ACN (TSX-V)
TORONTO,
Feb. 20, 2014 /CNW/ - Asher
Resources Corporation (the "Company") is pleased to provide an
update on the technical review of the King Mine Project,
Nevada USA and the upcoming work
program.
The King Mine Project was acquired for its
two-target potential; the high-grade gold structures exposed at
surface and the bulk-tonnage porphyry copper-gold potential.
Completed work on the project to date includes lithologic and
alteration mapping, rock sampling, induced polarization survey,
ground magnetic survey, petrographic analysis and a recently
completed 11 hole reverse circulation drilling program.
The near surface high-grade gold structure was
tested in the recent drill program and returned significant
intersections including 3.26 g/t Au over 9.1 metres in hole KM-04.
This gold bearing structure was also drill tested in several other
locations, however, it appears based on the information from KM-03
and KM-04 that the gold zone is dipping towards the east, not
vertical as originally postulated, and thus the drill holes may
have drilled under the gold bearing structure. This gold zone has
been mapped and exposed intermittently for 1700 metres along
surface and remains mostly untested.
The King Mine is a bulk-tonnage copper-gold
porphyry target and the recent technical review, including in the
geological, geochemical, alteration and geophysical data with the
recent drill hole data shows a potentially untested porphyry
target. The untested target is defined by a large magnetic low
having dimensions of 1000 by 800 metres and is coincident with a
well-defined structural zone, a pyritic halo and significant
alteration zone. The alteration zone is mainly phyllic, however, a
heavily altered outcrop was identified as a potassicly altered
diorite in a petrographic analysis. The pyritic halo, which was
tested in the recent drilling showed high levels of Zn and Pb,
which are often associated with pyrite halos of porphyries. An
attempt was made in the recent drill program to test the northern
end of the magnetic low with KM-5, however, the hole was lost in a
fault and well short of its intended target depth. This drill hole,
however, displayed increasing copper and molybdenum at the bottom
of the hole, which could be expected as you approach a porphyry
target, and provides strong evidence the coincident dataset could
represent an as yet un-drilled porphyry body.
To see an image of the King Mine Target that
illustrates the magnetic low which is believed to be the main
target area for the porphyry, click here.
Presently, the company is completing its data
review and will then design its next drill program to test
additional sites along the 1700 metre near surface high-grade gold
structure and the porphyry target. The magnetic data is presently
being re-processed to ascertain the best targets to drill for the
porphyry and to determine the number of holes required in this next
phase.
"The large 1000 by 800 metre magnetic anomaly
which is coincident with other signatures common in porphyry
systems confirms our initial observations that the King Mine
Project potentially represents a significant untested porphyry
target in Nevada. The company is
looking forward to testing this target in the upcoming drill
program as well as additional locations along the 1700 metre
high-grade gold structure that was discovered in Phase I" commented
Richard Buzbuzian, President and
CEO.
Additional information can be viewed at
www.asher-resources.com, including a new corporate
presentation.
The technical information contained in this news
release has been verified and approved by Asher's Chief Geologist,
Paul Mattinen, a designated AIPG-CPG
"Qualified Person" for the purpose of National Instrument 43-101,
Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators.
We seek Safe Harbor.
About Asher Resources:
Asher Resources Corporation is a gold
exploration company headquartered in Toronto, Ontario, with a regional office in
Reno Nevada. Asher's mission
is to discover and develop high quality North American precious
metal resources with its current focus in Southern British Columbia and the Nevada Great
Basin.
For further information,Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
This news release does not constitute an offer
to sell or a solicitation of an offer to sell any securities in
the United States. The securities
have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the
United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
SOURCE Asher Resources Corporation
PDF available at:
http://stream1.newswire.ca/media/2014/02/20/20140220_C5456_DOC_EN_36872.pdf