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Troubadour Resources Inc (2)
Symbol TR
Shares Issued 15,116,134
Close 2024-05-17 C$ 0.185
Market Cap C$ 2,796,485
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Troubadour options Senneville project from Xander

2024-05-21 12:33 ET - News Release

Mr. Blake Morgan reports

TROUBADOUR RESOURCES OPTIONS SIGNIFICANT QUEBEC LAND PACKAGE WITH HIGHLY PROSPECTIVE GOLD AND COPPER TARGETS

Subject to the approval of the TSX Venture Exchange, Troubadour Resources Inc. has executed an option with Xander Resources Inc. (the vendor) for the right to purchase an undivided 100-per-cent interest in 173 mineral claims comprising Xander's Senneville project, located in the eastern part of the Abitibi greenstone belt, about 25 kilometres northeast of the gold mining centre of Val d'Or, Que.

The project covers over 100 square km and is contiguous in the south to Probe Metals' Novador project, host to the 2.04-million-ounce Monique resource grading 1.42 grams per tonne gold, and in the north to Monarch Mining's Beaufor mine, which has produced over 1.1 Moz Au.

Historic work has focused around the Gustave Cere 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 metres and drilling has identified up to 18.15 g/t Au over approximately 0.9 metre. This showing has been defined by drilling for approximately 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 property's volcanogenic massive sulphide 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, chief executive officer 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 company may acquire a 100-per-cent interest in the property by issuing an aggregate of five million common shares in the capital of the company and completing $2-million in work expenditures as indicated in the attached table.

The project has the following net smelter return royalties (the NSR) which will be assumed by the company:

  • 2-per-cent NSR to North American Exploration Ltd. for 72 claims;
  • 2-per-cent NSR to Silverwater Capital Corp. for 62 claims;
  • 2-per-cent 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 Andrew Tims, PGeo, a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Troubadour Resources Inc.

Troubadour Resources 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, B.C., Troubadour trades on the TSX Venture Exchange under the symbol TR and the OTC Pink Exchange under the symbol TROUF.

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