Panex Resources Inc.: All Results Received for Initial Drilling
Programme on Giro Gold Project, Moto Belt, DRC
ZUG, SWITZERLAND--(Marketwired - Apr 17, 2014) - 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.
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.
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
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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
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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
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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
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detailed discussions of the contingencies and uncertainties
enumerated above and the factors underlying the forward-looking
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at the Public Reference Room maintained by the U.S. Securities and
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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 |
Azi-muth |
Dip |
EOH |
From |
To |
Interval |
Au (g/t) |
GRRC033 |
748127 |
344332 |
43 |
-60 |
49 |
NSR1 |
GRRC034 |
748144 |
344345 |
43 |
-60 |
49 |
0 |
2 |
2 |
0.682 |
GRRC035 |
748160 |
344359 |
43 |
-60 |
46 |
NSR1 |
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 |
NSR1 |
GRRC039 |
748259 |
344436 |
43 |
-60 |
70 |
NSR1 |
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 |
NSR1 |
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 |
2.682 |
|
|
|
|
|
|
35 |
36 |
1 |
1.32 |
GRRC045 |
748325 |
344234 |
43 |
-60 |
61 |
NSR1 |
GRRC046 |
748341 |
344252 |
43 |
-60 |
49 |
35 |
36 |
1 |
5.49 |
GRRC047 |
748360 |
344273 |
43 |
-60 |
85 |
2 |
3 |
1 |
9.012 |
GRRC048 |
748393 |
344303 |
43 |
-60 |
70 |
14 |
16 |
2 |
3.19 |
GRRC049 |
748415 |
344322 |
43 |
-60 |
61 |
NSR1 |
GRRC050 |
748378 |
344287 |
43 |
-60 |
52 |
NSR1 |
GRRC051 |
748440 |
344342 |
43 |
-60 |
67 |
NSR1 |
GRRC052 |
748466 |
344358 |
43 |
-60 |
61 |
NSR1 |
GRRC053 |
748485 |
344383 |
43 |
-60 |
55 |
7 |
9 |
2 |
0.882 |
|
|
|
|
|
|
18 |
21 |
3 |
1.38 |
GRRC054 |
748500 |
344417 |
43 |
-60 |
55 |
NSR1 |
GRRC055 |
748448 |
344624 |
43 |
-60 |
64 |
NSR1 |
GRRC056 |
748650 |
344557 |
43 |
-60 |
49 |
3 |
8 |
5 |
5.052 |
GRRC057 |
748838 |
344564 |
133 |
-60 |
40 |
0 |
7 |
7 |
0.792 |
|
|
|
|
|
|
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
Mark Gasson or Ross DoylePanex Resources IncorporationC/O
Coresco AG, Level 3, Gotthardstrasse 206300 Zug, SwitzerlandTel.
(+41) 41 711 0281Email: info@coresco.ch / Website:
www.panexresources.com
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