Vancouver B.C. - Tower Resources Ltd. ("Tower" or the "Company") reports further drill results from its flagship Rabbit North project, near Kamloops, British Columbia. Additional results from the 2017 diamond drill program returns long intervals of porphyry related copper and gold mineralization from the Chrysocolla Zone, a one kilometre (km) step-out from previously released results from the Western Magnetite Zone.
Highlights from hole RN17-021, include:
- 0.11% Cu and 0.24 g/t Au (0.20% copper equivalent) over 255.8m; including
- 0.19% Cu and 0.31g/t Au (0.41% copper equivalent) over 133m; including
- 0.37% Cu and 0.39g/t Au (0.64% copper equivalent) over 42m; including
- 1.04% Cu and 1.83g/t Au (2.32% copper equivalent) over 4m
The road-accessible Rabbit North project comprises approximately 16,400 hectares in the infra-structure-rich, copper and gold porphyry belt of southern British Columbia. The producing New Afton copper and gold mine is approximately 14km east of the main Rabbit North targets and the Highland Valley Copper Mine operated by Teck Resources Ltd is located 28km to the west.
President Mark Vanry states, “We are very encouraged that we have now expanded the known copper and gold mineralization over 1km south of the Western Magnetite Zone towards the Chrysocolla Zone. This is by far the largest step-out the company has drilled to date. Based on historic drilling and geophysics we also believe the Western Magnetite Zone is open over 1km to the north and also to the west. Tower plans to aggressively test these areas during the next phase of drilling at Rabbit.”
Table 1: Length Weighted Drill Intercepts – this Press Release, 2017 Diamond Drill Program
|
Hole Id |
From (m) |
To (m) |
Interval (m) |
Cu (ppm) |
Cu (%) |
Au (g/t) |
CuEq (ppm) |
CuEq (%) |
|
RN17-021 |
42 |
297.79 |
255.79 |
1151 |
0.12 |
0.24 |
1976 |
0.2 |
|
including |
92 |
225 |
133 |
1920 |
0.19 |
0.31 |
4052 |
0.41 |
|
including |
111 |
153 |
42 |
3726 |
0.37 |
0.39 |
6409 |
0.64 |
|
including |
143 |
147 |
4 |
10370 |
1.04 |
1.87 |
23233 |
2.32 |
*Width refers to drill hole intercept. True widths have not been determined.
**Copper Equivalent (CuEq) is used for illustrative purposes, to express the combined value of copper and gold as a percentage of copper. No allowances have been made for recovery losses that would occur in a mining scenario. CuEq is calculated on the basis of $2.65 per pound of copper and $1250 per troy ounce of gold, using the formula: CuEq = [(%Cu)(22.0462)($lbCu)+(gptAu)(1/31.1035)($ozAu)]/[(22.0462)($lbCu)
Drill hole RN17-021 was collared as a >1km step-out to the southeast from RN17-015, which intersected 247m of 0.51% Cu and 0.34g/t Au (0.75% CuEq) (see Tower’s Press Release dated July 1, 2017). RN17-021 was an angled hole (Azimuth 190, -60 dip).
Drill hole RN17-018 was drilled in the Chrysocolla Zone, an area of copper and gold porphyry mineralization located over 1km south-southwest of the previously released 2017 drill holes at the Western Magnetite Zone. The Chrysocolla Zone is predominantly hosted in dioritic intrusive rocks on the southwestern edge of the Durand stock, a Late Triassic monzonite to diorite composite intrusion. Significant to this zone is the elevated values of gold seen associated with the copper-porphyry mineralization.
The area of known mineralization at the Chrysocolla Zone is notably expanded by the results of this drill hole into a previously undrilled, till covered area southwest of historic drilling.
Mineralization in RN17-021 starts at the top-of-bedrock and consists of chalcopyrite and pyrite occurring in veinlets and disseminations in dioritic intrusives and lesser mafic volcanics. Alteration consists of strong, overprinting, sodic, potassic and inner propylitic assemblages.
Phase 1 of the 2017 drill program at Rabbit North is now complete and Tower plans to continue aggressive exploration on the property. Further drilling is set to commence once comprehensive geochemical and geological modelling on the Phase 1 2017 drill data and further ground geophysical surveys can be executed and modelled.
Methods and Qualified Person
Drill core samples - generally 2 metres in length - were split at Tower's core logging facility in Kamloops, BC. Samples were prepared for analysis and analyzed at Activation Laboratories (ActLabs) in Kamloops, BC, an ISO/IEC 17025 Accredited (Lab 790) by the Standards Council of Canada. Samples were analyzed for gold by fire assay and ICP-OES and for 37 further elements, including copper, by ICP-OES using a four-acid, near-total digestion. Overlimit (>1%) copper analyses were repeated using the same procedures but at a higher detection range. QA/QC samples including blanks, standards and duplicate samples were inserted regularly into the sample sequence at a ratio of approximately 1:10.
The technical content of this news release has been reviewed and approved by Paola Chadwick, P.Geo., Exploration Manager for the company and qualified person as defined by National Instrument 43-101.
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.
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.