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.
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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.
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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
For further information:
please contact Richard Buzbuzian at:
Telephone: (416) 361-6167