VANCOUVER, Jan. 7, 2013 /CNW/ - Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) (the "Company" or "Pasinex") is pleased to announce the occurrence of a second, large lead-zinc anomaly that has been identified on its 50%-owned Pasali property in Adana, Turkey, under the Company's joint venture with Akmetal AS.
Pursuant to the Company's news announced on October 29, 2012, Pasinex, through its 100%-owned Turkish subsidiary, Pasinex Arama ve Madencilik AS (Pasinex AS) entered into a joint venture agreement with Turkish mining company, Akmetal AS, to explore for zinc and lead in southern Turkey through a new 50/50-owned company called Horzum Arama ve Isletme AS (Horzum AS), which is operated by Pasinex AS.
Prior to forming Horzum AS, both Pasinex AS and their joint venture partner, Akmetal AS, staked properties on behalf of the joint venture. The properties staked by Pasinex AS for the Horzum JV include: Gokceviz, Ortakoy, Kayadibi, Konakkuran, Gedikli, Akkaya, Kayrak-Kisacikli and Feke. Akmetal AS has staked 6 properties for the Horzum JV company that include: Orendere, Yerebakan, Salmanli, Kalkumac, Karabucak and Pasali. One property, called Mahyalar, has been staked by Horzum AS. A complete map showing all Horzum AS properties can be found on the Company's website at: http://www.pasinex.com/exploration/ . Pasinex AS has been actively exploring on all of these properties on behalf of Horzum AS.
Pasinex has advised Horzum AS, and Horzum AS has released Pasinex to announce, that a second large lead-zinc soil anomaly has been identified in the province of Adana, on Horzum AS' 100%-owned Pasali property (the title is currently held by Akmetal AS on behalf of the JV), approximately 25km northeast of the old Horzum Mine. The first anomaly, announced on 19 September, 2012, was on the Akkaya property.
The Pasali anomaly is approximately 2,500 meters long, and up to 400 meters wide, occurring over an apparent dolomitisation front mapped by Pasinex geologists, in carbonate rocks with conflicting Tertiary and Cambrian ages on different government maps. Dolomitisation fronts are recognized as important localization and targeting controls on Mississippi Valley-type lead-zinc deposits.
Sample spacing over the anomaly is primarily 50 meters on 100 meter-spaced lines, with infill sampling at 25 meters in places. The coincident lead and zinc anomaly thresholds are approximately 300ppm for both metals, with values frequently rising above 1000ppm, also for both metals.
All samples were analyzed with a Niton XL3t 950 GOLDD+ XRF analyzer by Pasinex AS. Quality control was carried out by check analysis at the ALS Chemex laboratory in Turkey. Pasinex is satisfied with the accuracy and precision of the Niton analyser's results.
This hitherto unknown anomaly may be indicative of the presence at Pasali of a large mineralized lead/zinc system, testing for which by drilling is planned for 2013. It provides further evidence of the effectiveness of Pasinex's exploration methods in Turkey and of the mineral potential of the area selected by Pasinex to work in.
The Pasali property is one of 15 properties that Horzum AS has recently staked to look for zinc mineralization in the region of Horzum, Adana. All these properties are targeting limestone with the potential to host Mississippi Valley type lead - zinc mineralization, as well as other types of lead-zinc mineralization. The Horzum area has historic zinc mining but has not been systematically explored for lead - zinc mineralization using modern exploration methodologies.
Pasinex Resources Limited President and CEO, Steve Williams said "This Pasali find is very pleasing as it follows on from the Akkaya find and indicates the real opportunity presented in the Horzum region for an important zinc / lead / silver deposit."
For more information and detailed maps on the Horzum area exploration activity, please visit the Company's website at: http://www.pasinex.com/
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 Resources Limited (CNSX: PSE) is a base and precious metal-focused exploration company with a particular initial priority given to building a strong portfolio of base metal opportunities in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development.
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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