Business
Tower Resources Announces Grid Cutting at Nechako Property
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2020) -   Tower Resources Ltd. (...
About this update from Tower Resources Ltd.
[{"type":"text","content":"Tower Resources Announces Grid Cutting at Nechako PropertyVancouver, British Columbia--(Newsfile Corp. - July 22, 2020) -  Tower Resources Ltd. (TSXV: TWR) (\"Tower\" or the \"Company\") is pleased to announce that grid cutting has started on the Company's Nechako Au-Ag property, commencing a comprehensive summer exploration program designed to further test the Discovery Zone and other targets along the April Trend. The exploration program is tiered to maximise the scientific data available for drill planning but is also flexible to allow scaling up the drilling component as results are received. The exploration campaign will focus both on expanding the new Discovery Zone that was intersected in the final hole of Tower's February diamond drilling program, No. APR20-10 (7.1 m of 2.75 g/t Au and 40.2 g/t Ag; see Tower's May 06, 2020, press release), and identifying other Eskay Creek-type Au-Ag-As-Zn-Pb zones along the highly fertile, 1.5 km long April Trend.Immediately upon completion of the grid, expected next week, a combined Induced Polarization (IP)/ground magnetic survey will be performed to identify geophysical responses specific to the biotite-silica alteration and polymetallic sulphide mineralization of the Discovery Zone to assist in diamond drill targeting of the depth and strike extensions of the Au-Ag mineralization. To further ensure that the diamond drilling is as effective as possible, the geophysical anomalies will first be quickly assessed with the reverse circulation (RC) drill that pointed the way to the Discovery Zone. Approximately 10-15 RC holes are planned over a 1-week period after completion of the geophysical survey, followed directly by up to 2000 metres of diamond drilling.The Company also announces that it has granted stock options to acquire up to 2,000,000 common shares to certain directors and officers. Each of the stock options is exercisable for a five-year term expiring on July 22, 2025 and exercisable until that time at a price of $0.115 per common share. On July 21, 2020, the last day that the common shares traded prior to the granting of the stock options, the closing price of the common shares on the TSX Venture Exchange was $0.115. The options are subject to vesting provisions, with one-third vesting and becoming exercisable on the date of grant, and one-third vesting and becoming exerc...