Troubadour Resources Announces Approval of Senneville Project Option
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Troubadour Resources Announces Approval of Senneville Project Option
Vancouver, British Columbia / June 20, 2024 – Troubadour Resources Inc. (“TR” or the “Company”)
(TSXV: TR) (OTC: TROUF), a North American mineral acquisition and exploration company focused
on the development of drill-ready battery and precious metal projects, is pleased to announce that the TSX
Venture (the “Exchange”) has conditionally approved the Company’s option agreement (as amended) (the
“Option”) with Xander Resources Inc. (“Xander” ) providing for the Company’s right to acquire an
undivided 100% interest in 173 mineral claims comprising Xander’s Senneville Project (the “Project” or
the “Property”), located in the eastern part of the Abitibi Greenstone Belt, about 25 km northeast of the
gold mining center of Val-d’Or, Quebec.
The Project covers over 100 km2 and is contiguous in the South to Probe Metals’ Novador Project, host to
the 2.04 Moz Monique Resource grading 1.42 g/t Au, and in the north to Monarch Mining’s Beaufor Mine,
which has produced over 1.1 Moz Au. *Readers are cautioned that the geology of nearby properties are not
necessarily indicative of the geology of the Project.
Figure 1 - Map of the Senneville Claims.
Historic work has focused around the Gustave Céré Showing in the Senneville South Claim Group where
historical grab samples have yielded up to 49.5 g/t Au, historical channel samples have yielded up to 6.5
g/t Au over 1.8 m, and historical drilling has identified up to 18.15 g/t Au over ~0.9 metres. This showing
has been defined by drilling for ~361 metres along strike but other areas of the Project have not been
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systematically explored for gold as the focus of historical work was largely on the properties’ VMS
potential. *Readers are cautioned that the Company has not verified these results.
The Project is underlain primarily by the Garden Island sediments in the south and in the north by the
Lanaudiere Group of basalts, mafic volcaniclastics, and narrow units of komatiite and ultramafic to
gabbroic sills. All of these units trend west -northwest and their contacts are usually dextral or reverse
dextral faults with steep northerly dips. Gold -bearing zones in the area are associated with shear zones,
faults, tension fractures and tectonic breccias and generally associated with syn-volcanic intrusions.
The Terms of the Agreement
Pursuant to the Option, the Company may acquire a 100% interest in the Property by issuing an aggregate
of 5,000,000 common shares in the capital of the Company and complet ing $2,000,000 in work
expenditures at the Property as indicated in the table below:
Payment Date Shares(2) Work Commitment
Signing(1) 2,500,000 -
6 months 2,500,000
24 months - $2,000,000
Notes: 1. Payable within five (5) days from receipt of approval to the Option from the Exchange.
2. Shares of the Company are to be issued at a deemed value based on the Discounted Market
Price (defined in Exchange rules) at the time of issuance.
The Project has the following net -smelter returns royalties (the “ NSR”) which will be assumed by the
Company:
• 2% NSR to North American Exploration Ltd. for 72 claims
• 2% NSR to Silverwater Capital Corp. for 62 claims
• 2% NSR to Terrance Coyle / 9093-6725 Quebec Inc. for 39 claims
Share issuances under the Option will proceed only if they do not cause the recipient to hold more than 10
per cent of Troubadour's total issued shares.
Cancellation of Financing
The Company also wishes to announce that it will no longer pursue its previously announced private
placement of units and common shares, as detailed in its news release dated June 20, 2024.
Qualified Person
The technical content of this news release has been reviewed and approved by Andrew Tims, P.Geo., a
qualified person as defined by National Instrument 43 -101 Standards of Disclosure for Mineral
Projects (“NI 43-101”).
About Troubadour Resources Inc.
Troubadour Resources Inc. is a North American mineral acquisition and exploration company focused on
the development of quality battery and precious metal properties that are drill -ready with high-upside and
expansion potential. Based in Vancouver, BC, Troubadour trades on the TSX Venture Exchange under the
symbol TR and the OTCPK Exchange under the symbol TROUF.
604.968.4844
TROUBADOUR RESOURCES INC.
“Chris Huggins”
CEO and Director
For more information, please call Chris Huggins at (604) 968-4844 or email [email protected].
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.
Forward-looking statements:
This news release may include "forward -looking information" under applicable Canadian securities
legislation, including the Option and the Company’s earn-in thereunder. Such forward-looking information
reflects management's current beliefs and are based on a number of estimates and/or assumptions made by
and information currently available to the Company that, while considered reasonable, are subject to
known and unknow n risks, uncertainties, and other factors that may cause the actual results and future
events to differ materially from those expressed or implied by such forward -looking information. Readers
are cautioned that such forward-looking information are neither promises nor guarantees and are subject
to known and unknown risks and uncertainties including, but not limited to, general business, economic,
competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of
available capital, actual results of exploration activities, environmental risks, future prices of base and
other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and
permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature,
involves many risks, requires substantial expenditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, t he Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such forward -looking statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in suc h
statements.