Tower Resources Renews 5-Year Permit and Unveils Future Drill Plan at Rabbit North

Rhea-AI Summary

Tower Resources Ltd. (TWRFF) announces the renewal of its exploration permit for Rabbit North and West Afton property, showcasing promising assay results and future drilling plans. The company's efficient resource utilization and strategic location near established mines bode well for its exploration potential.

Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company")  is pleased to report that its exploration permit for its 100% owned Rabbit North and West Afton property, spanning 17,526 hectares, has been renewed for 5-years. Situated strategically 14 km southwest of the New Afton copper and gold mine (New Gold Inc.) and 27 km northeast of the Highland Valley copper mine (Teck Resources Ltd.), the Rabbit North project offers exceptional exploration potential. Furthermore, the Kamloops region has an experienced workforce and infrastructure that facilitates year-round exploration.

Since 2021, Tower Resources has conducted testing and drilling in previously unexplored areas, revealing three distinct zones: the Lightning zone, Thunder North and South zone, and the Rainbow zone. Despite drilling only 6,728 meters to date, the company has made remarkable progress. Assay results have been promising with notable highlights including good gold and copper values from near surface drilling:

Lightning Zone:

Hole 26: 95m @ 1.40g/t Au
Hole 28: 138m @ 1.55g/t Au
Hole 29: 70.5m @ 1.78 g/t Au
Hole 45: 92m @ 1.13 g/t Au and 20m @ 2.13 g/t Au

Thunder Zone:

Hole 39: 3m @ 4.02 g/t Au and 25.7 m @ 2.04 g/t Au
Hole 41: 13.25m @ 3.28 g/t Au and 10.12m @2.19 g/t Au

Rainbow Zone:

Hole 42: 72.4m @ 0.57% CuEq
Hole 48: 8m @ 0.86% CuEq

Tower Resources' President commented on the efficient utilization of resources thus far. However, the company is now poised to optimize exploration efforts to fully realize the potential of a very marketable asset that remains largely untested in scope and scale.

Future Plans

A ground magnetic survey was completed in 2023 to assist with delineating future drilling. The survey covered an 1100-hectare block with 112 km of east-northeast trending lines spaced 100 m apart. Importantly this block extended further south than Tower's original, 2014 ground magnetic survey and included the recent Rainbow, Thunder, and Lightning Zone discoveries. Follow up drilling will incorporate the known assayed boundaries in conjunction with the survey results to drill the higher-grade Thunder zones and Rainbow zones through a series of relatively short 150 to 200m holes. Our team is currently defining the first 10 targets and will begin the permitting process for the next phase of drilling.

Methods and 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200280

FAQ

What is the ticker symbol for Tower Resources Ltd.?

The ticker symbol for Tower Resources Ltd. is TWRFF.

Where is Tower Resources Ltd.'s Rabbit North and West Afton property located?

The Rabbit North and West Afton property owned by Tower Resources Ltd. is situated 14 km southwest of the New Afton copper and gold mine and 27 km northeast of the Highland Valley copper mine.

What are some notable assay results from Tower Resources Ltd.'s drilling?

Tower Resources Ltd. has reported significant gold and copper values from its drilling, such as 95m @ 1.40g/t Au in the Lightning Zone and 72.4m @ 0.57% CuEq in the Rainbow Zone.

Who is the Qualified Person responsible for reviewing the technical content of Tower Resources Ltd.'s news release?

Stuart Averill, P.Geo., a director of Tower Resources Ltd., is the Qualified Person responsible for reviewing the technical content of the news release.

What future plans does Tower Resources Ltd. have for its exploration efforts?

Tower Resources Ltd. plans to conduct follow-up drilling based on the results of a ground magnetic survey to target the higher-grade Thunder and Rainbow zones with relatively short holes.