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Tower Resources Consolidates Nechako Gold Property in Central British Columbia near the Blackwater Gold Deposit
(via Thenewswire.ca) Vancouver, B.C. / TheNewswire / July 12, 2016 - Tower Resources Ltd. ...
About this update from Tower Resources Ltd.
[{"type":"text","content":"Tower Resources Consolidates Nechako Gold Property in Central British Columbia near the Blackwater Gold Deposit(via Thenewswire.ca)\n\n \nVancouver, B.C. / TheNewswire / July 12, 2016 - Tower Resources Ltd. (TSXV: TWR) announces the signing of two agreements to acquire a total of 2,975 hectares of prospective mineral exploration ground in the Nechako Plateau region of central British Columbia. The centre of the consolidated land package is approximately 30 kilometres northeast of the development-stage Blackwater Gold project, currently controlled by New Gold Inc. The land package is deemed prospective for Blackwater-type epithermal gold and silver mineralization and porphyry-related copper and gold mineralization. The consolidated land package is now called the Nechako Gold Property. \n\n \n \nMark Vanry, President and CEO, states, \"Based on a comprehensive compilation of all regional and property scale technical data from throughout the Nechako Plateau region, our technical team, with significant past experience in the district, decided to strategically focus on the Nechako Gold Property area. We will systematically explore the property beginning early August 2016.\"\n\n \n \nPorphyry Property Option\n\n \n \nUnder the terms of the Porphyry Property option agreement dated July 06, 2016, subject to TSX Venture Exchange acceptance, Tower can earn a 100% interest in the property by making cash payments totalling $40,000 and issuing 400,000 common shares over a 2-year period, to the vendor, in addition to funding aggregate exploration expenditures of $250,000 over a 2-year period. The agreement is subject to a 1.5% NSR, all of which can be purchased by Tower for $1,000,000. The Porphyry Property consists of four mineral tenures totalling 1,236 hectares.\n\n \n \nChutanli Property Option\n\n \n \nUnder the terms of the Chutanli Property option agreement dated July 10, 2016, subject to TSX Venture Exchange acceptance, Tower can earn a 100% interest in the property by making cash payments totalling $60,000 and issuing 600,000 common shares over a 3-year period, to the vendor, in addition to funding aggregate exploration expenditures of $225,000 over a 2-year period. The agreement is subject to a 1.5% NSR, all of which can be purchased by Tower for $1,000,000. The Porphyry Property consists of six mineral tenures totalling 1,737 hecta...