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Tower Resources Ltd
Symbol TWR
Shares Issued 145,000,000
Close 2023-10-03 C$ 0.105
Market Cap C$ 15,225,000
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Tower Resources begins drilling at Rabbit North

2023-10-05 10:08 ET - News Release

Mr. Joe Dhami reports

TOWER BEGINS DRILLING AT RABBIT NORTH TO REFINE AND EXPAND THE PROMISING THUNDER AU AND RAINBOW PORPHYRY CU-AU-MO DISCOVERIES

Tower Resources Ltd. has mobilized a diamond core rig to its Rabbit North property in the heart of the Kamloops mining district to drill the first follow-up holes on the company's newly discovered Thunder orogenic gold zone and adjacent Rainbow porphyry copper-gold-molybdenum zone.

Background

Tower's initial four-hole drill test in March, 2023, of a raw, previously unexplored area 400 metres west of the company's Lightning orogenic Au zone was remarkably successful in discovering both the Thunder orogenic Au and Rainbow porphyry Cu-Au-Mo zones even though the mineralized basement rocks are covered by up to 20 m of glacial till and 30 m of preglacial basalt flows.

The only hint of mineralization in the test area -- identified by Tower in late 2022 -- was a narrow gold grain dispersal train (the Central train) in the till resulting from a small window (glacially eroded hole) in the basalt cover over part of the Thunder zone. The Thunder and Rainbow zones were each intersected in two of the four holes seeking the source of the glacially dispersed gold grains.

Holes 039 and 041 each encountered two substantial intersections of the Thunder zone separated by a thin, three to 10 m unmineralized seam. The hole 039 intersections averaged 1.28 grams per tonne Au over 17.9 m and 3.79 g/t Au over 7.8 m and those in hole 41 averaged 3.28 g/t Au over 13.25 m and 2.19 g/t Au over 10.12 metres. The intersections were obtained at a depth of approximately 100 m and are approximately 150 m apart, assuming a southeast strike. The dip direction is uncertain but presently inferred to be northeast.

Unusually, hole 041 was also the discovery hole of the Rainbow porphyry Cu-Au-Mo zone, clipping 36 m of the eastern edge of the zone in the upper part of the hole. More importantly, the final hole, No. 042, drilled from the same pad as No. 041 but at a steeper angle, obtained a longer, stronger and more westerly intersection averaging 0.27 per cent Cu, 0.40 g/t Au and 0.01 per cent Mo, or 0.57 per cent Cu equivalent, over 72.4 metres. The significant increases in both thickness and grade suggest a possible large mineralized zone centred to the west.

Objectives of the present drilling program

Approximately 1,500 m of drilling are planned. The drill holes are designed to simultaneously determine the configurations of the Thunder and Rainbow zones and significantly expand each zone.

Qualified person

The technical content of this news release has been reviewed and approved by Stuart Averill, PGeo, a director of the company and a qualified person as defined by National Instrument 43-101.

About Tower Resources Ltd.

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, all in British Columbia, 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, the Nechako porphyry-associated gold-silver project near Artemis's Blackwater project, and the More Creek epithermal gold project on the critical red line structural zone connecting the mineral deposits of the Golden Triangle.

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