Vancouver, B.C. - Tower Resources Ltd., (TSX.V: TWR) provides results from its multidisciplinary 2014 exploration program at the Rabbit North copper (Cu) -- gold (Au) property located in the active Kamloops Mining District of south-central British Columbia. In particular, Tower reports the discovery of a new and significant porphyry related copper and gold zone herein termed the KV target.
Copper and gold mineralization at the untested KV target has been traced over an area of at least 400 by 460 metres and contains some of the highest grade copper and gold mineralization identified to date on the property. This discovery is considered significant as it expands the footprint of porphyry related mineralization into an area with limited historic work. Furthermore, identification of the target strengthens the current exploration model for porphyry related copper and gold mineralization characteristic of Rabbit North. Grab samples grading up to 0.79% Cu with 6.23g/t (grams per tonne) Au demonstrate the potential of the project for hosting a significant copper and gold porphyry system with local high grade areas.
The center of the KV target is located 850 metres south of the previously reported Kwil target (September 9th, 2014 Press Release) and 800 metres east of the Central Monzonite South target (see Towers August 25th, 2014 Press Release). Here, mineralization is hosted in equigranular biotite + augite diorite of the Durand Stock, augite porphyritic microdiorite and breccias composed of microdiorite and plagioclase porphyry clasts. Chalcopyrite is strongly disseminated within samples from the equigranular diorite and is associated with pervasive potassium feldspar + magnetite + chlorite alteration (i.e., sample 2377061 and 2377060). Crosscutting veins of potassium feldspar, epidote +/- magnetite and hematite are also observed to contain chalcopyrite, pyrite and malachite. Here, palladium (Pd) is locally elevated in the samples (i.e., 0.13g/t Pd sample 2377060). In the breccias, magnetite and epidote alteration is widespread and pervasive in both clasts and matrix. Chalcopyrite mineralization is dominantly clotted and disseminated (i.e., sample 2377034) and locally structurally controlled with vein hosted magnetite and trace bornite (i.e., sample 2377052). Malachite and azurite are readily observed on some fractures. Twenty five grab samples were collected from this target area for geochemical analysis.
The reader is referred to Tower's website for an updated project map showing the recently discovered KV target (www.towerresources.ca).
Table of 2014 Selected Grab Sample Highlights from the KV Target
|Sample||Cu (%)||Au (g/t)||Ag (g/t)||Pd (g/t)|
Tower cautions readers that grab samples are selective in nature and that the resulting assays from the samples may not be representative of all mineralization on the property.
Tower's 2014 exploration program at Rabbit North has been successful in identifying multiple new copper and gold mineralized targets by way of systematic geological mapping and rock-chip sampling. These previously reported discoveries include; the Chrysocolla East (see Tower's June 11th, 2014 Press Release), Central Monzonite South (see Tower's August 25th, 2014 Press Release), Kwil (see Tower's September 9th, 2014) and Buff targets (see Tower's September 23rd, 2014 Press Release). Due to the successful 2014 field campaign, Tower has decided to delay its maiden drill program at Rabbit North until the spring of next year. This way, the technical team will have sufficient time to properly model and evaluate all the data acquired this year and prioritize drill targets for phase one testing. Prior to the 2014 exploration program it was considered that three primary drill targets existed on the project, however, based on the 2014 work, eight priority drill targets exist with two secondary targets covering an area of approximately 3.5 by 3 kilometres.
The road-accessible Rabbit North property consists of 34 mineral tenures covering 16,400 hectares, which are in-part abutting New Gold Inc's tenures covering the New Afton mine. The producing New Afton copper and gold mine is approximately 14.5 kilometers east of the main Rabbit North targets. Rabbit North is also 28 kilometers east-northeast of the producing Highland Valley copper mine operated by Teck Resources Limited, Canada's largest copper producer.
Samples were shipped in sealed and secure bags to ALS Minerals Laboratory in Kamloops, BC. Here, samples were prepared using standard preparation procedures. Samples were then analyzed for 51 elements at the ALS Minerals Laboratory in North Vancouver, BC including copper and silver by ICP-MS using an aqua regia digestion. Gold, platinum and palladium was analyzed by fire assay (30 gram nominal sample weight), aqua regia digestion and ICP-AES finish. Over limit copper (>1%) was re-analyzed using an aqua regia digestion and ICP-AES finish.
Some technical information contained in this release is historical in nature and has been compiled from sources believed to be accurate. This technical information has not been verified by Tower and may in some instances be unverifiable dependent on the existence of all historical drill core.
This reported sampling program was carried out by Christopher Leslie, M.Sc., Vice President, Exploration for Tower Resources. The technical content of this news release has been reviewed and approved by Kenneth Thorsen, BSc, P.Eng, a consultant of the company and qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Tower Resources Ltd.
Mark Vanry - Director, CEO & President
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Caution
This news release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change, except as required by law. There are numerous risks and uncertainties that could cause actual results and Tower's plans and objectives to differ materially from those expressed in the forward-looking information. The reader is urged to refer to the Company's public disclosure which is available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.