Vancouver, B.C. – Tower Resources Ltd., (TSX.V: TWR) reports results from two geophysical surveys completed at the company’s Rabbit North copper (Cu) and gold (Au) property in the Kamloops Mining District of south-central British Columbia. The purpose of both surveys was to refine drill targets in areas of known mineralization and to identify new targets in areas with overburden cover. The surveys consisted of a 50 line kilometer Induced Polarization (IP) survey over the core of the Rabbit North property and a 2,900 line kilometer high resolution helicopter magnetic survey over the recently expanded claim package (see Tower’s January 23rd, 2014 Press Release).
Mark Vanry, Tower’s president and CEO, comments: “We are very encouraged by the data from both geophysical surveys, as robust geophysical data is critical for target evaluation in alkalic porphyry systems. Not only have we added great value to areas with known porphyry related copper and gold mineralization, we have also identified new targets in areas with little historic exploration.”
Alkalic porphyry related mineralization and alteration at the Rabbit North property is documented in two host rock types: the three by two kilometer Late Triassic to Early Jurassic zoned alkaline intrusion termed the Durand Stock, and the intrusion’s volcanic country rocks assigned to the Upper Triassic Nicola Group.
Induced Polarization Geophysical Survey
The IP survey covered a grid centered on the Durand Stock with a footprint of approximately 2.8 by 3.6 kilometers with lines oriented northerly spaced 200 metres apart. A pole-dipole array was used with readings taken every 100 meters measuring 1 to 10 separations. This setup allowed for a maximum depth of investigation of approximately 400 metres below surface. The goal of the survey was to establish a geophysical baseline for chargeability and resistivity response associated with known porphyry related copper and gold mineralization and alteration. Furthermore, the survey was also designed to investigate areas peripheral to and deeper than the known areas of mineralization. The survey was carried out by Scott Geophysics Ltd. of Vancouver from October 16th to November 10th, 2013.
The IP survey identified numerous significant high chargeability anomalies (indicative of increased sulphide concentrations) which are also in-part coincident with strong magnetic anomalies outlined by an earlier ground magnetic survey and expanded by the helicopter-borne magnetic survey (see below). For example, the inverted chargeability 200 meter depth plan outlines a +12.5 mV/V (millivolt per volt) anomaly with a strike length of at least 1.9 kilometers and a width of at least 1.4 kilometers. This anomaly is open to the east and to the south where chargeability readings in the core of the anomaly reach +60 mV/V. Previously within this large anomaly, a small area of approximately 190 by 175 meters (the Chrysacolla Zone) was tested with diamond drill holes (see Tower’s October 22nd, 2013 Press Release). The Chrysocolla Zone is associated with the western extent of the anomaly. Also on the inverted chargeability 200 meter depth plan, the northern extent of the Western Magnetite Zone is associated with a +12.5 mV/V anomaly which appears to extend 2.4 kilometers to the northeast producing an arcuate shaped high chargeability anomaly. Bedrock associated with this anomaly has been poorly tested.
Helicopter Magnetic Survey
The helicopter magnetic survey was flown on easterly oriented lines at 100 meter separation covering a survey block with dimensions of approximately 29 by 11 kilometers. In total, 2,900 line kilometers of data was collected between December 4th and December 9th, 2013 by Precision GeoSurveys Inc of Vancouver. The purpose of the survey was to provide high resolution magnetic data to assist in the interpretation of the property geology and to help define drill targets in areas proximal to the Durand Stock. The Durand Stock comprises an oval shaped magnetic high rim measuring 2.7 by 2.2 kilometers, with a magnetic low core. Magnetic highs proximal to the stock are also observed where magnetite alteration is documented in Nicola Group volcanic rocks. Magnetic highs of similar magnitude have been identified in areas with limited historic exploration proximal to the Durand Stock. These anomalies are considered significant targets for follow-up. Furthermore, the survey effectively identified new magnetic highs, lineaments and breaks which may represent possible intrusions and structures in unexplored areas where publically available, low resolution magnetic data exhibits coarse featureless anomalies.
The road-accessible Rabbit North property consists of 34 mineral tenures covering 16,400 hectares, which are inpart abutting New Gold Inc’s tenures covering the New Afton mine. The New Afton mine, with Proven and Probable Reserves of 52.5 million tonnes at 0.93% Cu, 0.65 grams per tonne (g/t) Au, 2.3 g/t silver, (New Gold Inc. website) is approximately 14.5 kilometers east of the main Rabbit North target. Rabbit North is also 28 kilometers east-northeast of the producing Highland Valley copper mine operated by Teck Resources Limited with Proven and Probable Reserves of 697.4 million tonnes at 0.294% (Teck Resources Limited website), Canada’s largest copper producer. The core 2,850 hectares of mineral tenures comprising Rabbit North are under an option agreement (see Tower’s July 18th 2013 Press Release).
Copper mineralization within the porphyritic monzonite core of the Durand stock is characterized by disseminated and blebby chalcopyrite (i.e., Central Monzonite zone) whereas mineralization hosted in the Nicola volcanics is dominantly characterized by disseminated and blebby chalcopyrite and pyrite (+/- bornite) associated with varying degrees of albite, biotite, epidote and magnetite alteration (i.e., Chrysocolla and Western Magnetite zones).
Please refer to Tower’s website for accompanying maps and updated corporate presentation (www.towerresources.ca)
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, 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.