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.
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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.
Sunday Lake property = SUNDAY LAKE GOLD PROPERTY at Detour Lake
Canada's largest pure gold play with gold reserves of 11.4 million ounces
Feasibility study completed
Average annual gold production of approximately 649,000 ounces at cash operating costs of US$437/oz At $850/oz, pre-tax NPV of US$1.03 billion at a 5% discount rate generating an IRR of 14.4%
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.
Overview
The Detour Lake deposit contains an open pit mineral reserve of 11.4 million ounces of gold.
The results of the feasibility study indicated that Detour Lake will be capable of producing nearly 650,000 ounces of gold annually over a mine life of 16 years.
The 376 square kilometres Detour Lake property is located on the northern most, relatively under-explored, Abitibi Greenstone Belt in northeastern Ontario. The Detour Lake project is approximately eight kilometres west of the Ontario-Québec border and 180 kilometres northeast of Cochrane, Ontario. Access to the property is available via the Detour Lake mine road, an extension of Highway 652 from Cochrane, as well as by air to the site's 1.6 kilometre gravel airstrip.
The Detour Lake deposit is situated in the area of the former Detour Lake mine, which was operated by Placer Dome and produced 1.8 million ounces of gold from 1983 to 1999. In addition, Detour Gold has a 50% interest in Block A located west of the Detour Lake project, which host an indicated resource of 1.2 million ounces.
The Sunday Lake Property is comprised of 13 square-kilometres of patented mining claims located four kilometres east of Detour’s 8.8 million ounce gold deposit in the Northern Abitibi Greenstone Belt in Ontario that is currently under development by Detour Gold Corporation (DGC-TSX). In September 2010, Conquest joint ventured its interest in its Sunday Lake Property with Detour Gold Corporation whereby Detour Gold will expend $1,000,000 in exploration over two years to earn a 50% interest in the project under the new joint venture agreement. The Detour Lake gold camp has recently been revitalized by Detour Gold who have recently published a feasibility study on the development of a 45,000 tpd open pit mine to produce 560,000 ounces of gold annually for 14.5 years at a cost of $404 per ounce. The former Detour Gold Mine and the new 8.8 million ounce development project of Detour Gold is hosted along the same Sunday Lake Deformation Zone within the Northern Abitibi Greenstone Belt that transects the entire length of the Sunday Lake claim group. The Abitibi region has a history of world-class production from over 100 gold mines totalling nearly 200 million ounces of gold in historic production and current resources. SUNDAY LAKE GOLD PROPERTY at Detour Lake
A preliminary evaluation of a 2009 airborne geophysical survey released by the Ontario Geological Survey infers that a favorable structural horizon transects the Sunday Lake Property. The geophysical data confirms that the Sunday Lake claims which lie immediately to the east of the Detour Lake gold deposit are associated with the same deformation trend - the Sunday Lake Fault. THE AURORA PROPERTY TRANSACTION In September 2010, Conquest sold its Aurora Property to Detour Gold located immediately south of their proposed 8.8 million ounce open pit gold mine for $2,000,000 in cash and 100,000 shares in Detour Gold. The total gross proceeds of the transaction was approximately $5.1 million. Conquest currently holds 100,000 shares of Detour Gold which has recently traded in the range of $26 to $32 per share.
Canada's largest pure gold play with gold reserves of 14.9 million ounces - Developing Detour Lake - Gold Reserve of 14.9 M oz in Canada
Feasibility study completed Average annual gold production of approximately 649,000 ounces at cash operating costs of US$437/oz As a future significant gold producer, the Detour Lake mine is expected to produce an average of 650,000 ounces of gold annually over a mine life of 21 years (55,000 to 61,000tpd milling rate)
Sunday Lake property = SUNDAY LAKE GOLD PROPERTY at Detour Lake
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.
Detour Lake project - Location & general geology
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.
Sunday Lake Gold property - ( 3 leases) which lies 5.5km east of the Detour mine, along the Sunday Lake Deformation Zone, a major structural break with which the Detour gold deposit
The Detour Lake deposit is situated in the area of the former Detour Lake mine, which was operated by Placer Dome and produced 1.8 million ounces of gold from 1983 to 1999.
The Sunday Lake Gold Property is comprised of 13 square-kilometres of patented mining claims located four kilometres east of Detour’s 14.9 million ounce gold deposit in the Northern Abitibi Greenstone Belt in Ontario that is currently under development by Detour Gold Corporation (DGC-TSX). In September 2010, Conquest joint ventured its interest in its Sunday Lake Gold Property with Detour Gold Corporation whereby Detour Gold will expend $1,000,000 in exploration over two years to earn a 50% interest in the project under the new joint venture agreement.
The former Detour Gold Mine and the new Gold 14.9 million ounce development project of Detour Gold is hosted along the same Sunday Lake Deformation Zone within the Northern Abitibi Greenstone Belt that transects the entire length of the Sunday Lake claim group.
The Abitibi region has a history of world-class production from over 100 gold mines totalling nearly 200 million ounces of gold in historic production and current resources.
SUNDAY LAKE GOLD PROPERTY at Detour Lake -
A preliminary evaluation of a 2009 airborne geophysical survey released by the Ontario Geological Survey infers that a favorable structural horizon transects the Sunday Lake Gold Property.
The geophysical data confirms that the Sunday Lake claims which lie immediately to the east of the Detour Lake gold deposit are associated with the same deformation trend - the Sunday Lake Fault.
Conquest currently holds 100,000 shares of Detour Gold which has recently traded in the range of $26 to $32 per share.
Conquest Resources L (CQR) fiat$0.08 UP $0.005 +6.67% :-) Volume: 57,000 @ 11:31:13 AM ET Bid Ask Day's Range 0.075 0.08 0.07 - 0.08 TSX:CQR Detailed Quote Wiki
Conquest Reports Surface Gold Mineralization on Its Smith Lake Ontario Property - TORONTO, ONTARIO--(Marketwire - Nov. 17, 2011) -
Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report encouraging assay results from surface channel samples obtained during its recent mapping and sampling trench excavation carried out at its 100% owned Smith Lake Gold Project where 50% of the samples collected returned significant gold values ranging from 1 to 14.7 grams per tonne gold.
The Smith Lake Property is located adjacent to the former Renabie Gold Mine in northern Ontario where Conquest has uncovered a mineralized zone of significant width comprised of folded quartz veining over six metres in true thickness where gold mineralization appears consistently elevated.
An outcrop was excavated in conjunction with recently reported preliminary diamond drilling at the site of a quartz vein prospect where a total of 54 samples were cut from the trench exposure and sent for gold assay. Twenty-one channel samples and six grab samples assayed greater than 1.0 gram of Gold per tonne (gpt Au) including:
14.7 gpt Au over 0.69 metres (m) 10.6 gpt Au over 1.06 m adjacent to 6.45 gpt Au over 1.06 m and 7.17 gpt Au over 1.05 m 7.41 gpt Au over 0.49 m 4.57 gpt Au over 1.07 m
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