Don't Forget CQRConquest Resources Ltd (C-CQR) - News Release
Conquest Resources to drill first phase of Alexander
Conquest Resources Ltd CQR
Shares issued 34,133,788 Jan 15 2003 close $ 0.27
Thursday January 16 2003 News Release
Mr. Terence McKillen reports
Conquest Resources has prepared for the startup of its planned first-phase winter drill program on its Alexander gold project located in central Balmer township, Red Lake, immediately adjacent to and east of Goldcorp's high-grade Red Lake gold mine.
During the late fall of 2002, Conquest undertook a program comprising reinterpretation of existing geophysical and geological data, line cutting, and geochemical soil sampling over the 27 patented mineral claim property. In addition to over 3,500 metres of line cutting, about 840 soil samples were collected along grid lines 100 metres apart and at intervals of 25 metres. Soils were analyzed by SGS-XRAL laboratory in Toronto with some gold values as high as 2,490 parts per billion detected.
Approximately 30 discrete soil anomalies have been outlined in the recently completed survey, of which 20 are coincidental gold and arsenic anomalies, while 10 are single-element anomalies. The range of gold values varies from the detection limit (less than five parts per billion Au) to 2,490 parts per billion Au (approximately 2.5 grams per tonne). Gold values greater than 20 parts per billion Au have been considered anomalous. Arsenic values range from the detection limit (less than three parts per million As) to a maximum of 5,690 parts per million As. Arsenic values greater than 90 parts per million have been considered anomalous. Some gold and arsenic soil geochemical anomalies appear to coincide with a number of crosscutting structures, as well as outlining discrete areas orientated parallel to the regional foliation.
A preliminary reinterpretation of existing airborne magnetometer data has been carried out by Excalibur International Consultants. A number of crosscutting structural features (faults, fractures, shears) have been outlined consistent with the orientation of veins and late-intrusive bodies reported within Goldcorp's high-grade gold zone. The intersection of these crosscutting structures with stratigraphic and/or igneous contacts and other structures (faults and shears) are considered to be of significance and may have potential to be mineralized.
The eastward projection of structures known to be mineralized within Goldcorp's Red Lake mine and Placer's Campbell mine may project on to Conquest's claims. Conquest plans to test for the continuation on the Conquest property of structures such as Placer's H.G. Young and Goldcorp's North Shaft zones. It is also postulated that the surface expression of other parallel mineralized zones, such as Goldcorp's North C zone and Goldcorp's emerging Far East zone, or other parallel structures may enter Conquest's property or may come very close to the southwest corner of Conquest's claim block.
In Stockwatch news dated Dec. 18, 2002, Goldcorp indicated that it "believes that the high-grade mineralization at both the Red Lake mine and the Campbell mine is controlled by distinct linear structures and that more than 75 per cent of all gold discovered at the Red Lake mine occur along, or adjacent to, such a structure." Goldcorp also stated that it believes "more gold will be discovered a long extension of this known structure and potentially along similar parallel structures which are interpreted to occur in the Far East zone, and to the west in the Western Complex area." In the same news release, Goldcorp suggested that the exploration model for the Far East zone, to the east of the Red Lake mine "has the potential to host a repeat sequence of its mine," and went on to report that several intersections of high-grade mineralization obtained from the Far East zone "support its model which suggests the mineralization intersected from the 16 level lies along the upward extension of the key structure hosting the high-grade zone and that the mineralization intersected from the 34 level lies along a parallel structure to the east."
Conquest plans to commence a first-phase, 10,000-foot (3,000-metre) drill program following evaluation of tenders and completion of all necessary preparations. Initial target selection will focus on a number of the geological, geophysical and soil geochemical anomalies described above, with initial emphasis on those located in the west and central portions of the property. Drilling is expected to commence in early February.
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 these data.
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