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.
About Pasinex
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.
"Steve Williams"
Steve Williams
President/CEO
Phone: 416 861 9659
Email: info@pasinex.com
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.
