ACN (TSX-V)
TORONTO,
Sept. 9, 2014 /CNW/ - Asher
Resources Corporation (the "Company") is pleased to announce a
second phase of drilling is approved and planned for the King Mine
project located in Mineral County,
north central Nevada. The program is designed to follow up
gold intersections from the eastern gold zone encountered in the
initial 2013 program and to further evaluate a distinctive copper –
gold porphyry target defined by geological mapping, surface
alteration, anomalous copper, zinc, lead and molybdenum
geochemistry encountered in drilling, and well defined induced
polarization chargeability and ground magnetic anomalies. The
drilling program will involve six holes totaling approximately
1,525 meters to test these targets.
The King Mine Project was acquired for its
two-target potential; the high-grade gold structure 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 an 11 hole
reverse circulation drilling program completed in late 2013.
The eastern gold zone gold zone, based on
geological mapping, rock sampling with values up to 28 g/t Au, a
distinctive iron oxidation alteration anomaly and structure
recognizable in satellite imagery, is located over a length in
excess of 600 meters trending in a NW - SW direction.
Two holes drilled on the north end of the zone in the 2013 program
returned intersections of 3.72 g/t Au over 7.62 meters and
3.26 g/t over 9.15 meters. True widths of the intersections were
not determinable. Drilling data indicates that the gold
bearing structure dips at a moderate angle to the northeast. Two
step out holes will be drilled to further evaluate the zone.
The bulk-tonnage copper-gold porphyry target and
the recent technical review, combining the geological, geochemical,
alteration and geophysical data with the recent drill hole data,
shows a previously 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 recently
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.
Data from the ground magnetic survey have
recently been reinterpreted with three dimensional image processing
software (3D-IP). Horizontal depth slices from 50 meters to
500 meters show a continuous, vertically extensive, magnetic low
interpreted to be the central alteration zone within the overall
sub-circular magnetic anomaly defined as the core of the porphyry
system. Perturbations in the imaging between depth slices
suggest the potential of the influence of copper and gold
mineralization. Several drill holes are planned to test these
potential mineralized irregularities.
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.
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