PRESS RELEASE
- Conquest INTERSECTs Gold IN FIRST FOUR
HOLES on Alexander Gold Property in Red
Lake
TORONTO, ONTARIO ? November 23, 2009 - Conquest Resources
Limited (TSX-V: "CQR") is pleased to provide interim results from
ongoing exploration at its 100% owned Alexander gold project located in the
prolific "Mine Trend" structure of the Red Lake gold camp in
northwestern Ontario.
Conquest has completed its 2009 surface drill programme which consisted
of six drill holes totaling 4,100 metres of NQ drilling conducted by Boart
Longyear Canada.
The programme was designed to target prospective stratigraphic and structural
horizons to depths previously untested in the western and central portions of
the Alexander property and to further investigate the area of recent drilling conducted
by Goldcorp Inc. on to the property (previously reported, May 25,
2009).
SHALLOW DEPTH GOLD VALUES
Assay results received to-date for the first four holes confirm
intersections of gold mineralization over narrow widths from sampling ranging
in depth between 65 and 270 metres vertically. Results are summarized as
follows:
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Intersection Dip of hole
Hole From (m) To (m) Width (m) (degrees) Gold (g/t)
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CR-09-033 129.07 129.32 0.25 -50 8.32
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CR-09-034 135.03 139.00 3.97 -50 1.39
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(includes) 1.50 -50 3.10
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CR-09-034 205.41 208.88 3.47 -50 1.80
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(includes) 0.39 -50 9.64
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CR-09-035 89.35 89.85 0.50 -50 1.46
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CR-09-036 233.00 233.30 0.30 -50 1.08
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CR-09-037 - - - - Pending
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CR-09-038 - - - - Pending
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True width will be determined following receipt of complete survey data
and will be provided in a follow up release.
The gold was identified
by sampling in Balmer volcanic and Huston sedimentary rocks similar to those
encountered in earlier shallow drilling completed by Conquest in 2003 and 2004.
Commenting on the
progress of the 2009 drilling program Mr. Terence McKillen,
President and Chief Executive Officer of Conquest Resources, stated, "The
results of our 2009 programme confirm the depth continuity of gold bearing
structures encountered in previous shallow drilling and provide the necessary
encouragement to embark on a major programme of deep drilling to evaluate the
potential of this strategically located Red Lake property."
SIGNIFICANT GEOLOGY
IDENTIFIED AT DEPTH
Holes CR-09-037 and
CR-09-038 were drilled to depths of 700 and 750 metres vertically, and
represent the deepest holes drilled to date at Alexander.
Hole CR-09-037
intersected 83 metres of strongly sheared and silica altered Bruce
Channel sediments at approximately 870 metres down-hole depth. Hole
CR-09-038 intersected the same altered and sheared sediments at a down-hole
depth of 988 metres. These two holes provide a newly established strike length
of over 225 meters of prospective horizon within the important Bruce
Channel sediments. Assays are pending for these final two holes.
The recently completed
drilling programme has provided important geological data on previously
inferred structural and lithological contacts at depths ranging from 400 to 750
metres vertically and confirms the presence of gold-bearing structures within
the Balmer and Huston formations on Conquest's Alexander Property.
The current drilling has
effectively doubled the depth profile established in previous drill programmes
on the Alexander property and has provided the first geological insight at
deeper levels in the stratigraphy.
The information into the
deeper subsurface geology gained during the Phase-I drilling has provided
valuable data for the development of a major, deep drilling programme to
systematically explore the Balmer Assemblage rocks. Subject to financing, the
next phase of drilling is planned to commence early in 2010, and will test to
vertical depths between 1,300 and 2,000 metres.
ABOUT THE ALEXANDER
PROPERTY
Conquest's Alexander
gold project is located in Balmer Township
in the heart of the Red Lake
Gold Camp. It is situated
within the "Mine Trend" structural corridor 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, and approximately 1,000
metres east of the Red Lake No. 1 Shaft headframe and within 400 metres of the
Far East gold zone at the Red Lake Mine.
QUALIFIED PERSON
Information of a scientific or technical nature contained in this
release has been prepared by or under the supervision of Terence McKillen,
P.Geo., the Chief Executive Officer of the Corporation and a Qualified Person
within the meaning of National Instrument 43-101 of the Canadian Securities
Administrators. Samples were fire assayed for gold content by SGS Mineral
Services in Red Lake, Ontario
with the regular use of standards and blanks for quality control.
ABOUT THE COMPANY
Conquest is exploring several gold projects in Ontario.
These include the Alexander Gold Project at Red Lake; the
Aurora and Sunday Lake properties at Detour Lake; the King
Bay Gold Project at Sturgeon Lake (60% interest); and the Smith Lake
Gold Project at Missanabie.
There are currently 72,663,830 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.
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or the
accuracy of this release.
FOR FURTHER INFORMATION,
PLEASE CONTACT:
Toll free: 1(877) 280-8633
D. Brett Whitelaw, Vice-President ? (604)
662- 8633 - Vancouver
Rob Kinloch, Director ? (306) 343-
5799 - Saskatoon
Terence N. McKillen, President & CEO ? (647)
728- 4126 - Toronto
John F. Kearney, Chairman ? (416) 362- 6686 - Toronto
info@conquestresources.net
www.conquestresources.net