Tower Resources Announces Copper, Gold, Molybdenum Discovery That Rivals Teck Resources, New Gold

Zinger Key Points
  • Tower Resources is nestled between operating mines owned by New Gold and Teck Resources.
  • The company announced Thursday assays from hole 042 on its Rabbit North property, which constitute the best hole yet.

The sun may begin to shine brightly on Tower Resources Ltd TWRFF after the company announced Thursday that hole 042 hit 72.4 meters (237.5 feet) of porphyry copper (Cu), gold (Au) and molybdenum (Mo) mineralization, averaging 0.57% copper-equivalent within its new Rainbow discovery zone.

The company announced the discovery of its Rainbow Zone on April 5 after receiving results from hole 041 and, after analyzing the two holes together, the assays received indicate that “even higher grades may be expected further west toward the center of the zone,” Tower said.

The Rainbow zone is Tower’s third discovery on its Rabbit North property near Kamloops B.C. since discovering gold in its Lightning and Thunder zones. The company has not yet begun the delineation process on its brand-new discoveries but believes the Rainbow Zone is open to the west and to depth beneath.

The Results Of Hole 042

Hole 42 marks Tower’s best hole yet by grade and depth on the property, which is nestled to the south-west of New Gold, Inc’s NGD New Afton underground copper and gold mine and to the north-east of Teck Resources, Ltd TECK's Highland Valley open pit copper and molybdenum mine.

“Hole 042 compares very favorably (to) the reported reserve grades of three of the largest, currently producing open-pit porphyry Cu±Au±Mo mines in BC,” Tower said in the release, adding that Teck’s Highland Valley’s deposit grades 0.35% Cu-equivalent, Imperial Metal’s Red Chris deposit grades 0.53% and Centerra Gold, Inc CGAU's Mt. Milligan mine grades 0.48%. In comparison, Tower’s grades are higher.

Tower intersected eight intervals of copper and gold mineralization down-hole from its Rainbow zone, with the first four zones also containing significant molybdenum. Notably, “The bottommost and thus most distal mineralized section, and also the one with the highest Cu-Au grades (0.42% and 1.41 g/t, respectively) is a 2.7 m vein of massive sulphides.”

Canadian geologist and director of Tower, Stu Averill, prefaced the results of hole 42 in Tower’s March 1 press release when he said the hole “the evident blossoming of the mineralization with depth is what every geologist dreams of but rarely experiences."

The results also confirm what Averill told Benzinga on April 12, when he said “the rainbow zone will be better because the chalcopyrite is more extensive and more abundant, there’s a longer interval and it's more plentiful.”

Importantly, “the two new discovery zones (Thunder and Rainbow) required just four diamond drill holes totaling 1403.1 meters at an all-in cost of CAD $500,000 ($371,400) with each zone intersected in two holes.”

Read Next: Legendary Geologist Stu Averill At PDAC Talks Tower's Latest Gold Discovery

Photo via Shutterstock. 

Market News and Data brought to you by Benzinga APIs
Posted In: Penny StocksCommoditiesSmall CapTop StoriesExclusivesMarketsGoldmining
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!