Akkaya Zinc Project
Akkaya Property Update
It was announced on July 1, 2022, that Pasinex had filed a legal action against the mining ministry in Türkiye, T.C. Maden ve Petrol Iserl Genel Mudurlugu (“MAPEG”) following their decision not to extend the principal mining operational license of Horzum AS beyond April 15, 2023, and the Akkaya operational exploration license of Pasinex Arama. Since then, negotiations have progressed with MAPEG, and it has now been announced on the MAPEG website that these license applications have now been approved and that these will be renewed for the requested 10-year term. The renewal for Pasinex Arama was subject to certain minor additional information to be provided by Pasinex Arama. This additional information has now been provided and accepted by MAPEG. No additional information has yet been requested for the Horzum AS license. It is expected that the licenses will be signed and issued unconditionally.
During 2022, Horzum AS completed a total of 150 metres of adit development towards the Akkaya property.
It is now planned to continue the Fourth-Adit a further 400 to 500 metres, over the next year, into the Akkaya license where similar marble formations and anomalous zinc mineralization has been discovered by surface drilling. Continued drilling of Akkaya from above ground is not feasible because of the surface topography. By accessing Akkaya from underground, the drilling program will be further expanded to test the property.
Akkaya Property Location
The Akkaya property is located 1.5 kilometres north of the Pinargozu Mine on the Horzum Zinc Trend (HZT), a known northeast trending zinc mineralized belt of carbonate-dominated sedimentary rocks in Adana.