Tower Resources Commences Ground Magnetic Survey To Guide Drilling, Insider Buys 1 Million Shares

Tower Resources, Ltd TWRFF announced on Wednesday it has commenced a ground magnetic survey to guide its future drilling program after hitting 72.4 meters (237.5 feet) of porphyry copper (Cu), gold (Au) and molybdenum (Mo) mineralization, averaging 0.57% copper-equivalent at its new Rainbow discovery zone, which the company announced April 20.

Tower Resources has made three discoveries on its Rabbit North property within the last 15 months, the Lightening and Thunder zones, which hold gold, and the Rainbow zone, which consists of copper, gold and molybdenum.

Although a previous magnetic survey was completed on the property, Tower’s latest two discoveries are located on the southern edge of the survey, rendering the data of limited worth for the company’s exploration planning.

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“Knowing the above magnetic influences in advance of the magnetic survey should result in a much more informed interpretation of the magnetic data - one that should help in positioning and aiming the next round of drill holes more effectively to intersect and expand the Rainbow and Thunder Zones,” the company said in the release.

What’s More: Despite shares of Tower plunging about 76% after it released all the assays from its winter drilling program, Geologist Stu Averill, who is a director of the company, purchased 1.2 million shares on May 15, 200,000 of which came from exercising options.

While investors were likely hoping Tower's last hole (042) showed a high amount of gold, as opposed to a mixture of gold, copper and molybdenum, the hole was Tower’s best 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's TECK Highland Valley open pit copper and molybdenum mine.

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