Vancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") is pleased to announce that grid cutting has started on the Company's Nechako Au-Ag property, commencing a comprehensive summer exploration program designed to further test the Discovery Zone and other targets along the April Trend. The exploration program is tiered to maximise the scientific data available for drill planning but is also flexible to allow scaling up the drilling component as results are received.
The exploration campaign will focus both on expanding the new Discovery Zone that was intersected in the final hole of Tower's February diamond drilling program, No. APR20-10 (7.1 m of 2.75 g/t Au and 40.2 g/t Ag; see Tower's May 06, 2020, press release), and identifying other Eskay Creek-type Au-Ag-As-Zn-Pb zones along the highly fertile, 1.5 km long April Trend.
Immediately upon completion of the grid, expected next week, a combined Induced Polarization (IP)/ground magnetic survey will be performed to identify geophysical responses specific to the biotite-silica alteration and polymetallic sulphide mineralization of the Discovery Zone to assist in diamond drill targeting of the depth and strike extensions of the Au-Ag mineralization. To further ensure that the diamond drilling is as effective as possible, the geophysical anomalies will first be quickly assessed with the reverse circulation (RC) drill that pointed the way to the Discovery Zone. Approximately 10-15 RC holes are planned over a 1-week period after completion of the geophysical survey, followed directly by up to 2000 metres of diamond drilling.
The Company also announces that it has granted stock options to acquire up to 2,000,000 common shares to certain directors and officers. Each of the stock options is exercisable for a five-year term expiring on July 22, 2025 and exercisable until that time at a price of $0.115 per common share. On July 21, 2020, the last day that the common shares traded prior to the granting of the stock options, the closing price of the common shares on the TSX Venture Exchange was $0.115. The options are subject to vesting provisions, with one-third vesting and becoming exercisable on the date of grant, and one-third vesting and becoming exercisable every anniversary thereafter for a total of two years. The stock options are non-transferable and any common shares issued upon exercise of the stock options, are subject to a four month resale restriction expiring November 23, 2020.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Stuart Averill, Chairman of ODM, a Director of the Company and a Qualified Person as defined by National Instrument 43-101.
About Tower Resources
Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets are the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines, the Nechako gold project near New Gold's Blackwater project and the More Creek gold project in the Golden Triangle area of Northern British Columbia.
On behalf of the Board of Directors
Tower Resources Ltd.
Joe Dhami, President and CEO
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
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