Spur Zinc Project, Nevada
Update on Spur Zinc Project
Pasinex makes new zinc sulphide discovery at the Spur 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 Spur Zinc 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 CEO Mr. Steve Williams said “This is a very encouraging start to our drilling at the Spur Zinc Project. It was very unexpected and a big bonus to intersect zinc sulphides in black shales so close to surface. High grade zinc was discovered on the Spur Zinc Project almost 30 years ago. This new discovery of zinc sulphides in black shales completely opens up new exploration possibilities for a much larger zinc mineralizing system. This first small drilling program was very carefully planned and now we have a much better understanding of the geology, structure and nature of the mineralization for drilling going forward.”
Pasinex Resources Intersects Black-Shale Hosted Zinc Sulphides Beneath High-Grade Zinc Oxides at its High-Grade Zinc Project in Nevada; Drilling to Start at the Akkaya Zinc Property in Turkey; Announcement of Related Party Loans
Pasinex Resources Limited is pleased to provide an update on its 2018 exploration program at the Gunman Zinc Project in White Pine County, Nevada (including a change in the name of the project to “Spur Zinc Project”) 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 Spur zinc 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.