Pasinex bulk samples 34% Zn, 50 g/t Ag at Pinargozu

Sep 9, 2014

PASINEX RESOURCES ASSAYS 570 TONNE BULK SAMPLE OF 34 % ZINC, 50 G/T SILVER AT THE PINARGOZU PROJECT IN ADANA, TURKEY

Pasinex Resources Ltd. has released assays obtained from bulk-tonnage zinc ore mined from the Pinargozu project in the Adana province, Turkey. A total of about 570 tonnes of ore has been mined, sampled and assayed, and returned an assay of 34.0 per cent zinc and 50 grams per tonne silver.

The Pinargozu project in the province of Adana, Turkey, is one of two properties held by Pasinex Arama ve Madencilik AS (the wholly owned Turkish subsidiary of Pasinex Resources) and Turkish miner Akmetal AS in a 50/50 joint venture company called Horzum AS. The Pinargzou project was an old small-scale zinc mine operated by artisanal miners seeking high-grade zinc. The old Pinargozu mine included seven adits where the artisanal miner had sought the zinc mineralization. Horzum have since refurbished two of those old adits (called the 707 and 677 adits) and used these adits for underground drilling. However, these adits have provided the opportunity for Horzum AS to start mining some zinc-bearing ore.

Recently, Horzum has been producing around 25 tonnes per day of zinc ore from the Pinargozu mine and in total has mined greater than 2,000 tonnes since inception.

The first stockpile of 570 tonnes of this material has been transported to the Akmetal depot in the city of Adana for sizing, sampling and assaying.

In Adana the stockpile was systematically sampled by representatives of Akmetal on behalf of Horzum for assay by an independent laboratory, Argetest, in Ankara. Argetest reports the following assay results for the Akmetal representative sample, which are consistent with earlier sampling and analysis carried out by Pasinex: 34.05 per cent Zn, 50 g/t Ag, 0.46 per cent lead, 7.53 per cent iron, 2.67 per cent silicon and 1.51 per cent sulphur.

The low sulphur content confirms that the material is oxide/carbonate zinc ore, rather than sulphide ore. Complete assay results from Argetest in Ankara can be seen in the table. To view the official Argetest assay certificate, please visit the company’s website.

             BULK SAMPLE RESULTS

Mineral  Measure  Unit  Mineral  Measure  Unit

Ag            50   g/t  Ni            14   ppm 
Al          0.17     %  P            607   ppm 
As            55   ppm  Pb          0.46     %  
B            135   ppm  Sb            96   ppm 
Be          <0.5   ppm  Sc            <1   ppm 
Bi            17   ppm  Sn            36   ppm 
Ca          5.91     %  Sr           223   ppm 
Cd          0.11     %  Th            <2   ppm 
Co            <1   ppm  Ti            19   ppm 
Cu           520   ppm  Tl            46   ppm 
Ga            26   ppm  V            302   ppm 
K           0.13     %  W           0.47     %  
La             3   ppm  Zr             8   ppm 
Mg          0.17     %  Zn         34.05     %  
Mn           903   ppm  Fe          7.53     %  
Mo            11   ppm  SiO2        2.67     %  
Na          0.58     %  S           1.51     %

Pasinex believes that this material is potentially direct shipping ore and, together with its joint venture partners, Akmetal, has begun to seek commercial offers for the possible sale of this material. Mining production is continuing at the Pinargozu mine at about 25 tonnes of material per day. In order to do this, Horzum has a small mining crew deployed at the mine (this crew being supplied to Horzum from its joint venture company, Akmetal). Production will continue whilst access to high-grade zinc mineralization continues to be available. At this stage, Pasinex cannot make any comment on the continuity of mining at Pinargozu although it is expected that some tonnage will continue to be mined for the next few months.

The company also announces that further exploration drilling is under way at the Pinargozu project, the results of which are expected to be reported in October, 2014. Drilling is currently being undertaken from a high altitude on the Pinargozu mountain, so progress has been somewhat constrained by difficult terrain.

Clinton Smyth, PGeo, vice-president of 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.

http://pasinex.com/press-releases/