VANCOUVER, Nov. 1, 2013 /CNW/ - Pasinex Resources Ltd. (CNSX: PSE) (the "Company" or "Pasinex") Pasinex is pleased to announce that its 50%-owned company, Horzum AS (a 50 / 50 joint venture between Pasinex and Turkish mining company Akmetal AS), is in preparation for underground percussion drilling operations on its Pinargozu License in the province of Adana, Turkey.
Rehabilitation of the 700 Level gallery to allow drill entry was started in mid-September and while blasting a small expansion to the gallery to facilitate the changing of drill rods, massive high grade (>25%) zinc oxide mineralisation was encountered.
In order to assess this mineralisation and its 3-dimensional disposition without compromising the planned drill setup position, a separate gallery was developed starting approximately seven metres away from the planned drill position. This gallery quickly encountered the massive mineralisation which includes massive accumulations of galena and sphalerite, with lesser barite, and abundant malachite staining, with some disseminated chalcopyrite. A mineralised volume of approximately 10 meters by 3 meters by 4 meters has been removed in an attempt to expose the geological controls on the mineralisation, which are not yet clear.
The narrow-gauge percussion drilling planned for Pinargozu will begin shortly. Fourteen boreholes are planned for a total drilling program of approximately 800 meters. All these boreholes had been planned with a view to discovering oxide mineralisation similar to the oxide mineralisation historically mined at Pinargozu.
The high proportion of sulphide mineralisation currently being seen, however, both strengthens Pasinex's view that Pinargozu is a lead-zinc deposit of the "Carbonate Replacement Type", and makes it much more likely that the drilling program will encounter sulphide as well as oxide mineralisation.
The historical Pinargozu Mine lies 5.25 kilometers to the north 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 Mine is easily accessible by a gravel road connecting to Highway 815 and lies on strike with the significant zinc and lead in soil anomaly on Horzum AS' Akkaya License, reported in Pasinex' news release dated 19 September, 2012; Horzum AS has recently applied for multiple drill site permits at the Akkaya project.
Steve Williams, president of Pasinex, stated, "We are looking forward to realizing further positive results from Pinargozu, consistent with the type of mineralization seen in this area."
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.
Phone: 416 861 9659
Email: [email protected]
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
Email: [email protected]