09:25:29 EDT Tue 14 May 2024
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Tower Resources Ltd
Symbol TWR
Shares Issued 142,346,805
Close 2023-05-30 C$ 0.115
Market Cap C$ 16,369,883
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Tower Resources begins magnetic survey at Rabbit North

2023-05-31 13:39 ET - News Release

Mr. Joe Dhami reports

TOWER COMMENCES GROUND MAGNETIC SURVEY TO GUIDE DIAMOND DRILLING ON THE NEW RAINBOW PORPHYRY CU-AU-MO AND THUNDER OROGENIC AU ZONES AND IDENTIFY SIMILAR TARGETS FOR FUTURE TESTING

Tower Resources Ltd. has commenced a focused ground magnetic survey on the company's Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground copper-gold mine and Teck's Highland Valley open-pit copper-molybdenum mine.

Purpose of the Ground Magnetic Survey

The three significant discoveries - Rainbow (porphyry Cu-Au-Mo), Lightning and Thunder (orogenic Au) -that Tower made in rapid succession within 15 months beneath glacial till and/or basalt cover on the Rabbit North property are all on the southern edge of the only existing ground magnetic survey, making this old survey of little value to the Company's current exploration planning. In addition, the old north-south survey lines are not oriented squarely to the main south-southeast structural trend.

Area Covered by the Survey

The new survey, totaling ~112 line-km, will comprise 32 east-northeast trending lines 100 m apart and ~3.5 km long, extending from the volcaniclastic terrain west of Durand Creek to the mid-point of the Durand Stock east of the creek (see Fig.2).

Having good magnetic coverage in the area of the new Rainbow and Thunder Zones has become essential due to their side-by-side positions and complex magnetic interplay resulting from (a) the primary (pre-mineralization) magnetite content of the volcaniclastic host rocks being variable (absent to significant); (b) the subsequent addition to the Rainbow Zone of significant hydrothermal magnetite; (c) the opposite, magnetite destructive hydrothermal alteration of the Thunder Zone; and (d) the basalt that covers the Rainbow Zone and part of the Thunder Zone producing an overriding magnetic low despite being strongly magnetic because a magnetic pole reversal occurred during its eruption.

Knowing the above magnetic influences in advance of the magnetic survey should result in a much more informed interpretation of the magnetic data - one that should help in positioning and aiming the next round of drill holes more effectively to intersect and expand the Rainbow and Thunder Zones.

The magnetic survey will also cover the head of the presently untested Durand Creek gold grain dispersal train 1 km to the north on the west side of the Creek. The overall distribution of the gold grains within this train suggests another Rainbow-type porphyry source rather than a Thunder or Lightning-type orogenic Au source.

Methods and Qualified Person

The technical content of this news release has been reviewed and approved by Stuart Averill, P.Geo., 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, both in B.C., are the Rabbit North copper-gold porphyry project located between the New Afton copper-gold and Highland Valley copper mines in the Kamloops mining district and the Nechako gold-silver project near Artemis' Blackwater project.

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