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News
15.05.2013
Pasinex Resources Limited announces acquisition of exploration license in Adana Province, Turkey
Pasinex Resources Limited announces acquisition of exploration license in Adana Province, Turkey
May 14, 2013 – Pasinex Resources Limited (CNSX : PSE)(FSE: PNX) is pleased to announce an acquisition by its 50%-owned joint venture company, Horzum Arama ve Isletme AS (Horzum AS), of the Pinargozu exploration license in the Province of Adana, Turkey.
The Pinargozu license lies immediately to the north and east of the Horzum Mine (Figure 1), 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 license is easily accessible by a gravel road connecting to Highway 815 (Figure 1).
The Pinargozu license was acquired outright by the Horzum AS joint venture company from a private Turkish party for the sum of $125,000 USD ($62,500 USD to Pasinex Resources Limited).
Small-scale mining of zinc oxide has taken place sporadically over the last 30 years in the Pinargozu license area 5 kilometers NNE of the Horzum mine, in the same stratigraphy which hosts the mineralisation at Horzum. This part of the Pinargozu license also lies on strike with the significant zinc and lead soil anomaly in the joint venture held Akkaya license (Figure 1), as reported in Pasinex’ news release dated 19 September, 2012.
Un-oxidized lead mineralisation (galena) has been observed by Pasinex geologists in the old Pinargozu workings, and this, together with other observations, have lead Pasinex to conclude that mineralisation at both Horzum and Pinargozu, as well as perhaps at Akkaya, was originally, prior to its oxidation by weathering, of the Carbonate Replacement Deposit (CRD) type.
While also close to Pinargozu and Akkaya (see Figure 1), the large zinc and lead in soil anomaly being investigated by Pasinex at joint venture’s Pasali license (see news release dated 7 January, 2013) is considered to be of the Mississippi Valley Type, occurring, as it does, in close association with reef fossils of a much younger age (Miocene) than the age of hosting carbonates at Horzum and Pinargozu (Cambrian).
Pasinex, together with its joint venture partner in Horzum AS, Akmetal Madencilik Sanayi ve Ticaret AS, is currently identifying two categories of drill targets at Pinargozu – the first to explore for larger-scale CRD mineralisation on the property, and the second to identify additional volumes of zinc oxide ore of “direct shipping” grade.
About Pasinex
Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) is a base and precious metal focused exploration company with priority given to building a strong portfolio of base metal exploration opportunities in Turkey. Pasinex’s key projects are the Golcuk Copper-Silver Project located in Sivas, Turkey, and the Joint Venture, Horzum Zinc-Lead Project with Akmetal Group in Adana, Turkey. The company is led by an experienced team with many years of experience in both in the mining and mineral exploration industries around the world.
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.
Figure 1: Pinargozu License
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Pasinex_150513_English.pdf
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May 14, 2013 – Pasinex Resources Limited (CNSX : PSE)(FSE: PNX) is pleased to announce an acquisition by its 50%-owned joint venture company, Horzum Arama ve Isletme AS (Horzum AS), of the Pinargozu exploration license in the Province of Adana, Turkey.
The Pinargozu license lies immediately to the north and east of the Horzum Mine (Figure 1), 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 license is easily accessible by a gravel road connecting to Highway 815 (Figure 1).
The Pinargozu license was acquired outright by the Horzum AS joint venture company from a private Turkish party for the sum of $125,000 USD ($62,500 USD to Pasinex Resources Limited).
Small-scale mining of zinc oxide has taken place sporadically over the last 30 years in the Pinargozu license area 5 kilometers NNE of the Horzum mine, in the same stratigraphy which hosts the mineralisation at Horzum. This part of the Pinargozu license also lies on strike with the significant zinc and lead soil anomaly in the joint venture held Akkaya license (Figure 1), as reported in Pasinex’ news release dated 19 September, 2012.
Un-oxidized lead mineralisation (galena) has been observed by Pasinex geologists in the old Pinargozu workings, and this, together with other observations, have lead Pasinex to conclude that mineralisation at both Horzum and Pinargozu, as well as perhaps at Akkaya, was originally, prior to its oxidation by weathering, of the Carbonate Replacement Deposit (CRD) type.
While also close to Pinargozu and Akkaya (see Figure 1), the large zinc and lead in soil anomaly being investigated by Pasinex at joint venture’s Pasali license (see news release dated 7 January, 2013) is considered to be of the Mississippi Valley Type, occurring, as it does, in close association with reef fossils of a much younger age (Miocene) than the age of hosting carbonates at Horzum and Pinargozu (Cambrian).
Pasinex, together with its joint venture partner in Horzum AS, Akmetal Madencilik Sanayi ve Ticaret AS, is currently identifying two categories of drill targets at Pinargozu – the first to explore for larger-scale CRD mineralisation on the property, and the second to identify additional volumes of zinc oxide ore of “direct shipping” grade.
About Pasinex
Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) is a base and precious metal focused exploration company with priority given to building a strong portfolio of base metal exploration opportunities in Turkey. Pasinex’s key projects are the Golcuk Copper-Silver Project located in Sivas, Turkey, and the Joint Venture, Horzum Zinc-Lead Project with Akmetal Group in Adana, Turkey. The company is led by an experienced team with many years of experience in both in the mining and mineral exploration industries around the world.
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.
Figure 1: Pinargozu License
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Pasinex_150513_English.pdf
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA70260R1082">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA70260R1082</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.