VANCOUVER, Nov. 28, 2012 /CNW/ - Pasinex Resources Limited (CNSX: PSE) (the "Company" or "Pasinex") is pleased to announce that the Company is undertaking a drill program at its Golcuk Copper Project located in Sivas Province, Turkey.
Pasinex intends to drill two 300 metre diamond drill holes that will be carried out from two small areas already permitted for drilling by the previous owner of the property. Broader scale exploration drilling of the prospect is planned for the early summer of 2013. This drilling will be based on a complete re-evaluation of all historical drilling at Golcuk, including re-logging of 12 boreholes drilled in 2007, as well as on the results of geophysical surveys of the prospect currently being planned.
The Company is budgeting for another two equivalent holes to be drilled contingent on the results of the first phase of drilling. The first borehole is sited to elucidate controls on both high (greater than one percent copper) and lower grade mineralization recorded in historical drilling at Golcuk.
Copper mineralization at Golcuk occurs in layered basalts and andesites, and is considered at this stage to be of the manto type. Manto-type mineralization may be subject to both strata-bound controls, commonly sub-horizontal, and vertical to sub-vertical controls. Historical drilling does not provide sufficient information to distinguish between these possible controls at Golcuk, hence providing justification for the first borehole.
The mineralization at Golcuk is open to the north-east, and evaluation of historical drilling results in conjunction with mapping of outcropping mineralization suggests that the mineralization follows a plunge direction to the north east. Consequently, the second borehole is sited to test for north-easterly extensions of the mineralization.
Drilling is scheduled to start on the 28th of November, and is expected to be completed before the 25th of December.
For more information on the Golcuk Copper Project, please visit the Company's website at: http://www.pasinex.com
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.
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.
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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