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Troubadour Signs Letter of Intent to Acquire Historic Zeballos High-Grade Gold Mining Camp, B.C.
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2019) - TROUBADOUR RESOURCES INC. (...
About this update from Troubadour Resources, Inc.
[{"type":"text","content":"Troubadour Signs Letter of Intent to Acquire Historic Zeballos High-Grade Gold Mining Camp, B.C.Vancouver, British Columbia--(Newsfile Corp. - March 11, 2019) - TROUBADOUR RESOURCES INC. (TSXV: TR) (the \"Company\") announces an addition to its news release dated March 5, 2019 in order to include a proposed private placement financing of $2,000,000. The news release is amended and restated in its entirety below:The Company is pleased to announce that it has signed a letter of intent with Surespan Ltd. (the \"Shareholder\" or \"Surespan\") and its wholly owned subsidiary, Privateer Gold Ltd. (the \"Target\" or \"Privateer Gold\") granting an option to the Company to acquire all of the issued and outstanding shares of Privateer Gold. Privateer Gold is the owner of the Surespan Gold Property, which encompasses the historic Zeballos high-grade gold mining camp (\"Zeballos\" or the \"Property\"), on the northwest coast of Vancouver Island, B.C.Key Highlights of the Acquisition Include: Consolidated ownership of the historic Zeballos high-grade gold mining camp;Drilling conducted over the past two years by Privateer Gold encountered grades of up to 1,386.50 g/t Au over 0.30m at a downhole depth of 85m in the newly discovered 88 Vein;Exclusive 90-day due diligence period.Historic gold resource at the Privateer and Prident Mines of 122,470 measured tonnes grading 9.26 g/t Au and 324,772 indicated tonnes grading 15.09 g/t Au† (36,461 ounces Au measured and 157,565 ounces Au indicated);†The historical resource estimate is disclosed in Canadian Mines Handbook 1987-88. Although this historical mineral resource estimate is believed to be relevant and indicates exploration potential at this site, details of how the estimate was made: the key assumptions, parameters, and methods used to prepare the historical estimate are unknown or have not been reviewed, and/or the original assay results have not been verified by the Qualified Person. As the historical resource estimate was prepared in 1988 it does not use existing mineral resource categories under CIM. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.Zeballos was the site of a major gold rush...