Panex Resources Inc.: Significant Drilling Results From Giro Gold Project, Moto Belt, DRC

Panex Resources Inc.: Significant Drilling Results From Giro Gold Project, Moto 
Belt, DRC 
ZUG, SWITZERLAND -- (Marketwired) -- 02/13/14 --  
Highlights 


 
--  Results received for first 12 RC drill holes at Giro 
--  Significant results include: 
    --  GRRC002: 16m @ 2.5g/t Au (from 28m) including 4m @ 7.02g/t Au 
    --  GRRC003: 18m @ 7.8g/t Au (from 31m) including 6m @ 20.63g/t Au 
    --  GRRC011: 38m @ 1.44g/t Au (from 14m) 
    --  GRRC012: 34m @ 1.35g/t Au (from 8m) including 20m @ 1.66g/t Au 
--  Gold mineralisation over 200m across the shear (open to the north) 
--  Good potential for significant widths (200-300m) of mineralisation over
    2,000m strike (open in all directions) 
--  Two thirds of the planned drilling programme complete 

 
Panex Resources Inc. (the "Company," or "Panex") (OTCQB:DBGF), is
pleased to announce that it has received results for the first twelve
holes drilled on its highly prospective Giro Gold Project. The Giro
Project covers a surface area of 610sqkm and lies within the
Kilo-Moto Belt in one of the world's principal greenstone belts which
hosts Randgold Resources' multi-million ounce Kibali Gold deposits
within 30km of Giro, Anglogold Ashanti's deposits to the east,
Loncore and Kilogold deposits to the south and 50Moz of gold
discovered in Tanzania since 1994. 
Results were received for drill holes GRRC001 - GRRC012, completed
across 250m of the interpreted shear along the eastern drill line at
the main Giro target. All holes were stopped short of the planned
120m where excessive ground water prevented the return of a dry
sample. Results are summarized in Table 1. 
Nearly all holes northeast of GRRC001 were mineralised. A significant
zone of gold mineralisation was intersected within the southern
portion of the broader shear and reported 16m @ 2.50g/t Au from 28m
including 4m @ 7.02g/t Au from 30m in GRRC002; 11m @ 1.23g/t Au from
14m and 18m @ 7.80g/t Au from 31m including 6m @ 20.63g/t Au from 31m
in GRRC003 and 15m @ 1.41g/t Au from 24m in GRRC004 (Section in
Figure 2). 
A second zone of lower grade mineralisation commences with hole
GRRC006 and is open to the northeast. Significant results within the
zone include 24m @ 1.44g/t Au from 8m in GRRC007, 8m @ 2.97g/t Au
from 6m in GRRC010 (abandoned in an artisanal working), 38m @ 1.44g/t
Au from 14m in GRRC011and 34m @ 1.35g/t Au from 8m including 20m @
1.66g/t Au from 17m in GRRC012. Pyrite mineralisation (1-5%) and
quartz fragments were logged in the remaining four holes to the north
suggesting mineralisation is open for at least a further 50-100m to
the north across the shear. 
Dominant lithologies included saprolite with quartz stringers and
veins and volcano sediments and tuffs at depth. The bedrock commonly
contained 1-3% pyrite believed to be associated with gold
mineralisation. The area is covered by a lateritic cap with reported
grades of 7m @ 4.01g/t Au from surface in GRRC003 and 6m @ 3.06g/t Au
from surface in GRRC010. Laterite intercepts have been treated
separately. Mineralisation from the laterite cap will be exploited
from a mining operation in the area. 
Drill line 2 in Figure 1 has been completed. Samples from the
remaining holes on line 1 together with those from line 2 are being
despatched to ALS Chemex laboratory in Mwanza for assay. Similar
pyrite mineralisation and quartz fragments were observed in all holes
along line 2 suggesting similar results can be expected. Results are
expected within 3 weeks.  
Reported results are highly encouraging suggesting the Giro target
has excellent potential to support sufficient gold mineralisation at
open pittable depths. This mineralisation is open over more than
2,000m along strike and over a width of 200-300m.  
One thousand eight hundred metres of the 3,000m programme have been
completed. Due to delays experienced from breakdowns and access the
Company has decided to test the potential of the southwestern target
and is currently drilling along line 5. The programme is expected to
be completed within two weeks when all remaining samples will be sent
to the laboratory. 
The Company is extremely pleased with the initial results which
confirm the potential of the project. 
ON BEHALF OF PANEX 
Mark Gasson 
Chief Executive Officer 
The information in this report that relates to exploration results is
based on information compiled by Mr Mark Gasson who is a member of
the Australasian Institute of Mining and Metallurgy. Mr Gasson, the
Chief Executive Officer of the Company, has sufficient relevant
experience in respect of the style of mineralisation, the type of
deposit under consideration and the activity being undertaken to
qualify as a Competent Person within the definition of the 2004
Edition of the AusIMM's "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Mr Gasson
consents to the inclusion in this report of the matters that are
based on his information in the form and context in which it appears. 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This press release contains statements that plan for or anticipate
the future, called "forward-looking statements." In some cases, you
can identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of those terms and other comparable
terminology. 
These forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements about:
our market opportunity; revenue generation; our strategies;
competition; expected activities and expenditures as we pursue our
business plan; the adequacy of our available cash resources; our
ability to acquire properties on commercially viable terms;
challenges to our title to our properties; operating or technical
difficulties in connection with our exploration and development
activities; currency fluctuations; fluctuating market prices for
precious and base metals; the speculative nature of precious and base
metals exploration and development activities; environmental risks
and hazards; governmental regulations; and conduct of operations in
politically and economically less developed areas of the world. 
Many of these contingencies and uncertainties can affect our actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made by,
or on behalf of, us. Forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to our most recent annual report on Form
10KSB and other filings made by us with the United States Securities
and Exchange Commission for more detailed discussions of the
contingencies and uncertainties enumerated above and the factors
underlying the forward-looking statements. These reports and filings
may be inspected and copied at the Public Reference Room maintained
by the U.S. Securities and Exchange Commission at 100 F Street, N.E.,
Washington, D.C. 20549. You can obtain information about operation of
the Public Reference Room by calling the U.S. Securities and Exchange
Commission at 1-800-SEC-0330. The U.S. Securities and Exchange
Commission also maintains an Internet site that contains reports,
proxy and information statements, and other information regarding
issuers that file electronically with the U.S. Securities and
Exchange Commission at http://www.sec.gov. 
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws. 
This press release is for informational purposes only and is not and
should not be construed as an offer to solicit, buy, or sell any
security. 


 
  Table 1 - Summary of Drill Holes and Significant Intersections Received, 
                    Giro Gold Prospect, Moto Belt, DRC                     
---------------------------------------------------------------------------
Hole ID     Easting Northing Azimuth  Dip   EOH From   To Interval Au (g/t)
---------------------------------------------------------------------------
GRRC001      748960   344132      43  -60    58           NSR(1)           
---------------------------------------------------------------------------
GRRC002      748982   344149      43  -60    44   28   44       16     2.50
---------------------------------------------------------------------------
                                          Incl.   30   34        4     7.02
---------------------------------------------------------------------------
GRRC003      748998   344165      43  -60    49    0    7        7  4.01(2)
---------------------------------------------------------------------------
                                                  14   25       11     1.23
---------------------------------------------------------------------------
                                                  31   49       18     7.80
---------------------------------------------------------------------------
                                          Incl.   31   37        6    20.63
---------------------------------------------------------------------------
GRRC004      749014   344181      43  -60    50    0    8        8  0.49(2)
---------------------------------------------------------------------------
                                                  24   39       15     1.41
---------------------------------------------------------------------------
GRRC005      749030   344197      43  -60    42    2    8        6  0.99(2)
---------------------------------------------------------------------------
GRRC006      749044   344216      43  -60    43    0    7        7  1.10(2)
---------------------------------------------------------------------------
                                                  34   37        3     0.81
---------------------------------------------------------------------------
GRRC007      749058   344227      43  -60    43    0    8        8  0.99(2)
---------------------------------------------------------------------------
                                                   8   32       24     1.44
---------------------------------------------------------------------------
                                                  37   38        1     3.05
---------------------------------------------------------------------------
GRRC008      749075   344244      43  -60    43    0    5        5  1.54(2)
---------------------------------------------------------------------------
                                                   5   16       11     0.92
---------------------------------------------------------------------------
                                                  20   34       14     0.53
---------------------------------------------------------------------------
GRRC009      749092   344260      43  -60    49    0    6        6  1.58(2)
---------------------------------------------------------------------------
                                                   6    9        3     0.78
---------------------------------------------------------------------------
                                                  13   18        5     0.51
---------------------------------------------------------------------------
                                                  23   25        2     2.34
---------------------------------------------------------------------------
                                                  42   49        7     1.22
---------------------------------------------------------------------------
GRRC010(3)   749108   344276      43  -60    22    0    6        6  3.06(2)
---------------------------------------------------------------------------
                                                   6   14        8     2.97
---------------------------------------------------------------------------
GRRC011      749113   344282      43  -60    52    0    5        5  1.44(2)
---------------------------------------------------------------------------
                                                  14   52       38     1.44
---------------------------------------------------------------------------
GRRC012      749131   344296      43  -60    43    0    8        8  1.67(2)
---------------------------------------------------------------------------
                                                   8   42       34     1.35
---------------------------------------------------------------------------
                                          Incl.   17   37       20     1.66
---------------------------------------------------------------------------
(1)NSR: No Significant Results                                             
(2)Intervals in lateritic lithology                                        
(3)Hole intersected artisanal workings                                    

 
To view Figures 1 and 2 please click the following link:
http://media3.marketwire.com/docs/PanexMaps213.pdf 
Contacts:
Panex Resources Incorporation
Mark Gasson or Ross Doyle
(+41) 41 711 0281
info@coresco.ch
www.panexresources.com
 
 
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