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Conquest Resources Secures Uranium and Ni-Cu-PGE Exploration Property in the Black Sturgeon Lake Area, Lake Nipigon, Ontario and Reports Third Quarter Results 2021
Toronto, Ontario--(Newsfile Corp. - November 24, 2021) - Conquest Resources Limited (TSXV: CQ...
About this update from Conquest Resources Limited
[{"type":"text","content":"Conquest Resources Secures Uranium and Ni-Cu-PGE Exploration Property in the Black Sturgeon Lake Area, Lake Nipigon, Ontario and Reports Third Quarter Results 2021Toronto, Ontario--(Newsfile Corp. - November 24, 2021) - Conquest Resources Limited (TSXV: CQR) (\"Conquest\") is pleased to announce today that it has entered into a Purchase and Sale Agreement with Stevens Geophysics Inc. (SGI), whereby Conquest will acquire a 100% interest in the Nipigon Rift Property located south of Black Sturgeon Lake, Nipigon, Ontario. Conquest can earn a 100% interest in the Nipigon Rift Property, comprised of 100 contiguous cells by issuing 200,000 shares per year over 4 years, and spending $400,000 on exploration of the Property, subject to a 2% NSR with a buy-back of 1% at any time for $1,000,000.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 nine month periods ended September 30, 2021 which are available on the Company's website at www.conquestresources.com or under the Company's profile at www.sedar.com.Nipigon Rift Uranium/Ni-Cu-PGE Property, Lake Nipigon, OntarioConquest Resources is targeting high-grade Uranium deposits associated with veins and faults at or near the Archean-Proterozoic unconformity, and Proterozoic rift mafic intrusive Ni-Cu-PGE deposits near the unconformity south of Black Sturgeon Lake, in the Lake Nipigon Basin (LNB). As exemplified in the Athabasca Basin, unconformity related Uranium deposits are all associated with faults and fracture systems proximal to the regional unconformity. The Sibley Group of continental sedimentary rocks have been identified above the unconformity with the pre-Cambrian basement in the Lake Nipigon area. Uraniferous veins of the unconformity type are found at the Split Rapids Dam and Canyon occurrences, both located to the north of the Property. Historical intersections at Split Rapids Dam range from 0.012% U3O8 over a core length of 0.30 m in drill hole BS05-13, to 2.99% U3O8 over a core length of 1.5 m in drill hole BS05-30. Other occurrences, such as Greenwich Lake occur regionally, resemble the Athabasca unconformity type and have the best potential for the presence of uranium deposits. In the Lake Nipigon Basin, the most prob...