VANCOUVER, July 30, 2013 /CNW/ - Pasinex Resources Limited (CNSX: PSE)
(FSE: PNX) is pleased to report the release of a National Instrument 43
-101 Technical Report ("Technical Report") on its Golcuk Copper
Project, (the "Project"), located in the Sivas Province of
north-central Turkey. The Project occupies an area of 40 square
kilometers centered around surface and sub-surface copper
mineralization which occurs as disseminations, veins, and stockworks in
a layered package of andesite, basalt, and associated volcaniclastics.
Technical Report Highlights
Pasinex's Golcuk license clearly covers an under-explored area with
considerable potential for the discovery of economic deposits of
copper. It has clearly not yet been subjected to 20th or 21st century best-practice exploration methods, and therefore constitutes an
exploration property of considerable merit.
The Golcuk deposit is typical of what are known as "Basaltic Copper" or
"Volcanic Cu red-bed" type deposits. Similar type deposits include the
copper deposits of the Keweenaw Peninsula, in upper state Michigan, USA
and the Sustut deposit in BC, Canada. The copper mines from the
Keweenaw Peninsula produced over 11 billion pounds of native copper
between 1854 and 1976. Sustut is a resource of approximately 5Mt @ 2%
The Golcuk property has considerable potential for discovery of new
centres of mineralization not contiguous with the existing known
The Technical Report recommends a budget of US $800,000 for the next
phase of exploration on the Golcuk property, divided between airborne
magnetics, soil sampling, geological mapping and drilling.
The Technical Report will be filed on Sedar as well as on the Pasinex
NI 43-101 Disclosure
Brian H. King Pr. Sci. Nat is the Qualified Person responsible for the
Technical Report above.
Clinton Smyth, P.Geo and VP 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
About the Golcuk Project
Golcuk is a copper exploration project located in the province of Sivas,
Turkey which encompasses one exploration license that covers 4,000
hectares. The project is situated within the Eastern Pontides
Metallogenic Belt of northeast Turkey and was first discovered by the
Mines Bureau of Turkey and later explored by Eurasian Minerals Inc.
(TSXV: EMX) (NYSE: EMXX) and a Turkish minerals group Turmenka
Madencilik Sanavi ve Ticaret A.S. The Project is currently under
option agreement between Eurasian Minerals and Pasinex Resources
whereby Pasinex can acquire 100% of the Project with Eurasian retaining
a 2.9% Net Smelter Royalty (NSR). Complete details on the option
agreement can be seen by viewing the press releases dated July 25th , 2012 and February 12th, 2013 on the Company's website: http://www.pasinex.com/press-releases/
Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) is a base and precious
metal focused exploration company with priority given to building a
strong portfolio of base metal exploration opportunities in Turkey.
Pasinex's key projects are the Golcuk Copper-Silver Project located in
Sivas, Turkey, and the Joint Venture, Horzum Zinc-Lead Project with
Akmetal Group in Adana, Turkey. The company is led by an experienced
team with many years of experience in both in the mining and mineral
exploration industries around the world.
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
The CNSX does not accept responsibility for the adequacy or accuracy of
this news release.
This news release includes forward-looking statements that are subject
to risks and uncertainties. Forward-looking statements involve known
and unknown risks, uncertainties, and other factors that could cause
the actual results of the Company to be materially different from the
historical results or from any future results expressed or implied by
such forward-looking statements.
All statements within, other than statements of historical fact, are to
be considered forward looking. Although Pasinex Resources Ltd. believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, continued availability of capital and
financing, exploration results, and general economic, market or
business conditions. There can be no assurances that such statements
will prove accurate and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements.
SOURCE: Pasinex Resources Ltd.