VANCOUVER, Nov. 18, 2013 /CNW/ - Pasinex Resources Limited (CNSX: PSE) (FSE: PNX) is pleased to announce that is has initiated a ground magnetics survey of the entire Golcuk licence.
(Please see website for figures: http://pasinex.com/press-releases/ )
Figure 1 below shows the extent of the survey already completed, together with the outline of a much smaller magnetic survey carried out in 2008 by the previous owner of the licence.
The purpose of the survey is to aid in geological mapping of the licence, and, in particular, to throw light on any structures which may be controlling the bedrock copper mineralization present at at least five different sites within the Golcuk licence. While one of these sites, the Golcuk Main Prospect, has been known for centuries, and one, Golcuk West, was documented by the previous owners of the licence, three new sites of bedrock copper mineralization have been found on the Golcuk licence by Pasinex in the last six months (Figure 1). These are the Golcuk South Prospect (found in June 2013, and described in a news releases dated July 11 and September 25, 2013), the Bayram Prospect (found in August 2013) and the Baykus Prospect (found in November, 2013).
The Bayram Prospect lies approximately 1.3 kilometers northwest of Golcuk South (Figure 1) and presents itself as malachite and lesser bornite and azurite mineralization in basalt outcropping discontinuously over a distance of approximately 800 meters. Figure 2 shows copper levels in a combination of outcrop chip and channel samples at Bayram, as determined by Niton XRF in Pasinex's laboratory in Horzum. Bayram is also only 700 meters southwest of the Golcuk West Prospect, to which it may be structurally related. It is hoped that the current magnetic survey will make clear this relationship, should it exist.
The Baykus Prospect lies 1.2 kilometers to the north east of the Golcuk Main Prospect (Figure 1), and is characterized by malachite and lesser bornite in basalt. The lateral extent of this mineralization is still being determined.
Since the last news release describing the Golcuk South Prospect, Pasinex has completed channel sampling on another three outcrops at the prospect (Figure 3), according to the methods described in the news release dated September 25, 2013. While the relatively high copper levels in the new channel averages (0.78 to 1.41% copper) are encouraging, un-mineralised outcrop is also present in the area of the sampling. Trenching and drilling through the soil cover between the channel-sampled outcrops is necessary to establish whether mineable volumes of bedrock are present in the area, and arrangements are ongoing in this regard.
Steve Williams, CEO of Pasinex comments: "The Golcuk project continues to advance for Pasinex with new mineralized areas found and some very encouraging channel sample results from Golcuk South. Pasinex look forward to taking the Golcuk project to the next level with trenching and drilling planned for 2014."
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.
About the Golcuk Property
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
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 the ability to finance exploration in order to further the Golcuk project in 2014, the structurally controlled bedrock copper mineralization within the Golcuk license, the structural relationship between the Bayram prospect and Golcuk South, and the economic mining potential of bedrock at Golcuk South. 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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