VANCOUVER, B.C. - Tower Resources Ltd. ("Tower") reports results from eleven diamond drill holes completed in phase one exploration drilling at its 100% controlled Waterloo property in south central British Columbia. The Waterloo Property is located 65 kilometres east of Kelowna, BC near the historic Lightning Peak silver and gold mining camp.
Silver (Ag), zinc (Zn) and lead (Pb) mineralization at Waterloo is replacement in nature and is structurally controlled along a shear zone characterized by brecciated marbles and metamorphosed siliciclastic rocks healed by carbonate and quartz. The structure is on average 1.5 metres wide and has been traced to the east for at least 500 metres to the Forge area and perhaps up to 1400 metres along strike to Silver Spot #3 (see Tower's news releases; December 14th, 2011 and November 21st, 2012).
The main objectives of the drill program at Waterloo were to test: 1.) the depth extension to mineralization vertically below the historic Waterloo mine; 2.) the continuity of mineralization along strike near the Waterloo mine; and 3.) the proposed extension of the structure 500 metres to the east. Highlights from this drill program include:
Table of 2012 Exploration Drilling Highlights:
| Drill Hole1 | From (m) | To (m) | Drill Width (m) | True Width2 (m) | Ag (g/t) | Pb (%) | Zn (%) |
|---|---|---|---|---|---|---|---|
| WL-12-004 | 79.0 | 80.1 | 1.1 | 0.5 | 18.64 | 0.09 | 2.98 |
| and | 85.0 | 86.2 | 1.25 | 0.6 | 16.10 | 0.07 | 0.82 |
| WL-12-006 | 62.2 | 62.7 | 0.5 | 0.2 | 14.60 | 0.03 | 3.06 |
| and | 64.2 | 70.0 | 5.80 | 2.1 | 49.36 | 0.25 | 6.34 |
| inc | 66.7 | 68.7 | 2.00 | 0.7 | 112.93 | 0.27 | 11.48 |
| WL-12-008 | 135.0 | 136.0 | 1.00 | 0.7 | 16.20 | 0.01 | 0.95 |
| WL-12-011 | 177.0 | 178.0 | 1.0 | 0.5 | 181.90 | 0.25 | 3.08 |
1. Refer to Table of Drill Hole Locations in this News Release
2. True widths were estimated using an in-house protocol
Although significant silver grades were not intersected in every hole during the drill program, Tower remains highly encouraged by what was learned geologically from drilling coupled with pre-drilling exploration success (see News Release; November 21st, 2012). Based on these results Tower is planning an aggressive field program for 2013. The Company plans to utilize a more mobile drill rig to gain better access to drill setups proximal to the historic workings and to systematically define the extent of the high-grade oreshoots that were exploited in the early 1900s.
Drill hole WL-12-011 shows that "Waterloo-style" structurally controlled silver, lead and zinc mineralization extends to the east at least 500 metres along strike from the main workings. Drill hole WL-12-011 was collared 450 metres east of WL-12-004, indicating a considerable amount of strike length remains to be tested to evaluate the potential for further high-grade areas such as those historically mined. Historic documentation of the mining efforts in the early 1900s indicates that mineralization is somewhat discontinuous along strike; therefore additional targeting for high-grade shoots along strike is critical. Interestingly, this same style of mineralization exists along strike a further 800 metres to the east at the Silver Spot #3 showing (see News Release; December 14th, 2011) which remains untested by drilling.
Table of Drill Hole Locations
| Hole ID | Easting | Northing | Azimuth (°) | Dip (°) | Total Depth (m) |
|---|---|---|---|---|---|
| WL-12-001 | 388030 | 5528750 | 0 | -45 | 75.29 |
| WL-12-002 | 388030 | 5528750 | 30 | -45 | 60.05 |
| WL-12-003 | 388281 | 5528777 | 210 | -55 | 124.05 |
| WL-12-004 | 388281 | 5528777 | 170 | -55 | 127.10 |
| WL-12-005 | 388235 | 5528711 | 315 | -50 | 52.73 |
| WL-12-006 | 388235 | 5528711 | 315 | -55 | 74.37 |
| WL-12-007 | 388235 | 5528711 | 10 | -45 | 63.09 |
| WL-12-008 | 388204 | 5528845 | 175 | -45 | 189.89 |
| WL-12-009 | 388204 | 5528845 | 210 | -45 | 178.92 |
| WL-12-010 | 388599 | 5528966 | 270 | -45 | 72.24 |
| WL-12-011 | 388642 | 5528532 | 330 | -45 | 185.01 |
Collar coordinates: UTM Zone 11 NAD 83
Drill holes WL-12-001 and WL-12-002 were collared 25 metres southwest of the lowest adit and were drilled to the north and to the northeast respectively. These holes were designed to test the western extent of mineralization. The Waterloo structure was intersected in both holes however silver and base metal mineralization is absent.
Drill holes WL-12-003 and WL-12-004 were collared 75 metres northeast of the easternmost historic working and were drilled to the southwest and south respectively. Both holes intersected the Waterloo structure at approximately 65 metres vertical depth and are weakly mineralized. WL-12-004 intersected 0.5 metres grading 18.6 g/t Ag and 2.98% Zn.
Drill hole WL-12-005 was collared 35 metres southeast of the easternmost Waterloo historic working and was drilled to the northwest. This hole intersected a historic adit and was terminated before target depth. WL-12-006 was collared on the same pad as WL-12-005 and was drilled with the same azimuth however its dip was 5 degrees steeper. This hole intersected the mineralized Waterloo structure at approximately 55 metres below surface. This intersection is well mineralized with sphalerite and lesser galena and assayed grading 112.93 g/t Ag with 11.48% Zn over a true width of 0.7 metres. WL-12-007 was also collared on this pad but was drilled to the north-northeast. This hole intersected the Waterloo structure at 43 metres down-hole, however it is not mineralized.
Historic production of high-grade silver from the Waterloo Mine was preferentially from two vertically oriented high-grade ore shoots along the Waterloo structure called Ruby Silver 1 and Ruby Silver 2. The ore was extracted from three horizontal adits with minimal stoping. These shoots are reportedly approximately 15 metres apart and are 15 to 20 metres long. An attempt was made to test these zones at depth approximately 50 metres below the lowest adit with drill holes WL-12-008 and WL-12-009. In particular, WL-12-008 intersected the Waterloo structure at target depth characterized by brecciated marble, and returned anomalous silver and zinc assays (e.g., 0.7 metres of 16.2 g/t Ag with 0.95% Zn). Drill hole WL-12-009 was very encouraging, however core recovery was very poor at target depth and approximately 2 metres of core was lost due to recovery problems.
Drill hole WL-12-010 was collared near the historic AU showing and was drilled to the west in an effort to intersect north trending quartz - sulphide veins that were historically mined. This hole intersected quartz veins and altered wallrock at target depth, and the veins are weakly mineralized.
Quality Assurance and Control:
The 2012 drilling and sampling program at Waterloo was supervised by Christopher Leslie, M.Sc., Vice President, Exploration for Tower Resources. The technical and scientific nature of this news release was supervised, reviewed and approved by Ken Thorsen, B.Sc., P.Eng., a consultant to the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
Core samples were prepared at Tower's core logging facility near Cherryville, BC and were shipped in sealed and secure bags to Acme Analytical Laboratories in Vancouver, BC. Here, samples were prepared using standard preparation procedures. Samples were then analyzed for gold by 30 gram fire assay fusion with AAS finish; samples that yielded results greater than 10g/t Au were re-assayed using a 30 gram fire assay with a gravimetric finish. 36 elements, including silver, lead and zinc, were analysed by ICP-MS using an aqua regia digestion. Over-limit (>100 ppm) silver was re-analysed by a 30 gram fire assay with gravimetric finish. Over-limit lead and zinc (>1%) was re-analysed by ICP-ES finish using an aqua regia digestion. Quality assurance and quality control procedures include the systematic insertion of blanks, certified standards and duplicate samples into the sample stream followed by careful monitoring of results.
Reported length weighted intervals are calculated using a 10 g/t Ag cut off for bounding assays unless stated otherwise. Assays below the cut off are only used if it's grade and the grade of the neighbouring assay averages greater than 10 g/t Ag. Reported grade intervals are based on the uncut certificates received from the lab.
Tower Resources Ltd.
Mark Vanry - Director, President & CEO
(604) 558-2565
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 Statements
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.