Conquest Resources (TSXV: CQR) announced that it has entered into a conditional agreement with Canadian Continental Exploration to acquire an extensive package of mining claims that surround Conquests’ Golden Rose mine project in Ontario, Canada.
In a press release, Conquest said the package consists of almost 10,000 hectares of mining lands highly prospective for precious and base metals and is under-explored.
“When combined with the company’s current land holdings, including the past-producing Golden Rose mine, Conquest will control over 130 square kilometres, making it one of the largest landholders in the Temagami Mining Camp,” the brief states.
The deal entails that Conquest has to acquire 100% of Canadian Continental’s assets, which include the Teckmag1 and Eaglerock claims, as well as approximately $900,000 in cash and Osisko Metals shares, in return for the issue of 40 million post-consolidated shares of Conquest to the shareholders of CCEC.
Canadian Continental owns the TeckMag project, which consists of 320 contiguous unpatented mining claim cells totalling approximately 6,638 hectares, located in Afton, Macbeth, Clement and Sholes Townships, approximately 65 kilometres northeast of Sudbury.
These claims surround Conquest’s Golden Rose property on three sides, north, west, and south, and are believed to hold possible extensions or repetitions of the mineralization identified at the Golden Rose mine.
The former Golden Rose mine is located deep within the regionally large Emerald Lake (Temagami) Anomaly which closely resembles the magnetic signature of the adjacent Sudbury Basin.