Junior Gold Miner Tower Resources Confirms Strike Near New Gold, Teck Resources Mines

Zinger Key Points
  • Tower has confirmed the strike of its resource and initial findings indicate a large gold zone with significant mineralization.
  • Tower Resources is nestled between operating mines owned by New Gold, Inc and Teck Resources.
Junior Gold Miner Tower Resources Confirms Strike Near New Gold, Teck Resources Mines

Tower Resources Ltd. TWRFF TWR confirmed Thursday the north-northwest strike of its Lightning Zone gold discovery.

The Vancouver, Canada-based company provided a progress update on the drilling program underway at its Rabbit North property near Kamloops, British Columbia.

Four holes out of the six-to-eight planned for the “step-out” diamond drilling program are complete, with cores from the first three holes submitted for assay. A key objective of the current program was to accurately confirm the strike of the Lightning Zone, which Tower succeeded at through just the first few holes.

The Initial Discovery

In December 2021, Tower began a drilling program on its Rabbit North property. This resulted in a gold discovery, announced on Jan. 11. The assay from hole RN21-26 returned with an intercept of 1.4 grams per ton of gold (g/t Au) over 95 meters, within which 19.2 meters yielded 4.21 g/t Au.

Tower Resources completed a six-hole follow-up program in March and April, which resulted in the company hitting significant mineralization in five out of six holes. The first two holes (028 and 029) surpassed its original discovery (026) and the subsequent four holes (030, 031, 032 and 033), while also hitting significant mineralization, allowed the company to delineate the structure of its resource.

In August, Tower began its next program, aimed at further proving its resource.

See Also: How to Buy Gold Bars • Best Online Gold Brokers

The Current Process

While awaiting assays for the current program, Tower implemented a visual process to confirm the strike and dip of its resource, and to gauge the approximate amount of mineralization in each core hole.

The company is looking for similar characteristics to the core retrieved from its discovery hole and found that “As in discovery Hole 026, the Lightning Zone in holes 034 to 037 is hosted mainly by andesitic crystal-ash tuff and is recognizable visually from intense shear-related fracturing/brecciation and pervasive bleaching and sericite-silica-pyrite alteration extending over core lengths ranging from tens of meters to more than 100 meters.”

Initial Findings

Although offical assays will be needed to verify the mineralization within each core, Tower's visual findings suggest hole 036, like holes 028 and 029, may surpass the discovery hole.

“Interestingly, the average pyrite contents of the 150 m altered section in Hole 036 and the 95 m mineralized section of the Lightning Zone in Discovery Hole 026, excluding occasional spikes over 15% pyrite in both holes resulting from the chance presence of a pyrite vein at a 2 m mark, are very similar at 3.2 and 2.7%, respectively,” the company said.

Interesting Fact

In mining, location is everything and Tower’s Rabbit North property is located between New Gold Inc.’s NGD New Afton underground copper and gold mine and Teck Resources Ltd.’s TECK Highland Valley open pit copper and molybdenum mine.

TWRFF Price Action: Tower Resources was trading down 14% at $0.179 at last check.

Image: Courtesy of Tower Resources.

Posted In: GoldNewsPenny StocksSmall CapMarketsPress Releases