Conquest Completes Expanded Airborne Survey and Readies Belfast Copper Project for Exploration Drilling

Toronto, Ontario--(Newsfile Corp. - February 23, 2021) - Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") has completed its VTEMmax survey consisting of 2319 line kilometers (km) covering the Belfast Copper Project, as well as portions of the Golden Rose property which had not been previously flown. An additional 180 line kilometers were added to the survey.

Belfast Copper Project

Numerous geophysical targets have been identified on the Belfast Copper Project. Ground gravity surveys are underway to follow up on selected EM anomalies encountered by the VTEM survey. The first of six targets, all of which are on strike and in the same geological corridor which hosted Teck Resources' high grade Copperfields Mine at Temagami, will be drill tested starting in the first week of March.

Conquest's Chief Geophysicist, Kevin Stevens stated, "The VTEMmax system has proven effective for detecting discrete sulphide bodies in a variety of types of ore bearing systems. The 2319 line km survey on the Belfast Copper property covers parts of four townships and has revealed many individual geologic conductors. These conductors occur mostly in the top few hundred meters, but several features occur as deep as 600m. More importantly we are seeing strong responses and long strike lengths (500-800m) associated with some conductors that are suggestive of large, sub-vertically orientated sulphide bearing sources that we will prioritize to be investigated with the drill bit beginning in the next few weeks. The experience of having interpreted many VTEM surveys, coupled with geologic truth produced by follow-up drilling, suggests to me that a number of the VTEM responses obtained from the Belfast Copper survey, are of a quality consistent with similar responses used to target economic sulphide accumulations."

Golden Rose Project

Five exploration holes over a strike length of eight kilometers have been completed on Phase One of the Golden Rose drill campaign. Iron formation similar to the host rock of the former Golden Rose mine was encountered in all holes. Results from these holes will be released when they are received from the assay laboratory. Additional holes on Golden Rose will be drilled in the coming weeks to test newly discovered Volcanogenic Massive Sulphide (VMS) targets identified by the VTEM survey.

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 gold on mineral properties in Ontario.

Conquest holds a 100% interest in the Golden Rose Project, located in the Temagami Mining Camp at Emerald Lake, approximately 65 kilometres northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike length of seventeen (17) kilometres.

In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp. which holds an extensive package of mining claims which surround Conquest's Golden Rose Mine, and subsequently doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining cells, encompassing approximately 93 sq km., centered on Belfast Township, on the edge of the Temagami Magnetic Anomaly.

Conquest now controls over 220 sq km of underexplored territory, including the past producing Golden Rose Mine at Emerald Lake, in the Temagami Mining Camp.

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 on the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining land holdings.

In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).

FOR FURTHER INFORMATION CONTACT:

general@ConquestResources.com
www.ConquestResources.com

John F. Kearney
Chairman
416-362-6686

Tom Obradovich
President & Chief Executive
416-985-7140

Forward-looking statements. This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the completion of the Acquisition and the Consolidation, the release of escrowed funds, future cash on hand, potential mineralization, resources and reserves, 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. 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.

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