Program Highlights:
31 rock samples and 881 soil samples were collected, and a 29.4 line-km ground-based geophysical magnetic survey was completed.
Past-producing Inyo-Ackworth mine workings were ground-truthed and confirmed to be on claims staked by the Company earlier this year.
High density geochemical sampling was completed over the Golden Bug,
Detailed magnetic surveys were completed over the Golden Bug,
A man-portable backpack drill was used to drill test surface vein exposures at the Golden Bug target and was successful in collecting representative core samples for analysis.
Property-scale geological mapping and prospecting were completed to aid in further target generation.
'We are excited by the initial findings of the field team and eagerly await the analytical results. The systematic nature of the work completed in this latest phase of exploration will lay the ground-work for the next phase of drilling, and early indications point to robust targets emerging at several prospects across the land package,' states
One of the objectives of the field program was to confirm the location of the past-producing Inyo-Ackworth mine. Company geologists were able to ground-truth the location of the workings associated with the Inyo-Ackworth and confirmed that the upper and lower adit, as well as a large shaft that make up the mine workings, are located within the additional ground staked earlier this year. The Inyo-Ackworth was first discovered in 1916 and produced 3,639 grams of silver, 62 grams of gold, 1,171 kg of zinc and 1,158 kg of lead from 13 tonnes mined in 1918 and 1927 (Morrison, M., 1979, ARIS 7358). Historical mining exploited a two-meter-wide east/west trending shear zone hosting vuggy quartz-calcite veins that carried galena, native silver, sphalerite, tetrahedrite, and pyrite. Troubadour geologists collected representative rock samples of mineralized material in close proximity to the workings to confirm historically reported grades.
Very little geological information was available for the Golden Bug,
The 31 rock samples and 881 soil samples collected, and the 29.4 line-km ground-based magnetics survey conducted across the Golden Bug,
Financing
The Company announces that it has closed the first tranche of its previously announced private placement financing with the issuance 335,000 flow through ('FT') units at a price of
Each FT Unit consists of one common share in the capital stock of the Company and one half of one transferable share purchase warrant. Each warrant is exercisable at a price of
Proceeds of the Financing will be used to fund the exploration work on the Company's mineral properties. All securities issued under the Financing are subject to a four month and one day statutory hold period expiring on
About Troubadour
Contact:
President
Office: (604) 681-0221
E: geoff@troubadourresources.com
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.
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