Detour Gold Commences Winter Work Program at Conquest's Sunday Lake Property

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 addition 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
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
www.conquestresources.net
Conquest Resources (TSXV:CQR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024