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Pasinex Resources Reports 35.5m of 37.7% Zn; Commences Drilling at Akkaya Zinc-Lead Project, Adana Province, Turkey
March 25, 2015 12:30 AM EDT | Source: Pasinex Resources Limited
Toronto, Ontario--(Newsfile Corp. - March 25, 2015) - Pasinex Resources Limited (CSE: PSE) (FSE: PNX) today announced an update on exploration drilling at its Pinargozu Mine in Adana, Turkey, where Pasinex has a 50:50 joint venture with Turkish mining company Akmetal AS in the Horzum AS joint venture company.
Since the last news release (19 February, 2015), Horzum AS has completed 8 diamond boreholes for an aggregate of 709.5m of drilling.
The results of this drilling are summarized in Table 1 below, and illustrated in Figures 1 and 2 overleaf.
Table 1: Summary list of diamond drilling completed at the Pinargozu Mine from 16 February to 17 March, 2015.
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Zinc grades reported in Table 1 are those reported for analyses undertaken by the SGS Geochemical Laboratory in Ankara.
Steve Williams, CEO of Pasinex Resources states, "These latest drill results from our Pinargozu mine project are very encouraging. A number of the holes have intercepted mineralization and the hole with 35.5m of 37.7% Zn is our best intercept to date. We are encouraged that we continue to see mineralization in new areas that would indicate that our tonnage potential is increasing. Drilling is continuing on Pinargozu and we have commenced drilling of the neighbouring Akkaya property."
Figure 1: View to the North West of a South West-to-North East vertical geological section onto which the boreholes of Table 1 have been projected. The section line and projection corridor are shown in Figure 2.
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The following conclusions are drawn from the results of this drilling:
| (1) | The 35.5m intersection in borehole PPS15_004 grading 37.7% zinc is situated 50m to the north east of the 15m interval grading 31.4% zinc in borehole PSS14_008 reported in our news release dated 19 February, 2015, and occurs at approximately the same elevation as the latter; |
| (2) | Borehole PPS15_004 has therefore shifted the known extent of high-grade zinc mineralization at Pinargozu, which is accessible from existing workings, significantly to the north east; |
| (3) | Continuity of mineralization between these two intersections is not yet clear, and will shortly be defined by drilling at a different angle from a different drill site; |
| (4) | The 5m intersection in borehole PPS15_003 grading 53.1% zinc is situated exactly where mineralization was expected to occur. |
Figure 2: Plan showing boreholes of Table 1 together with selected historical boreholes, Level 677 development outlines, and areas from which ore has been mined (red). The plan also shows the location of the geological section presented in Figure 1.
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The Pasinex team is actively integrating these drilling results into its geophysical and structural database for Pinargozu. Figure 3 below illustrates one rendition of these integration efforts, onto which have been plotted corridors (light yellow) along inferred mineralized structures, and circles around intersections of these – red for intersections known to produce mineable volumes of mineralization, and black for un-tested intersections constituting drill targets that will be tested in the future. A number of these intersections correspond with magnetic anomalies (plotted with small black squares).
Pasinex also announced today that diamond drilling started on its Akkaya Licence some five kilometers to the north of Pinargozu on the 14th of March. Approximately 14 boreholes for a total of 2000m are planned for this phase of drilling at Akkaya.
Figure 3: Geological map of the Pinargozu Mine area illustrating the integration of exploration data sets and new drill target areas (black circles).
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Clinton Smyth, P.Geo and VP Exploration for Pasinex, is the qualified person as defined by National Instrument 43-101 who has verified the written disclosure of all scientific and technical information in this news release.
Pasinex Projects
Pinargozu and Akkaya zinc projects, in Adana province, are managed within a JV with Akmetal, called Horzum AS. The region is known for high-grade zinc mineral properties. Akmetal's past-producing Horzum Mine just 3 km south of Pinargozu operated between 1974 and 1996 producing up to 4 Mt of oxide zinc ore grading from 20% to 30% according to Akmetal's former mine manager. Pasinex has currently small scale high-grade zinc mining (>30% Zn DSO) from the Pinargozu JV project. In December 2014, a firm commitment to sell was valued at over US$1 million. Another 5,000 tonnes of high-grade Zn material (~30%) is in the process of being prepared for sale in Q2.
Pasinex also has the 100%-owned Golcuk copper project in Sivas province that has confirmed "Manto Copper" style mineralization of up to 2% copper. An estimated 20 drill holes have been completed, 7 of which were done by Pasinex. Exploration drilling of targeted anomalies continues.
About Pasinex
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is a base and precious metal-focused exploration company with a goal is to build a mid-tier international mining company focused on base metals. The Company's initial priority is to build a prospective portfolio of base metal opportunities in Turkey with the assistance of partner Akmetal A.S., one of Turkey's largest family-owned conglomerates, a large chromite producer and past-producer of the nearby Horzum Zinc Mine. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development. Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
| Steve Williams | Cathy Hume |
| President/CEO | CHF Investor Relations |
| Phone: 416.861.9659 | Phone: 416.868.1079 ext. 231 |
| Email: info@pasinex.com | Email: cathy@chfir.com |
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Pasinex Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: the forgoing ability to finance exploration in order to further the Pinargozu Property and the Golcuk Property in 2015, the economic potential of GPR identified drill targets, all exploration drilling results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.