Pasinex announced an extension of the high-grade zinc 60 meters northeast of the current workings at its Pinargozu zinc oxide mine in Turkey. The project is a part of a 50/50 regional joint venture with the original owner and operator of the previously closed mine, Turkey-based Akmetal.
Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.
Market cap: $10.4 million
Cash estimate: $0.5 million
Ownership: 50 percent
Project status: small-scale operating mine
- Pasinex announced an extension of the high-grade zinc 60 meters northeast of the current workings at its Pinargozu zinc oxide mine in Turkey. The project is a part of a 50/50 regional joint venture with the original owner and operator of the previously closed mine, Turkey-based Akmetal. The objective of the low-capex, small-scale mine is to produce high-grade direct shipping ore (DSO) to produce near-term cash flow. The joint venture sold the first shipment of high-grade (>30 percent zinc) DSO in December 2014 for greater than $1 million.
- Highlights of the current step-out drilling, located approximately 50 meters to the northeast of the previously reported interval of 15 meters of 31.4 percent zinc and 60 meters of the current mining, returned 35.5 meters grading 37.72 percent zinc. The continuity of the two holes and the geometry of the new zone with respect to the current mine development remain unclear at this point and will be the focus of subsequent drilling.
- The Horzum zinc district is dominated by carbonate replacement zinc deposits (CRDs), including the past-producing Horzum zinc mine, which Akmetal operated between 1974 and 1996, producing an estimated 2 to 4 million tonnes of zinc oxide ore grading 20 to 30 percent zinc. While very high-grade, CRD deposits require significant drilling to determine the continuity of the various chimneys and mantos that host the mineralization.
- The joint venture is targeting an increase in production from 25 to 50 tonnes per day as well as completing a PEA by the first half of 2015. The low-cost operation expects to spend $1.3 million up to completion of a targeted 1-million-tonne resource at 30 percent zinc and the completion of a PEA.
- The company is utilizing ground-penetrating radar to “see” up to 80 meters into the host limestone to help explore for the cavities hosting the carbonate replacement bodies.
Past producer (initial 2014 drilling): 16.9 meters at 39 percent zinc, 85 g/t silver
Current drilling: 35.5 meters at 37.72 percent zinc; 5 meters at 53.06 percent zinc; 2 meters at 52.55 percent zinc
Data contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note – a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity – it is an information reference source to help quantify the meaning and relevance of early stage exploration results.
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- The research analyst or a member of the research analyst’s household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns shares in the following company: Fission Uranium Corp. (TSX.FCU)
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- In March 2014, Peter Campbell visited the Lamaque Gold Project in Val-d’Or, Québec. Travel to and from the site in Val d’Or were paid by Integra Gold Corp.
I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
Editorial Disclosure: Pasinex Resources is a client of the Investing News Network. This article is not paid-for content.