The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from

Tower Resources Reports Assays up to 3095 Grams per Tonne Silver and 45 Grams per Tonne Gold at Waterloo

Wednesday, November 21, 2012

Tower Resources Reports Assays up to 3095 Grams per Tonne Silver and 45 Grams per Tonne Gold at Waterloo11:10 EST Wednesday, November 21, 2012(via November 21st, 2012 TWR: TSX Venture Exchange VANCOUVER, B.C. - Tower Resources Ltd. ("Tower") is pleased to announce assay results from grab samples taken at its 100% controlled Waterloo Property. The Waterloo Property is located 65 kilometres east of Kelowna, BC near the historic Lightning Peak silver and gold mining camp. The 2012 pre-drilling exploration program on the Waterloo Property was focused near the historic Waterloo mine and consisted of geological mapping, prospecting, ground magnetic and VLF electromagnetic surveys, and confirmation soil geochemistry. Representative and selective grab samples were collected from outcrops, trenches, and dump piles located near old workings. Highlights from this sampling program include: Table of 2012 Grab Sample Highlights from Waterloo Property: ----------------------------------------------------------- |Area |Sample |Type|Ag (g/t)|Au (g/t)|Pb (%)|ZN (%)| |---------------------------------------------------------| |Forge East |1717020|grab|82.0 |1.70 |0.45 |0.01 | |---------------------------------------------------------| |Forge East |1717021|grab|66.8 |1.95 |0.37 |0.12 | |---------------------------------------------------------| |Forge East |1717023|grab|3095.0 |3.80 |0.47 |0.71 | |---------------------------------------------------------| |Forge East |1717026|grab|185.0 |3.70 |0.57 |0.36 | |---------------------------------------------------------| |Forge East |1710502|grab|1507.0 |2.81 |0.44 |0.03 | |---------------------------------------------------------| |Forge East |1717039|grab|70.5 |5.03 |0.50 |0.13 | |---------------------------------------------------------| |Forge Proper|1710505|grab|32.2 |0.01 |0.05 |6.06 | |---------------------------------------------------------| |AU Showing |1717017|grab|66.5 |2.56 |0.19 |0.02 | |---------------------------------------------------------| |AU Showing |1717036|grab|57.0 |11.30 |1.43 |0.64 | |---------------------------------------------------------| |AU Showing |1717037|grab|794.0 |45.70 |7.82 |3.63 | |---------------------------------------------------------| |Waterloo |1710265|grab|60.6 |0.02 |0.33 |19.04 | |---------------------------------------------------------| |Waterloo |1710268|grab|299.0 |0.01 |12.72 |0.71 | |---------------------------------------------------------| |Waterloo |1710270|grab|1159.0 |0.02 |18.53 |7.53 | |---------------------------------------------------------| |Waterloo |1717006|grab|313.0 |0.03 |9.22 |14.40 | |---------------------------------------------------------| |Waterloo |1717035|grab|1482.0 |0.03 |1.81 |26.77 | |---------------------------------------------------------| |Waterloo |1710510|grab|182.0 |0.01 |12.45 |19.90 | |---------------------------------------------------------| |Waterloo |1710513|grab|182.0 |0.01 |2.88 |1.15 | |---------------------------------------------------------| |Waterloo |1710514|grab|57.5 |0.01 |1.45 |22.44 | |---------------------------------------------------------| |Waterloo |1710515|grab|175.0 |0.01 |1.73 |6.30 | ----------------------------------------------------------- Tower cautions readers that grab samples are selective in nature and that the resulting assays from the samples may not be representative of all mineralization on the property. Of significance are the samples from the Forge East and Forge Proper areas, where silver (Ag), gold (Au), zinc (Zn), and lead (Pb) mineralization is present in numerous "AU-style" quartz - sulphide (pyrite, galena, sphalerite +/- chalcopyrite) veins (Forge East) and "Waterloo-style" east trending, shear zone hosted, carbonate healed breccias (Forge Proper) which are collectively exposed in historic trenches over a 175 by 90 meter area. The Forge East and Forge Proper areas are approximately 590 meters and 500 meters respectively east of the Waterloo mine (sample 1717035: 1482 g/t Ag with 26.77% Zn) and are both 850 meters south of the workings at the AU showing (sample 1717037: 794 g/t Ag with 45.7 g/t Au, 7.8% Pb and 3.6% Zn). The Forge East area marks the projected intersection of the east trending high-grade silver Waterloo structure and the north trending high-grade gold bearing veins of the AU showing. The Forge Proper area likely represents the eastern strike extension of the Waterloo structure. Tower's results from samples taken from these areas in 2012 demonstrate the enriched precious metal nature of the areas by the presence of both silver and gold mineralization in quartz-sulphide veins (sample 1717023: 3095 g/t Ag and 3.8 g/t Au) and carbonate breccias (sample 1710505; 32.2 g/t Ag with 6.06% Zn). These areas represent attractive targets that warrant detailed follow-up. Samples collected from dump piles near the Waterloo mine and AU showing's historic workings (adits and trenches) demonstrate the high-grade precious metal nature and perhaps the strike extent and vertical continuity of the zones. In particular, samples from the Waterloo mine were collected from numerous dump piles from four horizontal adits and one vertical raise spaced along 170 meters, covering approximately 40 meters of vertical elevation. Also, gold and silver bearing samples from the AU showing were collected from quartz-sulphide veins exposed 100 meters along strike to the south of the main AU workings. Samples were shipped in sealed and secure bags to Acme Analytical Laboratories in Vancouver, BC. Here, samples were prepared using standard preparation procedures. Samples were then analyzed for gold by 30 gram fire assay fusion with AAS finish; samples that yielded results greater than 10g/t Au were re-assayed using a 30 gram fire assay with a gravimetric finish. 36 elements, including silver, lead and zinc, were analysed by ICP-MS using an aqua regia digestion. Over-limit (>100 ppm) silver was re-analysed by a 30 gram fire assay with gravimetric finish. Over-limit lead and zinc (>1%mark) was re-analysed by ICP-ES finish using an aqua regia digestion. Quality assurance and quality control procedures include the systematic insertion of blanks, certified standards and duplicate samples into the sample stream followed by careful monitoring of results. 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, President & CEO (604) 558-2565 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 Statements 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 Towers 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 for a more complete discussion of such risk factors and their potential effects. - Copyright (c) 2012 - All rights reserved.