Vancouver, B.C. - Tower Resources Ltd., (TSXV: TWR) announces the signing of two agreements to acquire a total of 2,975 hectares of prospective mineral exploration ground in the Nechako Plateau region of central British Columbia. The centre of the consolidated land package is approximately 30 kilometres northeast of the development-stage Blackwater Gold project, currently controlled by New Gold Inc. The land package is deemed prospective for Blackwater-type epithermal gold and silver mineralization and porphyry-related copper and gold mineralization. The consolidated land package is now called the Nechako Gold Property.
Mark Vanry, President and CEO, states, "Based on a comprehensive compilation of all regional and property scale technical data from throughout the Nechako Plateau region, our technical team, with significant past experience in the district, decided to strategically focus on the Nechako Gold Property area. We will systematically explore the property beginning early August 2016."
Porphyry Property Option
Under the terms of the Porphyry Property option agreement dated July 06, 2016, subject to TSX Venture Exchange acceptance, Tower can earn a 100% interest in the property by making cash payments totalling $40,000 and issuing 400,000 common shares over a 2-year period, to the vendor, in addition to funding aggregate exploration expenditures of $250,000 over a 2-year period. The agreement is subject to a 1.5% NSR, all of which can be purchased by Tower for $1,000,000. The Porphyry Property consists of four mineral tenures totalling 1,236 hectares.
Chutanli Property Option
Under the terms of the Chutanli Property option agreement dated July 10, 2016, subject to TSX Venture Exchange acceptance, Tower can earn a 100% interest in the property by making cash payments totalling $60,000 and issuing 600,000 common shares over a 3-year period, to the vendor, in addition to funding aggregate exploration expenditures of $225,000 over a 2-year period. The agreement is subject to a 1.5% NSR, all of which can be purchased by Tower for $1,000,000. The Porphyry Property consists of six mineral tenures totalling 1,737 hectares.
The road accessible Nechako Gold Property is approximately 30 kilometres northeast of New Gold Inc's significant Blackwater development project. Blackwater contains a proven and probable total mineral reserve of 8.2 million ounces of gold with 60.8 million ounces of silver (source; New Gold Inc. website).
The technical content of this news release has been reviewed and approved by Christopher Leslie, M.Sc., P.Geo., Vice President, Exploration for the company and qualified person as defined by National Instrument 43-101.
Tower Resources Ltd.
Mark Vanry - Director, CEO & President
(604) 558-2565
www.towerresources.ca
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.
- Details