Tower Resources Makes Strategic Acquisition of Rabbit North Copper – Gold Porphyry Project
18 Luglio 2013 - 2:00PM
Access Wire
Vancouver, B.C. - Tower
Resources Ltd., (TSX.V: TWR) announces the signing of an agreement
to acquire the Rabbit North Copper (Cu) - Gold (Au) Property
located in the Kamloops mining division of south central British
Columbia. Under the terms of the agreement, Tower may acquire a
100% interest in the property subject to a 3% NSR.
The Rabbit North
property comprises 2850 hectares located in the active and
significant Kamloops mining division. The road accessible property
is approximately 14.5 kilometres west of the producing New Afton
mine operated by New Gold Inc. (Measured and Indicated Mineral
Resources of 51.8 million tonnes at 1.26% Cu, 0.91 grams per tonne
(g/t) Au, 2.9 g/t silver and .11 g/t palladium at 0.5% Cu cutoff)
and approximately 28 kilometres east northeast of the producing
Highland Valley mine operated by Teck Resources Limited, Canada's
largest copper producer.
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. 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 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 and magnetite alteration.
Historical
exploration on the property was completed by major companies such
as Kennco, Noranda and Cominco in the 1960s and 1970s and by junior
companies such as ProAm Exploration and Auterra Ventures in the
late 1990s and early 2000s. These programs consisted of shallow
diamond drilling in a confined area, percussion drilling, soil and
organic geochemistry and various geophysical programs.
Collectively, the historical work outlines numerous porphyry
related targets that Tower intends to investigate in detail during
the 2013 field season. .
Under the terms of the option
agreement dated July 11, 2013, subject to TSX Venture Exchange
acceptance, Tower can earn a 100% interest in the property by
making cash payments of $170,000 and issuing one million common
shares over a 4-year period, to the vendors, in addition to funding
aggregate exploration expenditures of $2,000,000 over a 5-year
period. The agreement is subject to 3% NSR, 2% of which can be
purchased by Tower for $3,500,000.
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
(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 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.
Grafico Azioni Tower Resources (TSXV:TWR)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Tower Resources (TSXV:TWR)
Storico
Da Giu 2023 a Giu 2024