Turkey's base metal mining sector is picking up speed as historically government-run base metal operations are being taken up by the private sector. Pasinex Resources (CSE:PSE, Stock Forum), is one of the entities capitalizing on this shift and with the announced results from its first four diamond drill holes on its 50% owned Pinargozu zinc-lead project located in Turkey's Adana Province, the company shows potential of cashing in on its efforts.
According to the news release, the company's 50% partner, Akmetal Madencilik San ve Tic A.Ş., carried out the first phase of drilling with PPU14-15 borehole in particular pulling up very promising assay results.
Results from the borehole intended to test the depth extent of massive mixed oxide/sulfide Zn/Pb/Ag mineralization exposed on the 707 level of the Pinargozu prospect, included a promising intersection of 39% zinc and 85.5 g/t silver over 16.8 metres in a total 24.80 metre drill length.
PPU14-15 assays, carried out by SGS Turkey in Ankara, indicate that the mineralization extends at least 20 metres below the 707 level and shares the same stratigraphic level as the zinc mineralization of the neighboring Horzum Mine.
Company CEO, Steve Williams, commented on the long awaited drill results, “That we have encountered such a large accumulation of mineralization so early in our exploration of Pinargozu is most encouraging.”
He went on to explain, “The fact that the mineralization is open at depth, and at the same stratigraphic level as the Horzum Mine, bodes well for the prospect of finding a deposit of a similar scale at Pinargozu.”
Then he concluded, “The fact that Pinargozu mineralization appears to be richer in lead and silver than Horzum is an added bonus.”
This is just the start for Pasinex at Pinargozu, but these results begin to paint a pretty picture of mining potential.
Shares rose 7.69% on the news to end the trading day at $0.14 per share.
Currently there are 70.7m outstanding shares with a market cap of $9.9 million.