- NEW GOLD INTERSECTION of 14.25 G/T OVER 0.61 METRES AT A DEPTH OF 300 METRES
TORONTO, May 25 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") is pleased to announce that Goldcorp Inc. ("Goldcorp") has recently completed four diamond drill holes on to Conquest's Alexander Property at Red Lake, Ontario.
The holes were drilled by Goldcorp from its adjacent Red Lake Mine Property as part of a wider program to delineate mineralization within the upper part of the Red Lake Mine.
The four inclined holes, which were collared from surface within approximately 1,000 metres of the Red Lake Mine No. 1 Shaft headframe, were drilled in a north-easterly direction into the western part of Conquest's property to downhole depths between 690 to 836 metres.
Hole DS641 of Goldcorp's drilling programme located a significant gold intersection of 4.97 grams per tonne gold over 1.82 metres, including 14.25 g/t over 0.61m, at a down hole depth of 473 metres and an estimated vertical depth of approximately 300 metres. The preliminary drilling results were provided to Conquest by Goldcorp. The gold assay results were determined by SGS and Accurassay Laboratories in Red Lake and Thunder Bay, Ontario.
Conquest's Alexander Gold Project is located in Balmer Township in the heart of the Red Lake Gold Camp. It lies immediately adjacent to Goldcorp's high grade Red Lake Mine, within the east-southeast trending "Mine Trend" deformation zone, and is almost completely surrounded by Goldcorp's claim holdings.
Commenting on the drilling results, Conquest's President & CEO, Mr. Terence McKillen, stated: "The intersection of good grade gold at this depth on Conquest's property is extremely encouraging. The gold mineralization previously encountered by Conquest in the west-central part of the Alexander Property was in trenching and shallow drilling. Goldcorp's four drill holes extend to approximate vertical depths of 450 - 570 metres representing the deepest drilled holes on the Alexander Property to date. The intersection in hole DS641 confirms gold potential exists at depth on Conquest's property."
Conquest's Alexander Property at Red Lake is situated 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, approximately 1,000 metres east of the No. 1 Shaft headframe and within 400 metres of the Far East 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 has developed a phased exploration strategy for its Alexander Project to investigate depth extensions from known surface and near surface gold mineralization and plans to initiate the first phase of drilling later this summer.
ABOUT CONQUEST RESOURCES
Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake; the Aurora and Sunday Lake gold projects at Detour Lake; the King Bay gold project at Sturgeon Lake (60% interest); and the Smith Lake gold project at Missanabie.
Conquest has 72,663,830 shares issued and outstanding.
This release has been prepared under the supervision of Terence N. McKillen, P. Geo. who is a qualified person under NI 43-101, based on data provided by Goldcorp Inc.
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.
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