VANCOUVER, June 19, 2014 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE:PNX) is pleased to announce the results of the first four diamond drill holes from its 50% owned Pinargozu zinc-lead project in Adana Province, Turkey. Pinargozu is also 50% owned by Pasinex's partner in Adana, Akmetal Madencilik San ve Tic A.Ş.
Highlight of this first phase of drilling is borehole PPU14-15 which intersected 16.80 meters of mixed oxide and sulphide zinc/lead/silver ore grading 39.0% zinc, 1.6% lead and 85 grams per ton silver within a total drilled length of 24.80 meters. The difference between intersected length and drilled length is partly accounted for by cavities within the mineralization, and partly by poor core recovery in areas of friable ore. All assays were carried out by SGS Turkey in Ankara on half-core prepared by Pasinex in Adana.
Borehole PPU14-15 was drilled to test the depth extent of massive mixed oxide/sulphide Zn/Pb/Ag mineralization exposed on the 707 level of the Pinargozu prospect while preparing a drill location in late 2013 – subsequent mining of which on this level has shown it to have a width of two to four meters and a length of approximately twenty meters. Borehole PPU14-15 indicates that the mineralization extends at least 20 meters below the 707 level (Figure 1).
To view Figure 1: Location of Borehole PPU14-015 and existing mine workings at Pinargozu, please visit: http://orders.newsfilecorp.com/files/3243/10429_pasinexenhanced.jpg.
The mineralization in borehole PPU14-15 lies between marble (0m to 13.80m) and grey limestone (44.00 to 58.00m), and is considered to be situated at the same stratigraphic level as the zinc (with subsidiary copper) mineralization at the neighbouring Horzum Mine.
Table 1 below presents the detailed core recovery and analytical results for borehole PPU14-15.
|From||To||Length||Rec (%)|| Recovered |
|Sample_No|| Ag |
| Pb |
| Zn |
Table 2 below presents the location and drilling direction of borehole PPU14-15, as well as the other three boreholes completed during this phase of work.
|Table 2: Summary of Diamond Drilling at Pinargozu|
|PPU14-06||751765||4175408||707||290||45||29||No significant mineralisation|
|PPU14-05||751765||4175408||707||330||45||69||No significant mineralisation|
|PPU14-14||751765||4175408||707||300||40||30||No significant mineralisation|
|PPU14-15||751766||4175408||707||65||35||58||Good mineralisation (Table 1.)|
Steve Williams, CEO, comments "That we have encountered such a large accumulation of mineralization so early in our exploration of Pinargozu is most encouraging. The fact that the mineralization is open at depth, and at the same stratigraphic level as the Horzum Mine, bodes well for the prospect of finding a deposit of a similar scale at Pinargozu. The fact that Pinargozu mineralization appears to be richer in lead and silver than Horzum is an added bonus."
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.
Pasinex Resources Limited (CSE: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.
Phone: 416 861 9659
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 project in 2014, the economic potential of the Pinargozu project, further 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.
Source:Pasinex Resources Limited