Vancouver, B.C. - Tower Resources Ltd., (TSX.V: TWR) reports results from a detailed sampling and reconnaissance program at its recently acquired Rabbit North Copper and Gold Property located in the active Kamloops mining division in south-central British Columbia.
The focus of the program was to evaluate the style and grade of copper (Cu), gold (Au) and silver (Ag) mineralization described in historic reports. Representative grab and chip samples were collected from outcrops and historic trenches and historic drill core from 1997 and 2004 was re-examined. In total 47 samples were collected for geochemical analysis. Rock exposure is sparse owing to a widespread and thick cover of glacial overburden, therefore, Tower completed a detailed ground magnetic geophysical survey covering an area of 3.7 by up to 2.4 kilometers on 100 meter spaced lines. This survey delineated multiple new areas of interest mostly buried beneath overburden. Tower's technical team concludes that three main drill-ready targets exist on the property and include; Chrysocolla Zone, Western Magnetite Zone, and Central Monzonite Zone. The Western Magnetite and the Central Monzonite zones are 1.2 kilometers northwest and 1.8 kilometers northeast of the Chrysocolla Zone respectively.
In addition, Tower has contracted Scott Geophysics Ltd., of Vancouver to conduct an IP (Induced Polarization) survey over the project. The survey will be on a grid with lines spaced 200 meters apart oriented north-south covering a footprint of roughly 2.8 by up to 3.6 kilometers. The aim of the IP survey is to target sulphides with associated copper and gold mineralization. The geophysical crew mobilized on October 15th, 2013.
Alkalic porphyry related mineralization and alteration at the Rabbit North property is documented in two host rock types; the 3 by 2 kilometer Late Triassic to Early Jurassic zoned alkaline intrusion termed the Durand stock, and the intrusion's volcanic country rocks assigned to the Upper Triassic Nicola Group. The age of the Durand stock is approximately the same age as the Guichon and Iron Mask batholiths which host the Highland Valley and New Afton mines respectively. Copper mineralization within the porphyritic monzonite core of the Durand stock is characterized by disseminated and blebby chalcopyrite (i.e., Central Monzonite zone) whereas mineralization hosted in the Nicola volcanics is dominantly characterized by disseminated and blebby chalcopyrite and pyrite (+/- bornite) associated with varying degrees of albite, biotite, epidote and magnetite alteration (i.e., Chrysocolla and Western Magnetite zones).
Table of 2013 Grab Sample Highlights from Rabbit North Property:
|Area||Sample||Type||Cu (%)||Au (g/t)||Ag (g/t)||Pd (g/t)|
|Chrysocolla||1709459||3 meter chip||0.84||1.48||2.20||0.03|
Tower cautions readers that grab samples are selective in nature and that the resulting assays from the samples may not be representative of all mineralization on the property.
The Chrysocolla target covers an area of at least 300 by 300 metres and was the focus of exploration during the 1997 and 2004 drill campaigns where 14 drill holes were completed targeting porphyry related copper and gold mineralization and overprinting quartz + sulphide vein hosted gold mineralization. Both styles of mineralization are hosted in altered and locally brecciated Nicola volcanic rocks near the contact with the Durand stock. High grade copper mineralization is exposed in one trench and is characterized by strong fracture controlled copper oxide (malachite, azurite, copper wad and chrysocolla). Chalcopyrite clots are locally observed and are commonly replaced by copper oxides. Here the intermediate Nicola volcanic rocks are albite altered and locally contain mineralized and altered intrusive clasts. A selective grab sample (1717045) from the main Chrysocolla zone exposure assayed 1.72 g/t Au with 2.4% Cu and 4.6 g/t Ag. Drilling in this area in 1997 returned numerous gold and copper intersections such as 33 metres of 0.76 g/t Au with 0.27% Cu in drill hole DDH-97-17. Furthermore, historic drilling 150 metres north of the main trench retuned an impressive gold intersection highlighted by 10 metres of 12.35 g/t Au in DDH-97-07 reportedly characterized by fracture controlled pyrite and chalcopyrite mineralization. Reconnaissance mapping and sampling 500 metres east of the Chrysocolla main zone outlined a new target (Chrysocolla East) where grab sampling revealed anomalous copper and gold with elevated palladium (Pd). Sample 1710287 collected from subcrop characterized by strong quartz, sericite, and pyrite altered volcanics cut by quartz + sulphide veins assayed 4.28 g/t Au, with 0.12% Cu and 0.19 g/t Pd. This area has not been drill tested. The Chrysocolla East target and the Chrysocolla main target are both associated with a continuous recently identified 600 by 250 meter ground magnetic anomaly which largely remains untested.
Western Magnetite Zone
The poorly exposed Western Magnetite Zone is underlain by Nicola volcanic rocks coincident with a ground magnetic anomaly covering an area of 600 by 400 metres. The center of the magnetic anomaly has been tested by multiple shallow percussion holes in the early 1970s and by two diamond drill holes in 1975. The diamond drill holes were shallow but reportedly intersected intervals characterized by magnetite breccias with copper sulphide mineralization. Three follow-up diamond drill holes were completed in 1997 collared 350 to 400 metres east of the magnetic anomaly and intersected copper and gold mineralization hosted in strong albite + magnetite + biotite altered volcanic rocks. Here, disseminated and vein controlled sulphides are pyrite, chalcopyrite and lesser bornite. One such hole returned an interval of 31.5 metres of 0.16 g/t Au with 0.37% Cu (DDH-97-09). Due to limited drill testing, this zone is open in all directions and at depth.
Central Monzonite Zone
The Central Monzonite Zone spans the core of the Durand Stock with copper mineralization covering a strike length of greater than 1.5 kilometers. Ubiquitous copper mineralization characterized by disseminated and clotted chalcopyrite is associated with varying degrees of carbonate + epidote alteration. The monzonite contains disseminated magmatic magnetite however where strong copper mineralization is observed the alteration is completely magnetite destructive. Sampling of these magnetite destructive areas have returned impressive mineralization such as sample 1709453 which yielded 1.32% Cu with 0.27 g/t Au and 3.9 g/t Ag collected from a historic trench. Sampling within the Central Monzonite zone in 2013 covered an area of 960 by 560 metres where 24 grab sample were collected and averaged 0.38% Cu and 0.33 g/t Au. One diamond drill hole in 1997 tested the Central Monzonite zone on the western side following-up on a geochemical anomaly located 900 metres west of the aforementioned trench. This hole (DDH-97-08) intersected copper mineralization in the bottom of the hole comprising clotted chalcopyrite. An interval of 20 metres of 0.14 g/t Au with 0.35% Cu was returned. This area is open in all directions and at depth and warrants deep diamond drilling.
Mark Vanry, Tower's president and CEO, comments: "The presence of widespread porphyry related copper and gold mineralization defined at Rabbit North covering an area of up to 6.7 square kilometers attests to the considerable exploration upside of the project. Furthermore, our recently completed exploration on the property defined multiple new targets that warrant immediate follow-up. We are very excited to continue exploring this project and will continue to update shareholders on exploration activities and results."
The Rabbit North property comprises 2850 hectares under an option agreement (see Tower's July 18th 2013 Press Release). The road accessible property is approximately 14.5 kilometers west of the producing New Afton mine operated by New Gold Inc (Measured and Indicated Mineral Resources of 51.8 million tonnes at 1.26% Cu, 0.91 grams per tonne (g/t) Au, 2.9 g/t silver (Ag) and 0.11 g/t palladium at 0.5% Cu cutoff) and approximately 28 kilometers east northeast of the producing Highland Valley mine operated by Teck Resources Limited, Canada's largest copper producer.
Samples 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, platinum and palladium by 30 gram fire assay fusion with ICP-ES finish. 36 elements, including silver and copper were analysed by ICP-MS using an aqua regia digestion. Samples that yielded over-limit (>10000 ppm) copper were re-analysed by ICP-ES with an aqua regia digestion.
Some technical information contained in this release is historical in nature and has been compiled from sources believed to be accurate. This technical information has not been verified by Tower and may in some instances be unverifiable dependent on the existence of all historical drill core.
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.
Forward-Looking Statement Caution
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 Tower's 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.