November 1, 2013 - Pasinex Resources Ltd. (CNSX: PSE) (the "Company" or "Pasinex") is pleased to announce that it is currently 50% owned by Horzum AS (a 50/50 joint venture between Pasinex and Turkish mining company Akmetal AS) Prepared to commence underground percussion drilling on Company’s Pinargozu Property in Adana Province, Turkey (see Figure 1).
The rehabilitation of the mining route at Level 700, which was intended to provide access for the drill rig, began in mid-September. Massive high-grade (> 25%) zinc oxide mineralization was discovered during the blasting of a small extension to the mining route intended to allow the drill string to be replaced.
To be able to evaluate this mineralization and its 3 dimensional arrangement without affecting the planned drilling configuration, a separate line was created, starting approximately seven meters from the planned drilling site. This range soon encountered massive mineralization, which included massive lead and sphalerite aggregates with lower levels of barite, abundant malachite staining, and some chalcopyrite blasts. A mineralized ore scale of approximately 10 meters on 3 meters on 4 meters has been removed to expose the still unclear geological limitations of the mineralization.
Pinargozu's scheduled narrow gauge drills will be added soon. The planned drilling program will include fourteen holes totaling approximately 800 meters. All of these holes were planned with the intention of discovering oxide mineralization comparable to Pinargozu's historically mined mineralization.
However, the high level of sulphide mineralization currently seen reinforces Pasinex's view that Pinargozu is a carbonate-displacement lead-zinc deposit, and at the same time increases the likelihood that both the sulphide mineralization and the sulphide mineralization will occur also oxide mineralization will be discovered.
The historic Pinargozu Mine is located 5,25 kilometers north of the Horzum Mine (see Figure 1), which has historically produced approximately 4 million tons of zinc oxide and sulphide ore and is currently actively seeking to expand its depleted resources. The Pinargozu mine is easily accessible via a gravel road that joins the 815 highway and is located along strike of the major zinc and lead anomaly at the Akkaya property of Horzum AS (see Figure 1), which is featured in the 19 Pasinex press release. September 2012 was reported. Horzum AS has recently requested permits for several drill sites on the Akkaya project.
Steve Williams, president of Pasinex, said, "We look forward to continuing to deliver positive results from Pinargozu that are consistent with the type of mineralization we see in this region."
For more information and detailed maps of exploration work in the Horzum area, visit the company's Web site at http://www.pasinex.com.
Cline Smyth (P.Geo), VP Exploration of Pasinex, is the Qualified Person as defined by National Instrument 43-101, who has verified the written publication of all scientific and technical information in this news release.
About Pasinex
Pasinex Resources Limited is a mining company specializing in base and precious metals exploration and is primarily interested in building a high quality portfolio of base metal projects in Turkey. The company is led by an experienced team with many years of experience in resource exploration and mining exploration.
For the Board of Directors:
PASINEX RESOURCES LTD.
"Steve Williams"
President / CEO
Tel: +1 416 861 9659 Email: ppgad@pucrs.br
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This press release contains forward-looking statements that involve certain risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from any historical or future results, which may be stated, directly or indirectly, in such forward-looking statements.
All statements that are not historical facts should be considered forward-looking statements. Although Pasinex Resources Ltd. assumes that the expectations expressed in such forward-looking statements are based on realistic assumptions, such statements are not indicative of future performance. Actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, market prices, the long-term availability of capital and financial resources, exploration results and the overall economic, market or business conditions. There is no certainty that such statements will prove to be correct. Readers are therefore advised to rate such uncertainties only on their own scale. We are under no obligation to update any forward-looking statements.
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Pasinex_041113_DE.pdf
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