Panex reveals Giro Gold project drilling results in Tanzania

16 February 2014 (Last Updated February 16th, 2014 18:30)

Switzerland-based Panex Resources has revealed the results of the first twelve holes drilled on its Giro Gold project, in Tanzania.

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Switzerland-based Panex Resources has revealed the results of the first twelve holes drilled on its Giro Gold project, in Tanzania.

The Giro project lies within the Kilo-Moto Belt and has a surface area of around 610km.

Panex has completed GRRC001 and GRRC012 drill holes across 250m of the interpreted shear along the eastern drill line at the main Giro target.

All the holes stopped short of the planned 120m, due to excessive ground water that prevented the return of a dry sample.

According to Panex, almost all of the holes north-east of GRRC001 are mineralised.

A significant zone of gold mineralisation has been intersected within the southern portion of the broader shear. It has been reported as 16m at 2.50g per tonne of gold from 28m, comprising 4m at 0.02g per tonne of gold from 30m in GRRC002.

The company also reported 11m at 1.23g per tonne of gold from 14m and 18m at 0.80g per tonne of gold from 31m, comprising 6m at 20.63g per tonne of gold from 31m in GRRC003 and 15m at 1.41g per tonne of gold from 24m in GRRC004.

Hole GRRC006 shows a second zone of lower-grade mineralisation, which is open to the north-east.

The results of the zone include 24m at 1.44g per tonne of gold from 8m in GRRC007, 8m at 2.97g per tonne of gold from 6m in GRRC010, 38m at 1.44g per tonne of gold from 14m in GRRC011 and 34m at 1.35g per tonne of gold from 8m including 20m at 1.66g per tonne of gold from 17m in GRRC012.

The remaining four holes showed pyrite mineralisation of about 1% to 5%, and quartz fragments were logged to the north suggesting that mineralisation is open for at least a further 50m to 100m across the shear.

With reported grades of 7m at 4.01g per tonne of gold from surface in GRRC003 and 6m at 3.06g per tonne of gold from surface in GRRC010, the area is covered by a lateritic cap.

Samples from the remaining holes on line one together with those from line two are being dispatched to ALS Chemex laboratory in Mwanza, for assay.


Image: A significant zone of gold mineralisation was intersected within the southern portion of the broader shear. Photo: courtesy of Stuart Miles.

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