VANCOUVER, B.C. -- Tower Resources is pleased to announce the signing of an agreement to acquire the Belle gold (Au) -- silver (Ag) Property located in the Omineca mining division of British Columbia. Under the terms of the agreement, Tower may acquire a 100% interest (subject to a 2% NSR) in the property.
The Belle Property comprises 1673 hectares located immediately adjacent and contiguous to Tower's JD property in the Toodoggone gold district of north-central BC. The Belle Property is underlain by the same Jurassic age volcanic package (Toodoggone Formation) that hosts widespread gold mineralization on the JD property (see Tower's news release dated September 14th, 2011). Exploration on the Belle Property was most recently conducted during the 1980's where programs consisting of mapping and sampling, soil geochemistry and trenching were completed primarily by Manson Creek Resources. This work was centered approximately 3 kilometres due south of the JD Project's Finn Zone.
Mineralization on the Belle Property has been observed in two areas; the South Zone and the North Zone, which are 1.5 kilometres apart. Gold and silver mineralization of the South Zone is hosted in a northwest striking shear zone that has been traced by systematic trenching for 200 meters along strike. This zone is characterized by a wide (up to 20 meters) northwest trending zone of argillic alteration cored by sulphide bearing (pyrite, galena, and sphalerite) siliceous breccias with minor barite. Numerous open gold in-soil anomalies (up to 300 by 100 meters) are associated and correlate well with known areas of mineralization of the South Zone. High grade grab samples collected in 1986 by Manson Creek Resources from altered andesite located in outcrop at the northern extent of this zone have returned impressive assays of up to 107 g/t Au with 103 g/t Ag. In 1988 Manson Creek Resources completed 328 meters of trenching in the vicinity of the aforementioned grab sample aimed at expanding the mineralized zone along strike. Highlights from this trenching program include intersections such as 9 meters grading 2.1 grams per ton (g/t) Au and 9.5 g/t Ag (trench 88-04).
The Northern Zone is mostly exposed in mineral claims comprising the JD property. This zone is characterized by northeast trending discrete structurally controlled alteration zones comprising varying degrees of silicification with secondary barite up to 32 metres wide. Northeast trending gold in-soil anomalies correlate well with known areas of mineralization. All geochemical anomalies remain open along strike. Grab samples from this zone have returned assays of up to 2.2 g/t Au and 16.8 g/t Ag from altered volcanic rocks.
The Belle Property neighbours the McClair Creek placer gold prospect located to the southeast where placer gold was mined between 1925 and 1935. McClair Creek itself cuts through the Belle Property and due to its proximity suggests a potential source of the placer gold might exist on the Belle Property.
Mr. Mark Vanry, President & CEO of the company commented, "Tower is excited to add the highly prospective Belle Property to our core JD Tooddogone gold -- silver focus area. Based on historical soil, stream and trench sampling Tower believes there is a strong possibility of discovering another significant mineralized system similar to the large epithermal gold prospect at JD."
Under the terms of the agreement dated April 11, 2012, subject to TSX Venture acceptance, Tower can earn a 100% interest in the property by making a cash payment of $14,000, and issuing 150,000 common shares over a four-year period to the vendor. The agreement is subject to a 2% NSR, 1% of which can be purchased by Tower for $2,000,000.
Technical information contained in this release is historical in nature and has been compiled from sources believed to be accurate.
The technical content of this news release has been reviewed and approved by Ken Thorsen, BSc, P.Eng a consultant of the company and qualified person for the purposes of National Instrument 43-101 -- Standard of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Tower Resources Ltd.
Mark Vanry - Director, CEO & President
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. Such statements include, without limitation, statements regarding the proposed use of proceeds and anticipated date of closing. 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. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the Company's inability to secure subscriptions from investors to complete the proposed financing in whole or in part, a management decision to change the use of proceeds based on changing circumstances, the volatility of metals prices, volatility in the market for the Company's securities and market for equities generally, and other risks associated with mineral exploration. 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.