Pasinex Resources Commences Drilling at Golcuk Copper Project, Turkey
TORONTO, ONTARIO--(Marketwired - Apr 20, 2017) - Pasinex Resources Ltd. (CSE:PSE) (FRANKFURT:PNX) (the "Company" or "Pasinex") announces the commencement of at least a 1,000 m drill program on the Golcuk property, "Golcuk South", Sivas province, Turkey. Previous work (news releases on July 11 and September 25, 2013) had indicated a significant surface anomaly of Cu mineralization. Channel sampling in 2013 had shown average grades from between 0.01% Cu to 1.47% Cu, at surface, with many surface channel samples in the range of 0.2% Cu to 0.7% Cu. These results from the 2013 channel sampling are shown below in Figure 1. This entire area has been identified as a priority target for drilling based on PSE's past work and will be systematically drilled in this drill program.
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President and CEO of Pasinex Resources Ltd. Mr. Steve Williams commented: "I am very pleased to be back drilling at Golcuk. We regard Golcuk as a highly prospective copper project which duly warrants our best efforts. In the last couple of years, we have focused on the development of the zinc mine at our JV Pinargozu project. That is now well established and producing zinc from high-grade ore. So, it was high time to get back to Golcuk which we believe can be our next big step forward."
While drilling on Golcuk is imminent, zinc production continues at the Pinargozu Mine north of Adana that is run by Horzum AS, a 50/50 JV between Pasinex Resources and its Turkish partner Akmetal A.S. Pasinex will provide annual and quarterly results on this producing asset in due course.
Qualified Person
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Golcuk Copper Project
Pasinex's Golcuk Copper Project, 100%-owned by Pasinex Resources Ltd., occupies a 40 square kilometre exploration license in the Sivas Province of central north-east Turkey. The region is characterized by Mesozoic and Cenozoic magmatism and volcanic activity associated with a variety of mineralization styles, including Iron-Oxide-Copper-Gold ("IOCG"), porphyry-epithermal, and volcanic-hosted copper-silver deposits. Mineralization at Golcuk occurs as silver-enriched copper mineralization (chiefly chalcocite and bornite) hosted by mafic volcanic and sedimentary units, similar in style to the famous volcanic hosted copper deposits in the Keweenawan region of North America. Pasinex acquired the Golcuk property in October 2012 from Eurasian Minerals Inc. (TSX VENTURE:EMX) (NYSE MKT:EMXX) in an earn-in option agreement according to terms described in a Pasinex news release dated July 25, 2012 and amended in late 2016 as stated in the December 6th 2016 news release.
About Pasinex
Pasinex Resources Ltd. (CSE:PSE) (FRANKFURT:PNX) is a metals company which is a 50% owner of the high grade Pinargozu Zinc Mine which is in production and, under its DSO Program, is shipping directly to zinc smelters / refiners from its mine site in Turkey. The Pinargozu Mine is included in the 50-50 company, Horzum Arama Isletme AS (Horzum AS), which is a corporate joint venture between Pasinex and Turkish mining house, Akmetal Madencilik San ve Tic. AS (Akmetal AS). Akmetal AS is one of Turkey's largest family-owned conglomerates with the nearby past-producing Horzum Zinc Mine.
Its portfolio also includes 100% ownership in the Golcuk Property.
Pasinex has a strong technical management team with many years of experience in mineral exploration, metallurgy and mining project development.
Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
"Steve Williams"
The CSE 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.
Contact
Pasinex Resources Ltd.
Steve Williams
President/CEO
416.861.9659
info@pasinex.com
Cathy Hume
CHF Investor Relations
416.868.1079 ext. 231
cathy@chfir.com
