Conquest to Acquire DGC Property in Afton Township
- Acquires JPC Property in Clement Township
- Grants Incentive Stock Options
Toronto, Ontario--(Newsfile Corp. - March 16, 2021) - Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") announced today that it has entered into a Purchase and Sale Agreement with Teck Resources Limited ("Teck") whereby Conquest will acquire a 100% interest in the DGC Ni-Cu-PGE property located in Afton Township, Ontario.
Conquest has agreed to issue 1,800,000 million shares to Teck in consideration for a 100% interest in the DGC property subject to a 2% NSR which to be retained by Teck. In addition, Teck has agreed to surrender to Conquest for cancellation 1,100,000 warrants of Canadian Continental Exploration Corp. ("CCEC") issued to Teck pursuant to the DGC Option/JV Agreement dated October 7, 2013 between Teck and CCEC. CCEC was acquired by Conquest in 2020. The Agreement is subject to TSXV acceptance.
DGC Ni-Cu-PGE property, Afton Township, Ontario
The DGC property is located in the central portion of Conquest's TeckMag1 claim group and covers the central portion of the Temagami Magnetic Anomaly. The Temagami Magnetic Anomaly is adjacent to the Sudbury Impact Crater and is one of the largest positive magnetic anomalies in North America. Canadian Continental drill-tested the DGC claims with a 2,200m hole in 2014. Hole AT14-01 intersected a quartz diorite dike at a depth of 1,989m, similar to the mineralized dikes associated with the Sudbury Impact Crater.
Conquest is currently drilling relatively shallow conductive targets around the perimeter of the Temagami Magnetic Anomaly.
Property Acquisition - Clement Township, Ontario
In another separate transaction, Conquest has signed a purchase agreement to acquire the JPC Property in Clement Township, Ontario from a private individual. The Company will pay $13,000 cash and issue 250,000 shares of Conquest for a 100% interest in the1,620 ha JPC property, which is located to the south east of Conquest's Golden Rose property, subject to a 1% NSR. Conquest may purchase half of the NSR royalty for $500,000 at any time and retains a Right of First Refusal on the balance of the royalty.
The transactions are both subject to acceptance by the TSX Venture Exchange. The shares to be issued in connection with the transactions will be subject to a four-month hold period under applicable securities law.
Grant of Incentive Stock Options
The Board of Directors has approved the granting of 500,000 incentive stock options for services consisting of Corporate Advisory, Business Development and Media Branding Strategies, subject to TSXV approval.
The stock options are exercisable at a price of $0.20 per share for a term commencing March 1, 2021 and renewable each year at the discretion of the Board. These options will vest immediately.
As of the date hereof, the total number of Conquest shares outstanding is 132,587,106.
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Golden Rose Project, located in the Temagami Mining Camp at Emerald Lake, approximately 65 kilometres northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres.
In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp. which holds an extensive package of mining claims which surround Conquest's Golden Rose Mine, and subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami Magnetic Anomaly.
Conquest now controls over 220 sq km of underexplored territory, including the past producing Golden Rose Mine at Emerald Lake, in the Temagami Mining Camp.
Conquest also holds a 100% interest in the Alexander Gold Property located immediately east of the Red Lake and Campbell mines in the heart of the Red Lake Gold Camp on the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining land holdings.
In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).
FOR FURTHER INFORMATION CONTACT:
John F. Kearney
President & Chief Executive
Forward-looking statements. 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 the completion of the Acquisition and the Consolidation, the release of escrowed funds, future cash on hand, 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 TSXV nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77416