TORONTO, Oct. 24, 2013 /CNW/ - Asher Resources Corp. ("Asher" or the "Company") (TSX-V: ACN) is pleased to announce drilling has now commenced at Asher's King Mine Project in Nevada, USA. The exploration program, comprised of 2,150m (7,074ft) of reverse circulation drilling testing 11 high priority targets of highly anomalous gold values which is associated with a strong, well defined IP anomaly following geophysical surveys and geological mapping carried out during the 2012 field season.
The King Mine Project is located in Mineral County, Nevada, approximately 10 miles east of the past producing Rawhide gold mine on the Walker Lane Trend.
"We are delighted to report drill exploration is underway in earnest at King Mine as we test our first 11 high priority targets" commented Richard Buzbuzian, President and CEO Asher Resources "We are also very pleased to report Asher will be conducting a series of site tours with various interested parties while drilling is underway"
Asher's is fully funded for the next 12 months to execute its exploration programs and estimates a cash balance of approximately $1 million at the end of this 12 month period.
About King Mine:
Rock sampling results ranged from 0.23 g/t Au to 55.7 g/t Au above a 0.20 g/t Au cut-off and conforms to historic sampling (2002) which had a high value of 28.56 g/t Au over a 1.83 m chip sample. The geological mapping has delineated a strong hydrothermal overprint on andesite host rocks with zones of intense phyllic to potassic style silicification, which carries the anomalous gold values. Within the alteration envelope and IP anomaly is a swarm of rhyolite to dacite porphyry dikes. To date, the deposit model, based on geology, anomalous gold values associated with silicified zones, anomalous arsenic, antimony, copper and bismuth correlated with the gold values, and geophysical signature, suggests a porphyry copper - gold setting with potential for a near surface zone of gold mineralization and a deeper, porphyry style gold-copper deposit.
The contents of this news release were supervised and reviewed by Mr. Paul Mattinen BSc Geo Engineering, CPG (AIPG), who is Chief Geologist, USA of Asher Resources and is a Qualified Person within the meaning of NI 43-101.
More information can be found at www.asher-resources.com
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 BC 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.
The forward-looking information contained in this press release is made as of the date hereof and Asher undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 ext 237
Email: [email protected]