Pasinex Resources Releases Drilling Results from its Pinargozu Zinc-Lead Project in Adana Province, Turkey
Toronto, Ontario--(Newsfile Corp. - February 19, 2015) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) today announced an update on exploration drilling at its Pinargozu Mine in Adana, Turkey, where Pasinex has a 50:50 joint venture with Turkish mining company Akmetal AS in the Horzum AS joint venture company.
Since the last news release in this regard (12 November, 2014), Horzum AS has drilled 13 diamond boreholes and 18 percussion boreholes for aggregates of 1058 diamond drilling metres and 655 percussion drilling metres respectively.
Steve Williams, CEO of Pasinex Resources states, "I am pleased to report the latest results from Pinargzou drilling where we have two holes with good zinc intercepts and, more importantly, in a new area of mineralization. There are, however, a number of holes we have drilled that have been unsuccessful. This reflects the complex structure of the mineralization and has led us to the understanding that this type of mineralization will require a lot of drilling. The grades and widths are very encouraging and will enable us to continue our mine development."
The results of the diamond drilling are summarized in Table 1 below, and results of both diamond and percussion drilling are illustrated in Figure 1 below.
Figure 1: Summary list of diamond drilling undertaken at the Pinargozu Mine from 12 November, 2014, to 12 February, 2015.
Figure 1: Oblique view, looking north, of the mining area at the Pinargozu mine, showing the extent of mining and drilling to date. View Figure 1 online here: http://www.chfir.com/wp-content/uploads/2015/02/Diamond_Drilling_Pinargozu.jpg
To view an enhanced version of this image, please visit:
http://orders.newsfilecorp.com/files/3243/14082_pasine2.jpg
| Pinargozu Surface Diamond Drill Hole Status | 12 February, 2015 |
| Hole_No | X | Y | Elevation | Azimuth | Dip | Final Depth | From (m) | To (m) | Interval (m) | Zn% (SGS) | Recovery (%) |
| PPS14_007 | 751804 | 4175598 | 798 | 185 | -45 | 176.0 | No Significant Results | ||||
| PPS14_008 | 751853 | 4175561 | 838 | 205 | -52 | 174.1 | 144.85 | 174.00 | 29.15 | 21.1 | 73.6 |
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| including | 150.25 | 165.45 | 15.20 | 31.4 | 65.1 | |
| PPS14_009 | 751853 | 4175561 | 838 | 205 | -45 | 200.5 | No Significant Results | ||||
| PPS14_010 | 751853 | 4175561 | 838 | 199 | -50 | 200.0 | No Significant Results | ||||
| PPS14_011 | 751853 | 4175561 | 838 | 199 | -55 | 173.3 | 153.00 | 161.70 | 8.70 | 24.6 | 71.5 |
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| including | 153.00 | 158.00 | 5.00 | 47.7 | 58.6 | |
| PPS15_002 | 751721 | 4175414 | 714 | 79 | 0 | 18.0 | No Significant Results | ||||
| Holes Completed since 12 Nov. 2014: 6 | 941.9 | (Total metres from surface) | |||||||||
| Pinargozu Underground Diamond Drill Hole Status | 12 February, 2015 |
| Hole_No | X | Y | Elevation | Azimuth | Dip | Final Depth | From (m) | To (m) | Interval (m) | Zn% (XRF) | Recovery |
| PPU14_017 | 751871 | 4175404 | 681 | 328 | -57 | 50.0 | No Significant Results | ||||
| PPU14_018 | 751871 | 4175404 | 681 | 328 | -44 | 66.0 | No Significant Results | ||||
| Note: Some XRF Results Outstanding | |||||||||||
| Holes Completed since 12 Nov. 2014: 2 | 116.00 | (Total u/g metres) | |||||||||
Zinc grades reported in Table 1 are those reported for analyses undertaken by the SGS Geochemical Laboratory in Ankara. Other zinc values used to produce Figure 1 are XRF results reported from the Horzum AS laboratory in Adana.
The following conclusions are drawn from the results of this drilling:
| (1) | A new volume of ore-grade zinc mineralization has been intersected in two diamond boreholes approximately 20 metres to the east of existing mining operations | |
| (2) | The new mineralization is open in all directions towards the surface and at depth, (towards the north and towards the south) | |
| (3) | Low core recoveries recorded in the ore-grade intervals are the result of either karstic cavities or friable material removed by drill-water – the latter of which can be of ore- or sub-ore grade | |
| (4) | It is not yet clear whether this mineralization volume is a splay off known mineralization, or part of a discrete ore panel | |
With three diamond drills now operational, future drilling will concentrate on finding resources and demarcating reserves to support a 50 ton per day mining operation for at least two years. This will involve siting holes to test the inferred ore panels shown in Figure 1, as well as delimiting, in all directions, the newly-discovered ore shown in Figure 1.
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
Pasinex Resources Ltd.
| 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 property 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.