Conquest Intersects Gold Mineralization in Five Drill Holes at Smith Lake Gold Property in Northern Ontario -
TORONTO, ONTARIO--(Marketwire - March 20, 2012) -
Conquest Resources Limited (TSX VENTURE:CQR) reports that it has completed fifteen drill holes totaling 1,759 metres of diamond drilling in a planned 2,500 metre exploration program at its 100% owned Smith Lake Gold Property, located adjacent to the former Renabie Gold Mine, in northern Ontario.
Of the fifteen holes completed since the commencement of drilling in February 2012, Conquest has received assay results on the initial six holes with five of the six holes, namely CSL-12-011, CSL-12-012, CSL-12-013, CSL-12-015 and CSL-12-016 returning anomalous gold values between 0.52 and 2.80 grams of gold per tonne (gpt Au) over 0.25 to 1.52 metres true thickness in eleven of a total of ninety-two samples, detailed below.
Mayfair Mining & Minerals, Inc. is a publicly held, momentarily unlisted mining and exploration company, operated from the U.K. Its experienced management team, headed by Mr. Clive de Larrabeiti, has designed a business plan to build the company into a successful exploration company with the focus on establishing actual gold production in the foreseeable future. To this effect, Mayfair recently acquired assets in Zimbabwe, formerly held by Conquest Resources (TSXV:CQR), consisting of three former gold producing mines, the Babs Gold Mine, the Beehive Gold Mine, the Piper Moss Mine and the Eva exploration property. The consideration for the acquisition was $2.0 million, payable by 20 million fully paid common shares, thus giving Conquest an approximate interest of 36.4% in the capital of Mayfair.
The Project
The three acquired mines are situated north and northeast of Kwe Kwe within the Midlands Greenstone Belt on the highly prospective Taba Mali Deformation Zone. This major structural feature exceeds 100 km in length and 20 km in width and hosts some of the significant gold producing operations in Zimbabwe.
The Beehive and Babs mines were developed between 1997 and 1998 at a cost of approximately $4.5 million and operated for 9 months before being placed on care and maintenance in early 1999, due to falling gold prices and increasing costs in Zimbabwean currency. In 1998, a 300 tpd processing plant was installed at the Beehive mine site, equipped with a crushing circuit, two parallel ball mills, C.I.P. tanks for leaching and subsequent carbon recovery. Unfortunately, the machinery attracted the attention of thieves and was stolen in the idle and bad years.
The Beehive mine is reported to have produced 15,000 ounces whilst the Babs produced 20,000 ounces. The average grade of the ores from which this production was derived were 6.8g/t and 9.6g/t. The Eva prospect, located 4 km north of the Beehive, has produced minor amounts of gold in the past.
The inferred mineral resources for the Beehive Mine are in excess of 145,000 tonnes at an average grade of 6.8g/t gold, whilst the Babs Mine may initially host 214,650 tonnes at 5g/t gold. The Eva prospect may host 360,000 tonnes grading 2-3g/t.
The Piper Moss Mine has an extensive history going back to the original claim staking in 1912. Old production records show that 163,190 ounces of gold were produced from 518,376 tons of ore. The mine is situated 3km north of the Globe and Phoenix Mine which has produced over 3.2 million ounces of gold from 3.6 million tons, which made it one of the richest gold mines in the then British Commonwealth.
Prospects
The most recent availabe documentation on the acquired properties are summary geological reports that date from respectively October 2000 on the Beehive, Babs and Eva properties and October 1996 on the Piper Moss property. According to these reports, the following observations can be made:
all properties are situated in regions where various finds of mineralization are known to be present, all properties are fully documented and should be read and studied with the general mining and exploration knowledge of today; none of the properties have been subjected to modern exploration techniques; the known reserves seem small but a great potential for further resources has been recognized;
the Eva prospect has the potential to become a significant low grade open pit mining operation;
all mining localities can be brought into production relatively quickly;
it is believed that the Beehive, Eva and Babs mines have the potential to become significant medium-sized gold producing operations whereas the Piper Moss mine has the additional feature of the Moss vein that offers great potential, provided comprehensive and meaningful exploration and development programs are carried out; on all four properties, there are substantial quantities of tailings readily available which should be sampled and investigated for possibilities of early and economically feasible recovery of the gold by vat and/or heap leaching; all properties are easily accessible via main paved roads and short distances on gravel roads and close to railroads and large hydroelectric power lines; within the territories of the company’s licensed areas, there are several indications of mineral occurrences that should be investigated.
First financing
Mayfair Mining & Minerals is seeking an initial financing by Private Placement of Units to a total amount of C$500,000. The price of each Unit offered is C$0.10 and each Unit shall consist of one share of the Company’s restricted Common Stock, par value US$0.001 per share and one warrant to purchase an additional common share for a period of two years from the date of the issue at a subscription price of C$0.15 per Unit. The proceeds of the issue will be used to enable the company to design the first working program to inspect, organize and evaluate theproperties, including a program for pre-exploration, initial sampling and testing, and starting up the refurbishing of the processing plant;
preparing and initiating a listing of the company’s shares on a generally recognized stock exchange or automated quotation system in Canada. Management has already commenced having discussions with some of the suitable choices for listing;
preparing and initiating negotiations to conduct a first major financing in a range of US$5.0 million plus to enable the company to start its first mature exploration and refurbishing program on the acquired properties in Zimbabwe.
The challenge: An opportunity
Management of Mayfair Mining & Minerals is determined to build a future in Zimbabwe, where it has recognized good opportunities to participate in its emerging gold industry. The completed acquisition of the four above described mineral properties should be a sound and prospective base for accomplishing that. The company is also in further advanced discussions on additional mining project acquisitions or joint ventures in other highly prospective gold regions of Zimbabwe.
Zimbabwe may not be the easiest operating environment in the world but considering its history and the process of change that is underway, Zimbabwe is widely and increasingly becoming regarded as one of the more promising mining destinations of Africa.
The rich greenstone belts that were the host of hundreds of smaller gold mines were not left because they were depleted, the mines stopped working due to adverse political and economic circumstances.
Over the last few months, it has become apparent that several good parties are coming to join the new interest in Zimbabwe gold mining. It is too early to speak of a gold rush but I am sure that we will see a lot more of the same happening in the forthcoming future. On a longer term, it is likely to change the nature of the mining industry as we know it from the past.
It will be a time that larger entities will come in and will be created. Consolidation should be the name of the new game, as may be applying a new way of approaching exploration and mining.
The richness of Zimbabwe may not only to be found in deep underground mining, there may be enough gold to be found closer to surface.
New techniques should be used, unconventional thinking should be given room. The resources are there, in ample quantities and qualities.
Mayfair Mining & Minerals has entered the Zimbabwe gold search at an early stage, reflecting management’s vision of what is likely to develop in the Zimbabwean gold mining scene over the next few years.
To make it happen and get the activities off to a good start, the company is seeking a small group of sophisticated and smart investors that are willing to share and support that vision. As I described it on the first page of this report, I feel that Mayfair represents ”A NEW VENTURE ON HISTORICALLY KNOWN RESOURCES”, offering a ”GROUND-FLOOR OPPORTUNITY” that you don’t see coming by every day.
Henk J. Krasenberg European Gold Centre
European Gold Centre
European Gold Centre analyzes and comments on gold, other metals & minerals and international mining and exploration companies in perspective to the rapidly changing world of economics, finance and investments. Through its publications, The Centre informs international investors, both institutional and private, primarily in Europe but also worldwide, who have an interest in natural resources and investing in resource companies.
The Centre also provides assistance to international mining and exploration companies in building and expanding their European investor following and shareholdership.
Henk J. Krasenberg
After my professional career in security analysis, investment advisory, porfolio management and investment banking, I made the decision to concentrate on and specialize in the world of metals, minerals and mining finance. From 1983 to 1992, I have been writing and consulting about gold, other metals and minerals and resource companies.
The depressed metal markets of the early 1990's led me to a temporary shift. I pursued one of my other hobbies and started an art gallery in contemporary abstracts, awaiting a new cycle in metals and mining. That started to come in the early 2000's and I returned to metals and mining in 2002 with the European Gold Centre.
With my GOLDVIEW reports, I have built an extensive institutional investor following in Europe and more of a private investor following in the rest of the world. In 2007, I introduced my MINING IN AFRICA publication, to be followed by MINING IN EUROPE in 2010 and MINING IN MEXICO in 2012.
For more information: www.europeangoldcentre.com
Argonaut Gold – Initiating coverage new supporting company Gold has started next move Branding natural resources a primary asset Africa: Strongest growth in gold mining Gold ready for new uptrend
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(TSX VENTURE:CQR) ("Conquest" or "the Company") is pleased to announce that the Company has filed a report entitled: "Technical Report on Exploration at the Alexander Gold Project in Red Lake, Ontario" ("Technical Report" or "report"). The report summarizes the exploration activities conducted to date on the Alexander Property ("the Property") and concludes that additional work is warranted to advance the project.
Conquest's exploration activities on its 100% owned Alexander Property total $6.1 million, the majority of which are drilling activities conducted during 2009 through 2011. Since the acquisition of the Red Lake Alexander Property by Conquest in 2002, the Company has completed a total of 31,086 metres of surface exploration diamond drilling, of which 22,961 metres of drilling was completed during an intensive exploration drilling program from 2009 through 2011.
Geophysical and geochemical surveys have also been conducted in addition to surface trenching and mapping over the Property. Geophysical data has been provided from a regional airborne survey commissioned by Goldcorp and flown over Conquest's property. During 2008, Goldcorp drilled four (4) holes from their Red Lake mine property on to the Alexander Property which are also summarized in the Technical Report.
RECOMMENDATIONS
In order to advance exploration on the Alexander Property, the Technical Report recommends the following work to:
"(a) establish and drill test targets through a compilation of existing exploration drilling, geophysics, and geochemistry;
(b) follow-up previous geophysical work conducted by Goldcorp on the Alexander Property and their adjacent mine property;
(c) conduct geochemical surveys on the ground and using existing drill core to establish new drill hole targets; and
(d) to research and conduct a modern bore-hole EM and IP geophysical survey which utilizes the 2009, 2010, and 2011 drill holes which have been maintained for this purpose."
JOINT VENTURE OPPORTUNITY AT RED LAKE
Management believes that an extensive deep drilling program of 20,000 metres of drilling combined with down-hole electromagnetic and induced polarization geophysical surveys is warranted. Conquest considers that the most efficient way to unlock any future value for shareholders and advance the Alexander project is to establish a joint venture with a strategic partner to complete the work that is recommended in the Technical Report.
The Company is soliciting expressions of interest from qualified mining companies who may wish to enter into a strategic partnership joint venture with the Company to advance exploration on its Alexander Gold Project.
ABOUT THE PROPERTY
The Alexander Property is 100% owned by Conquest and is comprised of twenty-seven (27) patented mining claims covering 448 hectares of land situated just beyond the security gate at Goldcorp's Red Lake gold mine. The Property is located immediately west of the Red Lake Complex and Balmer Complex headframes at Goldcorp's Red Lake gold mines within the Red Lake mining district.
The Alexander Property is of ample size to accommodate a high grade gold deposit at depth as repetition of the adjacent deposits at Goldcorp's Red Lake gold mine. The stratigraphy under the Property remains essentially untested below 700 metres depth. The richest gold bearing ore zones exist below a vertical depth of 1,300 metres in the High Grade Zone at the Goldcorp Red Lake gold mine which is less than 800 metres from the property boundary.
QUALIFIED PERSON AND TECHNICAL REPORT
Information of a scientific or technical nature contained in this release has been prepared by or under the supervision of Benjamin Batson, P. Geo., the Vice Present of Exploration of the Company, who is a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators. The Technical Report was prepared by Mr. Batson in compliance with National Instrument 43-101 ("NI 43-101") and is available on the Company's website and on SEDAR (www.sedar.com).
ABOUT THE COMPANY
Conquest is exploring several geologically significant gold projects in Ontario. In addition to Conquest's flagship Alexander Property in Red Lake, Ontario, the Company is undertaking exploration activities at its Detour Lake and Smith Lake properties.
The Smith Lake Gold Project measures 54 square kilometres and consists of six (6) patented mining claims and thirty-four (34) mining claims located within the Missanabie-Goudreau greenstone belt in Leeson and Rennie Townships in northern Ontario. The property is 100% Conquest owned and is contiguous with the former International Corona Resources Renabie Gold Mine, which at that time produced more than 1,000,000 ounces of gold from 1941 through 1991.
In June, the government of Ontario released a geophysical data set containing a compilation of local and regional airborne magnetic and electromagnetic geophysical data for the area covering 70% of the newly amalgamated Conquest land package in the Renabie area. Interpretation of this data by Conquest has generated more than fifteen geophysical targets for gold and base metals exploration which have been scheduled for prospecting and mapping following spring break-up in 2013. The goal is to advance the project by: (i) assessing its potential to host another Renabie sized gold deposit; and, (ii) to determine if volcanogenic massive sulphide potential exists in the metavolcanic and metasedimentary successions present in the Missanabie-Goudreau Greenstone Belt.
The Sunday Lake Gold Project consists of 13 square kilometers of prospective minerals leases located along the Sunday Lake Deformation Zone situated approximately seven kilometres east of Detour Gold's 15.6 million ounce proposed open pit gold mine in northern Ontario that is presently nearing commissioning.
In September 2010, Conquest entered into a joint venture with Detour Gold (TSX:DGC) 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 prior to September 30, 2013.
Detour Gold is expected to complete a winter drill program during the first quarter (Q1) 2013 which is estimated to cost $320,000. Conquest does not anticipate contributing financially to the 2013 drill program.
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.
Contact Information: Conquest Resources Limited Robert J. Kinloch President & CEO 306-343-5799
Conquest Resources Limited Benjamin Batson V.P. Exploration 647-728-4134
Conquest Resources Limited John F. Kearney Chairman 416-362-6686 info@conquestresources.net
Detour Gold Commences Winter Work Program at Conquest's Sunday Lake Property - 1,200 Metres of Diamond Drilling - Induced-Polarization (IP) Geophysical Survey
TORONTO, ONTARIO--(Marketwire - Feb. 11, 2013) -
Conquest Resources Limited (TSX VENTURE:CQR) ("Conquest" or the "Company") is pleased announce that Detour Gold Corporation ("Detour Gold") has commenced a winter exploration program at Conquest's Sunday Lake property (the "Property"), which is currently under option to Detour Gold.
The program comprises induced polarization ("IP") geophysics and 1,200 metres of exploration diamond drilling.
The Property lies approximately seven (7) kilometres east of Detour Gold's open pit gold mine in northern Ontario, for which Detour Gold today announced the "Start of Production at Detour Lake" (see Detour Gold Press Release - February 11, 2013).
Drilling is anticipated to commence in mid-February.
The exploration work program is estimated to cost $320,000 and is funded entirely by Detour Gold.
Conquest does not anticipate contributing financially to this final earn-in program.
IP surveys completed by Detour Gold have defined a total of twenty- seven (27) exploration targets potentially prospective for gold mineralization in areas of high chargeability along interpreted structures located in, and adjacent to, the Sunday Lake Deformation Zone (SLDZ), which transects a significant portion of the seven-kilometre length of Conquest's Sunday Lake property.
Four of the twenty-seven target areas are the subject of a four-hole 1,200 metre winter drilling program planned by Detour Gold later this month following completion of a geophysical survey (refer to below).
IP GEOPHYSICAL TIE-ON SURVEY
Line cutting is in progress over the target area in the northern central portion of the Sunday Lake property. Insight Geophysics Inc. ("Insight") of Oakville, Ontario has been contracted by Detour Gold to carry out the geophysical survey which has been designed to tie-on to the existing 2011 IP survey completed by Detour Gold. The tie-on survey is expected to be completed by mid-February.
Insight will be conducting a high resolution, deep penetrating, IP and Direct Current ("DC") Resistivity survey on the Sunday Lake Property.
It is anticipated that the results of this survey will provide geophysical information pertaining to the bedrock geology at depth where other surveys have been limited due to the extensive clay- bearing overburden cover that is present over the Sunday Lake property. Information from this survey will assist in prioritizing drill targets for the upcoming drill program.
ONGOING GEOLOGICAL ASSESSMENT
The remaining twenty-three (23) second- and third-order targets will be subject to further assessment by Conquest and Detour Gold at a later date based on Detour Gold's historical work compilation conducted on the Property and by Detour Gold's MMI soil geochemical program (2010), IP geophysical survey (2011), and 1,600-metre winter drilling program (2011).
During January, Detour Gold conducted a re-logging assessment of historical drill core from two exploration holes (SL-04-01 and SL- 04-05) that were drilled during 2004 by Conquest. In 2004, the Company intersected 3.80 grams per tonne ("gpt") gold over 0.60 metres within mafic volcanics in hole SL-04-05 and 2.82 gpt gold over 0.30 metres in sericite altered diorite intrusive in hole SL-04-01. Re-logging by Detour Gold has confirmed the presence of quartz tourmaline veins hosted in diorite intrusive. Additional sampling of micro quartz-tourmaline veins from these previously drilled holes will be submitted for assay later this month.
ABOUT THE SUNDAY LAKE PROPERTY
Conquest and Detour Gold are exploring for structurally-hosted gold mineralization under a joint-venture agreement at Conquest's Sunday Lake property located along the Sunday Lake Deformation Zone.
During 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, as amended on June 15, 2012, prior to September 30, 2013.
ABOUT THE COMPANY
Conquest is exploring several geologically significant gold projects in Ontario, Canada. In ad dition to Conquest's Sunday Lake, the Company is undertaking exploration activities at its flagship Alexander Property in Red Lake, Ontario and Smith Lake Property at Renabie, Ontario.
Conquest holds 41,440 shares of Detour Gold Corporation. There are currently 95,477,728 shares of Conquest issued and outstanding.
This news release may include certain "forward-looking statements". All statements ---- 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.
Contact Information: Conquest Resources Limited Robert J. Kinloch President & CEO 306-343-5799
Conquest Resources Limited Benjamin Batson V.P. Exploration 647-728-4134
Conquest Resources Limited John F. Kearney Chairman 416-362-6686 info@conquestresources.net
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