Tower Completes First Phase of 2024 Drilling Program at Rabbit North, Prepares for Larger Follow-Up Drilling Campaign in September

Vancouver, British Columbia--(Newsfile Corp. - August 26, 2024) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") is pleased to report that it has completed the first phase of its planned 2024 drilling program on the Rabbit North property in the heart of the Kamloops mining district (see Fig. 1) and is planning a larger Phase II follow-up campaign for mid-September.

Phase I Drill Program

The Phase I campaign comprised 1015 m in five drill holes, Nos. RN24-050 to 054.

Holes 050 and 052 tested for a possible northwestern extension of the favourable magmatic-hydrothermal breccia body (see Fig. 2) that hosts last year's Rainbow porphyry Cu-Au-Mo discovery (72.0 m grading 0.27% Cu, 0.40 g/t Au and 0.01% Mo in Hole RN23-042).

Holes 051, 053 and 054 tested three of the four shear-hosted Au targets that are the main focus of the 2024 drilling program (see press release of May 23, 2024).

Hole 051 targeted the southern shear trend between the Thunder and Lightning Zones. It was designed to cross the east-northeast trending shear zone ~150 m east of last year's Thunder discovery hole RN23-041, which encountered two strongly mineralized intervals 10 m apart averaging 3.28 g/t Au over 13.25 m and 2.19 g/t Au over 10.12 m, and 300 m west of the Lightning Zone which has been intersected in six holes over core lengths of 26.5 to 138.0 m at an average grade of ~1.5 g/t Au (see Fig. 3).

Hole 052 targeted the central shear trend ~200 m northeast of the Lightning Zone (see Fig. 2) as a potential source for the eastern part of the Dominic Lake gold grain dispersal train (see press release of April 25, 2024). Hole 053 targeted the same shear trend ~60 m west along strike from last year's Thunder North discovery hole RN23-039, which intersected 25.7 m @ 2.04 g/t Au.

The core from Holes 050 to 052 has been cut and submitted for analysis; the remaining core will be submitted as a separate batch.

Next Steps

Based in part on Lightning-type shearing and alteration observed in the drill core, a larger follow-up drilling campaign of up to ten holes is planned for mid-September.

Methods and Qualified Person

The drill core is being logged at Tower's leased, fully equipped core facility near Kamloops by Matthew Husslage, P.Geo. and Sean Jubinville, G.I.T. Mr. Husslage has managed or co-managed all of Tower's Rabbit North diamond drilling programs since the discovery of the Lightning Zone in December 2021.

Split samples of the core, generally 1.0 or 1.5 m in length, are being delivered directly to Activation Laboratories (ActLabs) in Kamloops, BC, a laboratory certified as ISO/IEC 17025 Accredited (Lab 790) by the Standards Council of Canada. QA/QC samples including blanks and standards are inserted regularly into the sample sequence at a ratio of approximately 1:20.

The samples are being analyzed for Au by fire assay and ICP-OES and for Ag and 36 additional elements by ICP-OES using a four-acid, near-total digestion. Any over-limit (>5 g/t) Au analyses are repeated using the same fire assay procedure but with a gravimetric rather than ICP finish.

The technical content of this news release has been reviewed and approved by Stuart Averill, P.Geo., a director of the Company and a Qualified Person as defined by National Instrument 43-101.

About Tower Resources

Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets, all in B.C., are the Rabbit North copper-gold porphyry project located between the New Afton copper-gold and Highland Valley copper mines in the Kamloops mining district, the Nechako porphyry-associated gold-silver project near Artemis' Blackwater project and the More Creek epithermal gold project on the critical "red line" structural zone connecting the mineral deposits of the Golden Triangle.

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", "estimate", "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 statements 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 result 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, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 - Location of the Rabbit North property.

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Figure 2 - Locations of Holes 050 to 054 relative to the five targets of the 2024 drilling program.

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Figure 3 - Block model of the shear-hosted Thunder, Thunder North and Lightning Au zones. The Au component of the Rainbow porphyry Cu-Au zone is included.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221062