Toronto, Ontario--(Newsfile Corp. - February 11, 2025) - Conquest Resources Limited (TSXV: CQR) ("Conquest") is pleased to announce the completion of its first phase, 3,549 m drill program, with exploration partner VerAI Discoveries Inc. ("VerAI"), on the Belfast-TeckMag Project located in southern Ontario, Canada.
Highlights
Potential copper, zinc, and gold bearing VMS system identified on the Eaglerock target
Drilling established a potential mineralized system in three of four priority AI targets drilled
Rapid deal execution from deal signing to target drilling completion in < six months
Large, new prospective area under cover opened up for new discoveries
Strong partnership built with VerAI for further exploration on the project and across the region
In September 2024, Conquest announced the commencement of a 3,000 m diamond drill program on its 100%-owned Belfast-TeckMag Project (Figure 1). Nine drill holes totalling 3,549 m have since been completed, testing four high priority targets generated from VerAI's proprietary AI Discovery Platform. Assay results, reported below, have been received for six drill holes BC24-29 and BC24-31 through to BC24-35.
Thomas Obradovich, Conquest's President and CEO, commented, "We are excited to see the results of our first AI-driven exploration partnership with VerAI on our Belfast-TeckMag Project, and in particular, intercepting copper - zinc - gold mineralization at Eaglerock. The results from drillhole BC24-32 are of particular interest when you consider that this was one of only three holes testing a completely concealed AI target that is up to 2 km long and 500 m wide, and where we were not able to detect mineralization using traditional exploration techniques. The fact that we see intervals of anomalous copper, zinc, and gold up to 30 m wide with separate zones enriched in palladium and platinum, bodes well for the potential discovery of a significant mineralized system at Eaglerock with the next stage of drilling."
"We are also very encouraged to see that the technology has established that at least three of the four AI-derived targets have intersected a potential mineralized system for further testing," Mr. Obradovich continued.
"Given that we only signed the agreement with VerAI back in June last year and have already, within six months, completed the initial drill program with this level of success, is testament to both our operational teams and the AI technology, which has dramatically reduced the time and cost to take a target to drilling stage from many years to just a few months. We're excited to partner with VerAI on the next phase of work on the Belfast TeckMag Project."
On the 2 km long Eaglerock target, two of three drillholes (BC24-32 and BC24-33) intersected sulphidic horizons including chalcopyrite and sphalerite, within dominant pyrrhotite mineralization locally amounting up to 25%. Assay results have confirmed visual observations with significant copper mineralization being intersected including 0.83% Cu over 0.50 m in drillhole BC24-33, along with anomalous Cu mineralization over a core length of 33.50 m in drill hole BC24-32. Coinciding Zn mineralization has also been confirmed including 0.40% Zn over 2.00 m in drill hole BC24-33 within a zone of 7m averaging >0.1% Zn.
Logging of the core from BC24-32 has confirmed the presence of a potential volcanogenic massive sulphide (VMS) horizon, including sulphidic chert and fine sediments over a intersected length of 33.50 m with anomalous Cu and Zn. This interval is interpreted to be a hiatus in volcanism which may have preserved a massive sulphide lens and will be a focus of future drilling.
Yair Frastai, CEO of VerAI Discoveries, commented, "The results from this program with our partnership with Conquest validates the powerful discovery capabilities of the VerAI technology and approach. We are very encouraged to see that the Eaglerock target in particular suggests we may be on the margins of a VMS copper-gold-zinc system which was completely concealed below younger rocks and extensive forest cover. We look forward to the next steps in our partnership with Conquest to quickly and efficiently advance these projects to the next stage."
At the Turtleshell target, 4 km southwest of Eaglerock, low level magmatic-style sulphide mineralization within mafic intrusive rocks was intersected throughout drillhole BC24-29, with grades up to 0.53% Cu over 0.60 m. At the Emerald target, west of the Eaglerock target, drillholes BC24-31 and BC24-35 intercepted Archean volcaniclastic breccia, possibly related to VMS deposit formation, though no significant mineralization was intercepted.
Two 350 m holes (BC24-27 and BC24-28) were drilled at the Manitou target but failed to reach the target horizon beneath thick Nipissing diabase units. Due to the thickness of cover sequences in the area, potential exists at greater depths to intercept the target unit with further drilling.
In April 2024, Conquest entered into a Royalty Purchase and Sale Agreement with VerAI, to which Conquest agreed to grant VerAI a 1.5% net smelter return royalty on certain target areas with recommended drilling locations generated by VerAI, utilizing its proprietary artificial intelligence ("AI") technology. Conquest also agreed to grant VerAI an additional 1.5% NSR in return for funding a drill program for testing four targets identified by VerAI on the Belfast TeckMag Project. In September 2024, a planned 3,000 m diamond drilling program funded by VerAI commenced and was completed in December 2024.
Multiple high priority drill targets were generated using VerAI's proprietary AI technology. The targets are located proximal to where Conquest discovered highly anomalous hydrothermal copper mineralization through drilling in 2021 and 2022 (See news release dated October 20, 2021). This mineralization and associated alteration in drill core was interpreted to be related to a hydrothermal system capable of forming iron-oxide-copper-gold (IOCG), volcanogenic massive sulphide (VMS), and affiliated deposits.
Figure 1- [Map] Locations of drill holes, Belfast-TeckMag Project
QA/QC PROGRAM Samples were cut using a diamond blade saw, inserted into labeled bags, and delivered by representatives of Conquest to Activation Laboratories Ltd. in North Bay, Ontario. Activation Laboratories Ltd. is an ISO 17025:2005 accredited testing laboratory.
Samples were analyzed for Au, Pt, and Pd using the 1C-OES package and multi-element analysis was completed by near-total digestion (four-acid) with an ICP-OES finish (IF2 package).
Conquest inserted standards and blanks and performs duplicate analysis as part of its QA/QC program. Activation Laboratories also performs an internal QA/QC program which includes the insertion of CRM's, blanks, sample repeats, and duplicate samples.
QUALIFIED PERSON The technical content of this News Release has been reviewed and approved by Joerg Kleinboeck, P.Geo., a qualified person as defined in NI 43-101.
ABOUT CONQUEST Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Belfast-TeckMag Project, located in the Temagami Mining Camp at Emerald Lake, Ontario, which is believed to have exceptional exploration upside for magmatic sulphide deposits (Cu-Ni-PGE), volcanic massive sulphides, IOCG, iron formation hosted Au and Paleo-placer Au. The Belfast-TeckMag Project is the Company's flagship property, evolved from the Golden Rose Project, which was initially acquired in December 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. ("CCEC") in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast Copper Project and TeckMag Property.
Conquest now controls over 300 square kilometres of underexplored territory in the Temagami Mining Camp, including the past producing Golden Rose Mine at Emerald Lake.
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 along the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining landholdings.
In addition, the Company holds interests in the Smith Lake Gold Property and Lake Nipigon Basin Property.
ABOUT VERAI DISCOVERIES INC. VerAI Discoveries (VerAI) is an AI-Driven Mineral Asset Business that is leveraging its proprietary AI Discovery Platform to systematically identify and target high-probability locations of concealed mineral deposits. VerAI owns a rapidly growing portfolio of over 60 mineral projects and 17 royalties across Ontario, Arizona, Nevada, and Chile, identified using its AI Discovery Platform. By focusing on underexplored covered terrain within prime mining jurisdictions, VerAI is dramatically increasing the probability of discovering substantial deposits of different commodities, while mitigating economic risk. The company is partnering with industry leaders and explorers to grow its global asset portfolio of base and precious metals targets, unlocking significant value and contributing to the global supply of critical minerals. For more information, visit https://ver-ai.com/.
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.
