VANCOUVER B.C. -- Tower Resources Ltd. ("Tower" or the "Company") is pleased to provide an update on the Company’s 2017 exploration activities and its 2018 objectives. During calendar 2017 Tower executed three successful exploration programs focused on the Company’s Rabbit North, Nechako Gold and More Creek exploration projects in British Columbia. Additionally, Tower added a fourth mineral property to the project portfolio by entering into an option agreement with Goldcorp Inc on the Voigtberg gold-copper project in the heart of the Golden Triangle in Northwestern BC (see Tower Press Release, December 19, 2017).
The focus of Tower’s 2017 field season was work at our flagship Rabbit North copper-gold property located in the resource-rich region of south-central British Columbia. The Company completed a 3238-metre diamond drill campaign focused on step-out drilling and target definition at the Western Magnetite and Chrysocolla Zones. Targeting untested areas of favourable geology and geophysics, the 2017 drill program reported the best intercept on property to date from drill-hole RN17-015, including 247m of 0.51% Cu and 0.34g/t Au. Development of further drill targets on the property through geological mapping, re-logging of historic core, geophysical inversions and subsequent shallow Reverse Circulation (RC) drilling will be completed in spring of 2018. Diamond drill testing of existing and newly developed target areas below till cover within and outboard of historically explored areas is planned for fall of 2018.
Following up on highly encouraging results from the ground geophysical Induced Polarization (IP) survey completed on the property in June 2017 and the significant 2016 gold-in-till sample results, Tower completed 38 Reverse Circulation (RC) drill holes on the property in fall of 2017 to sample till and test bedrock below till cover in priority target areas on the property. Results from the 2017 drill program have been partially received and interpretation in underway. Diamond drill testing of a newly identified target area in the southwest of the property is planned for spring of 2018.
Tower completed a two-week field program on the More Creek property in August of 2017. Work completed included geological mapping, prospecting and property-wide geochemical silt and soil sampling. Key areas of structure and alteration were evaluated, and interpretations of the project geology and property prospectivity are ongoing. Fieldwork on the property in 2018 will be completed in combination with planned exploration programs on the nearby Voightberg property.
Tower plans to systematically explore the Voigtberg property in 2018, with detailed geological and geochemical work and drill-target definition within the extensive surface alteration and mineralization exposed on the property. Poorly explored areas of cover below treeline on the property will also be investigated with detailed prospecting and geochemical sampling.
With approximately $2.5 million in cash on hand, Tower is fully financed to carry out 2018 exploration programs at Rabbit, Nechako Gold and in the Golden Triangle. During 2017 the Company spent a combined total of approximately $1.1 million on exploration.
Appointment of Non-Executive Chairman of the Board
The Company is also pleased to announce the appointment of Richard Wyman as non-executive chairman of the board of directors of the Company. Mr. Wyman has served as a member of the board since October of 2010 providing financial and capital markets expertise as well as serving as a member of the Audit Committee.
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, Voigtberg and More Creek.
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.
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.
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.