- Conquest Resources (CQR) has signed a conditional agreement with Canadian Continental Exploration to acquire a package of mining claims in Ontario
- The claims surround Conquest’s existing Golden Rose Mine project in the Temagami Mining Camp northeast of Sudbury
- The company is expected to issue 40 million of its post-consolidated shares in exchange for a 100 per cent acquisition of Canadian Continental Exploration and its assets
- Upon completion of the deal, the company will control more than 130 square kilometres in the Temagami Mining Camp region
- Conquest Resources (CQR) is currently down 12.5 per cent and is trading at C$0.035 cents per share
Conquest Resources (CQR) has signed a conditional agreement with Canadian Continental Exploration to acquire a package of mining claims in Ontario.
The claims surround Conquests existing Golden Rose Mine project in the Temagami Mining Camp northeast of Sudbury. Covering almost 10,000 hectares of under-explored land, the claims are considered to be highly-prospective for precious and base metals.
Once finalised, Conquest is expected to hold a total land package of 130 square kilometres, making it the one of the largest land holders in the Temagami Mining Camp region.
Under the terms of the acquisition, Conquest will acquire 100 per cent of Canadian Continental Exploration and its assets, which includes the Teckmag1 and Eaglerock claims, approximately C$900,000 in cash, and a shareholding in Osisko Metals.
As consideration, Conquest will issue 40 million of its shares on a post-consolidated basis to the shareholders of Canadian Continental Exploration.
In conjunction with the acquisition, Conquest intends to complete a non-brokered private placement to raise up to $3 million.
The company plans to issue a number of units at a price of 12 cents each, comprised of one common share and half of one common share purchase warrant, as well as flow-through shares at a price of 15 cents.
The flow-through portion of the funds will be used to advance work at the Golden Rose project, with the remaining amount to be allocated for general corporate purposes, working capital and future acquisitions.
Previous mining operations at the The Golden Rose Mine generated approximately 52,000 ounces of gold between 1915 and 1988, primarily from structurally controlled, high-grade quartz-pyrite veins hosted within two banded iron formations.
In addition to gold exploration efforts within the Golden Rose Mine region, Conquest has identified the potential for another two styles of economic mineral deposits within the wider land package.
Conquest Resources (CQR) is down 12.5 per cent and is trading at 3.5 cents per share at 11:07am EDT.