Pasinex Resources Ltd. is pleased to announce that a new third adit has been opened at the Pinargozu mine, 50% owned through the Horzum AS joint venture in Turkey. The new adit has a length of 120 m and allows access to deeper lying mineralization at the 670 m level and below. Future exploration and infill drilling programs will also make use of this new underground development, which is situated proximally to a number of high-priority exploration targets. The new adit’s larger dimension can accommodate the use of bigger equipment. As a result, production at the mine has doubled from an average of around 60 tonnes per day to an average of around 120 tpd in the past weeks. The material being mined is all DSO or direct shipping mineralization. The average grade in the first half of 2016 for this material was about 34 % Zn. Production statistics from lot sales in 2016 are given below in Table 1. Shown in Figure 1 is a graphic of the current mine workings at Pinargozu.
Steve Williams, President and CEO of Pasinex Resources commented: “This is a big step forward for our mine. We now have three producing adits into the side of the mountain and this has enabled us to significantly increase the production at Pinargozu. In August the mine output reached a total of 4,000 tonnes of high grade zinc mineralization. About half of August’s production was high grade sulphide ore from the new adit. As reported earlier the total production up to the end of July this year was 9,300 tonnes compared to a total of 11,000 tonnes in the whole year of 2015. With the production coming out of the new adit management is confident that the production will sustain a minimum level of 120 tpd over the course of the second half of 2016. On an annualized basis, Pinargozu production is targeting to reach about 25 million pounds of zinc production this year, compared to 10.4 million pounds sold in 2015. We are pleased to demonstrate the rapid expansion at Pinargozu as we develop this important zinc mine.”
In the first half of 2016 the joint venture company, Horzum AS, sold 9,300 tonnes of zinc direct shipping material at an average grade of 35% Zn for a contained metal content of 6.7million pounds of zinc. In 30th March the company sold their first lot of sulphide mineralization. This lot was 716 tonnes of material at an average grade of 49.9 % Zn.
EurGeol, P.Geo. John Barry, a qualified person as defined by NI 43-101, has reviewed the preparation of the scientific and technical information that forms the basis for this news release. Mr. Barry inspected all stages of the direct shipping operation including material crushing, grinding, homogenisation and sampling of material at the facility in Adana. AHK Turkey Samplers and Assayer conducts weight, and humidity measurements and sample taking at load port. Samples taken are prepared and sealed in triplicate one sent to Alex Steward in England; and two witness samples each delivered to Buyer and Seller. Assays are conducted and certificates issued to Buyer and Seller by Alex Stewart: Labs in Liverpool, UK. Mr Barry has verified the DSO lots reported in Table 1 against the signed certificates issued by Alex Stewart Labs and Sellers official documents of sale. Mr. Barry is a director of the Company.