Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report that Detour Gold Corporation (“Detour Gold”) has commenced a 2,000-metre diamond drilling program at Conquest’s Sunday Lake Property, which is currently under joint venture option to Detour Gold.
A total of 10 exploration drill holes are planned from five prioritized drill target areas defined by Detour Gold by their recently completed induced polarization (IP) geophysical survey and MMI (Mobile Metal Ion) soil geochemical program conducted on the property, (see CQR Press Releases – October 27, 2010 and January 19, 2011) and historical work compilation.
Detour Gold has defined prospective targets for gold mineralization in areas of high chargeability along a shear structure located 500 metres to the north and parallel to the Sunday Lake Deformation Zone (SLDZ), which transect a significant portion of the seven-kilometre length of the Sunday Lake Property.
In September 2010, Conquest entered into a joint venture with Detour Gold on Conquest’s Sunday Lake Property pursuant to which Detour Gold has the right to earn a 50% interest in the Sunday Lake Property by completing $1,000,000 of exploration over the next two years, including a minimum expenditure of $500,000 prior to September 30, 2011.
Detour Gold has initiated construction activities at its Detour Lake open pit mine, with a mineral reserve of 14.9 million ounces, located approximately seven kilometers west of Conquest’s Sunday Lake property.
Conquest holds 100,000 shares of Detour Gold Corporation.
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Conquest also continues to explore at its 100% owned Alexander Gold Project in the heart of the Red Lake gold camp with its ongoing multi-phase 20,000 metre, deep drilling program. Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Sunday Lake property at Detour Lake in joint venture with Detour Gold Corporation; and the Smith Lake Gold Project at Missanabie.
There are currently 95,239,092 shares of Conquest issued and outstanding.
