Paladin Energy aims to crack uranium big league with Canadian takeover
Paladin would churn out 10% of global uranium output after combining production of its Namibian mine with Fission’s Canadian project.
Troubadour Resources (TSXV: TR) announced that it has entered into an option agreement with 1218802 B.C. LTD., an arm’s length vendor, to acquire a 100% interest in the Texas property in British Columbia, western Canada.
To go ahead with the deal, Troubadour has to pay $85,000 and issue 3 million shares over a two-year period. Upon vesting, the vendor will retain a 1.5% NSR of which Troubadour can purchase 1% for $1 million anytime prior to commencement of commercial production.
The 1,766-hectare Texas project is located in the Greenwood Mining District in Southern BC, in a place known as the Beaverdell mining camp. This area was a centre of extractive operations from the late 1890s to the early 1900s.
“The Beaverdell mining camp is predominately known for its silver production and the presence of high-grade gold occurrences makes the Texas property unique”
Troubadour Resources
According to Troubadour, the property covers ground prospective for vein-hosted precious metal deposits, based on at least seven historical and newly discovered gold occurrences and geological comparisons with the nearby Beaverdell Mine.
The miner reports that several showings are present on the project, including two old mines and many older trenches, pits and adits that expose mineralized veins.
“The Beaverdell mining camp is predominately known for its silver production and the presence of high-grade gold occurrences makes the Texas property unique and significantly more attractive,” Troubadour Resources said in a media statement. “Two recent grab samples from the Doorn vein [at Texas] assayed 241.96 g/t Au and 78.84 g/t Au, 319 g/t Ag and 8% Cu.”
The company also said that it intends to mobilize a field crew in the coming weeks to complete detailed sampling and mapping in preparation for an inaugural drill program that will focus on the Doorn and Cabin targets.
