- Troubadour Resources (TSXV:TR) has acquired 100 per cent of the high-grade Monarch Uranium Property in Nunavut
- Under the terms of the acquisition, the company has entered into an arm’s length purchase and sale agreement for 5.5 million shares and a cash payment of $35,000 upon closing
- High values of uranium have been discovered on the Monarch Uranium Property
- Shares of Troubadour Resources are up 25 per cent to C$0.075 as of 10:40 am ET
Troubadour Resources (TSXV:TR) is expanding its presence into Nunavut thanks to its acquisition of the high-grade Monarch Uranium Property in the Thelon Basin.
In a news release, the company stated it has entered into an arm’s length purchase and sale agreement for the property by issuing 5.5 million common shares and a cash payment of $35,000 upon closing.
“With Uranium at near all-time highs and a new multi-million dollar staking rush happening all around the region, we have stamped our mark and made the move. With some of the highest-grade Uranium ever found on this asset, we will push the boundaries of new technologies and move towards a major discovery,” Blake Morgan, director of Troubadour Resources, said in a statement.
Morgan added that $1 million leveraged in previous exploration will be used to generate advanced targets.
At the Monarch Uranium Property, a significant boulder field has been previously identified with high values of uranium discovered at the property.
It is also located between the Tehlon Basin and the underlying metasediments basement. Notably, the intersection of reactive faults and unconformities is highly prospective for uranium deposits similar to those at Cigar Lake and Key Lake in the Athabasca Basin.
Troubadour Resources is focused on copper and gold in British Columbia.
Shares of Troubadour Resources are up 25 per cent to C$0.075 as of 10:40 am ET.
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