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Pasinex Resources commences drilling at Golcuk copper project, Turkey

Published 20 April 2017

Pasinex Resources announces the commencement of at least a 1,000 m drill program on the Golcuk property, "Golcuk South", Sivas province, Turkey.

Previous work (news releases on July 11 and September 25, 2013) had indicated a significant surface anomaly of Cu mineralization. Channel sampling in 2013 had shown average grades from between 0.01% Cu to 1.47% Cu, at surface, with many surface channel samples in the range of 0.2% Cu to 0.7% Cu. These results from the 2013 channel sampling are shown below in Figure 1. This entire area has been identified as a priority target for drilling based on PSE's past work and will be systematically drilled in this drill program.

President and CEO of Pasinex Resources Limited Mr. Steve Williams commented: "I am very pleased to be back drilling at Golcuk. We regard Golcuk as a highly prospective copper project which duly warrants our best efforts. In the last couple of years, we have focused on the development of the zinc mine at our JV Pinargozu project. That is now well established and producing zinc from high-grade ore. So, it was high time to get back to Golcuk which we believe can be our next big step forward."

While drilling on Golcuk is imminent, zinc production continues at the Pinargozu Mine north of Adana that is run by Horzum AS, a 50/50 JV between Pasinex Resources and its Turkish partner Akmetal A.S. Pasinex will provide annual and quarterly results on this producing asset in due course.

Golcuk Copper Project:

Pasinex's Golcuk Copper Project, 100%-owned by Pasinex Resources Limited, occupies a 40 square kilometre exploration license in the Sivas Province of central north-east Turkey.

The region is characterized by Mesozoic and Cenozoic magmatism and volcanic activity associated with a variety of mineralization styles, including Iron-Oxide-Copper-Gold ("IOCG"), porphyry-epithermal, and volcanic-hosted copper-silver deposits.

Mineralization at Golcuk occurs as silver-enriched copper mineralization (chiefly chalcocite and bornite) hosted by mafic volcanic and sedimentary units, similar in style to the famous volcanic hosted copper deposits in the Keweenawan region of North America. Pasinex acquired the Golcuk property in October 2012 from Eurasian Minerals Inc. in an earn-in option agreement according to terms described in a Pasinex news release dated July 25, 2012 and amended in late 2016 as stated in the December 6th 2016 news release.

Source: Company Press Release