Source: Streetwise Reports 05/17/2018
Canada-based zinc mining company expands drilling program at U.S. site.
Pasinex Resources Ltd. (PSE:CNX) has announced that it has signed a drilling contract with Idea Drilling LLC of Minnesota. The contract is for drilling at least four holes of up to 3,000 feet of oriented diamond core at the Gunman high-grade zinc project in Nevada. It is expected that this drilling work will begin at the end of May. The budget for the work is $500,000.
“This is a ‘surgical’ drilling program designed to confirm previous reverse circulation drilling results and, for the first time, to provide oriented diamond core to crucially work out the structural controls on the mineralization. Detailed mapping of the Gunman project is also almost complete and fundamental to effective targeting within mineralized host-carbonate rocks along strike and under cover. A drone-borne magnetic survey over the Gunman project is being planned in the coming months to reveal covered geology and hidden structure,” explained Pasinex’s VP of Exploration, John Barry.
The Gunman project has both a high-grade zinc and deep root potential, according to the company. It is located north and east of Eureka, Nevada. Cypress Development Corp. (CYP:TSX.V; CYDVF:OTCQB; C1Z1:Frankfurt) and privately held Caliber Minerals Inc. own the project, but Pasinex could earn an 80% interest by paying US$675,000 in cash and issuing 4.8 million shares of Pasinex common shares over a four-year period. Pasinex must also spend US$2.95 million over four years to explore the property.
Toronto-based Pasinex Resources also owns 50% of the Pinargozu high-grade zinc mine located in Turkey.
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( Companies Mentioned: CYP:TSX.V; CYDVF:OTCQB; C1Z1:Frankfurt,