Pasinex Resources Limited (CSE: PSE) (FSE: PNX)
(“
the Company” or
“
Pasinex”) announces that Pasinex Arama has
entered into an Option and Purchase Agreement
(“
Agreement”) with a local Turkish company, Aydin
Teknik, which may lead to the purchase of 100% of a Group IV
lead-zinc operating license called Sarikaya
(“
Property”) located in the Kayseri province. This
property is outside the area of influence of the joint venture with
the Kurmel Group of companies.
About the Property
The Yahyalı-Develi region is economically the
most important carbonate-hosted Pb-Zn region in Türkiye. Mining
activities in these deposits started in the Bronze Age, was
continued by the Romans and mining operations continue to the
present day. There are more than 50 known Pb-Zn occurrences in this
region. In most of these operations, mining activities are
generally carried out by local owners at shallow depths (0 to 50
metres) with very limited drilling and the use of modern
exploration techniques (Mineral Resources of Türkiye).
The Sarikaya licence (which means yellow rock in
Turkish) covers over 660 hectares, located approximately 40
kilometres east of the town of Develi, Kayseri and approximately 40
kilometres east of the Delikkaya Zn-Pb Mine and 30 kilometres
north-east of the Saim Budin Mine. It is estimated that 2.7 million
tonnes of 40% (Zn+Pb) have been produced in the Delikkaya mine to
date (Zn>25%). Saim Budin Zn-Pb mine has been producing since
1945. Centerra's Öksüt Gold mine, which was discovered in 2007 is
operating near the town of Develi. These successful operations have
resulted in the generation of substantial mining infrastructure and
understanding of the minerals industry amongst the local
community.
Sarıkaya has an operation license which was
granted on September 3, 2019, and will expire September 3, 2029.
The production permit was received in early 2024. It is estimated
that between 1980 and 1990, approximately 20 to 30 tonnes of
high-grade zinc carbonate material was produced from the Sarikaya
property. Since then, no mining or exploration work was carried out
on the property for 15 years. Work on the license was restarted in
2024 after the granting of the production permit. An exploration
gallery of approximately 180 metres was opened in 2024, as zinc
sulphide, with grades between 30 to 35% zinc, was found below the
zinc carbonate occurrence. This mineralization was discovered five
to ten metres below the surface. Approximately 550 tons of
high-grade zinc sulphide material has been produced by limited
and primitive mining methods carried out by a small team of miners,
between five and seven, in the last six months. Sarikaya is in an
area with excellent infrastructure including roads and electrical
power. All mining operations in the future are expected to be by
underground methods reducing the footprint of the operations.
Pasinex first visited the license two years ago.
A detailed geological study has not been carried out in the field,
but during the early scoping visits, zinc carbonate outcrops were
detected along a fault over a strike length of approximately 1.2
kilometres. Pasinex believes that the zinc sulphide discovered
under the zinc carbonate in the exploration gallery continues
along this strike. The lack of drilling activities within the
license area implies that the potential depth extent of this
occurrence has yet to be tested. Mining activities initiated by
Aydin Teknik in 2024 were located at the Northern end of this fault
strike.
Pasinex has many years of mining experience in
carbonate hosted deposits in this region. In addition, Pasinex’s
local team with international experience provides a great advantage
to Pasinex. After completing exploration work, diamond drilling and
establishing a resource, Pasinex’s aim is to produce high grade,
direct shipping material from this Sarikaya property.
Aydin Sen, Exploration Manager of Pasinex Arama
stated, “In Sarikaya, there is locally outcropping near the
surface, high grade zinc mineralization along a one-kilometre-long
fault, which has not yet been drill tested. This is an exciting
exploration opportunity. Drilling to be carried out along a line of
approximately one kilometre will reveal the great potential in the
license.”
Larry Seeley, Executive Chair of Pasinex
Resources Limited stated, “We are impressed and excited about the
potential of Sarikaya as a high-grade Zinc Mine producing DSO along
with exploring and developing the zinc resource of Sarikaya. The
present production of high-grade zinc shows the potential as
well”.
Grant of the Option
The Property is held by Aydın Teknik Madencilik
Ve Insaat Sanayi Ve Ticaret Sirketi (“Aydin
Teknik”). The shares of the Aydin Teknik are wholly owned
by Abdullah Aydin (“Optionor”). Pasinex Arama
shall pay US$250,000 (“Option Purchase Price”) to
the Optionor upon the signing of the Agreement. This amount has
been paid in full as the Agreement has been signed. Aydin Teknik
will be able to continue its mining operations on the Property
until six months after the signing of the Agreement. Thereafter,
for a period of six months, Pasinex Arama can make an additional
payment equal to the Purchase Price less the Option Purchase Price
in order to obtain 100% of the shares of Aydin Teknik.
Terms of the Purchase
In accordance with the terms and conditions of this Agreement,
the terms of the Purchase are as follows:
a) Pasinex Arama must
pay a total of US$2,600,000 (“Purchase Price”).b)
After Pasinex Arama has paid the Purchase Price, Pasinex Arama
shall pay the Optionor an 8% Net Smelting Return (“NSR”) for the
zinc sulphide production and a 5% NSR for the zinc carbonate
production produced within the license, after such production is
sold.
About Pasinex
Pasinex Resources Limited is a Toronto-based
mining company that owns 50% of Horzum Maden Arama ve Isletme
Anonim Sirketi (“Horzum AS” or “Joint
Venture”), through its 100% owned subsidiary Pasinex Arama
ve Madencilik Anonim Sirketi (“Pasinex Arama or
“Optionee””). Horzum AS holds 100% of the producing
Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc
smelters and or refiners through commodity brokers from its mine
site in Türkiye. The Company also holds a 51% interest, with an
option to increase to an 80% interest of a high-grade zinc
exploration project, the Gunman Project, located in Nevada. Pasinex
has a strong technical management team with many years of mineral
exploration and mining project development experience. Pasinex
Resources Limited’s mission is to explore and extract high grade
ore to drive growth and wealth for all of its stakeholders
including shareholders, employees and the communities of our
operations, meeting all requirements in safety, health and the
environment.
Visit our website at www.pasinex.com.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
“Andrew Gottwald”
Andrew
GottwaldChief Financial OfficerPhone: +1
416.861.9659Email: info@pasinex.com |
Evan
WhiteManager of Corporate CommunicationsPhone: +1
416.906.3498Email: evan.white@pasinex.com |
|
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The CSE 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, including those relating
to the revocation of the FFCTO 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 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 believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not a guarantee 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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/96858e08-97a8-4e07-b2f3-8c10fc1b9431https://www.globenewswire.com/NewsRoom/AttachmentNg/8f8dab4d-f644-4df5-84c3-fd1de5536fb1
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