Vancouver, B.C. - Tower Resources Ltd., (TSX.V: TWR) has commenced its 2014 field program at the Rabbit North copper (Cu) - gold (Au) property located in the active Kamloops Mining District of south-central British Columbia. 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.
The ongoing multidisciplinary 2014 program at Rabbit North initially consisted of a brief 8 day program in late-May which comprised geological mapping, rock-chip sampling and prospecting in areas with limited historic work and areas with anticipated drill targets. In total, 31 samples were collected for geochemical analysis. A primary focus for this initial program was evaluating the poorly exposed Chrysocolla East target discovered in 2013 (see Tower's October 22nd, 2013 Press Release). The un-tested Chrysocolla East target is approximately 500 metres east of the Chrysocolla main target where the majority of the 1997 and 2004 exploration drilling was concentrated. Both targets are underlain by a continuous 600 meter easterly trending magnetic anomaly Tower identified in 2013. Furthermore, the Chrysocolla East target is coincident with an induced polarization (IP) chargeability high anomaly. This IP anomaly is on the shoulder of a much larger and poorly tested IP anomaly with dimensions of at least 1.9 by 1.4 kilometers (see Tower's January 27th, 2014 press release).
The Chrysocolla East porphyry target covers an area of at least 160 by 100 metres where outcrop is only exposed in a recent logging clear-cut. Copper and gold mineralization is associated with disseminated, clotted and vein controlled chalcopyrite and pyrite hosted in strongly magnetite + epidote altered diorite and magnetite healed breccias of the Durand Stock and Nicola Group volcanic rocks. Magnetite + actinolite + chalcopyrite +/- bornite veins locally cross cut altered diorite and copper oxides are locally observed along fracture surfaces. Nine samples with characteristic magnetite and epidote alteration were collected from the target area and average 0.56 g/t Au, 0.25% Cu, and 0.04g/t Pd (palladium). Importantly, this style of mineralization and alteration is also observed in drill hole 97-18 drilled at the Chrysocolla main target approximately 500 meters to the west. An intercept of 54 meters of 0.5g/t Au with 0.13% Cu was returned in this hole.
Mark Vanry, Tower's president and CEO, comments: "This brief sampling exercise at Rabbit North yielded multiple new copper discoveries which certainly supports the project's considerable exploration potential. In doing this, we have expanded the overall footprint of the porphyry system on the project and further refined a priority drill target worthy of drill testing later this year."
|Sample||Type||Area||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.
Exploration at Rabbit North is ongoing and results will be released as data is received from the laboratory. Drilling will commence once all known and newly identified drill targets are fully evaluated.
Samples were shipped in sealed and secure bags to ALS Minerals Laboratory in North Vancouver, BC. Here, samples were prepared using standard preparation procedures. Samples were analyzed for 51 elements 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.
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.