VANCOUVER, B.C. - Tower Resources Ltd. ("Tower") is pleased to announce assay results from 39 grab samples taken at its 100% controlled Waterloo Property.
The Waterloo Property is located 65 kilometres east of Kelowna, BC near the historic Lightning Peak silver and gold mining camp. The focus of the 2011 exploration program on the Waterloo Property was to confirm the grade, style and nature of high-grade precious metal mineralization reported in historic reports from the area.
Representative and selective grab samples were collected from outcrops, trenches, and dump piles located near old workings. New areas of precious metal enriched rocks were also identified during this work. Highlights from this sampling program include:
|Area||Sample||Type||Ag (g/t)||Au (g/t)||Pb (%)||Zn (%)|
|Silver Spot #3||J486145||grab||188.0||0.01||0.85||6.23|
|Silver Spot #4||J486146||grab||220.0||0.60||5.45||0.55|
Tower acknowledges that grab samples are selective in nature and that the resulting assays from the samples may not be representative of all mineralization on the property.
Two selective grab samples (E924007 and B386631) collected from historic dump piles near the Waterloo Mine workings confirm the high grade silver, lead and zinc content of the east trending Waterloo structure which was the focus of historic small scale underground production. The Waterloo structure consists of structurally controlled carbonate and lesser quartz cemented breccias located near a contact between sedimentary rocks and marbles intruded by granitic sills. Sulphides consist of sphalerite and galena with lesser pyrite. Similar styles of breccia, sulphides and mineral content (e.g., sample J486145) exist at the Silver Spot #3 showing located along strike 1.3 kilometres to the east of the Waterloo Mine. The Forge showing is located between the Waterloo and Silver Spot #3 showings and consists of locally well mineralized quartz-carbonate-sulphide veins cutting biotite granite (e.g., sample J486143). Continuity between these showings along strike is unknown, therefore additional work including soil geochemistry and IP (induced polarization) geophysical surveys is warranted to test the projection of the Waterloo structure towards the Silver Spot #3 showing.
The AU Showing is located 550 meters to the northeast of the Waterloo Mine. The showing consists of quartz - sulphide (pyrite, chalcopyrite, galena and sphalerite) veins and quartz-iron carbonate breccias and pyritic stockworks generally trending northwest. Selective grab samples from historic dump piles (e.g., J486140 and J486142) confirm the high-grade gold and silver content of the structures which were reportedly mined to supplement the Waterloo Mine ore. Tower plans to further explore this area as initial sample results are very encouraging.
The Potosi showings are located approximately 800 meters to the northwest of the Waterloo Mine and consist of quartz-sulphide veins up to one meter wide trending northwest. These veins are locally well mineralized (e.g., sample E924002). Polyphase quartz-iron carbonate veining with lesser chalcedony has been exposed in numerous trenches and is locally anomalous in gold and silver (e.g., sample E924005). Highly anomalous assay results from sampling at the Potosi showings indicates that further exploration in this area is warranted.
The Prince Showing is located 1.8 kilometres to the northwest of the Waterloo Mine and consists of polyphase quartz-sulphide veins locally well mineralized with galena and chalcopyrite (e.g., samples J486136 and J486137). This zone appears to lie on strike with the Waterloo structure however the relationship between the two is presently undefined.
The VQ Showing was discovered during the 2011 field program. This zone is located 1.9 kilometres southeast of the Waterloo Mine and consists of subcropping locally silicified (chalcedonic and drusy quartz) and brecciated marbles near a contact with a granodiorite pluton. Samples from this zone contain anomalous silver (sample J486155) and epithermal pathfinder elements. Further exploration including soil geochemical sampling and trenching is warranted in this newly identified area.
The samples referenced in this release were generated during a July 2011 exploration program conducted on the Waterloo Property by RebelEX Resources Corp. ("RebelEX") prior to the signing of the option agreement between Tower and RebelEX (see Tower's press release dated October 20th, 2011). Christopher Leslie, Vice President of Exploration for Tower, is a Director of RebelEX and supervised the sampling program.
Tower plans to use modern exploration techniques and re-interpretation of existing data to develop and identify drill targets by the end of the 2012 exploration program. The current data indicates that polymetallic mineralization (silver, gold, lead, zinc) is widespread in numerous mineralizing styles. Future work will be concentrated on determining the relationship between the showings and the overall extent of the showings on the Waterloo Property with the goal of developing a sizeable silver and gold deposit.
Sample preparation and analyses were completed at ALS Minerals' North Vancouver analytical laboratory. Samples were analyzed for 35 elements including silver, lead and zinc by aqua regia acid digestion and ICP-AES, while gold was analyzed by fire assay (30 gram nominal sample weight), aqua regia digestion and ICP-AES. Over limit gold (>10g/t) was analyzed by fire assay and gravimetric finish. Over limit silver (>100g/t) was analyzed by aqua regia digestion and ICP-AES. Additional over limit silver (>1500g/t) was analyzed by fire assay and gravimetric finish. Over limit lead and zinc (>1%) were analyzed by aqua regia digestion and ICP-AES.
The technical content of this news release has been reviewed and approved by Kenneth Thorsen, BSc, P.Eng, a consultant of the company and qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Tower Resources Ltd.
Mark Vanry - Director, President & CEO
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. Such statements include, without limitation, statements regarding the proposed use of proceeds and anticipated date of closing. 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. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the Company's inability to secure subscriptions from investors to complete the proposed financing in whole or in part, a management decision to change the use of proceeds based on changing circumstances, the volatility of metals prices, volatility in the market for the Company's securities and market for equities generally, and other risks associated with mineral exploration. 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.