Pasinex Announces Start to Comprehensive Ground Penetrating Radar Surveys of Zinc-Lead Targets on Its Pinargozu and Akkaya Pr...
April 07 2014 - 8:35AM
Pasinex Resources Limited (CSE:PSE) (FSE:PNX) (the "Company" or
"Pasinex") is pleased to announce that, the Company began
comprehensive Ground Penetrating Radar ("GPR") surveying over the
Pinargozu Property on the 3rd of April. Further, GPR surveying over
the Akkaya Property is scheduled to begin on the 8th of April,
after which time the GPR survey equipment will be shared between
these two properties and the nearby Horzum-Mine Property on an
ongoing basis to identify drill targets on all three properties.
In order to ensure the best possible outcomes to these surveys,
the Company has entered into a contract with International
Groundradar Consulting Inc. ("Groundradar") whereby the Company
will use GroundRadar's UltraGPR equipment for all surface GPR
surveys and Groundradar will undertake all the preliminary data
processing for the Company, ahead of geological interpretation of
survey results jointly by Groundradar and Pasinex.
Groundradar has also been contracted to carry out all
preliminary data processing of underground GPR surveys undertaken
using a Mala 100MHz shielded antenna GPR device on the Horzum
Mine.
As reported by Pasinex in a news release dated 3rd of March,
2014, penetration depths from surface to 80 meters were achieved in
the carbonate rocks on both the Pinargozu and Akkaya properties
using an UltraGPR antenna. Radar reflection signatures indicative
of geological features relevant to potential mineralization and
drill targeting were visible over the full penetration depth.
Pasinex therefore believes that the results of these GPR surveys
will materially assist in achieving optimal targeting of drilling
planned for later this year at both Akkaya and Pinargozu.
Steve Williams, the Company's CEO, comments that, "Pasinex saw
some very valuable results from our first round of ground
penetrating radar, so based on this it was clear that we wanted to
complete a detailed survey for Pinargozu and Akkaya. We believe
that once this work is completed we will have very clear drill
targets identified that we expect to start drilling soon after
completion of the GPR work."
Pinargozu and Akkaya are owned 50% by Pasinex through Horzum AS,
its joint venture company with Turkish mining company, Akmetal
AS.
Closing of Private Placement
Further, the Company is pleased to announce the closing of an
oversubscribed non-brokered private placement (the "Private
Placement") of 5,947,142 units (the "Units") at a
subscription price of $0.07 per Unit to eligible
subscribers for gross proceeds of $416,300.
Each Unit will consist of one common share and one-half of a
share purchase warrant (the "Warrant"). Each whole Warrant will be
exercisable into one additional common share (the "Warrant Share")
of the Company at $0.12 per Warrant Share for a
period of three years from the closing.
The common shares issued or issuable pursuant to the Private
Placement will be restricted from trading for a four month hold
period in accordance with applicable securities laws and, if
required, the policies of the Securities Regulators.
Finder's fees are payable in connection with this transaction of
$18,304 cash, 27,200 warrants and 60,000 common shares.
The proceeds of this private placement are for the Company's
general and administrative expenses as well as for ongoing
exploration activity in Turkey with specific focus given to the
Golcuk Copper-Silver project in Sivas Province and the Horzum
Zinc-Lead project in Adana Province.
Clinton Smyth, P.Geo and VP 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.
About Pasinex
Pasinex Resources Limited (CSE:PSE) (FSE:PNX) is a base and
precious metal-focused exploration company with two prospective
projects being the Golcuk Cu project in Sivas province, Turkey and
the Horzum Zinc / Lead / Silver project in Adana province in
Turkey. The Company has a strong technical management team with
many years of experience in mineral exploration and mining project
development.
On Behalf of the Board of Directors |
PASINEX RESOURCES LTD. |
|
"Steve Williams" |
Steve Williams |
President/CEO |
Phone: 416 861 9659 |
Email: info@pasinex.com |
The CSE does not accept responsibility for the
adequacy or accuracy of this news release.
This news release includes forward-looking statements that are
subject to risks and uncertainties. Forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that could cause the actual results of the Company to be materially
different from the historical results or from any future results
expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact,
are to be considered forward looking. Although Pasinex Resources
Ltd. believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include the
forgoing ability to finance exploration in order to further the
Pinargozu and Akkaya projects in 2014, the expected depth
penetration of GPR tests, the granting of drilling permits from the
Turkish Ministry of Mine, market prices, continued availability of
capital and financing, exploration results, and general economic,
market or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements.
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