Conquest Resources Ltd. plans to carry out about 1,200 meters of drilling at six targets on its Golden Rose property in Ontario.
The company said May 29 that it applied for the necessary exploration permits and expects to start the drilling program as early as mid-July; however, its execution depends on a minimum C$250,000 financing on terms acceptable to the company.
Conquest entered into a three-year option agreement with Vision Exploration to earn up to a 100% interest in 27 mineral claims named MacBeth located about nine kilometers from the Golden Rose property. The claims are subject to a 1.5% net smelter royalty.
Conquest kicked off a C$10,000 work commitment on the claims, scheduled for completion by June 30, to confirm the previously reported high-grade gold mineralization. To meet the first-year obligations under the option agreement, Conquest will have to issue 50,000 shares in addition to this expenditure.
For the second and third year, the company will have to spend at least C$10,000 on the MacBeth property and issue 75,000 and 100,000 shares, respectively.
The company entered into a conditional agreement to acquire Golden Rose in November 2017 by acquiring the issued share capital of Northern Nickel Mining Inc.