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

Panex Resources Inc.: Further Significant Drilling Results From Giro Gold 
Project, Moto Belt, DRC 
ZUG, SWITZERLAND -- (Marketwired) -- 03/31/14 --   Panex Resources
Inc. (OTCQB: DBGF) -  
Highlights 


 
 
--  Results received for an additional 20 drill holes on Giro Prospect 
 
--  All results received for eastern two drill lines 
 
--  Significant results include: 
 
    --  GRRC013: 40m @ 2.11g/t Au from 6m (Line 1) 
    --  GRRC023: 23m @ 2.65g/t Au from 28m including 11m @ 4.55g/t Au from
        32m (Line 2) 
    --  GRRC024: 7m @ 14.99g/t Au from 12m (Line 2) 
    --  GRRC030: 20m @ 4.15/t Au from 17m (Line 2)  
 
--  Defined width of mineralised shear 200-300m (open) 
 
--  Gold mineralisation open to NW, SE and NE 
 
--  All results expected in early April 2014 

Panex Resources Inc. (the "Company," or "Panex") is pleased to announce
that it has received results for a further 20 holes drilled on its
highly prospective Giro Gold Project. Results are from all holes
drilled along Lines 1 and 2 in the eastern portion of the Giro
Prospect as shown in Figure 1.  
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 GRRC013 - 032 where GRRC013 -
016 were from Line 1 and GRRC017 - 032 from Line 2, as shown in
Figure 1. 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 and shown in long section in Figures 2 and
3.  
The remaining four holes on line 1 reported 40m @ 2.11g/t Au from 6m
in GRRC013, 34m @ 1.46g/t Au from 8m in GRRC014 and 8m @ 1.48g/t Au
from 14m in GRRC016. This mineralisation remains open across the
shear to the northeast where gold mineralisation has already been
defined over more than 300m width. 
On Line 2 the southwestern limit of the shear was intersected in
drill hole GRRC022. Significant results included 23m @ 2.65g/t Au
from 28m in GRRC023 including 11m @ 4.55g/t Au from 32m, 7m @
14.99g/t Au from 12m in GRRC024, 20m @ 4.15g/t Au from 17m in
GRRC030, and 12m @ 1.88g/t Au from 28m in GRRC032. Drilling on Line 2
has confirmed 200m of gold mineralisation across the shear which
remains open to the northeast. 
Dominant lithologies included saprolite with quartz stringers and
veins and silicified volcano sediments and tuffs at depth. The
bedrock commonly contained 1-3% pyrite, believed to be associated
with gold mineralisation. The lateritic cap on line 2 has largely
been mined by the Belgians and artisanal miners and was not observed
in all holes.  
The initial drilling program has been completed with 57 holes drilled
for a total of 2,888m.  
Drilling now suggests that gold mineralisation is from two separate
mineralised structures, namely the Giro vein mined by the Belgians in
the western portion of the Giro Prospect and the shear covered by
Lines 1 and 2 in recent drilling. Current drilling and historic data
suggests the Giro vein has a WNW-ESE trend whereas the eastern shear
has a NNW trend. Visible gold was reported from one hole drilled to
the east of the Giro vein, suggesting the mineralised structure
continues east of the historically mined out area whereas the eastern
shear is open along strike to the NW and SE and across the structure
to the NE.  
Final results from the remaining two lines drilled across the Giro
vein to establish any wall rock potential and the grade of the vein
mined by the Belgians are expected in early April 2014. 
Reported results are highly encouraging suggesting the Giro Prospect
has excellent potential to support sufficient gold mineralisation at
open pittable depths. The Company is extremely pleased with the
initial results which continue to confirm the potential of the
project.  
Panex is also pleased to announce the appointment of Mr Cong Mao Huai
as Non-Executive Director to the board of Directors of Panex. Mr Huai
brings with him significant experience with operating in the
Democratic Republic of Congo and exposure to the Asian investment
market. 
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. 
CUSIP No. 69841J 106 


 
 
  Table 1 - Summary of Drill Holes and Significant Intersections Received, 
                     Giro Gold Prospect, Moto Belt, DRC                    
 
---------------------------------------------------------------------------
                             Azi-                                        Au
Hole ID    Easting Northing  muth   Dip   EOH  From    To Interval    (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
---------------------------------------------------------------------------
GRRC013     749152   344322    43   -60    46     0     6        6  2,01(2)
---------------------------------------------------------------------------
                                                  6    46       40     2,11
---------------------------------------------------------------------------
GRRC014     749168   344338    43   -60    43     0     8        8  1,90(2)
---------------------------------------------------------------------------
                                                  8    42       34     1,46
---------------------------------------------------------------------------
GRRC015     749184   344355    43   -60    56     0     6        6  4,97(2)
---------------------------------------------------------------------------
                                                  6    17       11     0,77
---------------------------------------------------------------------------
GRRC016     749205   344373    43   -60    56     0     8        8  0,82(2)
---------------------------------------------------------------------------
                                                 14    22        8     1,48
---------------------------------------------------------------------------
                                                 29    39       10     0,45
---------------------------------------------------------------------------
                                                 43    49        6     0,62
---------------------------------------------------------------------------
                                                 54    56        2     0,76
---------------------------------------------------------------------------
GRRC017     748832   344266    43   -60    58     1     5        4  0,98(2)
---------------------------------------------------------------------------
GRRC018     748852   344277    43   -60    52    32    36        4     0,64
---------------------------------------------------------------------------
GRRC019     748883   344288    43   -60    44              NSR             
---------------------------------------------------------------------------
GRRC020     748867   344323    43   -60    40              NSR             
---------------------------------------------------------------------------
GRRC021     748881   344339    43   -60    40              NSR             
---------------------------------------------------------------------------
GRRC022     748900   344360    43   -60    49    18    23        5     1,38
---------------------------------------------------------------------------
                                                 28    36        8     2,13
---------------------------------------------------------------------------
GRRC023     748917   344374    43   -60    52     0     3        3  0,77(2)
---------------------------------------------------------------------------
                                                  8    14        6     1,47
---------------------------------------------------------------------------
                                                 19    20        1     3,49
---------------------------------------------------------------------------
                                                 28    51       23     2,65
---------------------------------------------------------------------------
                                        Incl.    32    43       11     4,55
---------------------------------------------------------------------------
GRRC024     748919   344400    43   -60    43     0     3        3  0.63(2)
---------------------------------------------------------------------------
                                                 12    19        7    14,99
---------------------------------------------------------------------------
                                                 32    34        2     1,89
---------------------------------------------------------------------------
GRRC025     748953   344404    43   -60    16     1    15       14     1,49
---------------------------------------------------------------------------
GRRC026     748957   344406    43   -60    37     5     8        3     0,60
---------------------------------------------------------------------------
GRRC027     748964   344418    43   -60    52    14    16        2     2,12
---------------------------------------------------------------------------
                                                 23    45       22     1,09
---------------------------------------------------------------------------
                                                 51    52        1     4,08
---------------------------------------------------------------------------
GRRC028     748987   344436    43   -60    47     0     9        9     1,14
---------------------------------------------------------------------------
                                                 28    46       18     0,81
---------------------------------------------------------------------------
                                        Incl.    29    36        7     1,14
---------------------------------------------------------------------------
GRRC029     748996   344455    43   -60    37     1    21       20     1,61
---------------------------------------------------------------------------
                                        Incl.     3    14       11     2,51
---------------------------------------------------------------------------
                                                 25    28        3     0,54
---------------------------------------------------------------------------
                                                 34    35        1     1,02
---------------------------------------------------------------------------
GRRC030     749013   344464    43   -60    37     0     1        1  1.05(2)
---------------------------------------------------------------------------
                                                  1     3        2     0,92
---------------------------------------------------------------------------
                                                 17    37       20     4,15
---------------------------------------------------------------------------
GRRC031     749024   344478    43   -60    86     0     4        4  3,08(2)
---------------------------------------------------------------------------
                                                  4     8        4     3,79
---------------------------------------------------------------------------
                                                 13    25       12     0,52
---------------------------------------------------------------------------
GRRC032     749059   344507    43   -60    40     0     5        5  1,61(2)
---------------------------------------------------------------------------
                                                 22    23        1     4,57
---------------------------------------------------------------------------
                                                 28    40       12     1,88
---------------------------------------------------------------------------

To view Figures 1, 2 and 3 please click on the following link:
http://media3.marketwire.com/docs/DBGF0331.pdf 
Contacts:
Panex Resources Inc.
Mark Gasson or Ross Doyle
(+41) 41 711 0281 
Panex Resources Incorporation
C/O Coresco AG,
Level 3, Gotthardstrasse 20
6300 Zug, Switzerland
info@coresco.ch
www.panexresources.com
 
 
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