Pasinex Resources (CNSX:PSE) has announced it was able to extend the known mineralization at the 707 level of its 50% owned Pinargozu project by 20 meters as a drill hole has intercepted an extremely rich zinc-lead-silver zone. Over a length of almost 17 meters, Pasinex found in excess of 40% ZnPb and almost 3 ounces of silver per tonne. These drill results allowed Pasinex to raise C$500,000 in a non-brokered private placement at a price of C$0.13 per unit. Each unit consists of one common share of Pasinex and half a warrant which will be valid for a period of three years at a strike price of C$0.30.
Even though 20 meters isn’t a lot, this result is actually very encouraging as it validates the thesis that there’s more mineable massive mineralization on the property. As we are quite bullish on zinc in the mid- and long term, we will keep an eye on further developments on the property.
Disclosure: The author holds no position in Pasinex Resources. Please see our