Jan 8 2014
Panex Resources Inc. (the "Company," or "Panex"), is pleased to announce that it commenced drilling on its highly prospective Giro Gold Project on 30 December 2013. 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.
An initial reverse circulation (RC) drilling program of 3,000 metres has been planned to test the mineralised potential of the principal Giro structure mined historically by the Belgians as well as the Tora workings to the north where the Belgians mined at two locations. At Giro, six drill fences with complete coverage will test 2km of the potentially mineralised structure as shown in Figure 2. Significant channel sample results reported from artisanal workings along the structure included 3.5m @ 36.6g/t Au and 8m @ 3.6g/t Au, confirming the potential for significant grades within the shear which is potentially >100m wide. At Tora drilling will test the mineralised potential under the Mangote open pit where historic drilling returned grades of 0.8m @ 21.6g/t Au, 0.6m @ 37g/t Au and 0.35m @ 485g/t Au from quartz veins.
Initial observations of drill chips are highly encouraging. Eight holes have been completed, totaling 372 metres where quartz veins and quartz fragments have been observed in saprolite in all holes. Pyrite mineralization up to 3% has been observed in the fresh rock at depth in most holes. All holes were stopped short of the planned 120m where excessive ground water prevented the return of a dry sample.
Initial results are expected in early February 2014.
ON BEHALF OF PANEX
Mark Gasson, Chief Executive Officer