Vancouver, British Columbia, Canada, May 18, 2022 – TROUBADOUR RESOURCES INC. (the “Company") (TSX VENTURE: TR) (OTC PINK: TROUF) is pleased to announce that field crews have been mobilized to complete an extensive property-wide exploration program on the Texas Property (the “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 back-pack 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% 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 dykes 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, P. Geo., a Qualified Person as defined by NI 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 has arranged a private placement of 335,000 flow-through units at $0.18/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 $0.25/share for a period of two years. In addition, the Company has arranged the placement of 2.5 million non-flow through units at $0.11/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 $0.25/share for a period of two years. A finders fee maybe paid with respect to the placement.
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% support.
TROUBADOUR RESOURCES INC. (TSX.V: TR) (OTC PINK: TROUF) 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 track records as mine finders. The newly acquired Texas gold property diversifies the Company’s commodity focus and compliments Troubadour’s Amarillo copper project located 10 km south of the past-producing Brenda Mine in southern BC and 35 km east of Kodiak Copper’s MPD discovery.
For further information please contact:
Troubadour Resources Inc.
625 Howe Street, Suite 488
Vancouver, BC V6C 2T6
Geoff Schellenberg, President
Office: (604) 681-0221
Forward Looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.