Tower Resources Announces Mobilisation of Diamond Drill Program and Grant of Stock Options
Tower Resources Announces Mobilisation of Diamond Drill Program and Grant of Stock Options
Vancouver, B.C. – July 29, 2019 ‐ Tower Resources Ltd. (“Tower” o r t h e “Company”) (TSXV: TWR) is
pleased to announce that a con tracted drill and crew has been m obilised from Smithers, B.C. to Tower’s
Nechako Gold property to begin the first phase of a diamond drilling program. The initial target will be the
North Western part of the mineralized April Trend which was fi rst recognized in the Phase II RC drilling
program and is inferred to be the bedrock source of the major, 1.5 km wide x 3 km long, till‐hosted
Nechako Au‐Ag‐As‐Zn‐Pb glacial dispersal train.
The April Trend is entirely covered by glacial deposits and has not previously been tested by diamond
drilling. However, the location of the first 500 metres of the trend, on the northern part of the property,
was established within 100 m by the recent Phase III infill RC drilling program (see June 18, 2019 press
release). Four to five diamond core holes are initially planned to test this segment of the trend. These
holes will be collared on the hanging wall basalt and drilled t o the southwest at ‐45 degrees to cross the
intensely altered and sulphidized tuff‐sediment horizon that wa s identified in several of the vertical RC
drill holes from the short, 1.5‐3 m bedrock intervals that were routinely drilled beneath the till.
The Company also announces that it has granted stock options to acquire up to 3,450,000 common shares,
2,950,000 of which were granted to certain directors and officers. Each of the stock options is exercisable
for a five year term expiring on July 29, 2024 and exercisable u n t i l t h a t t i m e a t a p r i c e o f $ 0 . 0 5 5 p e r
common share. On July 26, 2019, 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 $0.055. 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 exercisable every anniversary thereafter for a total of two
years. The stock options are non‐transferable. The stock option s issued to the directors and officers, and
any common shares issued upon exercise of the stock options, are subject to a four month resale
restriction expiring November 30, 2019.
National Instrument 43‐101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Stuart Averill,
Chairman of ODM, a Director of the Company and a Qualified Pers on as defined by National Instrument
43‐101.
About Tower Resources
Tower is a Canadian based mineral exploration company focused o n the discovery and advancement of
economic mineral projects in the Americas. The Company’s key ex ploration assets are the Rabbit North
copper‐gold porphyry project located between the New Afton and Highland Valley Copper mines, the
Nechako gold project near New Gold’s Blackwater project and the More Creek and Voigtberg gold projects
in the Golden Triangle area of Northern British Columbia.
On behalf of the Board of Directors
Tower Resources Ltd.
Joe Dhami, President and CEO
(604) 558‐2565
www.towerresources.ca
Reader Advisory
This news release may contain statements which constitute “forward‐looking information”, including
statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors,
or its officers with respect to the future business activities of the Company. The words “may”, “would”,
“could”, “will”, “intend”, “plan” , “anticipate”, “believe”, “es timate”, “expect” and similar expressions, as
they relate to the Company, or its management, are intended to identify such forward‐looking statements.
Investors are cautioned that any such forward‐looking statement s are not guarantees of future business
activities and involve risks and uncertainties, and that the Company’s future business activities may differ
materially from those in the forward‐looking statements as a re sult of various factors, including, but not
limited to, fluctuations in market prices, successes of the operations of the Company, continued availability
of capital and financing and general economic, market or business conditions. There can be no assurances
that such information will prove accurate and, therefore, reade rs are advised to rely on their own
evaluation of such uncertainties. The Company does not assume a ny obligation to update any forward‐
looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor i ts Regulation Services Provid er (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.