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Zinc Miner Signs Contract for Drilling at High-Grade Site in Nevada

Thursday, May 17, 2018 10:47
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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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1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Cypress Development. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

( Companies Mentioned: CYP:TSX.V; CYDVF:OTCQB; C1Z1:Frankfurt, PSE:CNX, )


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