Gunman Project, Nevada
Gunman Project Updates
In a press release dated November 27, 2020 the Issuer announced that they have reached an agreement with Cypress Development Corp. (“Cypress”) and Caliber Minerals Inc. to change the terms relating to the earn-in option agreement on the Gunman (formerly Spur) zinc exploration property in Nevada, USA. The agreement extends the deadline to complete the conditions to earn an initial 51% interest in the Gunman Project to December 31, 2022. It also extends the deadline to complete the conditions to earn an additional 29% interest in the Gunman Project to December 31, 2024.
As a condition precedent for the agreement’s effectiveness and as a binding and unconditional material obligation, the Issuer shall incur a minimum of US $200,000.00 of qualified exploration expenditures on or before December 31, 2021. In addition, the name of the project will change to the Gunman Project, and the Issuer shall pay Cypress US $15,000 on or before December 10, 2020.
For further clarification on the original deal, refer to the news release dated December 7, 2017
Gunman Project Drill Highlights
Pasinex makes new zinc sulphide discovery at the Gunman Project in Nevada and verifies high grade zinc oxides: 43.9 metres @ 14.2% zinc including 13.7 metres @ 26.1% zinc and 5.6 ounces of silver.
- Diamond drill hole SRDD-2018-004 intersected black-shale-hosted zinc sulphide 50 metres south and down-plunge of drill hole SRDD-2018-001: 9 feet (2.74 metres) averaging 8.1% zinc from 289 feet (88.1 metres) and 11 feet (3.35 metres) averaging 5.7% zinc from 304 feet (92.6 metres).
- The zinc oxide mineralisation was previously interpreted as the shallow enriched supergene zone of a carbonate replacement deposit (CRD). The exploration focus has now switched and is now focused primarily on the black shale and the potential for a major shale-hosted-massive-sulphide (SHMS) mineralizing system on the property
- Diamond drill hole SRDD-2018-001 drilled through the core of RH Main Zone: 144 feet (43.9 metres) averaging 14.2% of oxide zinc from 142 feet (43.3 metres) – including 45 feet (13.7 metres) averaging 26.1% zinc and 242 grams per tonne silver (5.6 ozs) from 160 feet (48.8 metres).
- The black-shale hosted zinc sulphides intersected in SRDD-2018-004 was not expected and completely transforms the exploration model which is now focused on assessing the potential.
- High-grade zinc oxide mineralization intersected in this initial drill-phase is shallow and still a priority target along the known three to four-kilometre mineralised trend.
- Oriented drill-core has greatly improved understanding of the geology, structure, and mineralization.
Pasinex Resources Limited is pleased to provide an update on its 2018 exploration program at the Gunman Zinc Project in White Pine County, Nevada and on its Akkaya zinc property in Turkey. In addition, the Company is announcing the receipt of related party loans.
Pasinex Announces Option to Acquire 80% of the Spur (formally Gunman) High-Grade Zinc (Silver) Project in Nevada and Substantially Increases the Surrounding Ground Holding
Pasinex Resources Limited is pleased to announce that, through its wholly-owned subsidiary Pasinex Resources Nevada Limited, it has entered into an option agreement with Cypress Development Corp (TSX.V: CYP) and Silcom Systems Inc. to earn up to an 80% interest in the Gunman project located in White Pine County, Nevada (“Option Agreement”). In essence, Pasinex has acquired the option by honouring the terms of Silcom’s original option agreement to acquire an 80% interest from Cypress in the Spur zinc project.
As of March 2018, all drilling completed on the Spur property to-date by all operators is 114 reverse circulation (RC) holes for 42,155 feet and 17 core holes totaling 11,516 feet for a total of 53,671 feet of drilling in 131 holes. The project is located within the eastern portion of White Pine County, Nevada. The report is intended to provide a detailed accounting of all modern exploration at the Spur property and to provide interpretations of the compiled data for the purposes of proposing additional development and exploration work for zinc and silver mineralization on the property.