Pasinex Resources (CSE: PSE), Zinc Exploration and Mining in Turkey and Copper Exploration

By Dr. Allen Alper
on 3/7/2015
Steve Williams, the President and CEO of Pasinex Resources (CSE: PSE), has been busy managing the overall strategy of the company. He took some time to speak with the Metals News team to update readers on the progress they are making.

Said Williams, “Our real focus is our zinc project which is in the south of Turkey. We have two properties that are back to back. We look at it as one project, but it is two properties. It is a 50/50 venture with a Turkish mining group.” The company has been working in the area for quite some time. He said, “We have been there for two and a half years and have been exploring, but more importantly in the last nine months, we have started to mine there.”

The shift to actual mining has changed the format of the company in a significant way. Williams said, “We are doing some small scale mining at this point. We have been mining about 25 tons a day. It is high grade zinc. At this grade, you can sell it direct to the buyers. That’s what we are mining – high grade material. We are gearing up to mine some more.” The deposit itself has characteristics that are much like what might be seen in other parts of the world. Williams said, “These properties have zinc like what you would see in Mexico and Peru, amongst other countries. There is a deep seated deposit. Quite a lot of oxidation has taken place because of the sulfides, so we have a lot of oxidized zinc which has been deposited inside of caves that are inside of limestone. That’s what we are looking at. That is what we are exploring and mining. The zinc oxide that we are finding is inside the caves. We are mining there and are actually drilling there. We have three drilling machines working on that property all the time.”

In addition to the zinc project, Pasinex is also working on a copper project. Williams said, “Our other project in Turkey is a copper project in the north of Turkey. The property is 100% ours. This property is called a volcanic red bed type deposit. It is a copper deposit that is very similar to what was found in Upper State Michigan at the White Pine Mine. It is the same type of geology. It is copper that has been deposited within old lava flows.” The company has been actively working on advancing this project. Williams said, “We just finished another round of drilling just before Christmas. What you tend to see is that from about four meters up to ten meters is high grade copper, about 1.5 to 2.5 percent copper. It also has some silver. We have been drilling on that property. We just recently announced our latest drill results from there.”

Pasinex has been very careful with their finances. Said Williams, “In terms of financing, these are tough times. The market has continued to be tough. I have to say that I don’t expect much change during 2015. I’m expecting continued hard times. Basically, we have been doing private placements and have been supported by a great group of investors that have continued to support us. We have done small raises from $100,000 to $600,000 through private placements fairly consistently through the last two years. That has been what has been keeping us going. We will continue to do that going forward. That is where we are focused.”

While Pasinex is working on financing they are continuing to work on their zinc property as their flagship. That property is already adding cash flow to the company. Williams said, “Now, we have the addition of the high grade zinc. We sold our first shipment during Christmas of 2014 and I think we will be selling some more in the not so distant future. The first shipment that we sold was a 5000 tonne lot. That was well over a million dollars US. That was a significant amount of cash coming in. It will help us going through the rest of this year.”

As the company has grown, there have been changes to the structure of the management as well. Said Williams, “We went through quite a change in the Board in 2014. We have been growing and so it was time to change the Board and bring in people that were relevant to where we are going. We have brought in several people, a mixture of entrepreneurs, finance guys and mining guys. We have quite a strong board. As we have been stepping it up, we have been growing our management team. We have added some people in Turkey, like a geologist and a mining engineer as a country manager in Turkey. The addition of these geology people reflects the additional work going on in Turkey. There are now 50 people working on site in Turkey. We have two shifts underground, three drill crews and quite a growing team on the site. That has necessitated some additional management structure in Turkey. Our primary focus in 2015 will be on the zinc project. We will continue to mine and want to increase that to 50 tonnes a day by mid-year. That is why we have increased the total of people onsite. Complementing that with stepping up the drilling to add to the resource. We will continue to advance our copper project and may undertake a drilling campaign to continue to develop the resource there.

Our primary focus is on the zinc project. We are building a mine and are starting to sell a project. We are getting cash flow. In these tough times, that is a powerful story.”

http://pasinex.com

Canada Main Office

501 – 133 Richmond Street W

Toronto ON M5H 2L3

Tel +1 416 861 9659

Fax +1 604 681 8240

Tel +1 705 292 8116

Steve.williams@pasinex.com