News
Vancouver, British Columbia / August 2, 2024– Troubadour Resources Inc. (“TR” or the “Company”) (TSXV: TR) (OTCQB: TROUF), a North American mineral acquisition and exploration company, is pleased to announce that it has begun preparations to complete a biogeochemical survey at its Senneville Copper VMS property (“Senneville” or the “Property”).
The Property is prospective for polymetallic VMS-style mineralization and comprises 173 mineral claims located in the eastern part of the Abitibi Greenstone Belt, about 25 km northeast of the gold mining center of Val-d’Or, Quebec. It 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.
“We are excited to apply modern and novel exploration techniques to the Senneville Property” stated Troubadour Resources CEO, Chris Huggins. “The Senneville Property is exceptionally well-positioned for the Val D’Or’s next major discovery, and our planned exploration program will apply techniques that have proven their applicability but have not previously been applied to this ground. This work will help us finalize drill targets, prior to our fully funded maiden drill program, for which planning has already begun.”
Figure 1 – Local area map of the Senneville Project. Geology after SIGEOM.
Figure 2 – Project map displaying the VMS trend that will be the focus of drilling at the Senneville Project.
In particular, the Company intends to carry out a biogeochemical survey to identify additional priority targets prospective for high-grade gold and copper mineralization that will be included in the Company’s maiden drill program to commence this coming fall.
Biogeochemical surveys are exploration techniques that excel at testing for buried mineralization not exposed at the surface by sampling and analyzing whole or selected parts of plants. As plants grow, metals and ions dissolved in the soil and groundwater are incorporated by the plants and migrate to the various parts (roots, truck, stem, bark, leaves), and thus, the plants attain a chemistry reflective of the underlying bedrock. By sampling these biological materials along a systematic grid, Troubadour plans to identify areas most rich in metals or elements that indicate the most likely areas to host gold or copper mineralization.
Biogeochemical surveys have proven to be an effective method in identifying metal anomalies associated with gold and copper mineralization (Wallbridge Resources, Gaillard, 2021; Midland Exploration, St-Cyr, 2021; Probe Gold News Release June 29, 2024). The details of the sampling for the Company’s planned program (tree species, sampled material, etc.) are yet to be finalized. Sampling will be followed by ground-based geophysics to refine target horizons within the mineralized trend.
The Company is also pleased to announce that it has completed the second payment due under its option (the “Option”) to earn 100% of the Property and has now issued an aggregate of 5,000,000 common shares in the capital of the Company pursuant to the Option. Pursuant to the Option, the Company may now acquire a 100% interest in the Property by completing $2,000,000 in work expenditures at the Property prior to the second anniversary of the execution of the Option. The complete terms to acquire 100% of the Property are indicated in the table below:
| Payment Date | Shares(2) | Work Commitment |
| Signing(1) | 2,500,000 (complete) | – |
| 6 months | 2,500,000 (complete) | |
| 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 Property has the following net-smelter returns royalties (“NSRs”) which will be assumed by the Company:
The Company is also pleased to announce that it has engaged Red Cloud Securities Inc. (“Red Cloud“) for market making services (the “Red Cloud Engagement”), Independent Trading Group (ITG), Inc. (“ITG“), for market making services (the “ITG Engagement”), Venture Liquidity Providers Inc. (“VLP”) for market making services (the “VLP Engagement”), and RMK Marketing Inc. (“RMK“) for marketing services (the “RMK Engagement”; together with the Red Cloud Engagement, the ITG Engagement and the VLP Engagement, the “Engagements”). The Engagements remain subject to the approval of the TSX Venture Exchange (the “TSXV”) and services will commence upon the TSXV’s approval.
Pursuant to the Red Cloud Engagement, Red Cloud will provide market stabilization and liquidity services to the Company in consideration of a monthly fee of $5,000. The engagement will be ongoing and can be terminated by either party on 30 days’ prior written notice. Red Cloud and/or its clients may hold interests in Troubadour’s securities. Red Cloud will commit its own funds to the purchase of Troubadour’s securities to maintain market stability, and Red Cloud will not receive any shares or options as compensation pursuant to the Red Cloud Engagement. Red Cloud and the Company are unrelated and unaffiliated entities.
Pursuant to the ITG Engagement, ITG will provide market-making services to the Company in consideration of a monthly fee of $5,000. The engagement will be ongoing and can be terminated by either party on 30 days’ prior written notice. ITG and/or its clients may hold interests in Troubadour’s securities. ITG will commit its own funds to the purchase of Troubadour’s securities to maintain market stability and ITG will not receive any shares or options as compensation pursuant to the ITG Engagement. ITG and the Company are unrelated and unaffiliated entities.
Pursuant to the VLP Engagement, market-making services will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd. (“W.D. Latimer”), in compliance with the applicable policies of the TSXV. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The funds and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
Pursuant to the RMK Engagement, RMK will provide a comprehensive suite of online marketing and investor relation services to the Company, including advertorial creation, campaign management, keyword research and ongoing bid optimization to enhance the Company’s online presence and investor engagement. In consideration for the services, the Company will pay RMK a fee of $250,000, with an option to increase the budget to $500,000 as needed. RMK does not hold any of the Company’s securities to its knowledge. RMK and the Company are unrelated and unaffiliated entities.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Deepak Varshney, P.Geo., a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionors were reviewed by the qualified person. The information provided has not been verified and is being treated as historic non-compliant intercepts.
About Troubadour Resources Inc.
Troubadour Resources Inc. is a North American mineral acquisition and exploration company focused on the development of quality critical mineral and precious metal properties that are drill-ready, with high-upside and growth 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 chris@greenwood.capital .
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.
References
Gaillard, N. (2021) Assessment Report, Grasset Property, Biogeochemistry, Summer 2021; Wallbridge Mining, GM72469, 86pp.
St-Cyr, R. (2021) Black Spruce Bark Campaign Report – Adam Project; Midland Exploration, GM72086, 166 pp.
Probe Gold (2024) Probe Metals And Midland Exploration Commence Drilling To Test New High Priority Targets South Of Fenelon On The Detour Gaudet-Fenelon JV Project; Retrieved from <https://probegold.com/news/probe-metals-and-midland-exploration-commence-drilling-to-test-new-
