Conquest Resources Secures Uranium and Ni-Cu-Pge Exploration Property in the Black Sturgeon Lake Area, Lake Nipigon, Ontario
November 24, 2021 at 09:00 pm IST
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Conquest Resources Limited announced that it has entered into a Purchase and Sale Agreement with Stevens Geophysics Inc. (SGI), whereby Conquest will acquire a 100% interest in the Nipigon Rift Property located south of Black Sturgeon Lake, Nipigon, Ontario. Conquest can earn a 100% interest in the Nipigon Rift Property, comprised of 100 contiguous cells by issuing 200,000 shares per year over 4 years, and spending $400,000 on exploration of the Property, subject to a 2% NSR with a buy-back of 1% at any time for $1,000,000. Conquest Resources is targeting high-grade Uranium deposits associated with veins and faults at
or near the Archean-Proterozoic unconformity, and Proterozoic rift mafic intrusive Ni-Cu-PGE deposits near the unconformity south of Black Sturgeon Lake, in the Lake Nipigon Basin (LNB). As exemplified in the Athabasca Basin, unconformity related Uranium deposits are all associated with faults and fracture systems proximal to the regional unconformity. The Sibley Group of continental sedimentary rocks have been identified above the unconformity with the pre-Cambrian basement in the Lake Nipigon area. Uraniferous veins of the unconformity type are found at the Split Rapids Dam and Canyon occurrences, both located to the north of the Property. Historical intersections at Split Rapids Dam range from 0.012% U3O8 over a core length of 0.30 m in drill hole BS05-13, to 2.99% U3O8 over a core length of 1.5 m in drill hole BS05-30. Other occurrences, such as Greenwich Lake occur regionally, resemble the Athabasca unconformity type and have the best potential for the presence of uranium deposits. In the Lake Nipigon Basin, the most probable source area for uranium deposits associated with veins and faults that are proximal to the Proterozoic/Archean unconformity is the granitoid and associated meta-sedimentary rocks of the Quetico Gneiss Belt. The Quetico Gneiss Belt's signature is one of anomalously high uranium background levels, as identified from Ontario Geological Survey (Scott,1987), highlighting the similarities of the Athabasca basin and the Sibley Basin geological and structural histories. Early Proterozoic rift related mafic and ultramafic intrusive rocks are prospective for PGE-Ni-Cu deposits in the Lake Nipigon region as exemplified by the many occurrences or deposits discovered ie. Seagull, Disreali, and more recently, Thunder Bay North and Sunday Lake. Conquest believes the continental basement rocks have been subjected to intense regional faulting related to extensional basin style deformation or rifting southwest of Lake Nipigon, possibly representing a part of the Nipigon Rift system itself and consequently revealing a large extensional rift below the unconformity.
Conquest Resources Limited is a mineral exploration company. The Company is engaged in the exploration for base metals and gold on mineral properties in Ontario. The Company's projects include Belfast-Teck Mag, Alexander Gold, Smith Lake and Lake Nipigon Basin Project. The Belfast-Teck Mag project covers approximately 350 square kilometers land package comprising five properties in the Temagami Mining Camp, located northeast of Sudbury, Ontario, namely the Belfast Copper Property, the TeckMag Property, Golden Rose Property and DGC Property and JPC Property. The Alexander Gold Property comprises 27 patented mining claims covering 448 hectares (1,107 acres) adjoining Evolution Miningâs Red Lake-Campbell Complex. The Smith Lake Gold Property consists of a 100% interest in six patented claims and 181 staked mining claims covering approximately 29 square kilometers of land. The Lake Nipigon Basin Property is located south of Black Sturgeon Lake in Nipigon, Ontario.