Pasinex Resources Limited Strengthens Its Portfolio
Pasinex Resources Limited (CSE: PSE; FSE: PNX), a prominent player in the zinc mining sector, proudly announces that it has received pivotal approval from Türkiye’s General Directorate of Mining and Petroleum Affairs (MAPEG). This approval facilitates the transfer of shares in Horzum Arama ve Madencilik A? (Horzum AS) from Kurmel Madencilik, subsequently empowering Pasinex Arama ve Madencilik A? to hold complete ownership of Horzum AS.
Ownership and Strategic Developments
With the completion of this transfer, Pasinex Arama is set to gain 100 percent ownership of Horzum AS, with final corporate registration procedures anticipated to wrap up soon. The Horzum AS operations are centered on the Pinargözü zinc mine, renowned for its high-grade production. Following this share transfer, the Board of Directors at Horzum AS will convene to elect new members and initiate strategic planning for operational activities in the upcoming year.
New Development Plans
Pasinex has laid out a detailed development strategy aimed at enhancing production capabilities and accessing deeper, high-grade mineral resources. This strategy includes a workforce expansion, recruitment efforts to bring in additional technical staff, and the development of a new adit.
Execution of the 1,000-Metre Development Project
The highlight of this initiative is the commencement of a 1,000-metre development project scheduled to start in early January. This ambitious plan includes constructing a 700-metre decline from the current mining level downwards, establishing a ventilation infrastructure extending 150 metres, and dedicating another 150 metres for new drilling platforms. The projected timeline for this development spans approximately six to twelve months.
Geological Insights and Exploration Focus
The geology at the Pinargözü mine is characterized as a carbonate replacement deposit, noted for remarkably high-grade zinc mineralization. Historical data reveals the mine has produced over 150 million pounds of zinc, with grades consistently ranging from 31% to 52%. Moving forward, the exploration strategy will concentrate on two main opportunities:
Deep Sulphide Exploration
Initial drilling has uncovered high-grade zinc sulphide materials, including notable intersections such as 1.5 meters at 43% zinc, found below the currently mined levels. This deep mineralization signature mirrors the characteristics leading to the discovery of the valuable 541-level material, indicating substantial potential for future extraction.
Evaluating Underexplored Instances
Pasinex is keenly aware that numerous secondary high-grade zinc veins remain across various mining levels. As part of the strategic drilling campaign, these veins will be mapped and assessed to evaluate continuity and expand the resource inventory available.
Management Insights and Vision
Dr. Larry Seeley, Executive Chairman of Pasinex Resources Limited, lauded the MAPEG approval as a critical milestone for the company. With full control over the Pinargözü asset, the company is poised to unlock deeper mining potential. The 1,000-metre adit will be instrumental in not only reaching high-grade sulphide zones but also in passing through potentially mineral-rich marble-altered sections during the development phase.
About Pasinex Resources Limited
Pasinex Resources Limited stands out as a growing zinc-focused mining company based in Toronto, Canada. With the full ownership of Horzum AS held through its subsidiary Pasinex Arama, the company is dedicated to the exploration and extraction of high-grade materials. Through its operations, Pasinex offers immediate selling opportunities to zinc refiners and smelters via commodity brokers, ensuring efficient market access.
Additionally, Pasinex retains full ownership of the Sar?kaya Group IV lead-zinc operating license and holds a 51% interest in the Gunman Project, a promising high-grade zinc venture located in Nevada.
The leadership team, equipped with notable expertise in mineral exploration and mine development, is poised for growth while emphasizing safety, health, and environmental responsibilities.
Frequently Asked Questions
What recent approval has Pasinex achieved?
Pasinex Resources Limited received MAPEG approval for the share transfer of Horzum AS, leading to full ownership of the operation.
What are the key components of Pasinex's new development plan?
The new plan includes workforce expansion, a 1,000-metre development project, and targeted efforts to access deeper high-grade mineralization.
How does the Pinargözü mine's geology contribute to zinc production?
The mine is a carbonate replacement deposit known for high-grade zinc mineralization, previously achieving production exceeding 150 million pounds at high grades.
What new exploration efforts is Pasinex undertaking?
Pasinex plans to explore deep sulphide targets and map underexplored high-grade zinc veins to expand its resource inventory.
What is Pasinex's approach to safety and environmental responsibility?
Pasinex is committed to maintaining high standards of safety, health, and environmental stewardship in its mining operations.
