Panex Resources Inc.: Significant Drilling Results From Giro Gold Project, Moto Belt, DRC
February 13 2014 - 12:39PM
Marketwired
Panex Resources Inc.: Significant Drilling Results From Giro Gold
Project, Moto Belt, DRC
ZUG, SWITZERLAND--(Marketwired - Feb 13, 2014) -
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 |
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 |
1NSR: No Significant Results
2Intervals in lateritic lithology 3Hole
intersected artisanal workings |
To view Figures 1 and 2 please click the following link:
http://media3.marketwire.com/docs/PanexMaps213.pdf
Panex Resources IncorporationMark Gasson or Ross Doyle(+41) 41
711 0281info@coresco.chwww.panexresources.com
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