Pasinex Resources Adds Drill Rigs and Manpower to Ramp Up Production at Pinargozu; Preparing to Drill New Targets
Toronto, Ontario--(Newsfile Corp. - February 18, 2015) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) today announced that their Pinargozu project is progressing well with drilling and mining by Horzum AS (a 50 / 50 joint venture between Pasinex and Akmetal AS, a Turkish mining company) from an existing adit, paving the way for a production ramp-up from about 25 tpd to 50 tpd of direct shipping zinc material. Average grades continue to yield + 30% zinc. Further zinc product sales are imminent.
"We recently engaged a structural geologist to review our data to provide us with a clearer understanding of the structurally controlled zinc mineralization associated with karstic caves along fractures and faults at Pinargozu. This is assisting us in optimization of drill targets on Pinargozu. Three (3) drill rigs are now on site to drill these zinc targets from both surface and underground stations. Our short-term goal is to double the production capacity at the Pinargozu mine by the end of the second quarter of 2015," commented Steven Williams, President and CEO of Pasinex. "These zinc oxide structures are irregular and structurally complex so they require more drilling than MVT or VMS type structures and as such not every hole will hit mineralization."
EXPLORATION
Exploration on the Akkaya property, which is located immediately north of Pinargozu and has never before been drilled, has identified multiple high priority targets for which drill pads are currently being prepared. These targets were revealed through analysis of structural geology, ground penetrating radar ("GPR") and extensive soil and rock chip sampling. The Akkaya property is situated approximately 1.5 km north of Pinargozu's mining operation. Diamond drilling will begin in the next month and is scheduled to run for several months.
FUTURE DRILL RESULTS
Assay results from drilling at Pinargozu and Akkaya will be disclosed in future news releases covering small batches of holes in each news release.
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 Ltd. (CSE: PSE) (FSE: PNX) is a base and precious metal-focused exploration company and emerging zinc producer. Particular initial priority is building a strong portfolio of base metal opportunities in Turkey through its 50:50 joint venture with Akmetal on three zinc-lead-silver-copper projects. Its portfolio also includes 100% ownership in two more properties. The Company has a strong technical management team backed by several decades of experience in mineral exploration and mining project development around the world.
On Behalf of the Board of Directors
| Steve Williams | Cathy Hume |
| President/CEO | CHF Investor Relations |
| Phone: 416 861 9659 | Phone: 416 868 1079 ext. 231 |
| Email: info@pasinex.com | Email: cathy@chfir.com |
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: the forgoing ability to finance exploration in order to further the Pinargozu and the Akkaya properties in 2015, the economic potential of GPR identified drill targets, all exploration drilling 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.