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.
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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, Email: [email protected]