Vancouver, British Columbia--(Newsfile Corp. - February 28, 2022) - Tower Resources Ltd. ("Tower" or the "Company") (TSXV: TWR) is pleased to announce it has entered into a property purchase agreement dated February 25, 2022 (the "Agreement"), to purchase a claim block of property near Kamloops, B.C. known as the West Afton Claims (the "Property").
West Afton Property
The Property is 1,148.0920 hectares, easily accessible by a forest service road and strategically located between Tower's Rabbit North property to the west and New Gold's New Afton mine claims to the east. The Property also lies along the apparent northeast structural trend of Tower's recent Golden Zone gold discovery (1.40 g/t Au over 95 m including 4.21 g/t Au over 19.2 m; see Tower's January 11, 2022 press release). Limited surface exploration work on the Property to date, has resulted in the identification of a porphyry-style Cu-Au showing. The principal commodities at the New Afton mine are copper and gold in copper concentrates. The Company believes the Property could be assessed quickly, utilizing the till heavy mineral sampling method that was used to identify the Golden Zone.
Joe Dhami, President of Tower, commented, "The Property provides an exploration opportunity along the northeast gold trend and allows Tower to expand its footprint into a well-known and highly prospective mining area."
Pursuant to the Agreement, subject to TSX Venture Exchange approval, Tower is required to pay $20,000 and issue 200,000 common shares at a deemed price per share of $0.15, on satisfaction of all closing conditions. The common shares issued in connection with the Agreement will be subject to a hold period expiring 4 months and 1 day from the date of issuance.
The technical content of this news release has been reviewed and approved by Stuart Averill, P.Geo., a Director of the Company, Chairman of ODM 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, both 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 and the Nechako gold-silver project near Artemis' Blackwater project.
On behalf of the Board of Directors
Tower Resources Ltd.
Joe Dhami, President and CEO
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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