Tower Begins Drilling at Rabbit North to Refine and Expand the Promising Thunder Au and Rainbow Porphyry Cu-Au-Mo Discoveries

Rhea-AI Summary

Tower Resources Ltd. mobilizes diamond core rig to drill follow-up holes on Thunder and Rainbow zones in Rabbit North property

Positive

• Tower Resources Ltd. is pleased to report the mobilization of a diamond core rig to its Rabbit North property. The company's initial drill test in March 2023 successfully discovered the Thunder and Rainbow zones. The Thunder Zone intersections averaged 1.28 g/t Au over 17.9 m and 3.79 g/t Au over 7.8 m. The Rainbow Zone intersection averaged 0.27% Cu, 0.40 g/t Au, and 0.01% Mo over 72.4 m, suggesting a possible large mineralized zone.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2023) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") is pleased to report mobilization of a diamond core rig to its Rabbit North property in the heart of the Kamloops mining district (Fig. 1) to drill the first follow-up holes on the Company's newly discovered Thunder orogenic Au zone and adjacent Rainbow porphyry Cu-Au-Mo zone.

Background

Tower's initial, 4-hole drill test in March 2023 of a raw, previously unexplored area 400 m west of the Company's Lightning orogenic Au zone was remarkably successful in discovering both the Thunder orogenic Au and Rainbow porphyry Cu-Au-Mo zones (see Figs. 2, 3) even though the mineralized basement rocks are covered by up to 20 m of glacial till and 30 m of preglacial basalt flows.

The only hint of mineralization in the test area - identified by Tower in late 2022 - was a narrow gold grain dispersal train (the Central Train; see Fig. 2) in the till resulting from a small window (glacially eroded hole) in the basalt cover over part of the Thunder Zone (see Fig. 3). The Thunder and Rainbow Zones were each intersected in two of the four holes seeking the source of the glacially dispersed gold grains.

Holes 039 and 041 each encountered two substantial intersections of the Thunder Zone separated by a thin, 3 to 10 m unmineralized seam. The Hole 039 intersections averaged 1.28 g/t Au over 17.9 m and 3.79 g/t Au over 7.8 m and those in Hole 41 averaged 3.28 g/t Au over 13.25 m and 2.19 g/t Au over 10.12 metres. The intersections were obtained at a depth of ~100 m and are ~150 m apart, assuming a southeast strike. The dip direction is uncertain but presently inferred to be northeast.

Unusually, Hole 041 was also the discovery hole of the Rainbow porphyry Cu-Au-Mo Zone, clipping 36 m of the eastern edge of the zone in the upper part of the hole. More importantly the final hole, No. 042 drilled from the same pad as No. 041 but at a steeper angle, obtained a longer, stronger and more westerly intersection averaging 0.27% Cu, 0.40 g/t Au and 0.01% Mo, or 0.57% Cu-equivalent, over 72.4 metres. The significant increases in both thickness and grade suggest a possible large mineralized zone centered to the west.

Objectives of the Present Drilling Program

Approximately 1500 m of drilling are planned. The drill holes are designed to simultaneously determine the configurations of the Thunder and Rainbow Zones and significantly expand each zone.

Qualified Person

The technical content of this news release has been reviewed and approved by Stuart Averill, P.Geo., a director of the Company, and a Qualified Person as defined by National Instrument 43-101.

About Tower Resources

Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets, all in B.C., are the Rabbit North copper-gold porphyry project located between the New Afton copper-gold and Highland Valley copper mines in the Kamloops mining district, the Nechako porphyry-associated gold-silver project near Artemis' Blackwater project and the More Creek epithermal gold project on the critical "red line" structural zone connecting the mineral deposits of the Golden Triangle.

On behalf of the Board of Directors
Tower Resources Ltd.

Joe Dhami, President and CEO
(778) 996-4730
www.towerresources.ca

Reader Advisory

This news release may contain statements which constitute "forward-looking information," including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 - Location of Tower's Rabbit North property relative to the active mines of the Kamloops district.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5023/182907_740013e9e4163961_002full.jpg

Figure 2 - Locations of the Thunder Au and Rainbow Cu-Au-Mo zones relative to the Central gold grain dispersal train in the overlying glacial till. The apparent structural trend of the Thunder Zone and possible core of the mineralogically zoned Rainbow Zone are also shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5023/182907_740013e9e4163961_003full.jpg

Figure 3 - Interpreted extent of Chilcotin basalt (CB) cover over the prospective basement rocks as determined from historical mapping (exposed northern basalt band) and Tower's 2021-2023 diamond drill holes (8 intersections) and 2023 ground magnetic survey (unexposed southern basalt band). The inferred structural trends of the Lightning and Thunder Au Zones and potential extent of the Rainbow porphyry Cu-Au-Mo Zone are also shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5023/182907_740013e9e4163961_004full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182907

FAQ

What zones did Tower Resources discover in its drill test?

Tower Resources discovered the Thunder and Rainbow zones.

What were the average grades of the Thunder Zone intersections?

The Thunder Zone intersections averaged 1.28 g/t Au over 17.9 m and 3.79 g/t Au over 7.8 m.

What were the average grades of the Rainbow Zone intersection?

The Rainbow Zone intersection averaged 0.27% Cu, 0.40 g/t Au, and 0.01% Mo over 72.4 m.

What does the significant increase in thickness and grade suggest?

The significant increase in thickness and grade suggests a possible large mineralized zone.

Who reviewed and approved the technical content of the news release?

Stuart Averill, P.Geo., a director of the Company, and a Qualified Person as defined by National Instrument 43-101 reviewed and approved the technical content of the news release.