Breaking News

Tesco Trading Profit Beats Estimates as Chairman Prepares to Step Down
Tweet TWEET

Panex Resources Inc.: All Results Received for Initial Drilling Programme on Giro Gold Project, Moto Belt, DRC

Panex Resources Inc.: All Results Received for Initial Drilling Programme on 
Giro Gold Project, Moto Belt, DRC 
ZUG, SWITZERLAND -- (Marketwired) -- 04/17/14 --   Panex Resources
Inc. (OTCQB: DBGF) -  
Highlights 


 
 
--  All results received from drilling at Giro 
 
--  Drilling was limited to the Giro target area mined historically 
 
--  Gold mineralisation was defined in two separate structures: 
 
    --  NW trending Kebigada Shear Zone 
 
    --  Giro Vein mined historically by the Belgians  
 
--  Significant results from Kebigada Shear include: 
 
    --  GRRC002: 16m @ 2.5g/t Au from 28m including 4m @ 7.02g/t Au from 30m
 
    --  GRRC003: 18m @ 7.8g/t Au from 31m including 6m @ 20.63g/t Au from
        31m 
 
    --  GRRC011: 38m @ 1.44g/t Au from 14m 
 
    --  GRRC012: 34m @ 1.35g/t Au from 8m including 20m @ 1.66g/t Au from
        17m 
 
    --  GRRC013: 40m @ 2.11g/t Au from 6m 
 
    --  GRRC023: 23m @ 2.65g/t Au from 28m including 11m @ 4.55g/t Au from
        32m 
 
    --  GRRC024: 7m @ 14.99g/t Au from 12m 
 
    --  GRRC030: 20m @ 4.15/t Au from 17m 
 
--  Significant results from the Giro Vein include: 
 
    --  GRRC037: 8m @ 7.28g/t Au from 52m including 3m @ 18.25g/t Au from
        55m 
 
--  200-300m wide zone of gold mineralisation at Kebigada (open to NW, NE
    and SE) 
 
--  Narrow widths of high grade mineralisation intersected at Giro Vein
    (open) 
 
--  Giro Target has excellent potential to host significant gold resources
    at open pittable depths 
 
--  Future drilling will focus on extending mineralisation at Kebigada and
    will test additional targets mined historically by the Belgians at
    Peteku, Mangote and Kai-Kai 

Panex Resources Inc. (the "Company," or "Panex") (OTCQB: DBGF), is
pleased to announce that it has received all results for its initial
drilling campaign 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.  
Latest results (GRRC033 - GRRC057) were from two fences drilled
across the Giro Vein mined historically by the Belgians. The vein was
intersected along one drill fence line and reported 8m @ 7.28g/t Au
from 52m including 3m @ 18.25g/t Au from 55m in GRRC037. It is likely
that the vein was mined or faulted out at the second expected
location. Results are summarized in Table 1.  
A total of 57 RC drill holes for 2,889m were completed during the
programme. All holes were stopped short of the planned 120m where
excessive ground water prevented the return of a dry sample. A
booster and auxiliary compressor will be utilized in future drilling
to ensure recovery of a dry sample at required depths.  
Mineralisation at Giro was identified in two separate structures as
shown in Figure 1, namely the Kebigada Shear Zone and the Giro Vein.
Both were mined historically during Belgian rule and are currently
being exploited by artisanal means.  


 
 
--  Kebigada Shear Zone: 

Drilling was along two fence lines drilled 200m apart across the shear.
Gold mineralisation within the shear consists of a series of high
grade zones within a broader envelope of lower grade silicified host
lithologies.  
Significant intersections are shown in sections in Figures 2 and 3
and included 16m @ 2.50g/t Au from 28m including 4m @ 7.02g/t Au from
30m in GRRC002; 18m @ 7.80g/t Au from 31m including 6m @ 20.63g/t Au
from 31m in GRRC003; 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 GRRC011; 34m @ 1.35g/t Au from 8m
including 20m @ 1.66g/t Au from 17m in GRRC012; 40m @ 2.11g/t Au from
6m in GRRC013, 34m @ 1.46g/t Au from 8m in GRRC014; 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 and 20m @ 4.15g/t Au from 17m in
GRRC030.  
Artisanal workings in the saprolite and drilling have confirmed that
the shear extends for a minimum of 800m along strike where widths of
mineralisation were defined over 320m and 220m from drill Lines 1 and
2 respectively as shown in Figure 1. This mineralisation has been
closed off along the shear boundary to the SW but remains open to the
NE across the shear and along strike to the SE and NW. Furthermore
the shear is closely associated with a NNW trending regional shear
(Figure 4) which transgresses both tenements for more than 30km.
Extensive alluvial artisanal workings were mapped at several
locations along the interpreted shear.  


 
 
--  Giro Vein: 

Little production information is available from Belgian records with
respect to the Giro Vein although it is reported that the vein was
mined over 300m at a grade of 16g/t Au. The Giro Vein was intersected
in one drill hole, GRRC037 (8m @ 7.28g/t Au from 52m including 3m @
18.25g/t Au from 55m) which confirmed the high grade tenor of the
vein. The Giro Vein remains open to the west where channel sampling
in an artisanal working reported an intercept of 3.5m @ 36.6g/t Au.  
Dominant lithologies in both target areas included saprolite with
quartz stringers and veins and volcano sediments and tuffs at depth.
The silicified bedrock commonly contained 1-3% pyrite believed to be
associated with gold mineralisation. The area is generally covered in
a mineralised lateritic cap which was not observed in all holes due
to the prevalence of artisanal workings.  
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.  
Future Work  
The Company was not able to access all areas which were mined during
the Belgian colonial era. This included two Belgian pits, Mangote and
Kai-Kai located along a 4km west-east trending structure at Tora in
the north. Drilling by the Belgians at Mangote where only quartz
veins were sampled reported grades of 0.8m @ 21.6g/t Au; 0.6m @ 37g/t
Au and 0.35m @ 485g/t Au. Recent channel sampling has confirmed the
potential for wall rock mineralisation over considerable widths.  
The area has not been explored for over 50 years (since the Belgian
colonial era) and has never been subjected to modern exploration.  
Future drilling will be focused on the Peteku, Mangote and Kai-Kai
target areas mined historically and will also follow up on the
recently defined gold mineralisation at Giro at depth and along
strike.  
The Company will also conduct a regional soil sampling programme with
complete coverage of the +30km NNW trending regional shear to
identify the potential strike extent of the known mineralisation and
to identify new areas of gold mineralisation on the area.  
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 


 
 
-----------------------------------------------------------------------
-----
                                                                          Au
Hole ID  Easting Northing  Azi-muth  Dip   EOH  From  To  Interval     (g/t)
----------------------------------------------------------------------------
GRRC033   748127   344332        43  -60    49            NSR(1)            
----------------------------------------------------------------------------
GRRC034   748144   344345        43  -60    49     0   2         2   0.68(2)
----------------------------------------------------------------------------
GRRC035   748160   344359        43  -60    46            NSR(1)            
----------------------------------------------------------------------------
GRRC036   748174   344382        43  -60    49    42  45         3      0.80
----------------------------------------------------------------------------
GRRC037   748238   344418       223  -60    63    45  48         3      2.32
----------------------------------------------------------------------------
                                                  52  60         8      7.28
----------------------------------------------------------------------------
                                         Incl.    55  58         3     18.25
----------------------------------------------------------------------------
GRRC038   748234   344413        43  -60    65            NSR(1)            
----------------------------------------------------------------------------
GRRC039   748259   344436        43  -60    70            NSR(1)            
----------------------------------------------------------------------------
GRRC040   748271   344465        43  -60    67    66  67         1      2.35
----------------------------------------------------------------------------
GRRC041   748293   344484        43  -60    58    30  31         1      1.10
----------------------------------------------------------------------------
GRRC042   748270   344187        43  -60    40            NSR(1)            
----------------------------------------------------------------------------
GRRC043   748291   344200        43  -60    48    33  34         1      1.34
----------------------------------------------------------------------------
                                                  43  48         5      3.10
----------------------------------------------------------------------------
GRRC044   748303   344218        43  -60    46     2   5         3   2.68(2)
----------------------------------------------------------------------------
                                                  35  36         1      1.32
----------------------------------------------------------------------------
GRRC045   748325   344234        43  -60    61            NSR(1)            
----------------------------------------------------------------------------
GRRC046   748341   344252        43  -60    49    35  36         1      5.49
----------------------------------------------------------------------------
GRRC047   748360   344273        43  -60    85     2   3         1   9.01(2)
----------------------------------------------------------------------------
GRRC048   748393   344303        43  -60    70    14  16         2      3.19
----------------------------------------------------------------------------
GRRC049   748415   344322        43  -60    61            NSR(1)            
----------------------------------------------------------------------------
GRRC050   748378   344287        43  -60    52            NSR(1)            
----------------------------------------------------------------------------
GRRC051   748440   344342        43  -60    67            NSR(1)            
----------------------------------------------------------------------------
GRRC052   748466   344358        43  -60    61            NSR(1)            
----------------------------------------------------------------------------
GRRC053   748485   344383        43  -60    55     7   9         2   0.88(2)
----------------------------------------------------------------------------
                                                  18  21         3      1.38
----------------------------------------------------------------------------
GRRC054   748500   344417        43  -60    55            NSR(1)            
----------------------------------------------------------------------------
GRRC055   748448   344624        43  -60    64            NSR(1)            
----------------------------------------------------------------------------
GRRC056   748650   344557        43  -60    49     3   8         5   5.05(2)
----------------------------------------------------------------------------
GRRC057   748838   344564       133  -60    40     0   7         7   0.79(2)
----------------------------------------------------------------------------
                                                  22  40        18      0.89
----------------------------------------------------------------------------
                                         Incl.    37  40         3      2.42
----------------------------------------------------------------------------

(1) NSR: No Significant Results  
(2) Intervals in lateritic lithology 
To view Figures associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/940366_FIGURES.pdf. 
CUSIP No. 69841J 106 
Contacts:
Mark Gasson or Ross Doyle
Panex Resources Incorporation
C/O Coresco AG, Level 3, Gotthardstrasse 20
6300 Zug, Switzerland
Tel. (+41) 41 711 0281
Email: info@coresco.ch / Website: www.panexresources.com
 
 
Press spacebar to pause and continue. Press esc to stop.