Conquest Announces Exercise of Royalty Option
Conquest Resources (TSXV: CQR) has announced the commencement of a 3,000 m diamond drill program on its Belfast TeckMag Project near Sudbury, Ontario. This follows the exercise of a Royalty Option Agreement by VDI Resources , a subsidiary of VerAI Discoveries Inc. VerAI has been granted a 1.5% net smelter return royalty on certain target areas, with an additional 1.5% NSR in exchange for funding the drill program.
The program will test four high-priority targets identified by VerAI's proprietary AI technology. These targets are located near where Conquest previously discovered anomalous hydrothermal copper mineralization in 2021 and 2022. The AI analysis has identified seven separate areas with signatures similar to the geological setting of the past-producing Copperfields Mine.
Conquest Resources (TSXV: CQR) ha annunciato l'avvio di un programma di perforazione a diamante di 3.000 m sul suo Belfast TeckMag Project vicino a Sudbury, Ontario. Ciò segue l'esercizio di un Accordo di Opzione della Royalty da parte di VDI Resources, una filiale di VerAI Discoveries Inc. A VerAI è stata concessa una royalty netta di ritorno della fusione dell'1,5% su alcune aree target, con un ulteriore 1,5% di NSR in cambio del finanziamento del programma di perforazione.
Il programma testerà quattro obiettivi di alta priorità identificati dalla tecnologia AI proprietaria di VerAI. Questi obiettivi si trovano vicino a dove Conquest ha precedentemente scoperto mineralizzazioni anomale di rame idrotermale nel 2021 e nel 2022. L'analisi AI ha identificato sette aree separate con firme simili all'impostazione geologica della storica Copperfields Mine.
Conquest Resources (TSXV: CQR) ha anunciado el inicio de un programa de perforación diamantina de 3.000 m en su Proyecto Belfast TeckMag cerca de Sudbury, Ontario. Esto sigue al ejercicio de un Acuerdo de Opción de Regalías por parte de VDI Resources, una subsidiaria de VerAI Discoveries Inc. A VerAI se le ha concedido una regalía neta por retorno de fundición del 1,5% en ciertas áreas objetivo, con un adicional del 1,5% de NSR a cambio de financiar el programa de perforación.
El programa probará cuatro objetivos de alta prioridad identificados por la tecnología de IA propietaria de VerAI. Estos objetivos se encuentran cerca de donde Conquest descubrió previamente mineralización anómala de cobre hidrotermal en 2021 y 2022. El análisis de IA ha identificado siete áreas separadas con firmas similares al entorno geológico de la antigua mina Copperfields.
Conquest Resources (TSXV: CQR)는 온타리오주 서드버리 근처의 벨파스트 테크맥 프로젝트에서 3,000m 다이아몬드 시추 프로그램을 시작한다고 발표했습니다. 이는 VerAI Discoveries Inc.의 자회사인 VDI Resources의 로열티 옵션 계약 exercise에 따른 것입니다. VerAI는 특정 목표 지역에 대해 1.5% 순광물 사용자 수익 로열티를 부여받았으며, 시추 프로그램 자금 지원에 대한 대가로 추가로 1.5% NSR을 받습니다.
이 프로그램은 VerAI의 독자적인 AI 기술로 식별된 네 개의 고우선 목표를 테스트합니다. 이들 목표는 Conquest가 2021년과 2022년에 발견한 비정상적인 열수 구리 광물화가 있었던 근처에 위치하고 있습니다. AI 분석을 통해 과거에 생산된 Copperfields 광산의 지질 환경과 유사한 일곱 개의 개별 지역이 확인되었습니다.
Conquest Resources (TSXV: CQR) a annoncé le lancement d'un programme de forage au diamant de 3 000 m sur son projet Belfast TeckMag près de Sudbury, Ontario. Cela fait suite à l'exercice d'un Accord d'Option de Redevance par VDI Resources, une filiale de VerAI Discoveries Inc. VerAI a reçu une redevance nette de retour de fusion de 1,5 % sur certaines zones cibles, avec une redevance supplémentaire de 1,5 % en échange du financement du programme de forage.
Le programme va tester quatre cibles de haute priorité identifiées par la technologie IA propriétaire de VerAI. Ces cibles se situent près de l'endroit où Conquest a précédemment découvert une minéralisation anomale en cuivre hydrothermal en 2021 et 2022. L'analyse par IA a identifié sept zones distinctes avec des signatures similaires au cadre géologique de la mine Copperfields, qui a produit dans le passé.
Conquest Resources (TSXV: CQR) hat den Beginn eines 3.000 m Diamantbohrprogramms für sein Belfast TeckMag-Projekt in der Nähe von Sudbury, Ontario, angekündigt. Dies folgt auf die Ausübung eines Royalty-Optionsvertrags durch VDI Resources, eine Tochtergesellschaft von VerAI Discoveries Inc. VerAI wurde eine 1,5% netto Schmelzgeld-Royalty für bestimmte Zielgebiete gewährt, sowie eine zusätzliche 1,5% NSR im Austausch für die Finanzierung des Bohrprogramms.
Das Programm wird vier hochpriorisierte Ziele testen, die mit der proprietären KI-Technologie von VerAI identifiziert wurden. Diese Ziele befinden sich in der Nähe der Stellen, an denen Conquest zuvor 2021 und 2022 anomale hydrothermale Kupfermineralisierungen entdeckt hat. Die KI-Analyse hat sieben separate Bereiche mit Signaturen identifiziert, die ähnlich sind wie die geologischen Gegebenheiten der früheren Copperfields-Mine.
- Commencement of a 3,000 m diamond drill program on the Belfast TeckMag Project
- Funding secured for the drill program through royalty agreement with VerAI
- Identification of seven high-priority target areas using AI technology
- Potential for iron-oxide-copper-gold (IOCG) ore and affiliated deposits
- Granting of additional royalties may reduce future revenue potential for Conquest
VerAI Drill Program to Commence on High Priority AI Targets
Toronto, Ontario--(Newsfile Corp. - September 17, 2024) - Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") is pleased to announce that following the exercise of a Royalty Option Agreement by VDI Resources LLC, a subsidiary of VerAI Discoveries Inc. ("VerAI"), a 3,000 m diamond drill program is scheduled to commence this month on the Belfast TeckMag Project located northeast of Sudbury, Ontario.
In April 2024, Conquest entered into a Royalty Purchase and Sale Agreement with VerAI, to which Conquest agreed to grant VerAI a
Multiple high priority drill targets have been generated using VerAI's proprietary AI technology. The targets are located proximal to where Conquest discovered highly anomalous hydrothermal copper mineralization through drilling in 2021 and 2022 (See news release dated October 20, 2021). This mineralization and associated alteration in drill core was interpreted to be related to a hydrothermal system capable of forming iron-oxide-copper-gold (IOCG) ore and affiliated deposits.
Thomas Obradovich, CEO of Conquest stated, "VerAI has completed a thorough analysis covering our Belfast TeckMag Project using their AI technology incorporating our own data into their proprietary model. The work has identified seven separate areas that have a similar signature to the geological setting at the past-producing Copperfields Mine. Drilling will commence later this month on four of the highest priority targets identified by VerAI."
QUALIFIED PERSON
The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, P.Geo., a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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
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
In addition, the Company holds interests in the Smith Lake Gold Property and Lake Nipigon Basin Property.
About VerAI Discoveries, Inc.
VerAI Discoveries ("VerAI") is an AI-powered mineral discovery business revolutionizing the way concealed deposits are discovered. VerAI's mission is to discover the critical minerals essential to the green-energy transition by working with industry partners to target mineral deposits in underexplored covered terrain. By deploying its novel proprietary AI/ML Discovery Platform, VerAI is dramatically increasing the probability of discovering substantial deposits of different commodities in various geological jurisdictions, shortening targeting time, reducing exploration costs, and minimizing the exploration environmental footprint. For more information, visit https://ver-ai.com/.
FOR FURTHER INFORMATION CONTACT:
general@ConquestResources.com
www.ConquestResources.com
Tom Obradovich
President & Chief Executive Officer
416-985-7140
Forward-looking statements. This news release may include certain "forward-looking statements". These statements relate to future events or our future performance. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions is intended to identify forward-looking statements. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the release of escrowed funds, future cash on hand, potential mineralization, resources and reserves estimates, exploration results, and future plans and objectives of Conquest, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Conquest's expectations are exploration risks detailed herein and from time to time in the filings made by Conquest with securities regulators. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Neither the TSXV nor its Regulation Services Provider (as defined in the policies of TSXV) 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/223512
FAQ
What is the size of the drill program announced by Conquest Resources (TSXV: CQR)?
How many high-priority target areas did VerAI's AI technology identify for Conquest Resources (TSXV: CQR)?
What type of mineralization is Conquest Resources (TSXV: CQR) exploring for on the Belfast TeckMag Project?
What royalty did Conquest Resources (TSXV: CQR) grant to VerAI for the Belfast TeckMag Project?
