Conquest Resources Ltd. Reviewing Ontario Gold Projects for Winter Exploration Programs, Sale, Options and Joint Ventures

Rhea-AI Summary

Conquest Resources (CQRLF) said on October 28, 2025 it is reviewing data on its 100% owned Ontario gold projects and a 70% stake in King Bay for potential winter exploration, sale, option or joint venture transactions.

Key project notes: the 350 sq km Belfast-Teck Mag area hosts the former Golden Rose Mine (historic production 45,414 oz Au, 1935–1941) and extensive underground development; Smith Lake borders Barrick and Alamos assets and yielded grab samples >10 g/t Au; Alexander lies beside Campbell Red Lake with Goldcorp drilling in 2008 hitting 4.97 g/t Au over 1.82 m including higher subintervals.

Positive

• Historic production 45,414 oz Au at Golden Rose (1935–1941)
• Smith Lake grab samples >10 g/t Au
• Goldcorp drill intercept 4.97 g/t Au over 1.82 m at Alexander
• 350 sq km Belfast-Teck Mag project hosts former mine and extensive workings

Negative

• Company is reviewing assets for sale/options/JV, which may alter future upside
• Alexander Project described as untested at depth, leaving resource uncertainty

Toronto, Ontario--(Newsfile Corp. - October 28, 2025) - Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") announces that it is reviewing data on its 100% owned Ontario gold projects for potential upcoming winter exploration, sale, options or joint ventures.

In addition to its 100% properties, the Company also holds a 70% stake in the King Bay Project located in northwestern Ontario.

The Company has been focused on its Belfast-Teck Mag Project where it has been evaluating VMS and IOCG mineralization. The former producing Golden Rose Mine is located within the 350sqkm Belfast-Teck Mag Project.

The Golden Rose Mine produced 45,414 ounces of gold between 1935 and 1941 after development by Cominco. Gold occurs in quartz fractures and veining with pyrite within two banded iron formations. There are over 6km of underground development, a three compartment shaft 228m deep, a decline ramp to the 6th level and a winze connecting the 6th and 7th levels.

The Smith Lake Property consists of 181 staked mining claims and 6 patented claims located in Leeson, Stover and Rennie Townships in the Missinabie region of Northern Ontario. It is adjacent and contiguous with the former Renabie Mine owned by Barrick Gold to the east and the Island Gold Mine Project owned by Alamos Gold to the west. Grab samples from previous overburden stripping of the Campbell vein returned values in excess of 10g/t Au.

The Alexander Gold Project consists of 27 patented mining claims covering 448 hectares in Balmer Township adjacent to the producing Campbell Red Lake Mine. Drilling by Goldcorp in 2008 intersected 4.97g/t Au over 1.82m including 14.25g/t over .61m and 12,67g/t over 1m. The Property is located on the "Mine Trend" and hosts favorable geology untested at depth.

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), VMS, 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 kilometers 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.

FOR FURTHER INFORMATION CONTACT:

general@conquestresources.com	www.ConquestResources.com
Tom Obradovich
President & Chief Executive
416-985-7140

 

Forward-looking statements: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the Company's expectations, plans, exploration activities, proposed expenditures, potential mineralization, and the timing and content of upcoming work programs. Forward-looking information can often be identified by words such as "anticipates", "believes", "expects", "intends", "plans", "estimates", "may", "will", "should", and similar expressions suggesting future outcomes or events. These statements are based on current expectations and assumptions that involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such statements. Such risks include but are not limited to: exploration results not being indicative of future results; variations in mineral grade or recovery rates; delays or failures in obtaining necessary permits; changes in commodity prices, capital market conditions, and general economic conditions. Although the Company believes the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise forward-looking information, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272130

FAQ

What did Conquest Resources (CQRLF) announce on October 28, 2025 about Ontario projects?

Conquest said it is reviewing its 100% owned Ontario gold projects and its 70% King Bay stake for potential winter exploration, sale, option or joint venture opportunities.

Which Conquest project contains the former Golden Rose Mine and what was its historic output?

The Golden Rose Mine is within the Belfast-Teck Mag project and produced 45,414 ounces of gold between 1935 and 1941.

What high-grade results did Conquest report from Smith Lake and Alexander projects?

Smith Lake grab samples returned values >10 g/t Au; Alexander hosts a Goldcorp 2008 drill intersection of 4.97 g/t Au over 1.82 m.

Will Conquest conduct winter exploration on the Ontario projects for 2025–2026?

The company is reviewing data for potential upcoming winter exploration, but has not confirmed a specific winter program.

How close are Conquest projects to operating mines relevant to investors in CQRLF?

Smith Lake is adjacent to Barrick's former Renabie and Alamos Gold's Island Gold, and Alexander is adjacent to the producing Campbell Red Lake mine.