Vancouver, B.C. - Tower Resources Ltd. (“Tower” or the “Company”) announces plans for its 2017 exploration program at the Company’s flagship Rabbit North copper and gold property in the Kamloops mining division of south-central British Columbia. The fully permitted program will consist of an estimated 4000 meters of diamond drilling focusing on key areas of copper and gold mineralization encountered during Tower’s 2016 drill campaign.
The strategically located, road-accessible Rabbit North property comprises approximately 16,400 hectares. Rabbit North is centered 14.5 kilometers east of New Gold’s, New Afton copper and gold mine and 28 kilometers east-northeast of Teck’s producing Highland Valley copper mine.
Mark Vanry, Tower’s President and CEO, said, "We are excited at the prospect of launching the most significant exploration program in company history, which commences at Rabbit North in mid-May 2017. The Company will aggressively follow-up on 2016’s success when Tower drilled the best hole to date on the property. Further, Tower enters the 2017 exploration season in a strong financial position, with over $4 million in cash as a result of a recently completed financing package with Sandstorm Gold and private placement”
The 2017 drill program is planned to follow-up on results from the highly successful 2016 drill program; 2016 diamond drill hole RN-008 at the Western Magnetite Zone cut 200 metres of 0.30% copper and 0.15 grams per tonne (g/t) gold, including a 72m interval of 0.47% copper and 0.20g/t gold (see Tower Press Release, December 8, 2016). Copper-gold mineralization and porphyry-related alteration was intersected in all 11 holes drilled in 2016, and promising drill results from the Central Monzonite Zone and Chrysocolla East Zone will be followed up in addition to the priority Western Magnetite Zone target.
The Rabbit North deposit sits within a much larger 16,400-hectare property which has seen only limited exploration to date outside of the main deposit area. Prospecting during the 2014 field season identified several areas of Jurassic intrusive stocks associated with widespread areas of phyllic alteration, within a highly prospective belt of Nicola Group arc volcanics. Follow-up mapping and systematic soil, rock and till sampling is also planned on prospective areas within the larger Rabbit property.
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 grab and trench samples and drill core. Management also cautions that mineral resources on nearby properties are not necessarily indicative of the results that may be achieved on the subject property.
The technical content of this news release has been reviewed and approved by Paola Chadwick, P.Geo., Exploration Manager for the company and qualified person as defined by National Instrument 43-101.
About Tower Resources
Tower Resources Ltd. (TWR.V) is a Vancouver based junior mineral exploration company focused on the discovery and advancement of economic mineral projects, primarily in British Columbia. The company’s key exploration assets are Rabbit North, Nechako Gold and More Creek.
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.