CONQUEST Mining has emerged from a trading halt to claim it has made "the most significant geological discovery to date at its Mt Carlton project" in the form of a deposit that contains "commercial levels of gold, silver and copper". Error! Hyperlink reference not valid.Error! Hyperlink reference not valid. The deposit is at the Silver Hill prospect at Mt Carlton in Queensland, where Conquest said earlier in the year it had outlined a resource of 104,000 tonnes grading 80 grams per tonne silver and 0.5gpt gold for 266,000 ounces of silver and 1650oz of gold.
Conquest exploration manager Peter Rea told MiningNews.net the new zone of mineralisation is to the north of the Silver Hill resource, though there may be some slight overlap.
Rea said the company was hoping to put a resource around the deposit when the final check assays from recent drilling are returned, expected in the next month.
Some 3.5 million ounces of silver and 95,000oz of gold resources have been outlined at Mt Carlton to date.
Rea said Conquest intends to spend the rest of the year drilling at the prospect where only 20% of a 1km magnetic target has been tested.
Scoping and feasibility studies are likely to begin next year.
Shares in Conquest were up 2.5c (17.9%) before trading was halted last Thursday. The stock increased a further 6c (36.4%) to 22.5c in morning trade. Click here to read the rest of today's news stories.
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