Mr. Steve Williams reports
PASINEX RESOURCES LIMITED ANNOUNCES RECEIPT OF DRILL PERMITS FOR ITS PINARGOZU AND AKKAYA ZINC-LEAD TARGETS IN ADANA PROVINCE, TURKEY
Pasinex Resources Ltd. has received drill permits for its Pinargozu and
Akkaya zinc-lead targets in Adana province, Turkey. Both projects are 50 per cent owned
by Pasinex and 50 per cent owned by Pasinex's partner, Adana Akmetal Madencilik San ve
Tic AS.
Pinargozu is a small, historic, marble-hosted, zinc-oxide mine,
and Akkaya is a prospect discovered by soil sampling over limestones and
dolomites carried out by Pasinex. The Akkaya target was described in a news
release dated Sept. 19, 2012. Both targets lie within less than 10
kilometres along strike from the historic Horzum mine.
Drilling is planned to start at Pinargozu during the first half
of May and will progress to Akkaya shortly thereafter.
Steve Williams, chief executive officer, commented that Pasinex has waited quite
some time for the drill permits for the Akkaya and Pinargozu projects, and so to
have them now is very positive. The company is currently running ground-penetrating
radar at these projects to identify the drill targets and so, with the drill
permits in hand now, Pasinex can move quickly from target identification to
drilling.
Pinargozu and Akkaya are owned 50 per cent by Pasinex through Horzum
AS, its joint venture company with Turkish mining company Akmetal.
Clinton Smyth, PGeo, vice-president of 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.
In addition, the company has completed a second tranche of the
private placement of units announced on April 7, 2014. The second tranche is
composed of 1,449,460 units at seven cents per unit for gross proceeds of $101,462. Each
unit consists of one common share and one-half of share purchase warrant. Each
whole warrant entitles the purchaser to acquire an additional common share at
the price of 12 cents for a period of three years from closing. The company also
paid finders' fees in connection with this placement of $14,000 cash. The
securities issued under this private placement are restricted from trading for a
four-month period in accordance with applicable securities laws.
We seek Safe Harbor.
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