Troubadour Resources Announces Approval of Senneville Project Option
Vancouver, British Columbia / June 20, 2024 – Troubadour Resources Inc. (“TR” or the “Company”) (TSXV: TR) (OTC: TROUF), 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 the TSX Venture (the “Exchange”) has conditionally approved the Company’s option agreement (as amended) (the “Option”) with Xander Resources Inc. (“Xander” ) providing for the Company’s right to acquire an undivided 100% interest in 173 mineral claims comprising Xander’s Senneville Project (the “Project” or the “Property”), 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 km2 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. *Readers are cautioned that the geology of nearby properties are not necessarily indicative of the geology of the Project.
Figure 1 - Map of the Senneville Claims.
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, historical channel samples have yielded up to 6.5 g/t Au over 1.8 m, and historical 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. *Readers are cautioned that the Company has not verified these results.
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 Terms of the Agreement
Pursuant to the Option, 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 completing $2,000,000 in work expenditures at the Property as indicated in the table below:
| Payment Date | Shares(2) | Work Commitment |
|---|---|---|
| Signing(1) | 2,500,000 | - |
| 6 months | 2,500,000 | |
| 24 months | - | $2,000,000 |
| Notes: | 1. Payable within five (5) days from receipt of approval to the Option from the Exchange. 2. Shares of the Company are to be issued at a deemed value based on the Discounted Market Price (defined in Exchange rules) 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
Share issuances under the Option will proceed only if they do not cause the recipient to hold more than 10 per cent of Troubadour's total issued shares.
Cancellation of Financing
The Company also wishes to announce that it will no longer pursue its previously announced private placement of units and common shares, as detailed in its news release dated June 20, 2024.
Qualified Person
The technical content of this news release has been reviewed and approved by 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 OTCPK Exchange under the symbol TROUF.
TROUBADOUR RESOURCES INC.
“Chris Huggins”
CEO and Director For more information, please call Chris Huggins at (604) 968-4844 or email [email protected].
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, including the Option and the Company’s earn-in thereunder. 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.