Tower Expands Land Position at Rabbit North Project
January 23 2014 - 9:33AM
Access Wire
Vancouver, B.C. - Tower Resources
Ltd., (TSX.V: TWR) announces the expansion, by staking, of the
company's mineral tenures covering the Rabbit North copper (Cu) and
gold (Au) property in the Kamloops Mining District of south-central
British Columbia. The road-accessible Rabbit North property now
consists of 34 mineral tenures covering 16,400 hectares, which are
in-part abutting New Gold Inc's tenures covering the New Afton
mine. The producing New Afton copper and gold mine 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, 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).
Expansion of Tower's land
position at Rabbit North was considered strategically important as
it gives Tower control over a large area of favorable geology which
is considered to have good exploration potential. The claims cover
multiple large highly anomalous magnetic geophysical features Tower
identified following a compilation of regional geophysical data.
These anomalies occur north and south of the main target areas at
Rabbit North, in particular, the Durand Stock. In regional data,
the mineralized Durand Stock, and its proximal and altered volcanic
country rocks, are characterized by a single large magnetic-high
approximately 4.5 kilometers across. Higher resolution geophysical
data (i.e., 2013 ground magnetics; see Tower's October
22nd, 2013 Press Release) demonstrates
that the Durand Stock and its volcanic country rocks are in fact
geophysically complex, comprising a circular magnetic-high rim with
a magnetic-low core with discrete magnetic-highs proximal to the
stock where magnetite alteration is documented. This level of
detail is not achievable in regional data sets, therefore follow-up
work including geological mapping and higher resolution geophysics
is warranted over selected recently identified magnetic-high
anomalies. Together with the Durand Stock magnetic-high, the
regional magnetically anomalous trend spans approximately 25
kilometres north-south, where Tower now controls approximately 85%
of the trend.
Rabbit North
Alkalic porphyry related
mineralization and alteration at the Rabbit North property is
documented in two host rock types: the 3 by 2 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. The age of the Durand stock is
approximately the same age as the Guichon and Iron Mask batholiths
which host the Highland Valley and New Afton mines respectively.
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 map of Rabbit North tenures
(http://www.towerresources.ca/)
The technical content of this
news release has been reviewed and approved by Nils
Peterson, MSc, P.Geo, 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
(604) 558-2565
mvanry@towerresources.ca
http://www.towerresources.ca/
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.
Tower Resources (TSXV:TWR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Tower Resources (TSXV:TWR)
Historical Stock Chart
From Dec 2023 to Dec 2024