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Posts tagged ‘Pasinex Resources Ltd (PSE)’

Pasinex Resources boosts production as zinc sales fund drilling

November 26th, 2015

by Greg Klein | November 26, 2015

With an enviable plan to finance its initial resource by mining the same project, Pasinex Resources CSE:PSE announced another zinc sale on November 26. Horzum AS, a 50/50 joint venture of Pasinex and chrome producer Akmetal AS, sold 1,478 tonnes wet weight of material grading approximately 38% zinc from the Pinargozu mine in southeastern Turkey. With over 1.1 million tonnes of contained zinc in this lot, sales from small-scale mining have totalled more than 8.8 million tonnes so far.

Pasinex Resources boosts production as zinc sales fund drilling

With production increasing, Pasinex now expects to fund
the rest of Pinargozu’s resource drilling through small-scale
mining at the same project.

“Production is being stepped up, and has recently been averaging around 40 tonnes per day to as much as 60 tonnes per day,” said Pasinex president/CEO Steve Williams. “We have increased our mining areas from two to now three, and have staffed up. This is an exciting time for our growth, as we build Pinargozu into a small but strong zinc mine. We’re focusing our exploration efforts there and in the Akkaya area where we think there is much more zinc to be found.”

Pinargozu and the nearby Akkaya claims sit close to the historic Horzum mine, a few kilometres from a major highway and about one and a half hours from the city of Adana. In August the JV staked eight additional zinc-lead prospects “relatively close” to Pinargozu. Pasinex intends to continue drilling both Pinargozu and Akkaya throughout the year, with a goal of completing Pinargozu’s maiden resource within 12 months.

The company also holds a 100% option on the northern Turkey Golcuk project, where previous drilling confirmed the presence of Manto-style mineralization grading up to 2% copper.

Pasinex announces third Turkish zinc sale prior to maiden resource

October 16th, 2015

by Greg Klein | October 16, 2015

A joint venture that’s both mining and drilling towards its first resource estimate completed the third lot sale of high-grade zinc material from its southeastern Turkey operation. On October 16 Pasinex Resources CSE:PSE reported the 1,215-tonne wet weight sale, grading approximately 30% for about 700,000 pounds of contained zinc. Three such sales since December now total about 12,428 tonnes containing about 7.7 million pounds.

Pasinex announces third Turkish zinc sale prior to maiden resource

As of last month, Pinargozu’s current program totalled 34 holes
for 4,096 metres of surface drilling and 28 holes for 1,905 metres
of underground drilling.

The Pinargozu mine in Turkey’s Adana province is held by Horzum AS, a 50/50 JV of Pasinex and chrome producer Akmetal AS. Operating in parallel with resource drilling, small-scale mechanized mining employs about 60 people. Output is trucked about 100 kilometres to a warehouse where it’s crushed, screened and stored while awaiting sale.

“While Horzum AS expects to sell more material this year and beyond, currently the expected cash will not yet be sufficient to capitalize Pasinex fully,” the company stated. “Therefore, Pasinex management is in the process of raising further equity to cover G&A for the time being. Pasinex’s dependency on further capital injections ought to change during 2016 provided the Pinargozu mine continues to run at similar production rates as in the past 10 months.” A private placement offered last June for up to $500,000 didn’t close.

In August Pasinex announced the JV’s provisional acquisition of eight new zinc-lead prospects through staking, all “relatively close” to Pinargozu and the JV’s Akkaya project, as well as Akmetal’s past-producing Horzum zinc mine.

Expressing optimism about zinc prices, Pasinex CEO Steve Williams commented, “Last week Glencore, the world’s largest zinc producer, announced mine closures and reduced production totalling 500,000 tonnes zinc. We are very heartened by this because it led to an immediate spike up in the zinc price and provides a positive market environment.”

Pasinex Resources president/CEO Steve Williams explains how small-scale mining coincides with maiden resource drilling at the company’s Pinargozu zinc project in Turkey

August 31st, 2015

…Read more

Mining coincides with resource drilling at Pasinex Resources’ Turkish zinc project

August 6th, 2015

by Greg Klein | August 6, 2015

Pasinex Resources CSE:PSE reported its second sale of high-grade zinc material from a mine that doesn’t yet have a maiden resource. Announced August 6, the sale came to 4,760 tonnes (wet weight) of high-grade material with a lot assay of 31.6% zinc from the Pinargozu mine in southern Turkey. The lot represents about 2.9 million pounds of contained zinc. The sale marks the project’s second since December, with both transactions totalling about seven million pounds of contained zinc extracted between late 2014 and early June.

Mining coincides with resource drilling at Pasinex Resources’ Turkish zinc project

While small-scale mining continues, Pasinex Resources
has three rigs drilling towards a Q3 maiden resource.

The customer was Pasinex’s 50/50 partner in the Horzum AS joint venture and Turkey’s largest chromite producer, Akmetal AS. After deducting money the JV owes Akmetal, the JV expects a “modest” but undisclosed cash payment.

Although Pasinex anticipates further sales from small-scale production, the company expects to continue its reliance on equity financings this year. In June Pasinex offered a private placement up to $500,000.

Even so, “We are clearly now a producing company,” said president/CEO Steve Williams. “Our path forward is to continue to drill and mine at Pinargozu whilst we look for that bigger resource target. We currently have three drill rigs running and that should continue for the rest of this year and beyond. We will use the surplus cash coming from the mining operations to offset some of these exploration and production expenses.”

The JV has about 60 employees onsite. Product from the underground mine is trucked about 100 kilometres to the city of Adana where it’s crushed, screened and stored. Once a sale has closed, the zinc travels another 80 kilometres to the Mediterranean port of Mersin.

Meanwhile drilling continues. Among high-grade results reported last spring was the project’s best intercept so far:

  • 37.72% zinc over 35.5 metres, starting at 113 metres in downhole depth
  • (including 42.38% over 31.5 metres)

True widths were unavailable. Pinargozu has its maiden resource scheduled for Q3.

The Horzum AS JV also holds the adjacent Akkaya zinc project. In northern Turkey, Pasinex holds 100% of the Golcuk copper project.

CSE heads to Europe for whirlwind investor roadshow

November 7th, 2014

by Hamish Khamisa, Canadian Securities Exchange

With the suds and sizzle of Oktoberfest now a distant (and potentially fuzzy) memory, business is back on the agenda in Munich, Germany. The city, which hosts the annual two-week-long beer and sausage festival, will now entertain one of the continent’s premier resource shows: the Internationale Edelmetall & Rohstoffmess.

This year, however, München as well as several other European cities will also welcome some special guests from Canada.

CSE heads to Europe for whirlwind investor roadshow

Not necessarily on the itinerary, Lowenbrau’s HQ
graces a picturesque Munich street.

A delegation including representatives from the CSE, Zimtu Capital TSXV:ZC and several CSE-listed companies are touching down in Europe for a seven-day, four-city investment roadshow spanning two countries, 900-plus kilometres and countless beer tastings.

Beginning in Frankfurt on November 5th, the roadshow headed to Munich for the above-mentioned precious metals and commodities show for November 7th and 8th. From Germany, it’s off to Switzerland with stops in Zurich on November 10th and Geneva on November 12th.

Why Europe and why now?

CSE CEO Richard Carleton believes the roadshow offers a unique opportunity to build new relationships and promote the CSE to an interested audience.

“We’ve been encouraged many times to take our message to key financial hubs overseas whose investors have historically participated in Canadian capital markets,” said Carleton.

Canadian capital markets have often benefited from overseas investments and, according to Carleton, the opportunity to generate growth is there for the CSE and its issuers. European investors, as it turns out, appear to have a particular appetite for Canadian-listed securities.

Carleton will also serve as a featured speaker in all four cities, discussing key issues shaping Canadian and global securities markets and explaining opportunities the exchange provides for both investors and prospective issuers.

Meet the team

Other speakers joining the tour include Chris Berry of House Mountain Partners LLC and noted analyst Dr. Hans Bocker.

Participating from the CSE are SecureCom Mobile CSE:SCE, Pasinex Resources CSE:PSE and Biomark Diagnostics CSE:BUX. Also accompanying this group will be Urban Barn Foods and True Leaf Medicine.

It is estimated that the four events will attract attendees numbering close to 8,000.

Keep track of the roadshow highlights

CSE representatives will be sharing their experiences and chronicling the journey from Frankfurt to Geneva as well as places in between on the CSE blog.

Disclaimer: Zimtu Capital Corp is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Zimtu Capital.

Copper: Its long-term outlook and the potential for junior explorers

June 24th, 2014

by Greg Klein | June 24, 2014

After iron and aluminum, copper comprises the world’s largest metal market. A newly released report by Derek Hamill, head of research and communications for Zimtu Capital TSXV:ZC, examines the commodity, its short-term and long-term prospects, and its potential “upside for investors in well-managed exploration companies who are willing to be patient.”

Hamill finds that the substantial production growth that began in 2012 should cause a surplus of refined copper over the next several years. But increasing demand, falling grades and the failure of some large-scale projects could reverse the trend by 2019 or 2020.

“Expectations for the copper mining sector suggest there is little value in defining and proving up low-grade, large tonnage copper deposits in the current market, especially where environmental concerns are forefront,” he writes. Hamill suggests that smaller operations emphasizing grade over tonnage and featuring manageable capital costs can help pick up the slack. As an example he points to Pasinex Resources CSE:PSE, a Zimtu core holding that’s pursuing copper, zinc, lead, silver and gold in Turkey, a mining jurisdiction of increasing importance.

Download the 16-page research and opinion report.

Disclaimer: Zimtu Capital Corp is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Zimtu Capital.

May 5th, 2014

Do baby boomers impact the U.S. labour force participation rate? Equedia
Chris Ecclestone: Right size, right metals signal success for REE projects Streetwise Reports
British Geological Survey: Wars main driver to changes in minerals supply and demand Industrial Minerals
The gold price is fixed. So what? GoldSeek
National Instrument 43-101: An overview for investors Geology for Investors
Pasinex Resources takes big step in Turkish zinc/lead play Stockhouse
Dark markets may be more harmful than high-frequency trading VantageWire

May 2nd, 2014

British Geological Survey: Wars main driver to changes in minerals supply and demand Industrial Minerals
The gold price is fixed. So what? GoldSeek
Ed Sterck: Russian sanctions may have utilities squeezing less juice from uranium supply Streetwise Reports
National Instrument 43-101: An overview for investors Geology for Investors
Pasinex Resources takes big step in Turkish zinc/lead play Stockhouse
How Russia is working together with China Equedia
Dark markets may be more harmful than high-frequency trading VantageWire

May 1st, 2014

The gold price is fixed. So what? GoldSeek
Ed Sterck: Russian sanctions may have utilities squeezing less juice from uranium supply Streetwise Reports
National Instrument 43-101: An overview for investors Geology for Investors
Pasinex Resources takes big step in Turkish zinc/lead play Stockhouse
Heilongjiang, China announces plans to clean up graphite industry Industrial Minerals
How Russia is working together with China Equedia
Dark markets may be more harmful than high-frequency trading VantageWire

April 30th, 2014

Ed Sterck: Russian sanctions may have utilities squeezing less juice from uranium supply Streetwise Reports
National Instrument 43-101: An overview for investors Geology for Investors
Pasinex Resources takes big step in Turkish zinc/lead play Stockhouse
Will regulators and journalists ever dare to look behind the London gold fix banks? GoldSeek
Heilongjiang, China announces plans to clean up graphite industry Industrial Minerals
How Russia is working together with China Equedia
Dark markets may be more harmful than high-frequency trading VantageWire