Mr. Geoff Schellenberg reports
TROUBADOUR COMPLETES FIELD PROGRAM ON THE TEXAS PROPERTY AND CLOSES PRIVATE PLACEMENT
Troubadour Resources Inc.'s field crews have completed a comprehensive property-wide exploration program on the Texas property located in the historic Beaverdell mining camp in Southern British Columbia.
- 31 rock samples and 881 soil samples were collected, and a 29.4-line-kilometre ground-based geophysical magnetic survey was completed.
- Past-producing Inyo-Ackworth mine workings were ground truthed and confirmed to be on claims staked by the company earlier this year.
- High-density geochemical sampling was completed over the Golden Bug, Golden Eagle and Midnight targets, three prospective areas that have seen limited modern exploration work to date.
- Detailed magnetic surveys were completed over the Golden Bug, Golden Eagle, Midnight and Doorn target areas.
- A man-portable backpack drill was used to drill test surface vein exposures at the Golden Bug target and was successful in collecting representative core samples for analysis.
- Property-scale geological mapping and prospecting were completed to aid in further target generation.
"We are excited by the initial findings of the field team and eagerly await the analytical results. The systematic nature of the work completed in this latest phase of exploration will lay the groundwork for the next phase of drilling, and early indications point to robust targets emerging at several prospects across the land package," stated Geoff Schellenberg, company president.
One of the objectives of the field program was to confirm the location of the past-producing Inyo-Ackworth mine. Company geologists were able to ground truth the location of the workings associated with Inyo-Ackworth, and confirmed that the upper and lower adit, as well as a large shaft that makes up the mine workings, is located within the additional ground staked earlier this year. Inyo-Ackworth was first discovered in 1916, and produced 3,639 grams of silver, 62 grams of gold, 1,171 kilograms of zinc and 1,158 kilograms of lead from 13 tonnes mined in 1918 and 1927 (M. Morrison, 1979, Aris 7,358). Historical mining exploited a two-metre-wide east/west-trending shear zone hosting vuggy quartz-calcite veins that carried galena, native silver, sphalerite, tetrahedrite and pyrite. Troubadour geologists collected representative rock samples of mineralized material in close proximity to the workings to confirm historically reported grades.
Very little geological information was available for the Golden Bug, Golden Eagle and Midnight targets despite historical literature referencing historical production and precious metal grades. This makes the systematic rock, soil and geophysical work completed by the company an important step in unlocking the potential of these areas. Numerous mineralized blast pits, workings and trenches were encountered during the field program and subsequently mapped, sampled or drilled with a man-portable backpack drill, where possible.
The 31 rock samples and 881 soil samples collected and the 29.4-line-kilometre ground-based magnetic survey conducted across the Golden Bug, Golden Eagle, Midnight and Doorn targets will aid in refining targets for further follow-up work in the coming months. Results from the field program are expected to be received in the coming weeks.
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.
The company announces that it has closed the first tranche of its previously announced private placement financing with the issuance of 335,000 flow-through units at a price of 18 cents per FT unit for gross proceeds of $60,300.
Each FT unit consists of one common share in the capital stock of the company and one-half of one transferable share purchase warrant. Each warrant is exercisable at a price of 25 cents per common share for a period of two years.
Proceeds of the financing will be used to finance the exploration work on the company's mineral properties. All securities issued under the financing are subject to a four-month-and-one-day statutory hold period expiring on Oct. 2, 2022.
Mr. Schellenberg participated in the financing and subscribed for 135,000 FT units in support of the company. Insider participation constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company has relied upon the exemptions from the formal valuation and minority shareholder approval requirements contained in Section 5.5(a) and 5.7(1)(a) of MI 61-101, respectively. Neither the fair market value of the units purchased, nor the fair market value of the consideration paid for them by insiders exceeds 25 per cent of the company's market capitalization.
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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