Pasinex Resources Limited (CSE:PSE,FSE:PNX) is a base and precious metal-focused exploration company that is working towards building a strong portfolio of base metal opportunities. Currently, Pasinex is focusing on its Horzum Zinc-Lead-Silver project located in the province of Adana, but is also working to develop its Golcuk Copper project and its Afyon gold and copper prospect, both of which are also located in Turkey. The company’s immediate priority is the advancement of its Horzum regional zinc project (properties called Pinargozu and Akkaya).
The company is seeking to secure property through purchase and joint venture agreements, and has chosen Turkey as its exploration focus due to the country’s prospective geology and growing mining industry.
- Major exploration underway at Horzum Regional Zinc Project, Adana
- Drilling underway at Pinargozu zinc project
- Active participation in the auction process related to thousands of exploration licenses recently relinquished due to Turkey’s recently revised mining code
- Supported by experienced major producer Akmetal through a Joint Venture partnership for Horzum project
- High grade zinc ore (25-30%) found in Pinargozu property on Horzum project, Akkaya property showing strong Zinc-Lead anomaly.
Straddling both the Bozkir and Geyik Dagi Units of Turkey’s Central Tauride Belt, the Horzum project consists of 2 mineral claims covering an aggregate area of 2186 hectares. Pasinex has focused on their Pinargozu and Akkaya properties contained within the Horzum area. The company owns a 50 percent interest in these Horzum properties through a joint venture partnership with Turkish miner Akmetal A.S.
The Horzum property contains the historically producing Horzum mine, which is presently owned by Akmetal (although Pasinex also has a 5% interest in this project). The mine was in operation from 1974 through 1996, producing roughly 4.2 million tons of oxide ore grading 20 – 30 percent zinc with a significant amount of mine life production also coming from sulphide mineralization in later years of the life of the mine. Although these figures are non-NI 43-101 compliant, Pasinex still believes that the area is promising based on structural patterns evident in the mined part of the deposit. Pasinex has studied the old Horzum mine to use this as a guide for mineralization at Pinargzou and Akkaya.
In June 2012, Pasinex agreed to form a joint venture with Akmetal for the purpose of exploring the region for large zinc/lead deposits. As an experienced miner and producer within Turkey, Akmetal will provide valuable support for Pasinex’s projects. As well as owning the past producing Horzum mine, Akmetal has a strong operational capacity in South-central Turkey, as it is the largest chromite producer in the country, and currently owns and operates the Aladag chromite project 40 km west of Horzum.
Drilling began at targets in the Horzum area in May 2012, and is still ongoing.
Pinargozu is a small, historic, marble-hosted zinc oxide mine located in the Horzum property, seven kilometers along strike from the historic Horzum zinc/lead mine. Pasinex has refurbished and expanded two old adits in the Pinargozu mine with the intention of using these to drill from underground. Pasinex commenced drilling at Pinargozu in May 2014 and intends to drill 22 targets. Prior to the start of the drill program, Pasinex conducted a preliminary test with ground penetrating radar (GPR) at Horzum to seek out cavities within the limestone host rock that may be zinc containing. This technology has been used to identify a number of drill targets at Pinargzou that are now to be drilled.
High grade Zinc ore (25-30%) has already been found and mined out at the property.
Also part of the Horzum project, Pasinex staked its claim at Akkaya in May of 2012. Preliminary testing has shown a strong presence of Zinc and Lead anomalies, and Pasinex is working to rapidly advance the area.
The Pasinex team carried out ridge and spur sampling on the claim by August 2012, during which they discovered zinc and lead anomalies in the soil. Further sampling and extensive mapping followed in 2012 wherein Pasinex determined a mineralized zone of some 700meters by 300 meters at Akkaya. Pasinex announced favourable results from ground penetrating radar tests at the property in February 2014, and began further GPR tests at both Akkaya and Pinargozu in April 2014. As with Pinargzou, the results of this GPR work has provided many drill targets for Akkaya. Drilling is expected to begin here later in 2014.
For the Horzum project overall, Pasinex has the goal of acquiring resources in the amount of ~10 million tons at 10 percent lead plus zinc, or the equivalent in terms of project scale, in order to profitably produce concentrate or metal from the resource in the shortest possible timescale.
Located in the Sivas province of North-east Turkey, the Golcuk Copper Project is comprised of a 40 square kilometre mineral claim containing copper mineralization occurring as disseminations, veins and stockworks in a layered package of andesite and basalt. Pasinex acquired the property from Eurasian Minerals Inc. (TSXv:EMX, NYSE:EMXX) in October of 2012.
Small scale mining has taken place in the area since Roman times, and more modern exploration has so far involved the drilling of twenty diamond drill holes into a very small area of the property. The best of these yielded 13.5m averaging 2.6 percent copper and 41.9 g/t silver. Pasinex has since drilled two holes on the north-east extension of the known mineralization. Hole PAS-01 intercepted 9.7 m of Cu mineralization assaying 2.97% Cu and 37 g/t Ag.
Since then Pasinex has extended the mineralization horizon at Golcuk by showing Cu surface mineralization in new areas such as Golcuk West, Golcuk South, Baykus, Funlu and Bayran.
Located in close proximity to road access, Pasinex’s Afyon property (called Dadak) features basic volcanic rocks with the potential to host unmapped intrusives. Based on the discovery of a large deposit in the Kisladag region in the early 90’s, Pasinex believes that all Miocene volcanic centres in the region may be considered prospective for large gold/copper and porphyry gold deposits.
Pasinex has carried ot an extensive mapping and geochemical grid sampling campaign on the Dadak property. The geochemical campaign identified a significant Cu and Au anomaly in the south-eastern corner of the property
Pasinex is advancing its portfolio in Turkey by focusing on the highly prospective Horzum area in which it is currently searching for zinc deposits. The targeted area chosen by Pasinex features good infrastructure and easy access, as South-central Turkey has fiscal policies favourable to mining and is a socially secure area.
With a young and energetic exploration team actively securing claims and exploring Pasinex’s properties and the surrounding area, Pasinex intends to become a key force within the base and precious metal exploration space in Turkey. Additionally, in order to further facilitate the advancement of its projects, Pasinex has partnered with Turkish miner Akmetal A.S. in a 50/50 joint venture for its zinc exploration. Akmetal is currently mining chromite in the targeted vicinity, and is the largest producer of chromite in Turkey.
Steve Williams, MBA – 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.
Clinton Smyth, P. Geo – VP Exploration
Clinton Smyth is VP Exploration of Pasinex Resources Limited. Mr. Smyth has a MSc. in Geochemistry (Cape Town) and an MSc. in Computer Science (London, UK). He has 35 years of experience in the minerals industry, working in Africa, Asia, Australia, Mexico and Canada. From 1975 to 2000 he worked for the Anglo American Corporation in minerals exploration, resource evaluation and mining. He served as VP of Exploration in Australasia, and as VP Exploration in Africa. He led the team which discovered the Buzwagi gold deposit in Tanzania. He led the group responsible for resource evaluation in Anglo American’s New Mining Business Division, responsible for the Navachab and Sadiola gold deposits, as well as for the Skorpion zinc deposit, the Uitkomst nickel deposit, and the Namaqua Sands mineral sands deposit. He served as VP Exploration for Dome Ventures Corporation and Miocene Metals Ltd., and is currently on the board of Dolly Varden Resources.