Pasinex Resources

A Growing Zinc Company

This profile is part of a paid investor education campaign.*


Pasinex (CSE:PSE, FSE:PNX) is one of the very few pure-play zinc companies in production. With properties in two continents, Pasinex is actively mining zinc in the Adana region of Turkey and have an exploration-stage zinc project in Nevada, US.

As part of the Horzum joint venture with Akmetal AS, Pasinex owns 50 percent of the producing high-grade zinc Pinargozu mine in Turkey’s Adana region. Akmetal AS is one of Turkey’s largest family-owned conglomerates which also owns the nearby past-producing Horzum zinc mine. The Pinargozu mine produced 40 million pounds of zinc in 2017, with similar numbers projected for 2018. Stemming from this production rate, revenue for the joint venture in Q1 2018 was $9.49 million, up 62 percent from Q1 2017 revenue. The company has continued exploring the property with the goal of expanding the Pinargozu resource.

Pasinex also holds an option to acquire 80 percent of the Gunman high-grade zinc exploration project in Nevada. Pasinex is currently running a drilling program on the property where a minimum of four holes totaling approximately 900 meters will be drilled.

Pasinex has a strong technical management team with many years of experience in mineral exploration and mining project development. Management is also notably invested in the company and holds 45 percent of the shares.

Company Highlights

  • 2017 net income of $5.8 million
  • Pinargozu average zinc grade of 33 percent
  • Pinargozu produced 57,675 tonnes of direct shipping material in 2017
  • NI 43-101 completed in 2017 for Pinargozu shows three-year run rate for current production
  • Exploration budget of approximately US $3 million for 2018
  • Drilling has commenced on the Gunman zinc project, Nevada
  • Strong operating results and guidance for the Pinargozu mine

Pinargozu Zinc Mine

In October 2012, Pasinex subsidiary Pasinex Arama ve Madencilik AS signed a 50-50 joint venture agreement with Akmetal AS., an established Turkish mining company with interests in zinc, chrome, gold and base metals. Named Horzum AS, the joint venture went on to acquire the Pinargozu project, a property that hosts a number of small high-grade oxide zinc deposits as well as at least two sulphide zinc deposits.

The Pinargozu mine is located in the Adana Province in southern Turkey. The property also sits nearby Akmetal’s past producing Horzum Mine. The mine produced approximately 4.2 million tonnes of zinc oxide ore that graded between 20 and 30 percent zinc from 1974 to 1982. Between 1985 and 1997, the mine also produced approximately 420,000 tonnes of sulphide ore.

Resource development

Over the past 30 years, sporadic small-scale mining of zinc-oxide has occurred on the property. The old Pinargozu mine was developed by artisanal miners seeking high-grade zinc and included seven adits. After Pasinex and Akmetal acquired the property in 2013, they immediately applied for drilling permits. While waiting for the permits, Pasinex rehabilitated the 700-level gallery and encountered a high-grade zinc oxide mineralization.

In April 2014, the drilling permits were acquired and drilling commenced the following month. The results released in June were taken from a borehole which showed an intersect of 16.80 meters of oxide and sulphide ore grading at 39 percent zinc, 1.6 percent lead and 85 g/t silver. The results also indicated that the mineralization extended approximately 20 meters below the 707 level.

In early 2015, following the start of production, three drill rigs tested targets both above and below ground. The goal of this drilling was to expand mine production to 50 tonnes per day and to build a resource at Pinargozu. Drilling results included an intercept of 35.5 meters grading at 37 percent zinc. The results indicated that the mineralization was open in all directions.

Exploration conducted in June 2016 yielded 39 surface drill holes that totaled 5,450 meters and indicated that there was a continuation of high grade ore to the north. Results for an additional 22 underground drill holes were released in July and identified an extension of the mineralization to the east. Results were released for 32 underground drill holes that highlighted a zinc mineralization with high grade sulphide roots in September 2016.

Exploration on the property culminated in an NI 43-101 resource estimate released in November 2017. The resource estimate outlined an inferred resource of 200,000 tonnes with an average zinc grade of 31 percent (61,600 tonnes of zinc). The resource combines both zinc oxide and zinc sulphide values.

Mine production

The Pinargozu mine has been in production since May 2014. By September 2014, the Pinargozu mine was producing approximately 25 tons per day of zinc ore. The first bulk sample gathered measured 570 tonnes and returned assays 34 percent zinc and 50 g/t of silver.

Mine production was increased to 60 tonnes per day in December 2015 and as of June 2016, the mine had produced and sold 22,890 dry tonnes of ore at an average grade of 33 percent zinc. A third adit was then opened with a length of 120 meters, which enabled Pasinex to reach deep-lying mineralization at the 670-meter level and below. This and other developments at the mine have increased production to 170 tonnes per day of direct shipping product.

In 2017, the Pinargozu mine produced 57,625 tonnes (40 million pounds) of direct shipping product with zinc oxide grading at approximately 33 percent zinc and zinc sulphide grading at approximately 48 percent zinc. There has also been by-product production of lead and silver.

Future mine development

Pasinex and its joint venture partner are looking to increase zinc sales to 50 million pounds and to increase the mine’s inferred resource to 1 million tonnes with a grade of approximately 30 percent zinc. To achieve this goal, Pasinex has set aside over US$3 million for exploration purposes with an allotment of the money to be spent on the acquisition of mining equipment.

Gunman Zinc Project

In December 2017, Pasinex entered into an option agreement with Cypress Development Corp (TSXV:CYP) and Caliber Minerals Inc., formerly Silcom Systems Inc., to earn an 80 percent interest in the Gunman zinc project in Nevada over a period of four years. The Gunman projects consists of 23 unpatented load claims and is 50 miles northeast of Eureka, Nevada and 78 miles south of Elko, Nevada. The property is accessible by paved country road.

Limited preliminary drilling indicates that there is a zinc mineralization with 30 percent zinc located on the property. The Gunman project consists of mineralization similar to what has been found in Turkey at the Pinargozu mine.

Ongoing Exploration

Currently, Pasinex has set aside US$500,000 for an initial drill program, which commenced in June 2018. There will be a minimum of four drill holes completed on the property which will not exceed a total of 900 meters. Pasinex has also nearly completed a detailed map of the project and are looking at conducting an airborne magnetic survey.


Steve Williams, MBA – President and CEO
Steve Williams is the President and CEO of Pasinex Resources Limited. Williams graduated with a Bachelor of Applied Science in Extractive Metallurgy from the Western Australian School of Mines and has a MBA from Tulane University. He has worked in the mining industry since 1976 in milling operations in Australia and Canada. He has worked with SGS Lakefield Research, in Canada and Chile, for 20 years in both metallurgical project management and business management before finally becoming Managing Director for SGS Canada, which is a company with about 1300 employees. Williams is the author of multiple technical papers. In 2004 he became a CIM Distinguished Lecturer and in 2008 a CIM Fellow, for his work in geometallurgy.

Wendy Kaufman, CPA – Chief Financial Officer
Wendy Kaufman, a Chartered Professional Accountant, is a finance executive with over 20 years of international financial experience in the mining sector. She has served in a variety of senior executive positions, most recently as Chief Financial Officer at Primero Mining Corporation, a Canadian-based precious metals producer, and previously as Vice President, Finance and Treasury at Inmet Mining Corporation, a Canadian-based global copper and zinc producer. She brings broad management and corporate finance experience, including financial management and reporting, strategy development, and corporate and project development funding.

John Barry, M.Sc. MBA – Vice President Exploration
John Barry is a specialist economic geologist in the field of zinc exploration and project development. He holds a Master’s Degree in Geology from Pennsylvania State University and a MBA from the Edinburgh School of Business, Heriot-Watt University, Scotland. Barry was a co-founder and then CEO and President of zinc exploration and development company Rathdowney Resources Ltd (TSX-V). Barry has worked in the exploration and mining industry for 30 years and has consulted to the industry as an associate of the CSA Group and Chlumsky Armbrust & Meyer on a wide range of major gold and base metal deposits throughout the world. He has extensive experience as a Qualified Person in mineral exploration and is a member of a Technical Advisory Group to assist the United Nations Economic Commission for Europe (UNECE) Expert Group on Resource Classification (EGRC). Barry is also a representative of the Institute of Geologists of Ireland.

Barry is Pasinex’s qualified person (QP) as defined by N1 43-101.

Evan White – Manager of Corporate Communications
Evan White is the Manager of Corporate Communications at Pasinex Resources Limited. He graduated with a B.A. (Hons) in Economics from Queen’s University. He has worked in the mining industry in various marketing and communication roles since 2006 with a specialization in digital marketing. White has worked with a broad range of organizations from startups to Fortune 500 all with a goal of driving growth. He brings a strategic, digital focus to the Pasinex team.

Soner Koldas, MSc, Mining & Mineral Processing Eng. – Country Director, Turkey
Soner Koldas is a professional Engineer and has more than 20 years of operational and management experience in the mining industry, with a strong focus on mining and exploration operations, mine management and mineral processing both in Turkey and sub-Saharan Africa. He has worked on a wide range of commodities including chromite, gold, copper, iron, lead and zinc and coal mines in all phases of development. Soner has worked for Gold Fields of South Africa, Anglo American, Normandy, Omya, Koc Holding and Ariana Resources Plc. He is the country director and general manager of Pasinex Resources in Turkey.


*Disclaimer: The profile provides information which was sourced and approved by Pasinex Resources in order to help investors learn more about the company. Pasinex Resources is a client of the Investing News Network (INN). The company’s campaign fees pay for INN to create and update this profile page, to which links are placed on and channel newsletters.

The company description, investment highlights and catalysts were sourced by INN and approved by the company. INN does not guarantee the accuracy or thoroughness of the information contained on this page.

INN does not provide investment advice and the information on profile should not be considered a recommendation to buy or sell any security.

INN does not endorse or recommend the business, products, services or securities of any company profiled.

Readers should conduct their own research for all information publicly available concerning the company.