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 TheNewswire.ca

Tower Resources Samples up to 5.02 Grams Per Tonne Gold and 235.0 Grams Per Tonne Silver at Baez

Thursday, January 24, 2013

Tower Resources Samples up to 5.02 Grams Per Tonne Gold and 235.0 Grams Per Tonne Silver at Baez 07:00 EST Thursday, January 24, 2013(via Thenewswire.ca) Vancouver, B.C. - Tower Resources Ltd., (TSX.V: TWR) announces an update and results from its 2012 exploration program at its 100% controlled Baez epithermal gold (Au) and silver (Ag) property in the Nechako Plateau region, central British Columbia. The road accessible Baez Property consists of eighty-eight mineral claims totalling 40,125 hectares, located 125 kilometres west of Quesnel. The property is 60 kilometres southeast of New Gold Inc.'s Blackwater Gold Project (7.52 Moz of indicated Au and 2.66 Moz of inferred Au; New Gold Inc.'s Press Release September 20, 2012). Tower's 2012 field program at Baez consisted of field reconnaissance, geological mapping, sampling, soil geochemistry and rock sampling as well as re-logging and sampling of historic drill core. Re-interpretation of historic geophysical and geochemical data provided a new focus for the 2012 field efforts. Highlights from the 2012 Field Campaign include: -Re-interpretation and confirmation of existing data and historic drill core formed the basis for a new exploration model which Tower is advancing. -Identification of coincident geophysical and geochemical anomalies spanning at least 8.5 kilometres north-south and up to 7 kilometres east-west associated with local gold and silver mineralization. -Discovery of new areas with mineralized siliceous boulders termed the Boulder Ridge North and South targets; sampled up to 5.02 grams per tonne (g/t) Au with 30.7g/t Ag (sample 1710586). Tower's new model for epithermal gold and silver mineralization at Baez is based on a collapsed rhyolite dome hosted high-sulphidation epithermal system. Four areas of epithermal related alteration and mineralization identified at Baez include; Camp, Clusko and Boulder Ridge North and South targets. The Camp target area encompassed the bulk of historic drilling (see Tower's February 21st, 2012 Press Release) and is located 3.5 kilometers northeast of the Clusko Zone, 1.7 kilometers east of the Boulder Ridge South target and 3.8 kilometers southeast of the Boulder Ridge North target. Of significance are the newly identified and un-drill tested Boulder Ridge North and South targets which are roughly 4.4 kilometres apart and both centered on a north trending prominent topographic ridge that extends at least 8.5 kilometres. Previous work in these areas by Phelps Dodge in 1994 included road building and drill pad construction, however, the company pulled out of the project prior to drilling. Although rock exposure is generally poor, the ridge is underlain by interlayered felsic to intermediate ash and crystal tuffs and banded and locally brecciated rhyolite. On the ridge top, exposed in trenches and road-cuts and down paleo-ice flow direction, (e.g., northeast of ridge) are areas with an abundance of large angular siliceous boulders (up to 1.5 metres in diameter) comprised of brecciated, clay + silca altered rhyolite cut by quartz stockwork. Sampling of these boulders yielded significant results such as 5.02g/t Au with 30.7g/t Ag (e.g., sample 1710586). More important is the presence of altered, brecciated and mineralized felsic volcanic outcrop (e.g., sample 1710590; 0.34g/t Au with 3.1g/t Ag) and subcrop (e.g., 1710588; 1.71g/t Au with 21.1g/t Ag) found in the vicinity of these boulder occurrences suggesting a local source for the mineralized boulders. The highest assay previously reported from this area was 0.25 g/t Au. See table below for 2012 sampling highlights: Table of 2012 Grab Sample Highlights from the Baez Property ---------------------------------------------------------------------- |Area |Sample |Description |Au (g/t)|Ag (g/t)| |--------------------------------------------------------------------| |Ridge North|1710583|siliceous breccia boulder |0.179 |0.30 | |--------------------------------------------------------------------| |Ridge North|1710585|altered dacite breccia subcrop|0.236 |0.80 | |--------------------------------------------------------------------| |Ridge North|1710586|siliceous breccia boulder |5.204 |30.70 | |--------------------------------------------------------------------| |Ridge North|1710211|siliceous breccia boulder |0.270 |235.00 | |--------------------------------------------------------------------| |Ridge North|1710580|siliceous breccia boulder |0.206 |0.90 | |--------------------------------------------------------------------| |Ridge South|1710065|siliceous breccia boulder |0.600 |6.20 | |--------------------------------------------------------------------| |Ridge South|1710066|siliceous breccia boulder |0.410 |10.00 | |--------------------------------------------------------------------| |Ridge South|1710587|altered rhyolite breccia |0.452 |34.00 | | | |subcrop | | | |--------------------------------------------------------------------| |Ridge South|1710588|altered rhyolite breccia |1.710 |21.10 | | | |subcrop | | | |--------------------------------------------------------------------| |Ridge South|1710590|altered dacite breccia outcrop|0.338 |3.10 | |--------------------------------------------------------------------| |Ridge South|1710593|altered rhyolite breccia |0.112 |1.40 | | | |outcrop | | | |--------------------------------------------------------------------| |Ridge South|1710594|altered rhyolite breccia |0.147 |3.00 | | | |subcrop | | | ---------------------------------------------------------------------- Tower acknowledges 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. The Boulder Ridge North and South targets are coincident with a single broad path finder element (e.g., arsenic) geochemical soil anomaly and are also coincident with an approximately 7 kilometre long, sharp VLF (very low frequency) EM geophysical anomaly and a 3.4 kilometre linear magnetic geophysical anomaly. These anomalies coupled with the presence of mineralized boulders down-ice from the ridge and the presence of hydrothermally brecciated rhyolite in outcrop suggests the ridge is in part underlain by a structurally controlled, north-striking corridor of silicified and mineralized felsic breccia. The true size and scale of this corridor is not presently known. Tower plans to commence field work on the Baez Property shortly after snow melt this spring. An IP (Induced Polarization) geophysical survey is currently being planned to define the size and scale of silicified and mineralized areas possibly underlying the Boulder Ridge targets. Following the identification of robust targets, Tower will commence a Phase 1 exploration style diamond drill program. President Mark Vanry states, "We are very excited to follow-up our 2012 exploration results this spring on our Baez Property. At the beginning of 2012 our goals for Baez consisted of drill target identification, confirming and building on historic data, and the discovery and expansion of mineralized areas; we accomplished all three. The proximity of Baez to a world-class epithermal deposit such as New Gold's Blackwater Project makes it a very significant and prospective play." 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. 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. Some technical information contained in this release is historical in nature and has been compiled from sources believed to be accurate. Tower Resources Ltd. Mark Vanry - Director, CEO & President (604) 558-2565 mvanry@towerresources.ca 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 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 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. Copyright (c) 2013 Thenewswire.ca - All rights reserved.