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Troubadour Resources Inc (2)
Symbol TR
Shares Issued 14,181,134
Close 2022-05-18 C$ 0.15
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Troubadour Resources sends field crews to Texas

2022-05-18 15:54 ET - News Release

Mr. Geoff Schellenberg reports

TROUBADOUR MOBILIZES CREWS FOR ROBUST PROPERTY-SCALE EXPLORATION ON THE TEXAS PROPERTY

Field crews have been mobilized to complete an extensive property-wide exploration program on Troubadour Resources Inc.'s Texas property.

Key goals of the exploration program:

  • Systematic exploration of the Golden Bug, Golden Eagle and Midnight targets, as they have seen limited modern exploration work;
  • Establish detailed geochemical sampling grids to refine existing zones and discover new targets;
  • Expand ground-based geophysical magnetics coverage, as phase 1 drilling results confirmed that linear magnetic lows are a good indicator of underlying mineralization;
  • Broaden geophysical and geochemical coverage at the Doorn and Cabin targets;
  • Deploy a man-portable backpack drill to drill test surface showings and collect representative core samples for analysis;
  • Property-scale geological mapping and prospecting to aid in further target generation.

The company plans to explore the Midnight, Golden Bug and Golden Eagle target areas with comprehensive soil sampling, mapping, prospecting and ground magnetic surveys to define targets. Additionally, soil and magnetic survey coverage at the Doorn and Cabin will be extended to follow up on promising features currently trending off existing data coverage. The company will also be utilizing a man-portable drill to core into prospective showings exposed on surface to obtain representative samples for analysis. The company expects the planned field program to be completed over the next three weeks.

"Our systematic approach to exploration over the last two years on less than 20 per cent of the Texas property culminated in a maiden drill program that resulted in the grassroots discovery of both high-grade gold veins and bulk-tonnage gold mineralization. We are excited to apply this methodology to the other high-priority underexplored areas on the property. With the insights gained from interpretation of all the available modern data, we will be able to prioritize targets for the next round of drilling," states Geoff Schellenberg, president of the company.

Compilation of geochemical, geophysical and drilling data from the 2020/2021 exploration campaigns has revealed that high-grade and bulk-tonnage gold at the Doorn and Cabin targets is associated with magnetite-destructive hydrothermal systems exploiting steeply dipping east-west structures. Andesite dikes commonly occur in proximity to gold-enriched samples and oriented drill core measurements taken from mineralized veins within these structures show that veins are generally stacked and trend roughly north-south. Anomalous gold values in soil and rock samples correlate well with elevated silver, copper and lead values.

Patrick McLaughlin, PGeo, a qualified person as defined by National Instrument 43-101, has verified the exploration data disclosed, including sampling, analytical and test data contained in the written disclosure, and has reviewed and approved the contents of this news release.

Financing

The company has arranged a private placement of 335,000 flow-through units at 18 cents per unit for total net proceeds of $60,300, with each unit consisting of one flow-through common share and one-half of one common share purchase warrants. Each whole warrant is exercisable into one common share at a price of 25 cents per share for a period of two years. In addition, the company has arranged the placement of 2.5 million non-flow through units at 11 cents per unit for net proceeds of $275,000. Each unit consists of one common share plus one common share purchase warrant exercisable into one common share at a price of 25 cents per share for a period of two years. A finder's fee maybe paid with respect to the placement.

AGM (annual general meeting) results

The company is pleased to announce that all motions put forth at the company's AGM held on April 28, 2022, passed with a minimum of 89.19-per-cent support.

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 newly acquired Texas gold property diversifies the company's commodity focus and complements 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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