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Troubadour to Focus on Amarillo Project, Southwestern B.C., Elects Not to Proceed with the Acquisition of thePrivateer High-Grade Gold Project, Zeballos, B.C.
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2019) - TROUBADOUR RESOURCES INC. ...
About this update from Troubadour Resources, Inc.
[{"type":"text","content":"Troubadour to Focus on Amarillo Project, Southwestern B.C., Elects Not to Proceed with the Acquisition of thePrivateer 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 AmarilloTroubadour'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 ...