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 confirmatory analysis.
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 to date.
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 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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