Tower Resources Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Tower Resources is a Canadian-based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets, both in British Columbia, are the Rabbit North copper-gold porphyry project located between New Gold's New Afton underground Cu-Au mine and Teck's Highland Valley open pit Cu-Mo mine in the Kamloops mining district, and the Nechako gold-silver project near Artemis's Blackwater project.

Exploration Philosophy

• Focus on orogenic gold and porphyry copper-gold deposits
• Politically stable mining jurisdictions
• Good infrastructure, low exploration & development costs
• Accessible for exploration year-round

EXPLORATION

Rabbit North Project, British Columbia

The Rabbit North project is strategically located 14 km southwest of the producing New Afton copper and gold mine (New Gold Inc.), and 27 km northeast of the producing Highland Valley copper mine (Teck Resources Ltd.). The property is road-accessible, and exploration is possible on the project year-round.

The Tower Approach at Rabbit North

STEP 1 – Reconnaissance-Scale Till Sampling

May 2021

• The till on the Southern Claims, 5-10 km glacially down-ice from the Core Claims, was found to contain anomalous levels of gold grains derived from the many porphyry Cu-Au occurrences associated with the Durand Stock
• A strong gold grain dispersal train was identified within this anomaly southwest of the Durand Stock near Dominic Lake

STEP 2 – Infill Till Sampling to Follow Gold Grain Anomalies Up-ice to Their Bedrock Source

October 2021

• 23 infill samples were collected on the Dominic Lake Train
• The train was traced 800 m up-ice toward its source with no change in its strength

STEP 3 – Diamond Drilling to Locate the Gold Source

• On December 12, Hole 26 intersected 95 m of 1.42 g/t Au including 19.2 m of 4.20 g/t Au
• The total time to discovery was only 7 months and the total cost was just $400K. Accordingly, the Au discovery was named the Lightning Zone

The New Central Gold Train

October 2022

• Follow-up till sampling was performed on a 169-grain gold anomaly obtained from a reconnaissance sample collected 400 m west of the Dominic Lake Train in May, 2021
• A new, parallel dispersal train was identified
• The gold grains in this “Central Train” are of a larger average size than those in the Dominic Lake Train
• As a result the till contains 3 times more Au per sample, suggesting that the Au grade of the source is 3 times higher than the grade of the Lightning Zone
• The source is tightly constrained by a band of post-Au cover basalt and thus is drill ready

The New Thunder Zone Discovery

The Company’s inaugural four-hole diamond drill test at the head of the Central Train (see news release dated February 23, 2023) on the Rabbit North property, has resulted in the discovery of a new shear-hosted gold zone, Thunder, that is more strongly mineralized than the Lightning Zone and blossoms with depth. (See news release dated March 1, 2023)

As planned for the current 2,000 m drill program at Rabbit North (see news release dated February 2, 2023) Tower drilled four exploratory holes at the head of the Central gold grain dispersal train.

The Thunder Zone occurs within a shear-susceptible ash tuff horizon similar to that at Lightning. The three Thunder Zone intersections traced the mineralization for 200 m along strike and, remarkably, down to a depth of nearly 400 m (~1,200 feet) below surface, leaving it wide open at both ends and down dip. The mineralized core sections vary in length from approximately 30 m to 130 m; most importantly, the longest intercept is also the deepest and most strongly mineralized.

The Thunder Zone mineralization is characterized by much stronger veining and pyritization, in some intervals semi-massive, than that of the Lightning Zone. The pyrite in the veins is also coarser grained and rare specks of visible gold up to 1 mm are present. Pyritization is most intense in the long, deep intersection of Hole 042 and the pyrite is increasingly accompanied by chalcopyrite, potentially indicating a significant Cu bonus.

Joe Dhami, President and CEO of Tower Resources, commented on the significance of the new discovery to Tower: "The Thunder Zone lies 400 m west of the Lightning Zone and was discovered by utilizing a till sampling program. Tower Resources will continue to use this process to test the western extension of the Thunder Zone to assess the future economic potential of this discovery."

Stu Averill, P.Geo. and a Director of the Company, added: "The first core from Thunder, especially the deep core from Hole 042, is the most attractive of any gold discovery that I have been involved in during my 50+ years of mineral exploration. The evident blossoming of the mineralization with depth is what every geologist dreams of but rarely experiences."

Management

Management and Directors

Joe Dhami, President & Chief Executive Officer, Director

20 years experience in capital markets providing end to end corporate advisory services

Former marketing consultant with Webtech Wireless and Rainy River Resources

Gerald Shields, LLB, Chairman, Director

Founding Member, Director, and General Counsel of Rainy River Resources

Former President, Ryland Oil (acquired by Crescent Point Energy)

Stu Averill, P.Geo., Director

Founder & Chairman, Overburden Drilling Management (ODM)

Former Director, Rainy River Resources

Lesia Burianyk, CPA, CA, BA, Chief Financial Officer

Over 15 years of industry experience serving as CFO for various TSX-V and CSE listed companies

Leah Hodges, Corporate Secretary

Over 15 years of experience providing corporate compliance, administration and governance support to private and public companies in various sectors

News Update

On January 18, 2024, Tower Resources Ltd. has released the results of the first follow-up diamond drill holes on the newly discovered Rainbow porphyry copper-gold-molybdenum zone (two holes) and younger, shear-hosted Thunder gold zone (two holes) on its Rabbit North property in the heart of the Kamloops mining district.

New holes 048 and 049, were designed to follow the Rainbow Zone westward beneath the basalt flows which, although strongly magnetic, are reverse-polarized and thus tend to cancel the positive magnetic anomaly produced by the magnetite-bearing magmatic-hydrothermal breccica that hosts the Rainbow mineralization. The 150-m-wide paleo-channel traced by the cover basalt was found to deepen rapidly into a canyon in which the entire Rainbow Zone has been eroded at Hole 048 and only the basal 10 m is preserved in Hole 049. However, the preserved section is of a higher grade than the corresponding basal part of the thick intersection is discovery Hole 042.

Stu Averill, P.Geo, a Company Director, commented: "While we inadvertently drilled Holes 048 and 049 where the Rainbow Zone is deeply eroded, we obtained sufficient information from the preserved basal section in Hole 049 and a deeper satellite zone in Hole 048 to show that Rainbow extends to the west at roughly the same depth as in the discovery area and its grade may be increasing. This information will be invaluable for planning our next step-out holes on the large, 350 x 1200 m Rainbow target."

On December 11, 2023, Tower Resources Ltd.'s September gold grain sampling up Arrow Creek on the company's More Creek property in British Columbia's prolific Golden Triangle has pinned down the source of a historical gold anomaly straddling the Red Line rift structure with which the world-class epithermal gold (Au) and porphyry copper-gold (Cu-Au) deposits of the Triangle are closely associated.

After staking the More Creek property in 2016, Tower collected three 20 kg gravel samples to investigate the historical Au anomaly. These strategically placed samples confirmed that gold grains are abundant in Arrow Creek for more than 2 km upstream and that none of this gold came from the Sinter.

Joe Dhami, Tower's President and CEO, commented: "we have now traced the gold grains to their source area right on the Red Line, transforming More Creek into a target-ready opportunity that could attract a well funded partner while we continue to focus on Rabbit North."

On November 14, 2023, Tower Resources Ltd. has completed the first follow-up diamond drill holes on the newly discovered Rainbow porphyry Cu-Au-Mo (copper-gold-molybdenum) and younger, shear-hosted Thunder Au zones on its Rabbit North property in the heart of the Kamloops mining district. Drilling summary and objectives:

Four holes, numbers RN23-046 to 049 totalling 1,052.2 metres, were drilled. Holes 046 and 047 targeted the Thunder zone and holes 048 and 049 targeted the Rainbow zone.

Both mineralized zones are completely covered by greater than 15 m of glacial till and partly covered by up to 40 m of preglacial Chilcotin basalt flows. A lateritic weathering profile up to 60 m thick is preserved beneath the basalt, indicating significant potential for supergene enrichment of the primary sulphide mineralization.

On October 19, 2023, Tower Resources Ltd. has approved, subject to acceptance by the TSX Venture Exchange, the grant of 2.6 million incentive stock options to acquire common shares in the capital of the company. One million eight hundred thousand of the options were granted to officers and directors and the remainder to employees and consultants of the company. The options are non-transferable and exercisable until Oct. 19, 2028, at 12 cents per option, subject to vesting provisions, with one-third vesting on the date of grant and one-third vesting ever anniversary thereafter.

On October 05, 2023, Tower Resources Ltd. has mobilized a diamond core rig to its Rabbit North property in the heart of the Kamloops mining district to drill the first follow-up holes on the company's newly discovered Thunder orogenic gold zone and adjacent Rainbow porphyry copper-gold-molybdenum zone.

On September 21, 2023, Tower Resources Ltd. has provided an update on recent exploration developments at its British Columbia properties, the company's plans to resume drilling on the new Thunder gold and Rainbow copper-gold-molybdenum discoveries at Rabbit North, and initiation of follow-up gold grain sampling at More Creek on the Golden Triangle Red Line.

Rabbit North: Tower recently received a permit to continue exploration, including diamond drilling, on the company's 17,526-hectare Rabbit North property near Kamloops, between New Gold's New Afton underground Cu-Au mine and Teck's Highland Valley open-pit Cu-Mo mine.

Tower is planning a 1,500-metre follow-up diamond drilling program beginning in the first week of October to further investigate and expand the newly discovered (see Tower's March 30, April 5 and 20 press releases), shear-hosted Thunder Au zone (initial intersections of twin Au zones less than 10 m apart comprising, in discovery hole 039, 17.9 m at 1.28 grams per tonne Au and 7.8 m at 3.79 g/t Au, and 150 m to the southeast, in hole 41, 13.25 m at 3.28 g/t Au and 10.12 m at 2.19 g/t Au) and porphyry-type Rainbow Cu-Au-Mo zone (72.4 m of 0.27 per cent Cu, 0.40 g/t Au and 0.01 per cent Mo, or 0.57 per cent Cu equivalent, starting near surface in the final drill hole targeting the Thunder zone, No. 042).

On August 09, 2023, Effective Aug. 3, 2023, Volatus Capital Corp. has elected to terminate the More Creek property option agreement entered into Aug. 21, 2020, with Tower Resources Ltd. The company is taking steps as necessary to return the project to the vendor in good standing.

On July 10, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on June 29, 2023.

Number of shares: 2,812,500 flow-through shares

Purchase price: 16 cents per flow-through share

Warrants: 2,812,500 share purchase warrants to purchase 2,812,500 shares

Warrant exercise price: 32 cents for a two-year period from the date of issuance

Number of placees: one place

July 06, 2023, Tower Resources Ltd. has completed a non-brokered flow-through private placement announced June 29, 2023, for aggregate gross proceeds of $450,000. Under the offering, the company issued 2,812,500 flow-through units at a price of 16 cents per FT unit. Each FT unit consisted of one common share in the capital of the company that qualifies as a flow-through share for the purposes of the Income Tax Act (Canada and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share in the capital of the company at price of 32 cents per common share until July 6, 2025. The proceeds from the offering will be used for expenditures that qualify as Canadian exploration expenses, within the meaning of the Income Tax Act (Canada), to carry out exploration programs on the company's Canadian properties.

On June 29, 2023, Tower Resources Ltd. intends to complete a non-brokered flow-through private placement for aggregate gross proceeds of up to $450,000. Under the offering, the company will issue flow-through units at a price of 16 cents per FT unit. Each FT unit consists of one common share in the capital of the company that qualifies as a flow-through share for the purposes of the Income Tax Act (Canada) and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share in the capital of the company at price of 32 cents per common share for a period of 24 months from the date of issuance. The proceeds from the offering will be used for expenditures that qualify as Canadian exploration expenses, within the meaning of the Income Tax Act (Canada), to carry out exploration programs on the company's Canadian properties.

On June 22, 2023, Tower Resources Ltd.'s recent ground magnetic survey has revealed key magnetic trends at each of its Rainbow porphyry copper-gold-molybdenum and Thunder and Lightning Au discoveries on the company's Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground Cu-Au mine and Teck's Highland Valley open-pit Cu-Mo mine.

Survey parameters: The survey covered a 1,100-hectare block with 112 kilometres of east-northeast-trending lines spaced 100 metres apart. Importantly, this block extended farther south than Tower's original 2014 ground magnetic survey and included the recent Rainbow, Thunder and Lightning zone discoveries.

On May 31, 2023, Tower Resources Ltd. has commenced a focused ground magnetic survey on the company's Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground copper-gold mine and Teck's Highland Valley open-pit copper-molybdenum mine.

Purpose of the Ground Magnetic Survey - The three significant discoveries - Rainbow (porphyry Cu-Au-Mo), Lightning and Thunder (orogenic Au) -that Tower made in rapid succession within 15 months beneath glacial till and/or basalt cover on the Rabbit North property are all on the southern edge of the only existing ground magnetic survey, making this old survey of little value to the Company's current exploration planning. In addition, the old north-south survey lines are not oriented squarely to the main south-southeast structural trend.

On May 10, 2023, Hole RN23-045, the last hole of the winter diamond drilling program on Tower Resources Ltd.'s Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground copper-gold (Cu-Au) mine and Teck's Highland Valley open-pit copper-molybdenum (Cu-Mo) mine, intersected 92 m grading 1.13 grams per tonne (g/t) Au in the Lightning zone and a summer drilling program is planned 400 metres (m) to the west to expand the new Thunder Au and Rainbow porphyry Cu-Au-Mo zones.

On May 08, 2023, Tower Resources Ltd.'s board of directors has adopted an advance notice policy, which includes, among other things, a provision that requires advance notice be given to the company in circumstances where nominations of persons for election to the board are made by shareholders of the company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia); or (ii) a shareholder proposal made pursuant to the provisions of the act.

Additionally, the Policy sets a deadline by which holders of record of common shares of Tower must submit director nominations to the Company prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to the Company, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.

On April 20, 2023, Tower Resources Ltd. has released assays received from hole 042 on the Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground Cu-Au (copper-gold) mine and Teck's Highland Valley open-pit Cu-Mo (copper-molybdenum) mine, showing that the new, near-surface Rainbow Cu-Au-Mo zone that was just discovered in hole 041 (see press release from April 5, 2023) increases in both grade and thickness to the west. A 72.4-metre section beneath thin basalt cover averages 0.27 per cent Cu, 0.4 gram per tonne (g/t) Au and 0.01 per cent Mo, or 0.57 per cent CuEq (copper equivalent) (see the table entitled "Grade of the Rainbow zone in hole 042 relative to those of selected B.C. porphyry Cu plus or minus Au plus or minus Mo deposits").

On April 05, 2023, Assays received from hole 41 on Tower Resources Ltd.'s new Thunder zone gold discovery (see press release from March 1, 2023) at the company's Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground copper-gold mine and Teck's Highland Valley open-pit copper-molybdenum mine, have revealed two closely spaced, 13.25- and 10.12-metre intercepts containing 3.28 and 2.19 grams per tonne Au, respectively.

Hole 41 also intersected a new and potentially robust zone of porphyry-style Cu-Au plus or minus Mo mineralization -- the Rainbow zone -- beneath the cover basalt flows immediately southwest of the Thunder zone.

On March 30, 2023, The first assays have been received from Tower Resources Ltd.'s new Thunder zone (see press release from March 1, 2023) on the company's Rabbit North property near Kamloops, B.C., between New Gold's New Afton underground copper-gold mine and Teck's Highland Valley open-pit copper-molybdenum mine, with a 25.7-metre section in discovery hole No. RN23-039 returning 2.04 grams per tonne Au.

Hole 039 (discovery hole) - Hole 039 intersected two gold zones, a three m upper zone from 142.7 m down hole grading 4.02 g/t Au, and the targeted Thunder zone starting 17.8 m further down hole, at 163.5 m, grading 2.04 g/t Au over 25.7 m. The Thunder zone is split by a barren, three m wide, postmineralization mafic dike. The 15.6 m mineralized interval below the dike includes a higher-grade section averaging 3.79 g/t Au over 7.8 metres.

March 1, 2023, Tower Discovers Strongly Mineralized "Thunder" Gold Zone West of Lightning; New Zone Drilled to 400 m Depth, Growing in Strength and Thickness and Gaining Significant Cu https://www.towerresources.ca/index.php/news/2023-news/271-oweriscoverstronglyineralizedhunderoldonees20230301130503

February 23, 2023, Tower's New Till Samples Confirm That the Lightning Zone Is Not the Main Source of the Dominic Lake Gold Dispersal Train; Drilling Is Underway to Test for a Larger Gold Source Beneath the Train https://www.towerresources.ca/index.php/news/2023-news/270-owersewillamplesonfirmhattheightningones20230223133502

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