Pasinex Resources Limited (CSE:PSE) (CSE:PSE.CN) (CNSX:PSE) (FRANKFURT:PNX) is pleased to announce a maiden Mineral Resource estimate by CSA Global (UK) Ltd of 200,000 tonnes averaging 31% Zn for the Company’s 50%-owned Pinargozu zinc mine in southern Turkey. This resource equates to 61,600 tonnes of contained zinc metal or approximately 135,700,000 lbs of zinc. Three quarters of the resource tonnage is oxide at an average grade of 29% zinc and one quarter of the tonnage are zinc sulphides at an average grade of 35% zinc with additional silver credits.
|Pinargozu Mineral Resources
Mineral Resource Estimate as at 30 June 2017
Reported at a cut-off grade of 10% Zn
|Zn Grade||Zn Metal||Density||Pb Metal||Ag Metal|
President and CEO of Pasinex Resources, Mr. Steve Williams, commented: “This result now formally underpins our high-grade zinc production and direct ship operation (DSO) for the next few years. We have found that mining is the best way to explore the potential of this extraordinary deposit. Underground development routinely exposes additional mineralization outside the defined resource volumes. We will now focus aggressively on resource expansion and discovery. Specifically, new underground drives are planned to get into the best locations for underground exploration drilling.”
Exploration of the Horzum Zinc Trend
Regional and near mine exploration will focus particularly on the nearby Akkaya Zinc Prospect using a new structural lineament analysis of the Horzum Zinc Trend by Murphy Geological Services in Ireland. Pasinex is working closely with its consultants to interpret the results of recent drill-core resistivity and conductivity measurements with the goal of building a much more robust geophysical model of the Horzum Zinc Trend. Finally the team is researching the use of ionic-leach technology. This maybe a way to “see through” transported alluvial fans which spill into steep canyons at the highly-prospective intersection of cross-faults with the sub-crop of the prospective carbonate host-rock.
Figure 1 – Inferred Mineral Resource model at a 10% Zinc cut-off, at an effective date of 30th June 2017. Looking north-west. // Source: CSA Global Mining Industry Consultants: Preliminary Resource Summary Deck
The information in this news release relating to the Mineral Resource Estimates for the Pinargozu zinc mine in southern Turkey has been prepared under the supervision of Maria O’Connor and Dr. Neal Reynolds of CSA Global and John Barry of Pasinex Resources.
CSA Global (UK) Ltd has undertaken an independent Mineral Resource estimation in accordance with CIM guidelines and the requirements of Canadian Securities Administrators National Instrument 43-101 effective June 30th, 2017. A NI 43-101 Technical Report is currently being prepared and will be filed with the Ontario and British Columbia Securities Commissions within the next 45 days.
Maria O’Connor BSc (Hons) is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Maria O’Connor is a Principal Resource Geologist and full-time employee for CSA Global (UK) Ltd and takes responsibility for the Mineral Resource Estimate reported here. Maria O’Connor has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which she has undertaken to qualify as a “Qualified Person” as defined in National Instrument 43 -101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators.
Dr. Reynolds (PhD, Economic Geology) is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Dr. Reynolds is a Director of CSA Global, and visited the Pinargozu Mine between 28 May and 31 May 2017. He is responsible for Sections 1 to 12 of the NI43-101 report relevant to this Mineral Resource Estimate. Dr. Reynolds has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken to qualify as a “Qualified Person” as defined in National Instrument 43 -101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators.
Maria O’Connor and Dr. Reynolds are independent of the issuer as described in Section 1.5 of NI 43-101 and have reviewed and approved this news release and consents to the inclusion in the announcement of the matters based on his information in the form and context in which this appears.
The Company’s Qualified Person is John Barry, who holds a MSc in Geology from the Pennsylvania State University and is a Professional Geologist with the European Geological Society. Mr. Barry is the Senior Technical Advisor to Pasinex Resources with 29 years of extensive global experience in exploration, mining and mine development and is a “Qualified Person” as defined in National Instrument 43 -101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators. He has supervised the preparation of the scientific and technical information that forms the basis for this news release, reviewed and approved its contents.
Pasinex Resources Limited 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 smelter / refiners from its mine site in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration, mine development and production. The mission of Pasinex is to build a mid-tier zinc company based on building a large land within a productive CRD district in Turkey.
The Pinargozu Mine is included in the 50-50 company, Horzum Arama Isletme 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.
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