VANCOUVER, May 14, 2013 /CNW/ - Pasinex Resources Limited (CNSX :
PSE)(FSE: PNX) is pleased to announce an acquisition by its 50%-owned
joint venture company, Horzum Arama ve Isletme AS (Horzum AS), of the
Pinargozu exploration license in the Province of Adana, Turkey.
The Pinargozu license lies immediately to the north and east of the
Horzum Mine, which historically produced approximately 4 million tons
of zinc oxide and sulphide ore, and which is currently being actively
explored by drilling for extensions to mined-out resources. The
Pinargozu license is easily accessible by a gravel road connecting to
The Pinargozu license was acquired outright by the Horzum AS joint
venture company from a private Turkish party for the sum of $125,000
USD ($62,500 USD to Pasinex Resources Limited).
Small-scale mining of zinc oxide has taken place sporadically over the
last 30 years in the Pinargozu license area 5 kilometers NNE of the
Horzum mine, in the same stratigraphy which hosts the mineralisation at
Horzum. This part of the Pinargozu license also lies on strike with
the significant zinc and lead soil anomaly in the joint venture held
Akkaya license, as reported in Pasinex' news release dated 19
Un-oxidized lead mineralisation (galena) has been observed by Pasinex
geologists in the old Pinargozu workings, and this, together with other
observations, have lead Pasinex to conclude that mineralisation at both
Horzum and Pinargozu, as well as perhaps at Akkaya, was originally,
prior to its oxidation by weathering, of the Carbonate Replacement
Deposit (CRD) type.
While also close to Pinargozu and Akkaya, the large zinc and lead in
soil anomaly being investigated by Pasinex at joint venture's Pasali
license (see news release dated 7 January, 2013) is considered to be of
the Mississippi Valley Type, occurring, as it does, in close
association with reef fossils of a much younger age (Miocene) than the
age of hosting carbonates at Horzum and Pinargozu (Cambrian).
Pasinex, together with its joint venture partner in Horzum AS, Akmetal
Madencilik Sanayi ve Ticaret AS, is currently identifying two
categories of drill targets at Pinargozu - the first to explore for
larger-scale CRD mineralisation on the property, and the second to
identify additional volumes of zinc oxide ore of "direct shipping"
Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) is a base and precious
metal focused exploration company with priority given to building a
strong portfolio of base metal exploration opportunities in Turkey.
Pasinex's key projects are the Golcuk Copper-Silver Project located in
Sivas, Turkey, and the Joint Venture, Horzum Zinc-Lead Project with
Akmetal Group in Adana, Turkey. The company is led by an experienced
team with many years of experience in both in the mining and mineral
exploration industries around the world.
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
The CNSX 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 market prices, continued availability of capital and
financing, exploration 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.
SOURCE: Pasinex Resources Ltd.
For further information:
Phone: 416 861 9659