Troubadour to Focus on Amarillo Project, Southwestern B.C., Elects Not to Proceed with the Acquisition of the Privateer High-Grade Gold Project, Zeballos, B.C.
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2019) - TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) (the "Company") is providing notice that it will no longer be proceeding with the acquisition of Privateer Gold Mines as announced on March 5, 2019.
The letter of intent ("LOI") was entered into on February 28, 2019 with Surespan Ltd. ("Surespan") and its wholly owned subsidiary, Privateer Gold Ltd. ("Privateer"), granting an option to the Company to acquire all of the issued and outstanding shares of Privateer. Privateer is the owner of the Surespan gold property ("Privateer Gold Mines" or "Project"), which encompasses the historic Zeballos high-grade gold mining camp on the northwest coast of Vancouver Island, British Columbia, near the town of Zeballos.
The LOI was terminated on May 28, 2019 without a definitive agreement being entered into between the parties. Unfortunately, the Company and Privateer were unable to reach an agreement on the Project's valuation and development plan during the designated period. The Company was not encouraged that amenable definitive terms could be arrived at between the parties and negotiations have been terminated.
Troubadour's Plans at Amarillo
Troubadour's exploration plans remain unchanged with the start of Spring and the initialization of field work at the Company's 100% owned Amarillo Cu-Au Porphyry project in southwestern B.C. ("Amarillo"). The first phase of the 2019 exploration season will be to mobilize exploration crews next week to prospect mineralized sub-crop discovered late last season that contained 4,315 and 4,904 ppm Copper* (0.43% and 0.49% Cu respectively. See Company News Release dated January 8, 2019). These samples were collected on the northern edge of the claim group within the most recently acquired ground and were 3.3 kms NNW from the recently completed drilling. The rock samples exhibit fracture veins enriched in Copper that are hosted in hydrothermally altered granodiorite. This initial work will involve prospecting, mapping, soil sampling and geophysical surveys to determine the source of the new anomalous material.
The groundwork is designed to quickly advance this target to make it drill ready and complement the existing multi-target Summer drill program already in place. At the start of the year, the Company submitted an amendment of its current exploration permit to the Ministry of Energy and Mines to allow for the drill testing of multiple additional high-priority targets at Amarillo. The Company expects to have its drill permits in hand shortly.
Troubadour is fully funded to cover the extent of the planned exploration program.
About Troubadour Resources Inc.
The Amarillo Project consists of seven (7) mineral tenures totalling 4,178 hectares and is situated within the heart of a major mining district. The multi-element geochemical signature of the Amarillo Project is consistent with a large multi-phase mineralizing system and is acutely similar to some of the neighbouring mining operations; such as the Brenda Cu-Mo-Ag-Au porphyry mine located 10 kilometres to the north that produced 278,000 tonnes of copper, 66,000 tonnes of molybdenum, 125 tonnes of silver and 2 tonnes of gold over a twenty-year mine life (source: Brenda Mines website).
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this news release.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45396