VANCOUVER, July 11, 2013 /CNW/ - Pasinex Resources Limited (CNSX : PSE)
(FSE: PNX) is pleased to announce the results of a surface rock
sampling and mapping program conducted on the Golcuk South mineral
occurrence in the south-western sector of its Golcuk Property, located
in the Sivas Province of north-central Turkey. The program of fifty two
surface rock samples has returned Niton XRF copper values predominantly
above 1.0% copper over an area measuring 700 metres by 300 metres
(Figure 1). These samples frequently return values higher than 2.0%
copper, and reach a maximum of 7.9% copper.
After crushing and milling, the samples were analyzed using a Niton XL3t
950 XRF instrument in Pasinex's laboratory in Horzum. Pasinex is
satisfied that its Niton provides accurate copper assays in the range
reported. Pasinex is, however, in the process of submitting fifty
percent of the samples reported to the SGS laboratory in Ankara for
When compared with the results of soil sampling conducted over
previously identified mineral occurrences at Golcuk (Figure 2), these
results characterize Golcuk South as the most extensive surface
expression of copper mineralisation discovered on the Golcuk property
The mineralisation occurs in an area where the four main
volcanic/volcaniclastic units identified on the property are in close
proximity to each other, and occurs in all of the units (basalt,
andesite, basaltic agglomerates, andesitic agglomerates).
Mineralisation in hand specimen is seen predominantly as disseminations
of malachite, azurite and chalcocite, with occasional bornite and
galena. It occurs in pods ranging up to three by three meters in
outcrop, with as yet undetermined third dimensions. This presentation
at surface is consistent with the Basaltic Copper Model (also known as
"Red Bed Copper") of mineral deposits, Pasinex's currently preferred
model explaining mineralisation at Golcuk.
Diamond drilling by Pasinex in December 2012, and by previous operators,
intersected intervals of up to 9.7m at 2.97% copper in the same rock
units in the center of the property, two and a half kilometers to the
north east of Golcuk South (Figure 3, and Pasinex news release dated
January 17, 2013).
Interpreted in the context of these drilling results, which were
achieved beneath lesser surface expressions of mineralisation, Golcuk
South presents itself as a new, high quality drilling target.
Consequently, Pasinex has initiated a program of channel sampling and
more detailed mapping at Golcuk South in order to assist with the
siting of diamond drill holes planned for later in the year.
As only one third of the Golcuk property has been mapped in detail
(Figure 3), and less than one third geochemically sampled (Figure 2),
Pasinex is encouraged by the now-enhanced exploration potential of the
relatively un-explored two thirds of the property, and will continue
its prospecting of these areas.
Pasinex's Golcuk Copper Project occupies a 40 square kilometer mineral
claim in the Sivas Province of north-central Turkey, a region
characterised by later Palaeozoic-intrusives and porphyry-associated
mineralisation. Small-scale mining of the surface mineralisation in
the center of the Golcuk property is said to have taken place since
Roman times. Modern exploration has seen the drilling of twenty two
diamond drill holes into a very small area around these workings.
Basaltic Copper deposits are less common and less well-understood than
Porphyry Copper deposits. Examples range from the smaller Sustut
deposit in British Columbia (approximately 5Mt @ 2% copper) to the
larger Keweenaw Peninsula copper deposits in Michigan, which have
produced approximately 11 billion pounds of copper.
Believing that the property presented an attractive copper exploration
target, Pasinex acquired the Golcuk property in October 2012 from
Eurasian Minerals Inc. (TSX Venture: EMX; NYSE MKT: EMXX) according to
terms described in a Pasinex news release dated July 25, 2012, with
Eurasian retaining a 2.9% Net Smelter Royalty.
Steve Williams, Pasinex Resources' President/CEO reports, "this is a new
and exciting opportunity for Golcuk as it expands the area of possible
mineralisation within our property. Pasinex will move as efficiently as
possible to further understand the potential at the Golcuk South area."
To view figures, please visit the following link: http://pasinex.com/wp-content/uploads/2013/07/Rock-Samples-Golcuk-South-13-07-10.pdf
Pasinex Resources Limited 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.
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
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.
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