Tower Expands Land Position at Rabbit North Projectadmin
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.
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
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.
Posted: January 23rd, 2014 under ACCESSWIRE.