Tower Provides Exploration Update on its B.C. Properties; Prepares to Drill New Thunder Au and Rainbow Cu-Au-Mo Discoveries at Rabbit North and Initiates Follow-Up Sampling at More Creek on a Gold Grain Anomaly Straddling the Key "Red Line" Controlling Structure of the Golden Triangle
- Tower Resources plans to resume drilling and expand newly discovered zones at Rabbit North property, indicating potential for future growth.
- Tower received a permit to continue exploration, demonstrating regulatory support for its operations.
- Tower is considering using RC drilling to search for additional gold sources, suggesting a proactive approach to exploration and potential for further discoveries.
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2023) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") is pleased to report on recent exploration developments at its British Columbia properties (see Fig. 1), the Company's plans to resume drilling on the new Thunder Au and Rainbow Cu-Au-Mo discoveries at Rabbit North and initiation of follow-up gold grain sampling at More Creek on the Golden Triangle "Red Line".
Rabbit North
Tower recently received a permit to continue exploration, including diamond drilling, on the Company's 17,526-hectare Rabbit North property near Kamloops, between New Gold's New Afton underground Cu-Au mine and Teck's Highland Valley open pit Cu-Mo mine (see Fig. 2).
Tower is planning a 1500 m follow-up diamond drilling program beginning in the first week of October to further investigate and expand the newly discovered (see Fig. 3 and Tower's March 30 and April 5 and 20 press releases), shear-hosted Thunder Au Zone (initial intersections of twin Au zones <10 m apart comprised, in discovery Hole 039, of 17.9 m @ 1.28 g/t Au and 7.8 m @ 3.79 g/t Au, and 150 m to the southeast in Hole 41, of 13.25 m @ 3.28 g/t Au and 10.12 m @ 2.19 g/t Au) and porphyry-type Rainbow Cu-Au-Mo Zone (72.4 m of
More Creek
The 6430-hectare More Creek property is centrally located in the Golden Triangle of northern B.C. between the Brucejack high-grade epithermal Au and Red Chris porphyry Cu-Au mines (Fig. 4). It is in mountainous terrain and straddles the Triassic Pass Fault, part of the so-called Red Line structural zone within 2 km of which the Brucejack, Eskay Creek, Red Chris and most of the other important mineral deposits of the Golden Triangle are located and to which they appear to be genetically related.
In 2016 Tower performed a small, three-sample gold grain sampling test program on the gravel bed of Arrow Creek, the valley of which traces the Triassic Pass Fault from south to north across the property. A strong gold grain anomaly was identified along the lower, northern part of the creek and its source mineralization was inferred from various lines of evidence to be 1-2 km south up the valley near a small, rapidly receding glacier that feeds the creek. Follow-up sampling was recommended to trace the gold grain anomaly up the creek and pin down its source.
Tower subsequently optioned the property to Volatus Capital Corp. but the recommended sampling program was not performed and the property was recently returned to Tower. Tower has revived the planned survey and expects to receive the gold grain results by late October.
Nechako Gold Property
Tower's 2975-hectare Nechako Gold property is located on the Nechako Plateau in central B.C. (see Fig. 1), 30 km northeast of the 8,000,000-ounce Blackwater Au deposit which is currently under development by Artemis Gold Inc. Between 2016 and 2021 Tower identified a significant gold grain anomaly at the top of a thick till plain and, using a specialized reverse circulation (RC) drill to sample the underlying dispersal train at depth, successfully traced it 3 km up-ice to its source area where several promising, porphyry associated Au-Ag-Pb-Zn intersections were subsequently obtained by diamond drilling.
Tower continues to maintain the Nechako Gold property in good standing while focusing on the Company's new Lightning, Thunder and Rainbow discoveries at Rabbit North (Fig. 3). As the Lightning Zone appears to account for only the western edge of the 400-m-wide Dominic Lake gold grain dispersal train that occurs at the surface of the thick till plain down-ice from the gold zone, consideration is being given to using the RC drilling experience gained at Nechako Gold to search the area to the east for additional gold sources.
Belle Property
Tower optioned its 1670-hectare Belle property in the Toodoggone Area east of the Golden Traingle to Volatus Capital Corp. on August 5, 2020. Volatus completed the earn-in agreement and has returned the property to the vendors.
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, both 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 and the Nechako gold-silver project near Artemis' Blackwater project.
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 B.C. exploration projects.
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Figure 2 - Location of Tower's Rabbit North property relative to the active mines of the Kamloops district.
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Figure 3 - Locations of Tower's new Thunder Au and Rainbow Cu-Au-Mo discoveries on the Rabbit North property.
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Figure 4 - Location of Tower's More Creek property within the Golden Triangle. The black line is the Triassic Pass Fault, part of the so-called Red Line fault zone with which most of the mineral deposits of the Golden Triangle are associated.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181308
