Pasinex JV sells 991 t of 46.82% Zn from Pinargozu

Nov 3, 2016

PASINEX RESOURCES ANNOUNCES HIGH GRADE DSO SULPHIDE MINERAL SALE FROM THE 50% OWNED PINARGOZU ZN MINE

Pasinex Resources Ltd. has provided an update on its first sale of direct shipping (DSO) high-grade zinc sulphide material from its 50-per-cent-owned Pinargozu zinc mine in Turkey. The joint venture company Horzum AS reported a sale of 991 tonnes averaging 46.82 per cent zinc. The approximate value of the product realized was over $700 (U.S.) per tonne.

Steve Williams, president and chief executive officer of Pasinex Resources, said: “Direct shipping of sulphide mineralization is virtually unheard of in the world, which is why we are so excited. This is another important step forward for Pasinex and the growth of our Pinargozu zinc mine. This is the first sulphide sale from our newly opened third adit at Pinargozu. It is also direct shipping sulphide mineralization which confirms the high-grade material delineated from drilling. This sale represents just a portion of our DSO recently mined and sold. Mining is ongoing and we will be reporting our total production quarterly.”

Pinargozu zinc mine

Mining at 120 tonnes per day, predominantly exploiting non-sulphide high-grade zinc-carbonate mineralization from two adits, the new third adit is mining sulphide-zinc-rich material. The grade of the mined non-sulphide material consistently exceeds the threshold of 25 per cent zinc for direct shipping to zinc processing plants and the sulphide zinc material is averaging over the required threshold of 45 per cent zinc. Pinargozu is one of several exploration targets along the Horzum zinc trend (HZT). The HZT controls a series of carbonate-replacement-deposit (CRD) mineral occurrences. The HZT extends north of the old Horzum mine, currently operated by the company’s joint venture partner, Akmetal Madencilik San ve Tic AS, for at least eight kilometres. The HZT is completely underexplored. Pasinex is the first to apply advanced exploration technology and CRD exploration concepts and models to the HZT.

Qualified person

EurGeol, PGeo, John Barry, a qualified person (QP) as defined by National Instrument 43-101, has inspected the original paid sales invoice issued by the JV for the shipment of zinc sulphides specified in this news release. Mr. Barry is a director of the company.

About Pasinex

Pasinex Resources is a 50-per-cent owner of the high-grade Pinargozu zinc mine, which is in production, and, under its DSO program, is shipping directly to zinc smelters/refiners from its mine site in Turkey.

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