TORONTO,
Oct. 15, 2013 /CNW/ - Asher
Resources Corp. ("Asher" or the "Company") (TSX-V: ACN) is
pleased to announce it has engaged New Frontier Drilling out of
Fallon Nevada, to conduct King
Mine' exploration drill campaign comprising of a 2,150m (7,074ft)
reverse circulation drilling program in 11 high priority targets.
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.
The drilling program, which is scheduled to
commence on or about October 21,
2013, is designed to test areas of highly anomalous gold
values associated with a strong, well defined, IP anomaly following
geophysical surveys and geological mapping carried out during the
2012 field season.
The subsurface IP anomaly is well defined and
forms an elliptical zone spatially related to the anomalous gold
values. 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.
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.
"We are well funded as we look to exploit value
in our exploration properties and remain committed to being
fiscally prudent during a difficult time in the junior exploration
sector" commented Richard Buzbuzian,
President and CEO, Asher Resources Corp. "We look forward to
reporting our exploration results to our shareholders commencing
with the King Mine Project in Nevada."
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