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Pasinex Resources Ltd

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Pasinex Resources Ltd






Pasinex Resources Limited has established a world class leadership team to explore, develop and mine promising high grade zinc-lead-silver and copper properties in mineral-rich parts of Turkey. Management has chosen to focus on areas that are within the two Anatolian Faults, running both northerly and easterly, because they host very high grade mineralized systems. Pasinex, along with Joint Venture partner Akmetal, are currently producing high grade zinc from their Horzum property.



Turkey’s rich natural resources have attracted large mining companies like Teck Resources (TSX:TCK.B), First Quantum Minerals Ltd. (TSX:FM, LSE:FQM) and Turkish company Koza Altin Isletmeleri (IBSE:KOZAL). The government is committed to mineral development, has a growing economy and an excellent, educated workforce.



Pasinex has offices in Ankara, Turkey and Canada.








Pasinex, through its 50/50 Horzum Joint Venture, produces direct shipping zinc ore (DSO) at its Pinargozu Mine located in Adana Provence, southern Turkey. Mining began in May 2014 and as of September, 2016 the mine has produced and sold 22,890 dry tonnes of ore at an average zinc grade of over 35%. With the opening of the third adit at the 670 m level in August 2016 the Mine is now producing both DSO oxide (+25% zinc) and DSO sulfide (+45% zinc). As of November 2016 the operation employs 225 workers in Turkey and is producing at a rate of 120 tonnes/day from 3 adits. Pasinex is projecting total zinc sales of 30 million pounds for 2016 and 50 million pounds for 2017. Exploration drilling is successfully defining new zinc resources at the Pinargozu Mine and at targets along the Horzum Zinc Trend.



Horzum Joint Venture



In the province of Adana, south-central Turkey, there is a 80 kilometre-long corridor between the historical Horzum zinc mine in the south and the historical Ak cal/Belbasi zinc mines near Tufanbeyli in the north. This area is underlain by a northeast-southwest trending belt of carbonate-dominated rocks, the Horzum Zinc Trend (HZT), known to host Carbonate Replacement-type zinc-lead deposits. There are several known historical small high-grade oxide zinc deposits in these rocks but the HZT had never been systematically explored using modern, advanced exploration techniques and models. The potential is strong for discovery of new much larger oxide and sulphide zinc deposits.



Recognizing this potential, Pasinex began acquiring exploration properties in 2012. Late in 2012 Pasinex, through its wholly owned Turkish subsidiary, Pasinex Arama ve Madencilik AS, formed the 50/50 Horzum AS joint venture (JV) with Akmetal AS, a large Turkish mining company and historical operator of the Horzum Zinc Mine. The JV combined the technical expertise of the Pasinex team and the mining infrastructure capabilities of Akmetal AS. Pasinex transferred its exploration properties into the joint venture.



The joint venture has a mandate to explore, develop and mine for zinc and lead mineralization in the provinces of Adana and Kayseri, Turkey. The key focus area is the JV properties concentrated along the HZT extending at least 20 kilometres to the north of Horzum Mine.



The Akmetal-owned Horzum Mine produced approximately 1.0 million tonnes of zinc oxide ore grading 20% to 30% Zn from 1974 – 2000. From 1985 to 1997 it produced approximately 420,000 tons of sulphide ore. Ore was shipped to the Kayseri zinc smelter for processing. The Horzum property is not part of the JV but Pasinex controls a 5% interest in the property in exchange for providing exploration, geological and metallurgical consulting services to Akmetal for this project.



The JV acquired the Pinargozu property in 2013 from a private Turkish party for the sum of US$250,000. The Pinargozu license lies immediately to the north and east of the Horzum Mine on the HZT. The property is easily accessible by a gravel road connecting to Highway 815. In 2015, the JV made it a priority focus to develop the Pinargozu Mine in order to use cash flow from the sale of mined ore for development of the mine and exploration.



In 2012 the JV acquired the Akkaya property, located 1.5 kilometre north of Pinargzou Mine along the HZT. In 2015 additional properties were acquired along the HZT.






Turkey’s geology is very complex and consists of several continental fragments (terranes) which were joined together into a single landmass in the late Tertiary. Turkey is geologically divided into three main tectonic units: the Pontides, the Anatolides-Taurides and the Arabian Platform. Several thousand meters of shallow marine carbonates were deposited over the Anatolide-Tauride terrane during the Mesozoic. The terrane was intensely deformed, partly metamorphosed and intruded by calc-alkaline magmatism during the Late Cretaceous Alpide orogeny.



The project area straddles both the Bozkir and Geyik Dagi Units of the Central Tauride Belt portion of the Tauride-Anatolian Terrane. Post-Devonian-age strata overlie these two units in places. All three rock packages are known to host zinc mineralization.

The joint venture properties lie within the 80 kilometre-long corridor between the historical Horzum zinc mine in the south and the historical Ak cal/Belbasi zinc mines near Tufanbeyli in the north. It is underlain by a northeast-southwest trending belt of carbonate-dominated rocks which range in age from Cambrian to Upper Cretaceous. These limestones host reef breccias (which control zinc deposition near Tufanbeyli) and are subject to faults and fractures, dissolution collapse breccias, and lithological transitions (which control zinc deposition at Horzum). These limestones are primary targets for Carbonate Replacement-type zinc-lead deposits.




Carbonate Replacement Deposits (CRD) are orebodies of metallic minerals formed by the replacement of sedimentary, usually carbonate, rock by hydrothermal metal-bearing solutions in the vicinity of igneous intrusions. The mineralogy changes with distance from the intrusive rock. Closest to the intrusion is the copper-gold zone; next is the lead-silver zone, then the zinc-manganese zone. Typically CRD deposits are much younger than their host carbonates. This is in contrast to Mississippi Valley Type (MVT) deposits typically occurring along passive tectonic margins where the ages of the mineralization and the host carbonate are very similar and the ore fluids are typically low temperature (100 °C-150 °C) and have the composition of basinal brines.




The shapes of CRD deposits are often strongly controlled by faults and fractures in the rocks through which the mineralizing fluids flowed resulting in deposit shapes including “chimneys” for deposits with vertical dispositions, and “mantos” for deposits with horizontal, blanket-like orientations. Chimney deposits are often formed closer to their igneous source while manto deposits often occur further away and are defined by a strict stratigraphic control on their distribution, generally within a porous formation within a structural trap site. The igneous link to manto deposit formation is usually not conclusively proven. CRD deposits are notoriously difficult to explore for as there is a sharp contact between high grade mineralization and barren host carbonate rock. Limestone just inches from the mineralization can appear fresh with no alteration or geochemical signature.

Geochemical characteristics of the Horzum and Pinargozu deposit strongly suggest that they are CRD deposits, rather than MVT. It is thought that Pinargozu is at the oxidized manto “top” of what they conjecture could be a larger CRD orebody at depth.



Skarn deposits are formed by direct reaction of intrusive rocks with carbonates and occur in contact with or within the igneous intrusions. No intrusive rocks have been mapped in the JV area to date. However the possibility exists for igneous bodies and skarn deposits at depth.



Pinargzou Mine Development




Small-scale mining of zinc oxide has taken place sporadically over the last 30 years in the Pinargozu license area from the same stratigraphy that hosts the mineralization at Horzum Mine. The old Pinargozu mine was a small scale zinc mine that included seven adits developed by artisanal miners seeking high grade zinc.




After acquiring the Pinargozu property in 2013, the JV applied for drilling permits. In preparation for underground percussion drilling, the JV refurbished two of the old adits. Rehabilitation of the 700 Level gallery to allow drill entry began in September 2013. While blasting a small expansion to the gallery to facilitate the changing of drill rods, massive high grade (>25%) zinc oxide mineralization was encountered. In order to assess this mineralization and its 3-dimensional disposition without compromising the planned drill setup position, a separate gallery was developed starting approximately seven metres away from the planned drill position. This gallery quickly encountered the massive mineralization which included massive accumulations of galena and sphalerite, with lesser barite, and abundant malachite staining, with some disseminated chalcopyrite.




Horzum JV received its drill permits in April 2014 and drilling began in May. The first results were announced in June with borehole PPU14-15 intersecting 16.80 metres of mixed oxide and sulphide ore grading 39.0% zinc, 1.6% lead and 85 grams per ton silver. This hole was drilled to test the depth extent of massive mixed oxide/sulphide Zn/Pb/Ag mineralization exposed on the 707 level in late 2013. The intercept indicated that the mineralization extends at least 20 metres below the 707 level.




By November 2014, an additional underground diamond borehole and fifty-two underground percussion boreholes had been completed. Borehole PPU14-16 was drilled close to drillhole PPU14-15 to evaluate close range continuity of mineralization grade and to guide mining. It returned 17.0 metres of 23.0% zinc, 0.12% lead and 33ppm silver (including 4.3 m of 43.0% zinc). Exploration development mining on level 677 encountered three metres of high grade mineralization some distance from existing production. The hole was targeting extensions of high grade ore encountered at level 707 and continuation of ore associated with the high grade oxide zinc mineralization found in a percussion borehole west of the newly mined ore zone.




In early 2015 three drill rigs were testing zinc targets from both surface and underground stations. The goal was to double production to 50 tpd and use the cash generated from sale of the zinc production to fund the on-going exploration required to build a resource at Pinargozu.




In March 2015, the JV released further drilling results with a very good intercept reported of 35.5 metres of 37% zinc which showed (together with some other intercepts) the emergence of an important mineralization trend to the northeast of the current mining area. The new mineralization is open in all directions and extended the known extent of high-grade zinc mineralization which is accessible from existing workings, significantly to the northeast.



In June 2016, results for 39 (PPS15-014 –PPS15-052) surface diamond drill holes for a total of 5,450 metres drilled during the second half of 2015 were released and demonstrated a continuation of high grade ore to the north. In July, results for a further 22 (PPU15-009–PPU15-030) underground diamond drill holes completed between May and September 2015 was announced extending the mineralized horizon deeper and to the east. Results announced in August confirm the zone of high-grade non-sulphide zinc mineralization which is deeper and to the east of the main zone. September results for 32 underground holes drilled between early March and mid-May 2016 clearly show zinc mineralization with high-grade sulphide roots, e.g. PPU16-030 intersected 34 metres at an average grade of 35% zinc. Bonanza grade zinc intersected in some drill holes approach the grade of pure sphalerite (zinc sulphide).



Summary Highlights of Drill Assay Results



Drill Hole # Core Length

Interval Metres*

Zn Grade %** Core Recovery %*** From (metres)
PPU16-018 9.8 49.4 58.2 21.6
PPU16-020 8 55.6 84.7 18.5
including 4.9 62.5 90.8 21.6
PPU16-024 8.6 40.8 65.1 23.5
and 3.3 54.7 79.7 45.7
PPU16-028 10 54.4 78.4 27
including 6 62.3 88.5 29.6
PPU16-030 34 35.1 58.7 22.4
PPU16-031 19.4 41.4 53.6 19.1

* True widths have yet to be determined.

** Zinc mineralization is predominantly a mix of non-sulphide (Smithsonite) and sulphide (Sphalerite) material.

*** Grades for intervals with poor core recovery may not truly represent the complete mineralised interval.




Drilling has continued at Pinargozu throughout the second quarter of 2016. For most of the period two drills were operating. One drill operated from an underground drill site, looking for deeper sulphide mineralization associated with the oxide mineralization currently being mined. A second drill operated from a couple of drill sites near Pinargozu mine, looking for step out manifestations of the oxidized manto mineralization.




In September 2016, a new third larger adit was opened. The new adit has a length of 120 m and allows access to deeper lying mineralization at the 670 m level and below. Future exploration and infill drilling programs will also make use of this new underground development, which is situated proximally to a number of high-priority exploration targets.




New Adit: 670 m Level




The JV has set an internal (non-compliant) resource target of 1,000,000 tonnes of 30% Zn at Pinargozu and has focused its exploration on achieving this target mark by 2017. Drilling continues at Pinargozu specifically to build resource there.



Mining and Production




Rehabilitation of the “707 and 677” adits in September 2013 provided the opportunity for Horzum AS to start mining high grade (DSO) zinc ore. Beginning in May 2014 mineralization exposed during the rehabilitation was mined.




By September 2014, the operation was producing around 25 tonnes per day of zinc ore from the Pinargozu mine. The first stockpile of 570 tonnes of this material was transported 100 kilometres to the Akmetal warehouse in the city of Adana for sizing, sampling and assaying. This bulk sample returned an assay of 34% zinc plus 50 g/tonne silver.




In December 2014, the first shipment of 5,000 tonnes of DSO zinc ore was sold. The JV sells its product to Akmetal AS who act as traders and then sell this product to third parties. When Akmetal AS has completed a sale to third parties they move the product by truck from the Adana warehouse 80 kms to the port of Mersin on the Mediterranean coast. The product then moves from the port, via ship, to final destination(s).

Since then lot sales are made on a regular basis. (see production table below) Starting in April 2016, lots of mixed sulfide and oxide material are being shipped and sold. As of June, 2016 the mine has produced and sold 22,890 dry tonnes of ore at an average zinc grade of over 33%.




Horzum AS – Pinargozu Mine Production Sale Summary




Lot number
Date of sale Type Oxide
or Sulphide
Wet weight Moisture % Dry Weight Initial
Assay % Zn
Assay % Zn
First Half 2016              
1 28/01/2016 Oxide 1,556.560 6.82690 1,450.295   37.23
2 02/03/2016 Oxide 1,842.500 7.81266 1,698.551   35.06
3 30/03/2016 Sulphide 716.200 1.64000 704.454 49.90 49.90
4 07/04/2016 Oxide 1,685.620 7.67590 1,556.234 32.00 32.90
5 12/05/2016 Oxide 1,264.080 7.74900 1,166.126 33.27 33.80
6 09/06/2016 Oxide 1,238.040 7.50930 1,145.071 31.50 30.75
7 08-17/06/2016 Oxide 995.780 7.50000 921.096 31.12 31.15
Subtotal     9,298.780 7.06% 8,641.827   35.1%
Q3 2016              
8 01/07/2016 Oxide 1,298.520 6.92850 1,208.550 31.19 31.96
9 21/07/2016 Oxide 1,095.000 7.50000 1,012.880 31.00 31.11
10 27/07/2016 Oxide 100.360 6.83000 93.510 25.33 26.09
11 28/07/2016 Oxide 201.600 6.83000 187.831 25.33 26.09
12 02/08/2016 Oxide 185.580 6.83000 172.905 25.33 26.09
13 04/08/2016 Oxide 100.100 6.83000 93.260 25.33 26.09
14 17/08/2016 Oxide 1,000.000 7.50000 925.000 36.37  
15 26/08/2016 Oxide 2,000.000 7.50000 1,850.000 34.99  
16 02/09/2016 Oxide 284.000 6.00000 266.960 28.27  
17 08/09/2016 Oxide 416.125 6.00000 391.158 29.38  
18 20/09/2016 Oxide 66.18 6.00000 62.209 29.38  
Subtotal Q3     7,747.465 7.20% 7,189.262 33.3%  
Total 2016 YTD     17,046.245 7.13% 15,831.089 34.3%  




By December 2015, the mine production output was increased to 60 tonnes per day. In September 2016 a new third adit was opened. The new adit called the Turkman adit has a length of 120 m and allows access to deeper lying mineralization at the 670 m level and below. The new adit’s larger dimension can accommodate the use of bigger equipment. As a result, production at the mine has doubled from an average of around 60 tonnes tpd to an average of around 120 tpd in less then 12 months.




In November 2016, the JV announced the first sale of direct shipping high-grade zinc sulphide material: 991 tonnes averaging 46.82% zinc. The approximate value of the product realized was over US$700 per tonne.




Pasinex is projecting total zinc sales of 30 million pounds for 2016 and 50 million pounds for 2017.







In May 2012 Pasinex staked the Akkaya property, located 1.5 kilometres north of the Pinargozu Mine on the Horzum Zinc Trend (HZT), a known northeast trending zinc mineralized belt of carbonate-dominated sedimentary rocks in Adana.




Two significant zinc and lead geochemical anomalies, which coincide with the HZT were identified through analysis of structural geology, ground penetrating radar (“GPR”) and extensive soil and rock chip sampling. The larger of the two anomalies stretches 600 metres in length and 300 metres in width along the southern portion of the property. Results ranged from 15.35 – 949.62 ppm zinc and 6.18 – 4387.69 ppm lead.





President and CEO


Steve Williams is the President and CEO of Pasinex Resources Limited. Mr. Williams graduated with a Bachelor of Applied Science (Extractive Metallurgy) from the Western Australian School of Mines and an MBA from Tulane University. He has worked in the mining industry since 1976 in milling operations in Australia and Canada. He worked 20 years with SGS Lakefield Research in Canada and Chile in both metallurgical project management and business management, finally becoming Managing Director for SGS Canada, a company with about 1300 employees in Canada. Steve has authored many technical papers and in 2004 he became a CIM Distinguished Lecturer and in 2008 a CIM Fellow, for his work in geometallurgy.



Chief Financial Officer


Cindy Davis, CPA, CA is a Senior Financial Analyst at Marrelli Support Services Inc. where she provides accounting, regulatory compliance, and management advisory services to numerous issuers on the TSX, TSX Venture Exchange and other Canadian and US exchanges. Previously, Mrs. Davis worked at a public accounting firm focused on small and medium businesses for five years. Mrs. Davis holds a Bachelor of Science degree specializing in Accounting and Economics.



Corporate Secretary


Jo-Anne Archibald is the President of DSA Corporate Services Inc., and has over thirty years of corporate secretarial, investor relations and marketing experience. Previously, Jo-Anne was Senior Vice President at TMX Equicom. She has an MBA from the Ivey School of Business at Western University and is also a Fellow (FCIS) of the Institute of Chartered Secretaries and Administrators (ICSA). Ms. Archibald has advised numerous publically traded companies on corporate secretarial procedures.



Manager of Corporate Communications


Evan White is the Manager of Corporate Communications at Pasinex Resources Limited. Mr. White graduated with a B.A. (Hons) Economics from Queen’s University. He has worked in the mining industry in various marketing and communication roles since 2006 with a specialization in digital marketing. Mr. White has worked with a broad range of organizations from startups to Fortune 500 all with a goal of driving growth. He brings a strategic, digital focus to the Pasinex team.



Board of Directors




Steve Williams – is the President and CEO of Pasinex Resources Limited. Mr. Williams graduated with a Bachelor of Applied Science (Extractive Metallurgy) from the Western Australian School of Mines and an MBA from Tulane University. He has worked in the mining industry since 1976 in milling operations in Australia and Canada. He worked 20 years with SGS Lakefield Research in Canada and Chile in both metallurgical project management and business management, finally becoming Managing Director for SGS Canada, a company with about 1300 employees in Canada. Steve has authored many technical papers and in 2004 he became a CIM Distinguished Lecturer and in 2008 a CIM Fellow, for his work in geometallurgy.




Sven Olsson – has over 10 years of experience in the European financial community with a particular focus on mineral exploration. Mr. Olsson brings to the Company a network of contacts within the European financial communities, as well as media. Mr. Olsson is also on the Board of Directors of Zimtu Capital Corp. (TSX.V: ZC) and Commerce Resources Corp. (TSX.V: CCE).




John Barry – is a specialist economic geologist in the field of zinc exploration and project development. Mr. Barry holds a Master’s Degree in Geology from Pennsylvania State University and a MBA from the Edinburgh School of Business, Heriot-Watt University, Scotland. Mr. Barry was a co-founder and then CEO and President of zinc exploration and development company Rathdowney Resources Ltd (TSX-V). Mr. Barry has worked in the exploration and mining industry since 1988 and has consulted to the industry as an associate of the CSA Group and Chlumsky Armbrust & Meyer on a wide range of major gold and base metal deposits throughout the world. Mr. Barry is a director of AIM-listed Sovereign Mines of Africa and was formerly a director of Heatherdale Resources and Chairman of Orogen Gold. Mr. Barry has extensive experience as a Qualified Person in mineral exploration and is a member of a Technical Advisory Group to assist the United Nations Economic Commission for Europe (UNECE) Expert Group on Resource Classification (EGRC). Mr. Barry is also a representative of the Institute of Geologists of Ireland.



Mr. Barry is Pasinex’s qualified person (QP) as defined by N1 43-101.




Jonathan Challis – has an honours degree in Mineral Exploitation from University College, Cardiff and an MBA degree from Cranfield University. Mr. Challlis is a mining engineer with over 30 years’ experience in the operation, management, financing and analysis of mining projects around the world. He is a Director and Chairman of Rye Patch Gold Corp; as well as being a Director of West African Iron Ore, Quartet Resources Limited and Explor Resources Inc.




Vic Wells – is a corporate director and finance specialist with over 20 years’ experience in the resources, transportation and manufacturing industries. Mr. Wells currently serves as a director of Student Transportation Inc., and Unique Broadband Systems Inc. Mr. Wells has held Vice President Finance, Chief Financial Officer and senior financial positions with Chemtrade Logistics and Titanium Corporation. Previously Victor was a director of Mag Industries Corp., Northstar Healthcare Inc., TriNorth Capital Inc., and was Trustee for Canada Cartage Diversified Income Fund. He is a member of the Financial Executives International (FEI) and has completed a term as National President and CEO. He has been a Chapter President and Director and currently serves as Chair of the Canadian Financial Executives Research Foundation. Mr. Wells is a Chartered Accountant and a Fellow of the Institutes of Chartered Accountants of Ontario and British Columbia. Mr. Wells completed the Directors Education Program at the Institute of Corporate Directors, and obtained his ICD.D designation.




Dr. Larry Seeley – is Chair and CEO of Seeley Group Ltd. He was CEO of Recapture Metals Limited and Principal Shareholder developing the company with two plants in Ontario, one in USA and one in Germany, producing gallium, indium and rhenium. Recapture was sold to Neo Materials Technologies Inc. and is now part of Molycorp Inc. From 1992 to 2004, he was President and CEO and major shareholder of Lakefield Research Limited, growing the company to over 1,000 employees with services in hydrometallurgy, analytical chemistry, mineralogy and environment as well as laboratories and pilot plant facilities in Lakefield, Ontario; Santiago, Chile; Belo Horizonte, Brazil; Johannesburg, South Africa; and Perth, Australia. Lakefield Research was sold to SGS in 2002. He was also with Falconbridge for 25 years as Corporate Vice-President Environment, Director of Sudbury Metallurgical Operations, Manager of Corporate Metallurgical Research and Development, Manager Sudbury Smelter and other roles in Operations and Technology.




Joachim Rainer – was in hotel management for many years, followed by a period where he worked in an Austrian bank for a few years, where he supported people and companies to trade raw materials and shares and he received his CEFA (Certified European Financial Analyst) degree. In 2002, Mr. Rainer founded the Rainer Beteiligungs GmbH company, and as Managing Director, he was responsible for sourcing projects, structuring companies and investments, and business development for new upcoming and innovative companies.






Gary German – Mr. German is a professional engineer with over thirty five years of senior executive experience in the building of companies, projects, operating teams, and financing of global resource developments. His career was formed through twenty-eight years in the Noranda Group, culminating as Senior Vice President. Fluent in Portuguese and Spanish, Mr. German’s Noranda international responsibilities included major projects in Chile, industrial & mine developments in Brazil and executive strategic activities in some 20 countries. The past decade has included a diverse set of leadership roles in Corporate Finance, Senior Advisor to the CEO of Saudi Arabia’s Ma’aden mining group, and COO of TVX Gold (responsible for worldwide projects and operations). Mr. German joined the Nevsun board in April, 1996 and has been a Director of a number of international mining and development companies, public on the TSX, NYSE or NYSE MKT, and other Not for Profit organizations.



Gerard Munera – Mr. Munera, a US citizen, is Managing Partner of Synergex Group LLC and serves on the Board of Dynamic Materials Company. A graduate of the French premier Ecole Polytechnique and of Ecole des Ponts et Chaussees in Paris, Mr. Munera has a diverse background which includes engineering, economics, sales, finance, operations, mining and metals. His tenures, most of which were at the Management, CEO, Executive VP and/or Chairman level, include Pechiney (20 years), Union Miniere, Rio Tinto and Minorco, an affiliate of Anglo American. Based for many years in various countries of Europe, Africa and South America, he is fluent in English, French and Spanish. Mr. Munera has been awarded the French Legion of Honor (officer) and the Algerian war medal.


Share Structure Share Capitalization

Issued and Outstanding   138,122,552
Reserved for Issue:    
Warrants 1,611,668  
Options 4,150,000  
Shares Fully Diluted   143,884,220






Evan White

Manager of Corporate Communications

82 Richmond Street East,
Toronto, Ontario, M5C 1P1


Posted August 17, 2017

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