Vancouver B.C. -- Tower Resources Ltd. ("Tower" or the "Company") is pleased to report significant copper-gold mineralization has been intersected at its flagship Rabbit North project, near Kamloops, British Columbia. Drill hole RN-008 intersected 200 metres of 0.30% copper and 0.15 grams per tonne (g/t) gold (0.42% copper equivalent), including a 72m interval of 0.47% copper and 0.20g/t gold (0.63% copper equivalent).
The road-accessible Rabbit North property comprises approximately 16,400 hectares in the prolific copper porphyry belt of southern British Columbia. The producing New Afton copper and gold mine is approximately 14 kilometers east of the main Rabbit North targets; Rabbit North is also 28 kilometers east of the world-class Highland Valley Copper Mine operated by Teck Resources Ltd.
President Mark Vanry states, "The large interval of copper and gold mineralization intersected by RN-008 has bested every previous drill hole on the property. To drill this interval of mineralization in the region of the Highland Valley, Afton, and Ajax deposits in southern BC is truly exciting."
Drill hole RN-008 was completed in the Western Magnetite Zone, on the western margin of the Durand Stock, a Late Triassic monzonite to diorite composite intrusion. The drill hole was collared near P70-01, a historic shallow percussion drill hole which ended in 6.1m of 0.38% copper (Cu) with gold (Au) unassayed. Mineralization in RN-008 started at top of bedrock. Chalcopyrite, associated with pyrite and commonly secondary biotite, occurs in veinlets and as disseminations replacing mafic phenocrysts and/or primary magnetite; moderate to strong albite alteration is associated. Mineralization is hosted in Nicola Group volcaniclastics to volcanics. Of significance is the magnetite destructive nature of the alteration related to mineralization; previous drilling had focused on strong magnetic anomalies postulated to represent magnetite alteration in the alkalic porphyry system.
The average copper grade of 0.30% intersected over 200 metres in RN-008 is consistent with copper grades at operating mines in the region. At the Highland Valley Copper Mine, feed grade for the first nine months of 2016 averaged 0.31% copper; at the Copper Mountain Mine, copper grade averaged 0.33% over the same period. (See Teck Resources Ltd. third quarter results for 2016 (Press Release October 27, 2016) and Copper Mountain Mining Corp. third quarter financial results (Press Release November 7, 2016).)
Table 1. Drill hole intercepts to date, from 2016 drilling program
|DDH||From (m)||To (m)||Width* (m)||Cu (%)||Au (g/t)||Cu Eq** (%)|
*Width refers to drill hole intercept. True widths have not been determined.
**Copper Equivalent (Cu Eq) is used to express the combined value of copper and gold as a percentage of copper, for illustrative purposes. No allowances have been made for recovery losses that would occur in a mining scenario. Calculated on the basis of $2.30 per pound of copper and $1240 per troy ounce of gold, using the formula: Cu eq = [(%Cu)(22.0462)($lbCu)+(gptAu)(1/31.1035)($ozAu)]/[(22.0462)($lbCu)]
RN-001 and RN-002 were drilled in and around the Western Magnetite Zone (WMZ), a historically drilled area of mineralization to the west of the Durand Stock. RN-001 targeted a strong magnetic anomaly, and intended to expand the WMZ to the south. RN-002 aimed to confirm mineralization reported from questionable historic percussion drill holes. RN-001 intersected altered diorite and Nicola Group volcaniclastics, with abundant primary magnetite, assaying up to 0.23% copper. RN-002 intersected brecciated and potassic (K-feldspar, magnetite, biotite) altered diorite with pyrite-chalcopyrite veining, assaying up to 0.56% copper and 0.26g/t gold in individual samples.
RN-003 and RN-004 targeted the Central Monzonite South area, where sampling by Tower recovered up to 0.62% Cu and 0.73 g/t Au in surface samples. This target had not been systematically drilled previously. RN-003 intersected equigranular monzonite throughout, with patchy to disseminated replacement of mafic sites with chalcopyrite and pyrite; relatively strong gold mineralization resulted in an interval of 102m of 0.30% copper equivalent (0.08% copper, 0.28g/t gold). RN-004 drilled through the contact of the nested monzonite phase of the intrusion with the surrounding diorite, and encountered similar mineralization to RN-003. Individual samples assayed up to 2.87g/t gold.
Drill hole RN-005 targeted the Chrysocolla East zone, an undrilled area of mineralization discovered by Tower. Surface sampling at Chrysocolla East recovered up to 1.6% Cu and 1.9 g/t Au, with elevated palladium. RN-005 intersected altered Nicola Group volcaniclastics, with calc-potassic (epidote, magnetite, pyrite+/-chalcopyrite) alteration. Significantly, the best mineralized sample from RN-005 (0.55% copper, 0.65g/t gold from 46-48m) shows a similar alteration and mineralization style to RN-008, though the two drill holes are separated by approximately 1.5km. This suggests that the mineralization intersected in RN-008 may be related to the contact zone of the Durand Stock with its Nicola Group host rocks, wherever it occurs.
RN-006 tested the Dominic target, a deep porphyry target represented by a >1.6 km wide chargeability and magnetic anomaly defined by Tower's geophysical surveys. The drill hole intersected Nicola Group volcanics and volcaniclastics, with common disseminated pyrite, minor chalcopyrite, and rare molybdenite (associated with quartz veins). Although no significant intervals of mineralization were intersected, the Dominic target is very large, and the interpreted phyllic and propylitic alteration in RN-006 may suggest a nearby porphyry source.
Tower is awaiting the remainder of assay results for the 3400m drill program, comprising eleven drill holes total. The Company expects to receive all assay results by late December.
Table 2. Collar details of drill holes from 2016 program, to date
|DDH||Diameter||Azimuth||Dip||Easting*||Northing*||Total Depth (m)||Zone|
|RN-003||HQ||140||-60||664182||5608473||337.72||Central Monzonite South|
|RN-004||HQ||350||-60||664400||5608286||292.00||Central Monzonite South|
*All coordinates UTM NAD83 zone 10N
About Tower Resources
Tower Resources Ltd. (TWR.V) is a Vancouver-based junior mineral exploration company focused on the discovery and advancement of economic mineral projects, primarily in British Columbia. The company's key exploration assets are Rabbit North, Nechako Gold and More Creek.
Methods and Qualified Person
Drill core samples (generally 2-metre sample length) were prepared at Tower's core logging facility in Kamloops, BC, and processed for analysis at ALS Minerals' preparation laboratory in Kamloops, BC. Rabbit North samples were analyzed at ALS's ISO 17025:2005-certified North Vancouver laboratory for gold, platinum and palladium by fire assay and ICP-AES and for 35 elements, including copper, molybdenum and silver, by ICP-AES using an aqua regia digestion. Overlimit (>1%) copper analyses were completed by ICP-AES with aqua regia digestion. Blanks, standards and duplicate samples were inserted regularly into the sample sequence with a ratio of approximately one QA/QC sample out of ten. The 2016 Rabbit North drilling program and sampling protocol was supervised by Nils Peterson, M.Sc., P.Geo., Chief Geologist for the Company and Qualified Person as defined by National Instrument 43-101. Mr. Peterson has reviewed and approved the technical content of this news release.
Core intervals cited above represent apparent, not true widths; true widths are not known. Assay intervals above have been calculated with no cutoff value.
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 grab and trench samples and drill core. Management also cautions that mineral resources on nearby properties are not necessarily indicative of the results that may be achieved on the subject property.
For further information contact:
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.