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Troubadour Resources stakes 1,029 ha at Texas

2022-04-07 13:33 ET - News Release

Mr. Geoff Schellenberg reports

TROUBADOUR STAKES ADDITIONAL GROUND AT THE TEXAS PROJECT

Troubadour Resources Inc. has staked additional ground at its Texas gold and silver project, located in the historic Beaverdell mining camp in Southern British Columbia, increasing the overall size to 3,215 hectares (ha).

An additional 1,029 ha was acquired by staking, guided by new geological information that was obtained during the company's 2021 fieldwork and continued research into the history of the surrounding area. Of note, 2021 fieldwork showed that the high-grade polymetallic mineral occurrences on the property are the product of a larger-scale hydrothermal alteration and mineralizing event, which will be the focus of upcoming exploration activities.

Option agreement extension

The company has reached an agreement with the vendor of the core claims of the Texas gold project to further extend the payments due on the year 1 anniversary of the agreement by six months for consideration of $5,000. All other terms of the option remain the same.

Repriced incentive stock options

The directors have approved the repricing of 740,000 outstanding stock options from exercise prices between 37.5 cents to 45 cents per share to 16 cents per share. Of the outstanding stock options, 340,000 are currently held by insiders and their affiliates. The repricing of the stock options to insiders is subject to disinterested shareholder approval at the company's annual general meeting on April 28, 2022, and the approval of the TSX Venture Exchange.

About Troubadour Resources Inc.

Troubadour is a public Canadian mining exploration company focused on copper and gold in British Columbia, Canada. The company is managed by an experienced team consisting of youthful and seasoned professionals with proven records as mine finders. The Texas gold property diversifies the company's commodity focus and compliments Troubadour's Amarillo copper project, located 10 kilometres south of the past-producing Brenda mine in Southern British Columbia and 35 kilometres east of Kodiak Copper's MPD discovery.

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