CQR/TSX Conquest Res. "The Main Shearing Zone"
Rufus: The main shear. Whuffo we gonna drill it boss?
Boss: For dah gole, son, dah gole. Now make sure you get those boots all shiny, yah hear?
Rufus: I is a polishin, boss. I is a polishin'. Say boss, dey gonna drill dat shear, eh boss? Eh?
Boss: Dat's the subjek of international men of finance, like Mr. Alexander and Mr. Goldcorp. It's not fer bootblacks to ask about. Keep shinin' son and earn yer quarter.
Rufus: I'z a shining boss, I shine. And I keep wondering about dat shear.. has it got gole or iz my shares worthless?
Boss (to himself): (bootblacks own shares in mighty gole mines? what is this world comin' to? Guess I gotta get a new boiler room to work in..)
The boss bite off the end of his cigar. There was a time, he reflected, when only international men of finance like himself knew what companies like International Conquistadore were on to. Plain ordinary men and housewives could not be told. Now ever commoner knew the secrets of the trade -- when to buy and when to sell. It was time to sell his shares and move on. Perhaps Aluminum siding offered more opportunity to fleece the public.
-- ed ...
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Conquest Resources earns full interest in Alexander
Conquest Resources Ltd
CQR/TSX
Shares 46,052,863
last at 0.20
Terence McKillen reports:
"100% of Alexander project gained, Red Lake
Sells Oxus Shares
Adds $831,000
Exploration in preparation for drilling
Grants options"
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Conquest Resources has completed the earn-in process to acquire an undivided 100% interest in the Alexander project at Red Lake, Ont.
The Alexander property lies immediately east of Goldcorp's high-grade Red Lake gold mine in Northwestern Ontario and covers 448 hectares (1,107 acres) adjoining the east side of the property containing Goldcorp's Red Lake mine property.
Conquest's target on the Alexander property is an extension, or repetition, of the mineralization at the Red Lake mines, which have combined resources and reserves of over 20 million ounces of gold.
Goldcorp reported on Sept. 22, 2003, continued expansion of gold resources at the Red Lake mine, including spectacular grades of 39.98 ounces per ton (1,370.7 grams per tonne) over 34 feet (10.39 metres), once again highlighting the significance of new mineralized zones within parallel structures located in the hangingwall and footwall wall of the deposit.
Goldcorp also confirms a 240,000-ounce gold resource within the sulphide mineralization of the far east zone. The far east zone is located immediately south and west of Conquest's property. Goldcorp's latest results for this target include intersections of up to 28.7 grams per tonne gold (0.84 ounce per ton) over 1.83 metres (6.0 feet).
The deepest intersection encountered in the far east zone to date is at a vertical depth of 1,969 metres (6,460 feet).
Diamond drilling and geophysical surveys completed earlier this year identified a new gold-bearing shear zone (the main shear), which appears to be the same structural feature interpreted by Goldcorp to be a second order gold lineament and which originates near Goldcorp's main production shaft from where it runs approximately 700 metres southeastward to the mutual boundary with Conquest's Alexander property. Conquest's exploration work confirms that the main shear crosses the central part of the Alexander property for 3,500 metres (11,500 feet). Additional parallel structures have also been identified.
Conquest has completed over $500,000 in exploration expenditures and has now acquired a 100% interest in the Alexander property, subject only to a 2% NSR in favour of Energold Minerals Inc.
Conquest has commenced follow-up exploration programs on the Alexander gold project where additional geochemical and geophysical surveys will be completed, together with comprehensive data reviews, prior to the startup of the next phase of drilling, which is planned to commence during
November, 2003.
Aurora gold project
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At the Aurora project, located three kilometres south of the Detour mine in Ontario, Conquest is pleased to note the renewed exploration activity proposed by Pelangio Mines Inc. and its partners High River Gold Mines Ltd. and Trade Winds Ventures Inc. on the adjacent Detour mine properties, where up to $9-million in exploration expenditures are planned.
Conquest has commenced follow-up exploration programs on the Aurora project, where additional geophysical work and data review are being completed prior to the startup of a new phase of drilling scheduled to commence after freeze-up.
Sale of shares in Oxus
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In recent weeks, Conquest has sold 800,000 common shares of Oxus Gold PLC for total proceeds of approximately $831,000, which will be added to working capital. This is in addition to the $1,277,168 private-placement financing recently completed. Conquest still holds 450,000 shares of Oxus Gold PLC, as well as 250,000 options at an exercise price of 25 British pence. The current value of this holding is about $800,000.
Incentive share options
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A total of 1.35 million incentive share options have been granted to directors, pursuant to its share option plan, for a period of five years at an exercise price of 20 cents per share, subject to regulatory
approval.
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