Troubadour Resources Options Significant Quebec Land Package with Highly Prospective Gold and Copper Targets
Troubadour Resources Options Significant
Quebec Land Package with Highly Prospective
Gold and Copper Targets
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) -
Troubadour Resources Inc. (TSXV:
TR) (OTC PINK: TROUF) ("TR"
or the
"Company")
, 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, subject to the approval of the TSX Venture (the "
Exchange
"), the Company
has executed an option (the "
Option Agreement
") with Xander Resources Inc. ("
Xander
" or the
"
Vendor
") for the right to purchase an undivided 100% interest in 173 mineral claims comprising
Xander's Senneville Project (the "Project), 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 km
2
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.
Figure 1 - Map of the Senneville Claims.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5941/209939_4f57cc334409da25_001full.jpg
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, channel samples of up to 6.5 g/t Au over 1.8 m,
and 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 systematically explored for
gold as the focus of historical work was largely on the properties' VMS potential.
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 rising global demand for copper, driven by the green energy revolution and the exponential growth
of electric vehicles, makes the acquisition of the Senneville Gold-Copper Property an attractive
investment. This acquisition promises to position the Company at the forefront of the burgeoning copper
market, offering significant growth opportunities," said Blake Morgan, CEO of Troubadour Resources.
"The geological characteristics of the property and the historical data on mineral occurrences make it an
exceptional opportunity for exploration and potential development. By making these strategic
acquisitions, we are positioning Troubadour at the forefront of the evolving copper market, thereby
securing a foothold in the rapidly expanding green energy sector.
Many companies have recently
acquired properties in Ontario and Quebec based on map geology, but the Senneville property not only
has a significant number of priority copper drill targets, but also a gold-focus which we will work to build
on as we prepare for a maiden drill program this year."
The Terms of the Agreement
Pursuant to the Option Agreement (the "
Agreement
"), 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
complete $2,000,000 in work expenditures as indicated in the table below:
Payment Date
Shares
Work Commitment
Signing
2,500,000
-
6 months
2,500,000
12 months
-
-
24 months
-
$2,000,000
Notes
1
.
Payable within five (5) days from receipt of approval to the
Agreements from the Exchange (the "Approval").
2
.
Shares of the Company are to be issued at a deemed value
based on the Discounted Market Price 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
The Option Agreement, including the issuance of Shares, remains subject to the approval of the
Exchange.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. 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 OTC PINK Exchange under the symbol TROUF.
TROUBADOUR RESOURCES INC.
"Blake Morgan"
CEO and Director
For more information, please call Blake Morgan at (236) 878 - 4938 or email
.
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. 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 unknown 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, the 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 such
statements.
No Offer or Solicitation to Purchase Securities in the United States
This press release does not constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States. The securities referred to herein have not been and will
not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or with any
securities regulatory authority of any state or other jurisdiction in the United States, and may not be
offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S.
persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), except
pursuant to an exemption from or in a transaction not subject to the registration requirements of the
Securities Act.
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