Pasinex Provides an Update on Its Exploration and Development Activities at Pinargozu and Akkaya

TORONTO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) is pleased to provide an update on its exploration and development activities for the Company’s 50% interest in Horzum Maden Arama ve Isletme Anonim Sirketi, which holds the producing Pinargozu high grade zinc mine in southern Turkey (“Horzum AS” or “Joint Venture”).

Cautionary Note

The Company has not completed a current technical report that includes a mineral resource estimate as defined by the Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101). The Company has no intention of completing a NI 43-101 compliant technical report. The Joint Venture has not followed accepted quality assurance and quality control procedures with respect to its current drilling program and has not used an independent third-party laboratory for its assay analysis. The Joint Venture uses field handheld X-ray fluorescence analyzers (“XRF”) for zinc assays and grade control in exploration and mining. In addition, assays are completed by an independent third-party laboratory for all of the Joint Venture’s sales.

Highlights

• The Joint Venture has completed 566 metres of development of an adit at the 541-metre level (the “Fourth-Adit”). In addition, 267 metres of exploration adits, shaft and raise developments have been completed, which are offshoots from the Fourth-Adit. These will allow access for further exploration and development purposes;
• a total of 2,453 metres of diamond drilling has been completed in 46 underground holes from within the Fourth-Adit;
• of these completed exploratory drill holes, 12 holes have intersected zinc sulphide mineralization;
• the Joint Venture applied for and has obtained explosives and mining permits to enable the mining of zinc sulphide product from the Fourth-Adit;
• 1,424 tonnes of zinc sulphide product have been mined to date from the Fourth-Adit;
• two sales of zinc sulphide product have been completed, which include some zinc sulphide product mined at the 625-metre level;
• the first completed sale was for 603 tonnes of zinc sulphide product containing a grade of 48% zinc per tonne, which sold for US$1,048 per tonne;
• the second completed sale was for 503 tonnes of zinc sulphide product containing a grade of 52% zinc per tonne, which sold for US$1,270 per tonne;
• the Joint Venture expects it will be able to mine approximately 1,300 tonnes of zinc sulphide product per month for both November and December of 2021;
• the Joint Venture is currently preparing a mine plan for 2022 but expects that material mined in 2022 will be predominately zinc sulphide product; and
• the Joint Venture will continue to drill exploratory holes to further identify minable zinc sulphide product.