Vancouver, B.C. - Tower Resources Ltd. has commenced diamond drilling at its 100% controlled Waterloo silver (Ag) - gold (Au) property located in the historic Lightning Peak silver and gold mining camp of south central British Columbia, Canada. The road accessible property is 65 kilometres east of Kelowna, BC. The 2012 program will consist of up to 15 drill holes totalling approximately 1,000 metres.
The objectives of the 2012 drill program are three-fold:
Firstly, confirmation of the nature, thickness and strike-length of the near surface, Waterloo shear-zone hosted, high-grade silver mineralization that was the focus of mining in the early 1900's will be a high priority. Grab samples of mineralized dump material located near the Waterloo Mine have returned assays of up to 2790 grams per tonne (g/t) Ag (see Tower's December 14, 2011 news release), however the extent of this east-west trending silver mineralization is not presently known due to the lack of drill data. Tower plans to systematically test the Waterloo shear zone and its proposed extension by drilling eight shallow holes covering up to 600 metres of strike-length and 150 metres of vertical dip.
The second objective will be to confirm the grade and thickness of gold mineralization associated with quartz - sulphide veins of the AU showing, located 500 meters northeast of the Waterloo Mine. These mesothermal style veins are north trending and have returned encouraging assays of up to 25.4 g/t Au from dump material near the AU showing (see Tower's December 14, 2011 news release). This zone was never the subject of historical drilling. Tower will test the AU zone by systematically drilling it at depth and along strike with four drill holes.
Thirdly, the intersection of the east-west Waterloo shear zone and the north-south gold bearing structures of the AU showing will be tested. This area is 600 metres east of the Waterloo Mine and 430 metres south of the AU showing. Silver and gold mineralization has been identified in shear zones and veins in historic trenches, however, this area has never been drill tested at depth. Tower is planning three deep drill holes for this target.
Tower has received a Notice of Work permit from the B.C. government authorizing a 20-hole surface drilling program as well as 400 metres of trenching and camp construction at Waterloo. A contract has been signed with Ridgeline Diamond Drilling Ltd., an experienced Smithers based drilling contractor, to carry out the program at Waterloo
The Waterloo property is comprised of over 3,100 hectares under option from RebelEX Resources Corp (see Tower's October 20, 2011 press release). Tower personnel conducted a preliminary exploration program at the Waterloo property in June of this year and during the 4-week period prior to commencement of drilling, have completed geological mapping and prospecting on existing targets as well as newly identified prospects. Furthermore, Tower conducted a focused, eight-line kilometre ground magnetic and VLF (very low frequency) geophysical survey and soil geochemical survey over a priority project grid that will aid in drill hole selection. Assay results from this work are pending.
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.
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 Towers 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.