Business
Conquest Reports Second Quarter Results 2021 and Grants Incentive Stock Options
Toronto, Ontario--(Newsfile Corp. - August 19, 2021) - Conquest Resources Limited (TSXV: CQR)...
About this update from Conquest Resources Limited
[{"type":"text","content":"Conquest Reports Second Quarter Results 2021 and Grants Incentive Stock OptionsToronto, Ontario--(Newsfile Corp. - August 19, 2021) - Conquest Resources Limited (TSXV: CQR) (“Conquest”) reports its second quarter results for the three and six months ended June 30, 2021.This news release should be read in conjunction with the Company’s unaudited interim consolidated financial statements and the associated management’s discussion and analysis (MD&A) for the three and six month periods ended June 30, 2021 which are available on the Company’s website at www.conquestresources.com or under the Company’s profile at www.sedar.com. Q2 & RECENT HIGHLIGHTSConstruction and preparation for the Belfast-TeckMag field camp was completed at the beginning of June 2021. The planned 10,000-meter diamond drilling program commenced on June 5.During the six-week period between June 5 and July 16, Conquest completed 12 drill holes, 3 of which have encountered significant sulfide mineralization. Drilling resumed on August 9, following a scheduled two-week break in the second half of July. The program remains on time and on budget.Drill hole BC21-05 intersected sections of disseminated to semi-massive pyrrhotite, pyrite, and chalcopyrite mineralization in the form of disseminations, sulphidic horizons, and breccia units over a core length of 26 meters. Drill hole BC21-11 intersected numerous zones of pyrrhotite, pyrite, and chalcopyrite within chlorite-altered metasediments, in the form of sulphidic horizons and disseminations. Drill hole BC21-02 intersected sections of semi-massive to massive sulphides over a core length of 5 meters.Subsequent to the end of Q2 in July 2021, Conquest completed a 155-line kilometer airborne MobileMT survey west of Emerald Lake. The results from the survey revealed a large area of low resistivity south of the TeckMag leases and away from the main IF trend and is encouraging for exploration for both Archean VMS and mafic intrusive related deposits.RESULTS OF OPERATIONS For the three-month period ended June 30, 2021, the Company recorded a net loss of $1,067,531 or $0.008 per share. The operating expenses included exploration expenditures of $786,294 and stock-based compensation expense of $184,217. The increased exploration costs incurred in Q2 of 2021, in comparis...