Panex Resources Inc.
OTCQB : DBGF

Panex Resources Inc.

March 31, 2014 15:20 ET

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

ZUG, SWITZERLAND--(Marketwired - March 31, 2014) - 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
Hole ID Easting Northing Azi-
muth
Dip EOH From To Interval Au
(g/t)
GRRC001 748960 344132 43 -60 58 NSR1
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 4,012
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 0,492
24 39 15 1,41
GRRC005 749030 344197 43 -60 42 2 8 6 0,992
GRRC006 749044 344216 43 -60 43 0 7 7 1,102
34 37 3 0,81
GRRC007 749058 344227 43 -60 43 0 8 8 0,992
8 32 24 1,44
37 38 1 3,05
GRRC008 749075 344244 43 -60 43 0 5 5 1,542
5 16 11 0,92
20 34 14 0,53
GRRC009 749092 344260 43 -60 49 0 6 6 1,582
6 9 3 0,78
13 18 5 0,51
23 25 2 2,34
42 49 7 1,22
GRRC0103 749108 344276 43 -60 22 0 6 6 3,062
6 14 8 2,97
GRRC011 749113 344282 43 -60 52 0 5 5 1,442
14 52 38 1,44
GRRC012 749131 344296 43 -60 43 0 8 8 1,672
8 42 34 1,35
Incl. 17 37 20 1,66
GRRC013 749152 344322 43 -60 46 0 6 6 2,012
6 46 40 2,11
GRRC014 749168 344338 43 -60 43 0 8 8 1,902
8 42 34 1,46
GRRC015 749184 344355 43 -60 56 0 6 6 4,972
6 17 11 0,77
GRRC016 749205 344373 43 -60 56 0 8 8 0,822
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 0,982
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 0,772
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 0.632
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 1.052
1 3 2 0,92
17 37 20 4,15
GRRC031 749024 344478 43 -60 86 0 4 4 3,082
4 8 4 3,79
13 25 12 0,52
GRRC032 749059 344507 43 -60 40 0 5 5 1,612
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

Contact Information

  • 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