Tower Resources $0.28 TWR.V
Posted: Monday Jan 7 9:45:30PM 2013
Good speculation on a group that sold their Blackwater Gold project to Newgold for $550 million.
They have three properties in BC.
1. JD gold-silver property 300 km north of Smithers, B.C. Tower ended up with a 100% earn-in agreement on 150 sq.km in the Toodoggone district that featured 30,000 metres of historic drilling. JD hosts a large epithermal gold-silver system with notable showings exposed over a 3-sq.km area.
Highlights around the historic corridor include: 22 metres grading 4.9 grams gold per tonne and 54 grams silver per tonne from 36 metres depth in hole 12-002; 26 metres averaging 3.64 grams gold and 9.29 grams silver from 5 metres depth in hole 12-008; and 13 metres of 10.82 grams gold and 66 grams silver from 30 metres depth in hole 12-003.
2. Tower’s greenfield-stage, wholly-owned Baez gold-silver play, which lies 60 km southeast of Blackwater. Tower started staking a land package in the region in Nov. 2011, and the company now sits on roughly 400-sq.km. Leslie explains that the team reviewed regional geophysics and identified trending and structures in the area, and he subsequently spent a lot of time at the property in the summer prospecting.
3. Tower’s third asset is a 31-sq.km package located 65 km east of Kelowna, B.C. The Waterloo property lies in the historic Lightning Peak silver-gold camp, and saw sporadic production of high-grade silver over the past century. Leslie had been working to consolidate to the claims over the past few years, and Tower signed an earn-in agreement in Oct. 2011 that could see it hold a 100% stake in the project.
During 2011 field work Tower identified four untested targets, including grab samples averaging up to 2,700 grams silver per tonne. On Oct. 23 Tower started up a 1,000 metre program at Waterloo geared towards confirming historic silver mineralization, and gold mineralization lying 500 metres northeast of the past-producing mine site