Hunter, I have been into GG from the beginning - I had a lot of patience from the beginning - and will never regret it :-) the Alexander property is my new virgin golden baby :-) the most prime Au location :-) http://www.goldcorp.com/operations/red_lake_mine/
Conquest Amends Agreement With Detour Gold Corporation on Conquest's Properties Adjacent to Detour Lake Gold Project TORONTO, ONTARIO--(Marketwire - Aug. 10, 2010) -
Conquest Resources Limited - (TSX VENTURE:CQR) announces that it has amended a previously executed letter agreement with Detour Gold Corporation ("Detour Gold") pursuant to which Detour Gold will purchase Conquest's interest in the Aurora Property and will have an option to acquire a 50% interest in Conquest's Sunday Lake Property.
Conquest has now entered into a separate agreement with NVI Mining Ltd. ("NVI"), an indirect wholly-owned subsidiary of Breakwater Resources Ltd., to purchase the remaining 40% interest that it does not already own in the Aurora and Sunday Lake properties located in the Detour Lake area, Ontario and to purchase the 2% net smelter royalty interest therein held by NVI. The consideration for the acquisition from NVI is $1.0 million to be satisfied through the payment by Conquest of $500,000 in cash and the issuance, subject to regulatory approval, of 3,125,000 shares of Conquest.
Under the amended agreement with Detour Gold, Conquest will convey to Detour Gold, subject to regulatory and other approvals, a 100% undivided interest in the Aurora Property free and clear of the 2% net smelter royalty. The consideration has been amended to a cash consideration of $2.0 million, rather than $1.0 million, to reflect that at the time of Detour Gold's acquisition from Conquest the Aurora Property and the Sunday Lake Property will not be subject to the 2% net smelter royalty and that Detour Gold will not be obligated to incur any exploration expenditures other than the Sunday Lake Expenditures (as defined below). The consideration will still include the issuance, subject to regulatory approval, of 100,000 shares of Detour Gold to Conquest. In addition, Detour Gold will have an option to acquire a 50% joint venture interest in the Sunday Lake Property by completing $1.0 million in exploration expenditures on the Sunday Lake Property (the "Sunday Lake Expenditures") over the next two years with a minimum of $500,000 prior to August 31, 2011. The Aurora Property and the Sunday Lake Property each remain subject to an interest held by Prism Resources Inc. equal to 7.5% of the net profits from the properties.
The Sunday Lake Property lies immediately east of Detour Gold's Detour Lake Project, along the eastern extension of the Sunday Lake Deformation Zone, in what is believed to be a prospective area of this relatively under-explored part of the Abitibi Greenstone Belt.
The Aurora Property lies south of Detour Gold's Detour Lake Project. Detour Gold is acquiring the Aurora Property to accommodate the infrastructure requirements for the development of its Detour Lake mine.
COMMENT
"We are very pleased to have reached an agreement with Breakwater and a revised agreement with Detour Gold which will be beneficial for all parties," said Terence McKillen, President and Chief Executive of Conquest. "The amended agreement will result in a transaction value to Conquest of approximately $4 million of which $1 million will offset the acquisition by Conquest from Breakwater of the 40% interest in the properties that it did not previously own as well as the purchase of the outstanding royalty interest. In addition, as part of the agreement, Detour Gold will expend a minimum of $1 million on the Sunday Lake Property over a two year period with a minimum of $500,000 per year. Detour Gold's geological knowledge and expertise in the area will be invaluable in the future exploration on the Sunday Lake Property," added Mr. McKillen.
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 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.
For more information, please contact Conquest Resources Limited Terence N. McKillen President & CEO 647-728-4126 begin_of_the_skype_highlighting 647-728-4126 end_of_the_skype_highlighting begin_of_the_skype_highlighting 647-728-4126 end_of_the_skype_highlighting or Conquest Resources Limited D. Brett Whitelaw Vice-President 604-662-8633 or Conquest Resources Limited John F. Kearney Chairman 416-362-6686 info@conquestresources.net
Conquest Resources L (TSX:CQR)(USD)$0.17 UP $0.01 (+6.25% :-) Bid 0.17 Ask 0.175 Volume 229,500 good demand :-) Days Range 0.155 - 0.17 Last Trade 8/16/2010 3:49:56 PM Click for detailed quote page
Conquest Amends Agreement With Detour Gold Corporation on Conquest's Properties Adjacent to Detour Lake Gold Project
TORONTO, ONTARIO--(Marketwire - Aug. 10, 2010) - Conquest Resources Limited (TSX VENTURE:CQR) announces that it has amended a previously executed letter agreement with Detour Gold Corporation ("Detour Gold") pursuant to which Detour Gold will purchase Conquest's interest in the Aurora Property and will have an option to acquire a 50% interest in Conquest's Sunday Lake Property.
Conquest has now entered into a separate agreement with NVI Mining Ltd. ("NVI"), an indirect wholly-owned subsidiary of Breakwater Resources Ltd., to purchase the remaining 40% interest that it does not already own in the Aurora and Sunday Lake properties located in the Detour Lake area, Ontario and to purchase the 2% net smelter royalty interest therein held by NVI. The consideration for the acquisition from NVI is $1.0 million to be satisfied through the payment by Conquest of $500,000 in cash and the issuance, subject to regulatory approval, of 3,125,000 shares of Conquest.
Under the amended agreement with Detour Gold, Conquest will convey to Detour Gold, subject to regulatory and other approvals, a 100% undivided interest in the Aurora Property free and clear of the 2% net smelter royalty. The consideration has been amended to a cash consideration of $2.0 million, rather than $1.0 million, to reflect that at the time of Detour Gold's acquisition from Conquest the Aurora Property and the Sunday Lake Property will not be subject to the 2% net smelter royalty and that Detour Gold will not be obligated to incur any exploration expenditures other than the Sunday Lake Expenditures (as defined below). The consideration will still include the issuance, subject to regulatory approval, of 100,000 shares of Detour Gold to Conquest. In addition, Detour Gold will have an option to acquire a 50% joint venture interest in the Sunday Lake Property by completing $1.0 million in exploration expenditures on the Sunday Lake Property (the "Sunday Lake Expenditures") over the next two years with a minimum of $500,000 prior to August 31, 2011. The Aurora Property and the Sunday Lake Property each remain subject to an interest held by Prism Resources Inc. equal to 7.5% of the net profits from the properties.
The Sunday Lake Property lies immediately east of Detour Gold's Detour Lake Project, along the eastern extension of the Sunday Lake Deformation Zone, in what is believed to be a prospective area of this relatively under-explored part of the Abitibi Greenstone Belt.
The Aurora Property lies south of Detour Gold's Detour Lake Project. Detour Gold is acquiring the Aurora Property to accommodate the infrastructure requirements for the development of its Detour Lake mine.
COMMENT
"We are very pleased to have reached an agreement with Breakwater and a revised agreement with Detour Gold which will be beneficial for all parties," said Terence McKillen, President and Chief Executive of Conquest. "The amended agreement will result in a transaction value to Conquest of approximately $4 million of which $1 million will offset the acquisition by Conquest from Breakwater of the 40% interest in the properties that it did not previously own as well as the purchase of the outstanding royalty interest. In addition, as part of the agreement, Detour Gold will expend a minimum of $1 million on the Sunday Lake Property over a two year period with a minimum of $500,000 per year. Detour Gold's geological knowledge and expertise in the area will be invaluable in the future exploration on the Sunday Lake Property," added Mr. McKillen.
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 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.
For more information, please contact Conquest Resources Limited Terence N. McKillen President & CEO 647-728-4126 or Conquest Resources Limited D. Brett Whitelaw Vice-President 604-662-8633 or Conquest Resources Limited John F. Kearney Chairman 416-362-6686 info@conquestresources.net
Conquest Resources Limited (TSX VENTURE: CQR) is pleased to report the balance of the assays at depth from the Company's first parent hole, CR-10-039, at the Alexander Property in Red Lake, Ontario, and that gold mineralization was intersected at a vertical depth of 1,615 metres in magnetite- and sulphide-bearing, banded chert within the Bruce Channel Formation, reporting 8.49 grams per tonne over 1.00 metre.
BRUCE CHANNEL FORMATION HOSTED GOLD MINERALIZATION
The 8.49 grams per tonne intersection represents the deepest gold mineralization intersected on the Alexander property to date and is significant because it also demonstrates for the first time that Bruce Channel Formation metasediments in the eastern portion of the Red Lake Camp host gold mineralization.
Adjacent sampling indicates that a two metre thick envelope of elevated gold values (0.1 to 0.3 grams per tonne) is located stratigraphically above and below the 8.49 g/t anomalous assay. True thickness of this horizon is unknown as it has never been previously tested and is interpreted to outcrop approximately 1,700 metres up-dip on the northern portion of the Alexander Property under the Red Lake Mine tailings pond.
Terence McKillen, President and CEO, commented on the ongoing exploration stating, "With an intersection of over one quarter of an ounce over one metre at a vertical depth of 1,615 metres we have demonstrated that there is gold at depth on Conquest's Alexander Property at Red Lake. The goal of this deep drill program is to demonstrate through systematic exploration that the Alexander property has the potential to host another large gold deposit, east of the Red Lake Gold Mine."
As previously reported, CR-10-039 intersected metasediments belonging to the Bruce Channel Formation beneath the Balmer Assemblage that were found to contain several encouraging 10 to 50 metre thick sections of sheared metasediments that were locally found to contain massive sulphide replacement and cherty iron formations.
The first parent hole also located a favorable shear zone approximately seven metres true thickness in Balmer Assemblage basalts at a depth of 790 vertical metres that reported marginally anomalous gold values and which remains untested along strike and is open at depth. (see Press Release - May 27, 2010).
RESULTS FROM THE FIRST WEDGE HOLE (CR-10-039-W1)
The first hole of the deep drill program, CR-10-039, was collared in a steeply dipping northeast direction from the southwest corner of the Alexander Property and was completed to a total depth of 2,084 metres in 75 days of drilling. The subsequent hole, CR-10-039-W1, was wedged at a depth of 320 meters from the parent hole and was completed to a total depth of 1,206 metres in 28 days.
CR-10-039-W1 intersected the targeted structures within the Balmer Assemblage above 1,180 metres down-hole depth before intersecting the Bruce Channel formational contact. Assays from within the Balmer Assemblage reported marginally anomalous gold values from the targeted structures between 700 and 1,000 metres vertical depth. Additional assays are pending from the bottom portion of CR-10-039-W1 at the Balmer - Bruce Channel formational contact.
COMMENCEMENT OF SECOND PARENT HOLE (CR-10-040)
A second parent hole, CR-10-040, has been collared approximately 400 metres to the east of the first parent hole. This second deep hole targets a broader section of Balmer volcanics which have been interpreted to contain sheared horizons below the 300 metre level where previous drilling intersected elevated gold values. The hole is planned to a depth of 1,700 metres and will be maintained for subsequent wedging.
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.
Conquest Resources (TSX:CQR)(USD)$0.19 UP $0.03 +18.75% :-) Bid 0.17 Ask 0.19 Volume 67,000 Days Range 0.165 - 0.19 Last Trade 9/20/2010 3:44:36 PM
Detour Gold to spend C$125 on mining support equipment, haulage trucks
Shares in the group rose on the announcement it will buy 18 Caterpillar trucks and various mining support equipment over the next two years for use at its Detour Lake gold mine Posted:Friday,17 Sep 2010
(Reuters) -
Detour Gold Corp (DGC.TO: Quote)said it will spend C$125 million ($121.7 million) to buy mining support equipment and 18 Caterpillar haulage trucks over the next two years for its Detour Lake gold mine in north eastern Ontario.
With the order, the company has entered into commitments of about C$304 million for the development of the Detour Lake project over the next 27 months, it said in a statement.
The Detour Lake deposit is Canada's largest pure gold play with reserves of 11.4 million ounces, according to Detour Gold website. This is about 30 percent higher than its October 2009 estimate of 8.8 million ounces.
The Toronto-based gold explorer is evaluating financing proposals for the equipment purchases, including a proposal from Caterpillar Financial Services Corp, a unit of Caterpillar Inc (CAT.N: Quote).
The company said it expects to finalize the terms and conditions for the financing by October.
Six trucks of the initial purchase are to be delivered in the fourth quarter of 2011, while 12 are to be supplied in the second half of 2012,Detour said.
The company said it signed an agreement with Toromont Industries Ltd (TIH.TO: Quote) for the life of mine requirement of up to 36 Caterpillar haulage trucks.
The company also named Julie Galloway as vice president, general counsel and corporate secretary. Galloway joins from FNX Mining Co where she was corporate secretary.
Detour shares, which have gained about 26 percent since it raised C$252 million for its Detour Lake project late June, were up 3 percentat C$31.75 in afternoon trade Thursday on the Toronto Stock Exchange.($1=1.027 Canadian Dollar) (Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)
2010 Deep Drilling Program underway at Alexander (Photo of Longyear 55 deep drill rig)
Conquest holds several advanced stage gold properties in the Province of Ontario, including the strategically important Alexander Project, located in the heart of northwestern Ontario's Red Lake gold mining district.
The Alexander Property is situated immediately to the east of Goldcorp's high grade Red Lake mine at Balmer town and has been independently called "the best located exploration property in the Red Lake Gold Camp."
Conquest- Au 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.
"In each of the last six years, Goldcorp's focused exploration program has delivered greater gold exposure to shareholders by not only increasing gold reserves in absolute numbers but also by increasing our gold reserves on a per share basis," said Chuck Jeannes, Goldcorp President and Chief Executive Officer.
"Continued exploration success in 2010 has positioned the Company to grow gold reserves for a seventh consecutive year, driven by strong results at key assets.
Our highly prospective, Americas-based asset portfolio will remain an important source of new high quality gold ounces-and continued leverage to the gold price-in the future."
Canada
Red Lake
During 2010, recent underground infrastructure investments led to an acceleration of exploration drilling at the Company's cornerstone mine.
Development of the High Grade zone (HGZ) continued from the 4199 exploration drift, where three drills are infilling and extending the HGZ at depth, between the 49 and 52 levels.
Strong results there support the potential for increasing 2010 gold reserves in the HGZ for the first time in several years.
They include, 1.1 meters approximate true width of 3,706.9 grams per tonne gold at the 50 level and 1.7 meters approximate true width of 1,826.3 grams per tonne gold below the 51 level.
In 2010, a connection drift was completed linking the Red Lake Complex to the Campbell Complex in the deepest part of the mine.
This drift provides additional flexibility for HGZ development, where a drill platform is currently targeting the HGZ hanging wall between the 45 and 47 levels.
Exceptional results have been received to date, illustrating strong continuity of portions of the upper HGZ that have previously not been fully tested.
With a result including 34.7 meters approximate true width of 136.3 grams per tonne gold on the 46 level, this area is expected to contribute new gold reserves and resource additions.
In 2011, a sustained exploration program from both drifts will continue to target this prolific gold zone from several platforms.
Slides 2 and 3: High Grade zone continues In the upper Red Lake Complex, aggressive drilling and development continues in the Far East Zone.
Drilling throughout the year targeted growth in reserves and resources between the 13 and 21 levels.
Exploration drifting is currently underway on 21 level at Red Lake to provide a drill horizon for 2011 and beyond to infill and expand resources and reserves between the 18 and 23 levels.
The R Zone in the deep Party Wall at Red Lake comprises the former boundary area between the Red Lake and Campbell mines that had been previously underexplored.
Drilling throughout the year on the R zone has returned significant assays that are adding reserves and resources between the 30 and 37 levels.
Subsequent ore development has exposed these structures for the first time.
Current resource models are being updated in the area and a new exploration and development plan will be in place in 2011 to further test the R Zone, which remains open at depth.
Cochenour The Cochenour/Bruce Channel deposit is located below Goldcorp's historic Cochenour mine and is a key component of Goldcorp's consolidation plans in the Red Lake district.
A 2009 surface drilling program identified gold mineralization in the Gap zone between the bottom of Cochenour (2200 Level) and the top of the Bruce Channel discovery.
In 2010, underground drilling from the 2050 level verified the continuity of gold-bearing structures below Cochenour towards the Bruce Channel deposit.
For budget and planning purposes the Company has sized the Cochenour project for a mineable deposit of 5 million gold ounces.
An initial gold mineral resource is expected for year-end.
Work on enlarging and upgrading the existing Cochenour shaft is in progress and the development of a 5 kilometer drift and high speed tram on the 5400 foot level connecting to the Red Lake mine is underway.
This will enable Cochenour/Bruce Channel ore to be hauled directly to the Red Lake mine and processed at the existing mill facility. The drift will also open up exploration over five kilometers of untested ground in one of the world's richest gold districts.
Future exploration plans include additional drilling both from surface and from underground including drilling from the high speed tram drift. The first of the drilling stations has been completed and drilling nin this untested area is expected to commence in 2011 once the drift excavation is sufficiently advanced.
Conquest Resources L (CQR) fiat$0.19 UP $0.04 +26.67% :-)
Volume: 158,300 @ 3:58:14 PM ET good demand :-) Bid Ask Day's Range 0.16 0.19 0.16 - 0.19 Full TSX:CQR Quote
DETOUR GOLD COMPLETES SOIL SAMPLING PROGRAM AT SUNDAY LAKE PROPERTY | DRILL PROGRAM PLANNED FOR JANUARY 2011 Release Date: 27-10-2010 Toronto, Ontario - October 27, 2010 |
Conquest Resources Limited - (TSX-V: "CQR") is pleased to report that Detour Gold Corporation ("Detour Gold") has completed an MMI (Mobile Metal Ion) soil sampling program on Conquest's Sunday Lake Gold Project, located 7 kilometers east of Detour Gold's open pit gold development project in the northern Abitibi Greenstone Belt.
Conquest recently entered into a joint venture with Detour Gold on Conquest's Sunday Lake Property (consisting of 13 square kilometers of prospective mineral leases located along the Sunday Lake Deformation Zone pursuant to which Detour Gold has the right to earn a 50% interest in the Sunday Lake Property) by completing $1,000,000 on exploration over the next two years, including a minimum expenditure of $500,000 prior to September 30, 2011.
Conquest also holds 100,000 shares of Detour Gold Corporation.
A total of 552 samples were collected by Detour Gold during the soil sampling program, designed to assist in the prioritization of drill targets for the upcoming winter drill season. Geochemical results from the survey are expected in November 2010.
Conquest anticipates Detour Gold will commence a drill program on the Sunday Lake Property in January, 2011.
THREE HOLES INTERSECT SULPHIDE SHEAR ZONE OVER 325 METRES STRIKE AT ALEXANDER GOLD PROJECT IN RED LAKE, ONTARIO Release Date: 27-09-2010
4.64 GRAMS PER TONNE GOLD INTERSECTED OVER 6 METRES IN SULPHIDE SHEAR ZONE AREA
Toronto, Ontario, September 27, 2010 |
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. Sampling from within the strongly sheared volcanics returned marginally anomalous gold values generally less than 0.20 g/t over 1.0 metres widths.
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.
[b]The mineralization and alteration observed in the Sulphide 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.
Detour Gold’s hike in reserves fuels takeover talk MARTIN MITTELSTAEDT From Thursday's Globe and Mail Published Wednesday, Feb. 02, 2011 6:34PM EST Last updated Thursday, Feb. 03, 2011 8:30AM ES
Updates 19-01-2011 DETOUR GOLD COMMENCES GEOPHYSICAL SURVEY AT CONQUEST'S SUNDAY LAKE PROPERTY | WINTER DRILL PROGRAM PLANNED FOR SUNDAY LAKE
Conquest holds several advanced stage gold properties in the Province of Ontario, including the strategically important Alexander Project,located in the heart of northwestern Ontario's Red Lake gold mining district. The Alexander Property is situated immediately to the east of Goldcorp's high grade Red Lake mine at Balmertown and has been independently called
"the best located exploration property in the Red Lake Gold Camp."
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.
Project Location
The Piper Moss property lies approximately 3 kilometres north of the town of Kwe Kwe in the Midlands area of Zimbabwe. The area has a rich gold mining tradition with over 30 past producing mines located within a 10km radius. A major highway, linking Harare to Bulawayo, passes along the side of the property, providing excellent access. The Harare-Bulawayo railway lies parallel to the highway and electrical power is available to the site.
Project Details
The Piper Moss mine is a form er gold production property (6th largest in the Midlands Goldfield) 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 Piper Moss mine was formerly accessed on 14 levels by two shafts and by over 10,670 metres of lateral development.
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. Several of the ore shoots contain very rich grades which have been estimated (in government reports) to be in excess of 1.0 ounces per ton 34.28gm/t). Other production came from the Sinola and Spur veins.
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