Tickers: XTSX:TWR, FRAA:T7Y1
Vancouver, B.C. / TheNewswire / May 29, 2018 - Tower Resources Ltd. ("Tower" or the "Company") (TSXV: TWR) is pleased to provide an update with respect to the Company's ongoing exploration activities and plans for 2018.
Over the past 2 months Tower has undergone a number of changes on the corporate side of the business with the appointment of Garett Macdonald, MBA, P.Eng. as President & CEO, Lesia Burianyk, CPA, CA as interim CFO and Darrel Hyde, P.Geo. as Exploration Manager. At the April 30th AGM the Company appointed a new Chairman and two new members to the Board of Directors. The board now consists of Gerry Shields, LLB (Chairman), Stuart Averill, P.Geo., James Clark, MBA, P.Eng., Nick Nikolakakis, MBA and Garett Macdonald. This group brings a wealth of experience and a recognized track record in the discovery, financing, engineering and development of resource projects to the Tower team.
To complement Tower's highly prospective and well located exploration projects, the Company also plans on securing a more advanced project with a current NI 43-101- compliant resource estimate. Tower's focus will be on advanced stage gold and copper projects in North America, leveraging the team's experience in developing projects through from concept to development. "The combination of early stage exploration projects together with the right advanced stage development asset will set Tower up to better realize shareholder value" noted Garett Macdonald, President & CEO.
-Nechako - The 2017 till sampling program (see press release dated May 15th, 2018) identified a highly anomalous sulphide dispersal train carrying elevated grades of gold, silver, copper, lead and zinc in an area of the project that is largely unexplored. Plans for the year include approximately 2,000 metres of diamond drilling and potentially additional reverse circulation (RC) drilling of the structural and porphyry targets identified by the till sampling program. The Company also plans to complete additional geophysical surveys and sampling in sections of the property with exposed outcrop.
-Rabbit North - This year Tower will be focused on expanding on the excellent results from the previous exploration programs with a work program consisting of additional mapping, sampling, geophysical surveys, core re-logging and up to 2,000 metres of diamond drilling in the second half of the year. Additional shallow RC drilling may also be completed to target the diamond drill program. Rabbit North is a large copper-gold porphyry project measuring 4 km x 4 km and situated between two large scale operating mines, Teck's Highland Valley Copper open pit mine (average reserve grade 0.3% Cu) and New Gold's New Afton underground mine (average reserve grade 0.78% Cu, 0.6 gpt Au and 2.0 gpt Ag). Previous results at Rabbit indicate the potential for high grade copper-gold mineralization over significant widths as evidenced by drill hole RN17-015 at the Western Magnetite Zone, which returned 247m @ 0.75% CuEq, including 37.9m @ 1.22% CuEq). Elsewhere on the property, previous work identified narrower zones of high grade gold mineralization including drill hole 97-07, which intersected 8m @ 15.4 gpt Au.
-Voigtberg and More Creek - The Voigtberg and More Creek projects are early stage exploration projects in the Golden Triangle area of British Columbia. Tower plans to systematically explore both projects this year, with detailed geological and geochemical work and drill-target definition within the extensive surface alteration and mineralization exposed on the property. Previous exploration at Voigtberg includes three diamond drill holes completed by Hemlo Gold Mines/Hayden Resources in 1996 and eight diamond drill holes in 2006/2007 by BCGold Corp. for a total of 1760m testing two of five main showings. Identification of high grade gold and widespread gold-copper mineralization in rock and soil samples was followed up with diamond drilling at the Gold Zone and the North Zone showings. Mineralization was intersected in all holes drilled at the Gold and North Zones, with notable intervals of gold-copper mineralization reported from the Gold Zone drill holes. Highlights from historic drill testing include 51.2 m of 1.03 g/t Au including 18.2m of 1.87 g/t Au in drill hole VGT06-05, collared at the Gold Zone.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Darrell Hyde, P.Geo., Exploration Manager for the Company and Qualified Person as defined by National Instrument 43-101.
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 are the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines, the Nechako gold project near New Gold's Blackwater project and the More Creek & Voigtberg gold projects in the Golden Triangle area of Northern British Columbia.
On behalf of the Board of Directors,
Tower Resources Ltd.
Garett Macdonald, President, CEO & Director
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.
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