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Stockwatch News Item
Conquest Resources Ltd (C-CQR) - News Release
Conquest reviews Alexander project phase I results
Conquest Resources Ltd CQR
Shares issued 37,986,788Jun 3 2003 close $ 0.09
Wednesday June 4 2003News Release
Mr. Terence McKillen reports
CONQUEST RESOURCES LIMITED: ALEXANDER PROJECT-RED LAKE DRILLING UPDATE
Conquest Resources Limited has received and compiled all results from the first phase of drilling on its Alexander gold project located in Balmer township, Red Lake mining district, Ontario, immediately east of the Goldcorp Inc. high-grade Red Lake gold mine.
Target
Conquest's Alexander property is situated immediately adjacent to and along strike from the two producing Red Lake mines which have over 20 million ounces of gold resources (current resources plus past production). The target is an extension or repetition of the mineralization at the Red Lake mines.
During the winter of 2003, Conquest completed an exploration program comprising an initial fence of nine drill holes located on section line 4+00m E, located approximately 600 metres east of the claim boundary with the Goldcorp mine property. A 10th hole was drilled 200 metres to the west, off-section, on line 2+00m E.
The drilling, which totalled 2,650 metres, reached down-hole depths of between 175 metres and 358 metres (110 metres to 240 metres vertical depth). The objective was to provide preliminary geological information with respect to alteration, structure and sulphide mineralization within the western part of the Alexander property and to assist in the development of future drill targets. No drilling has been carried out on the Alexander property since 1980 and before that 1945. The earlier drilling was carried out mainly in the central and eastern part of the property, away from the Goldcorp mine property.
Summary results
Several mineralized sulphide intervals were encountered in both the hangingwall and footwall sequences, in holes CR-03-01, 02, 03, 04, 05, 07, 08 and 09, with associated minor gold values in five of these holes. The drill program has identified a new gold-bearing shear zone on Conquest's property. The shear zone which coincides with the southern or hangingwall contact of the central diorite, is associated with elevated gold values, sulphide mineralization and evidence of hydrothermal alteration, including minor iron carbonate and potassic alteration.
Detailed results for the recent Conquest drilling are presented in the accompanying tables.
Discussion
Holes CR-03-01, 02, 03 and 05 were drilled within the hangingwall metavolcanic and metasedimentary sequences, while hole CR-03-04 was drilled almost entirely within the central diorite body. Holes CR-03-06, 07, 08, 09 and 10 were drilled within the footwall metavolcanic and metasedimentary sequences, to the north of the diorite.
In hole CR-03-01, two sulphide intervals were encountered over a 50-metre section of the hangingwall metavolcanics. A zone of intensive shearing was encountered at the basalt-diorite contact associated with a 1.0-metre interval of 1.0 gram per tonne gold.
In hole CR-03-02, in addition to the two sulphide intervals encountered in hole CR-03-01, two additional zones of sulphide mineralization were encountered, one near surface and the other associated with the sheared diorite contact, the latter returned 1.1 grams per tonne over 3.0 user. Minor gold values of 0.41 gram per tonne over 1.5 metres and two intervals of 0.1 gram per tonne over 1.0 metre each were encountered with these sulphide intervals which occur over a 250-metre section of hangingwall metavolcanics.
In hole CR-03-03, in addition to the two sulphide intervals encountered in hole CR-03-01, three additional sulphide intervals were encountered, one of which occurs at the top of the mafic volcanic contact analogous to the upper interval noted in hole CR-03-02. Minor gold values of 0.75 gram per tonne over 1.0 metre, 0.62 gram per tonne over 1.0 metre and 0.56 gram per tonne over 1.0 metre were encountered with these sulphide intervals which occur over a 200-metre section of hangingwall metavolcanics. One of the occurrences is also associated with a second zone of shearing in the hangingwall. Several quartz-feldspar porphyries cut the stratigraphy and some contain arsenopyrite in their marginal zones.
In hole CR-03-04 which was confined to the main diorite body, a quartz-feldspar porphyry intrusive with 2 to 3 per cent disseminated pyrrhotite, together with biotite alteration and quartz-carbonate veinlets, returned 1.54 grams per tonne over 0.5 metre.
In hole CR-03-05 (off-section), two quartz-feldspar porphyries associated with disseminated arsenopyrite and pyrrhotite and biotitic alteration in the hangingwall basalts returned gold values of 0.93 gram per tonne and 1.1 grams per tonne over 1.0-metre intervals.
In holes CR-03-07, 08 and 09, several sulphide intersections, up to 20 metres in width, were encountered in the footwall metasedimentary and metavolcanic sequences to the north of the main diorite body. No significant gold values were recorded with these zones.
New gold-bearing structure
Conquest's recently completed drilling has identified an east-west-trending shear zone which was intersected in holes CR-03-01 and 02, where it is represented by a 11-metre to 15-metre-wide zone of shearing on the hangingwall contact of the central diorite associated with quartz feldspar porphyry, disseminated arsenopyrite and magnetite iron formation. Elevated gold values of 1.1 grams per tonne over 3.0 metres were encountered in hole CR-03-02 and 1.0 gram per tonne over 1.0 metre in hole CR-03-01, associated with the shear zone. Hole CR-03-03 ended approximately 20 metres short of intersecting the shear zone at a down hole depth of 358 metres. Hole CR-03-05, collared 200 metres to the west on section line 2+00mE, also intersected the shear at a down hole depth of 215 metres where it is associated with a two-metre zone of pyrite, pyrrhotite and cherty iron formation.
A second parallel structure was intersected in hole CR-03-04 located 160 metres to the north, within the central diorite, which returned 1.54 grams per tonne gold over 0.5 metre.
The relationship of these zones of shearing to the previously identified 1,600-metre-long zone of intermittent gold mineralization on the eastern part of the property outlined in previous drilling in the 1980s and 1940s has not yet been established and will be further examined over the coming months. It is possible that both mineralized zones may be associated with the same shear, or with adjacent, parallel shears, including the Alexander No. 2 shear, identified from trenching in the late 1940s.
Comment
Commenting on the results of the Alexander drilling, Conquest president and chief executive officer, Terence N. McKillen, stated that: "The program has identified a mineralized shear zone on Conquest's property with gold-bearing sulphides typical of the mineralization surrounding the Goldcorp and Campbell Red Lake mines. Although the gold grades are low, the presence of gold mineralization together with evidence of hydrothermal alteration within the shear system are considered very important. The new gold-bearing structure may have a considerable strike potential across the property."
Mr. McKillen also added that: "We have identified both shear structure and gold-bearing sulphide mineralization on Conquest's property in a very limited drill program with the deepest hole reaching only 240 metres. We remain very excited about the potential of the Alexander property where we have now developed numerous targets for follow-up investigation on only a very limited portion of the property."
Future plans
Conquest plans to continue evaluating airborne and ground geophysical data as well as the results of geochemical data from last fall's exploration program.
Conquest will also evaluate the results of current and historic drill data, together with an evaluation of publically available data from the surrounding properties held by Goldcorp and others.
Qualified person
The results herein described have been prepared under the guidance of Terence N. McKillen, PGeo, president of the company, who is designated as a qualified person with the ability and authority to verify the authenticity and validity of the data. The drill program was carried out under the direct supervision of Christopher Marmont, PGeo.
Samples and assay results quoted herein for the Conquest drilling were prepared by SGS-XRAL Laboratories of Toronto using industry standard fire assay geochemical and/or gravimetric methods.
TABLE ONE
DRILL HOLE COLLAR LOCATIONS
Hole Section Target
CR-03-01 4+00 m E Arsenic anomalies, HW
diorite contact, VLF
CR-03-02 4+00 m E E-W and NNW structures
CR-03-03 4+00 m E Sediment-volcanic
contact, moderate
soil Au-As
R-03-04 4+00 m E Possible NNW
structure, diorite FW
CR-03-05 2+00 m E Strong VLF along
diorite HW contact
CR-03-06 4+00 m E FW contact of diorite
CR-03-07 4+00 m E FW stratigraphy,
E-W structures
CR-03-08 4+00 m E FW stratigraphy,
E-W structures
CR-03-09 4+00 m E FW stratigraphy,
E-W structures
CR-03-10 4+00 m E FW stratigraphy,
E-W structures
TABLE TWO
SIGNIFICANT GOLD INTERCEPTS
Hole Interval Gold Comments
(m) (g/t)
CR-03-01 1.0 1.00 Shear zone at
diorite contact;
disseminated
pyrrhotite, est. 3%
arsenopyrite with
calcite; QFP(a)
CR-03-02 3.0 1.10 Shear zone at
diorite contact;
2-3% disseminated
arsenopyrite;
QFP(a)
CR-03-03 2.0 - Elevated gold
values up to 520
ppb in shear
zone (parallel
shear in hanging
wall); QFP(a)
1.0 0.62 Biotite
alteration;
pyrrhotite and
arsenopyrite;
shearing
1.0 0.75 Disseminated and
layered
pyrrhotite;
silicification
CR-03-04 0.5 1.54 Disseminated
pyrrhotite;
biotite
alteration;
quartz-carbonate
veinlets; QFP(a)
within main
diorite body
CR-03-05 1.0 0.93 Disseminated
arsenopyrite;
QFP(a)
1.0 1.06 Arsenopyrite and
biotite alteration
on contact of
QFP(a). In
hangingwall
of main shear
CR-03-06 3.0 - Elevated gold
values up
to 557 ppb with
disseminated
arsenopyrite;
at lower
contact of
main diorite
1.0 - Elevated
gold values
up to 534
ppb with
disseminated
pyrrhotite;
in footwall
basalts
CR-03-07 No significant
gold values
All holes were drilled on an azimuth of 030 degrees at angles of -45 degrees, except for CR-03-07, which was drilled on an azimuth of 014 degrees.
Extension of warrants
The TSX Venture Exchange has approved the extension of the expiry date of two million share purchase warrants previously issued pursuant to a private placement of two million units in June, 2002. The new expiry date of the warrants is June 30, 2004. The exercise price of 25 cents per share remains unchanged.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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