Pasinex drills 35.5 m of 37.7% Zn at Pinargozu

Mar 25, 2015

PASINEX RESOURCES REPORTS 35.5 M OF 37.7% ZN; COMMENCES DRILLING AT AKKAYA ZINC-LEAD PROJECT, ADANA PROVINCE, TURKEY

Pasinex Resources Ltd. has provided an update on exploration drilling at its Pinargozu mine in Adana, Turkey, where Pasinex has a 50/50 joint venture with Turkish mining company Akmetal AS in the Horzum AS joint venture company. Since the last news release (Feb. 19, 2015), Horzum AS has completed eight diamond boreholes for an aggregate of 709.5 metres of drilling.

Steve Williams, chief executive officer of Pasinex Resources, stated: “These latest drill results from our Pinargozu mine project are very encouraging. A number of the holes have intercepted mineralization, and the hole with 35.5 m of 37.7 per cent zinc is our best intercept to date. We are encouraged that we continue to see mineralization in new areas that would indicate that our tonnage potential is increasing. Drilling is continuing on Pinargozu, and we have commenced drilling of the neighbouring Akkaya property.”

The following conclusions are drawn from the results of this drilling:

The 35.5-metre intersection in borehole PPS15-004 grading 37.7 per cent zinc is situated 50 m to the northeast of the 15-metre interval grading 31.4 per cent zinc in borehole PSS14-008 reported in the news release dated Feb. 19, 2015, and occurs at approximately the same elevation as the latter.
Borehole PPS15-004 has therefore shifted the known extent of high-grade zinc mineralization at Pinargozu, which is accessible from existing workings, significantly to the northeast.
Continuity of mineralization between these two intersections is not yet clear, and will shortly be defined by drilling at a different angle from a different drill site.
The five-metre intersection in borehole PPS15-003 grading 53.1 per cent zinc is situated exactly where mineralization was expected to occur.

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.

Pasinex projects

The Pinargozu and Akkaya zinc projects, in Adana province, are managed within a joint venture with Akmetal, called Horzum AS. The region is known for high-grade zinc mineral properties. Akmetal’s past-producing Horzum mine just three kilometres south of Pinargozu, operated between 1974 and 1996, producing up to four million tonnes of oxide zinc ore grading from 20 per cent to 30 per cent according to Akmetal’s former mine manager. Pasinex has currently small-scale high-grade zinc mining (30 per cent zinc DSO) from the Pinargozu JV project. In December, 2014, a firm commitment to sell was valued at over $1-million (U.S.). Another 5,000 tonnes of high-grade Zn material (about 30 per cent) is in the process of being prepared for sale in second quarter. Pasinex also has the 100-per-cent-owned Golcuk copper project in Sivas province that has confirmed Manto-copper-style mineralization of up to 2 per cent copper. An estimated 20 drill holes have been completed, seven of which were done by Pasinex. Exploration drilling of targeted anomalies continues.

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