metres. The targeted zone is oriented approximately 120 degrees in strike, dipping steeply to the south west, and remains untested in all directions below 225 metres vertical depth. Holes CR-10-041, -042, and -043 are widely spaced covering up to 325 metres of strike under the central part of the Alexander property where several holes drilled by Conquest in 2003 and 2004 tested the upper stratigraphy where the best hole drilled in 2004 intersected gold mineralization reporting 12 grams per tonne over 0.43 metres.
In the recent 2010 program, a gold mineralized intrusive was intersected within the Sulphide Shear Zone hanging wall in hole CR-10-042 at a vertical depth of 238 metres containing 4.64 g/t gold over 6.0 metres, which included 12.67 g/t gold over 1.50 metres.
Holes CR-10-041 and -043 intersected strong sulphide mineralization hosted in strongly sheared and carbonate-silica-biotite altered basalts over respective true thickness widths of 11.6 and 9.2 metres. Hole CR-10-042 intersected similar mineralization over 4.7 metres true thickness.
The geology intersected in these three holes provides strong encouragement to undertake follow-up drilling in the open areas to the west and beneath this shear zone where the interpreted extension of this zone remains untested and highly prospective.
NEW TRENCHING UNCOVERS SEVEN METRE-WIDE MINERALIZED SHEAR ZONE OVER 80 METRES AT SULPHIDE SHEAR ZONE
In addition to drilling, a new trench was excavated exposing a 35 x 80 metre window into the surface geology above the area targeted in drilling at the Sulphide Shear Zone. A seven metre true-thickness mineralized and strongly carbonate-silica-biotite altered shear zone was uncovered on strike with surface mineralization discovered by Conquest in 2003 (Sulphide Shear Zone).
New trenching at the Sulphide Shear Zone has provided a sizeable exposure for the first time of the detailed structural relationships and lithological contacts, which are key components required to understand the geometry and structural setting of the mineralization found on the Property. The mineralization and alteration observed in the Sulphide Shear Zone is similar to those mineralized zones present at the adjacent Red Lake Mine.
At surface, the uncovered shear zone is intensely oxidized. Sulphide mineralization is contained within a seven to nine metre thick, strongly sheared zone oriented at 120 degrees in azimuth, dipping 65 degrees to the southwest. The zone contains moderate to steeply dipping, sheared and folded quartz carbonate veins with pervasive carbonate and biotite alteration throughout.
Mineralization is dominated by near-solid sulphide pyrrhotite-pyrite sulphide stringers in the hanging-wall within the upper portion of the shear zone where carbonate-biotite-silica-magnetite alteration is the strongest and most oxidized. Mineralization extending into the footwall of the shear zone is dominated by weaker pyrite-arsenopyrite disseminated sulphide mineralization throughout the sheared, silica-biotite altered host basalt.
Channel samples were cut from the trench on a locally established grid across the entire width of the shear zone. Samples were fire assayed for gold and then further processed for a detailed suite of trace elements using ICP methods at Activation Laboratories in Red Lake and Thunder Bay, Ontario. Anomalous gold values were returned over the most intensely oxidized hanging-wall portions of the shear zone in the range of 50 to 200 ppb. The highest values were found to occur in the footwall of the shear zone between 300 and 400 ppb gold.
It is believed that the Sulphide Shear Zone is one of several southwest dipping shear zones containing steeply west plunging sulphide mineralized chutes. Similar structures have been found at adjacent mines in the Red Lake camp to be very strongly correlated to high grade gold mineralization.
DEEP DRILLING EXPLORATION
The drilling of the second parent hole and subsequent wedging in the 8,000 metre deep drilling program on the western portion of the Alexander property is ongoing and will be completed in November.
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 have 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 with 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. Sampled core is being cut in half and shipped via courier to AGAT Labs in Mississauga for gold fire assay using a 50 gram charge taken from a representative 200 gram pulp. Conquest employs the regular use of internal check standards, blanks, and double splits within its QA/QC program.
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 83,713,637 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.
Contacts: Conquest Resources Limited Terence N. McKillen President & CEO 647-728-4126
Conquest Resources Limited John F. Kearney Chairman 416-362-6686 info@conquestresources.net
Red Lake Gold Mines (RLGM) is composed of two operating complexes: the Red Lake and the Campbell Complex. Situated in one of the world's most prolific gold producing regions, RLGM has produced 20 million ounces since 1949 and it continues to be one of the highest-grade gold mines and lowest cost producers in the world. RLGM is also the largest gold mine in Canada. The High Grade Zone alone has averaged more than two ounces of gold per ton.
Detour Gold Commences Drilling Program at Conquest's Sunday Lake Property Mar. 7, 2011 (Marketwire Canada) -- TORONTO, ONTARIO --
Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report that Detour Gold Corporation ("Detour Gold") has commenced a 2,000-metre diamond drilling program at Conquest's Sunday Lake Property, which is currently under joint venture option to Detour Gold.
A total of 10 exploration drill holes are planned from five prioritized drill target areas defined by Detour Gold by their recently completed induced polarization (IP) geophysical survey and MMI (Mobile Metal Ion) soil geochemical program conducted on the property, (see CQR Press Releases – October 27, 2010 and January 19, 2011) and historical work compilation.
Detour Gold has defined prospective targets for gold mineralization in areas of high chargeability along a shear structure located 500 metres to the north and parallel to the Sunday Lake Deformation Zone (SLDZ), which transect a significant portion of the seven-kilometre length of the Sunday Lake Property.
In September 2010, Conquest entered into a joint venture with Detour Gold on Conquest's Sunday Lake Property pursuant to which Detour Gold has the right to earn a 50% interest in the Sunday Lake Property by completing $1,000,000 of exploration over the next two years, including a minimum expenditure of $500,000 prior to September 30, 2011.
Detour Gold has initiated construction activities at its Detour Lake open pit mine, with a mineral reserve of 14.9 million ounces, located approximately seven kilometers west of Conquest's Sunday Lake property.
Conquest holds 100,000 shares of Detour Gold Corporation.
ABOUT THE COMPANY
Conquest also continues to explore at its 100% owned Alexander Gold Project in the heart of the Red Lake gold camp with its ongoing multi-phase 20,000 metre, deep drilling program. Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Sunday Lake property at Detour Lake in joint venture with Detour Gold Corporation; and the Smith Lake Gold Project at Missanabie.
There are currently 95,239,092 shares of Conquest issued and outstanding.
This news release may include certain "forward-looking statements". All statements other than statements ---- 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.
Conquest Resources Limited President & CEO 647-728-4126
Nice time to buy here :-) bottom fishing Au safety bargain :-)
RE: CQR VALUATION: the Gold former production properties in Zimbabwe fair market valuation should alone be higher than CQR total Market Cap: 13,016,882 million
E.g., Beehive and Babs Gold Mines, Midlands Goldfield Project Overview
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 5.7g m/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.
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 mostof the past production of 163,200 ounces (520,000 tonnes at 10.8 g m/t gold) was derived can be traced for over 1,200 metres and is up to 2m wide inplaces.
The deposit was formerly accessed on 14 levels by two shafts and byover 10,670 metres of lateral development.
Other production came fromthe Sinola and Spur veins.
Several other mineralized structures occur parallel to the Moss vein and contain ore grade values.
The New Reef isup to 1.5m thick and contains ore grade gold values (average 19.9gm/t).
Potential exists for further gold reserves tobe delineated within the Moss vein system as well as in parallel andcross-cutting veins.
Over 30 present and past producting gold mines are located within 10 km 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 above Gold Mines should be restarted by CQR with todays Gold price above $1,400.- per ounce a.s.a.p.!!! Its a shame that they haven't been restarted yet?
Conquest Commences Drilling from Goldcorp Red Lake Mine Property Conquest Appoints Vice President of Exploration
The Red Lake Gold Mine is composed of two operating complexes: the Red Lake Complex and the Campbell Complex. Red Lake Gold mine is Canada’s largest gold mine, and in 2009 produced 623,000 ounces at a cash cost of $288/oz. It is also one of the world’s richest gold mines and lowest cost producers.
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