buxmaker
8 years ago
Finally some good news for DBGF and the stock is starting to move higher.
ZUG, SWITZERLAND -- (Marketwired) -- 08/10/16 -- Panex Resources Inc. (OTC PINK: DBGF) (the "Company," or "Panex") is pleased to announce that it has entered into a Farm-In agreement with Afrimines SARL, a company registered under the laws of the Democratic Republic of Congo (DRC), to acquire up to 90% direct interest in the highly prospective Matala Gold Project in the South Kivu Province, DRC. The Matala Gold Project is located at the southwestern end of the prolific Twangiza-Namoya Gold corridor where Banro Corp has defined to date, more than 17 Million Ounces ("Moz") of gold resources from four deposits adjacent to the project area. The main drill target, Kanana, is located within the Matala project area shown in Figure 1, and has the same geological setting as Banros 8.6Moz Twangiza and 5.6Moz Lugushwa deposits. A 1,500m diamond drilling program is expected to commence mid-to-end August.
Matala Gold Project
The Matala Gold Project comprises 14 exploration permits for 1,967sqkm on the north-western edge of the Kibaran Belt, an intracontinental mobile belt located between the Congo and Tanzania cratons. The Kibaran belt and adjacent Tanzanian Craton host more than 70Moz of gold resources, currently being mined by Banro, AngloGold Ashanti, Barrick and Barra, in the well renowned, world class gold province.
Panexs initial focus will be to drill the high priority Kanana Prospect where channel sampling has identified high grade gold mineralisation along the fold axis of a major antiform, similar to that which hosts both the Twangiza and Lugushwa deposits.
Historic channel sampling across a 3000 metre long gold-in-soil anomaly shown in Figure 2 at Kanana returned a number of significant results including:
-- 17m @ 2.51g/t Au-- 6m @ 2.55g/t Au-- 12m @ 3.03g/t Au-- 6m @ 4.37g/t Au-- 2m @ 12.95g/t Au
To view Figure 1. Matala Gold Project licences in red and location and Banro Corporations gold deposits, please click the following link: http://www.marketwire.com/library/20160810-1065497_fig1.jpg
Panex has contracted International Drilling Services SARL from Goma, DRC, to drill 5 diamond drill holes for 1,500 metre ("m") aimed at testing the mineralised fold axis over 1,100m of strike. The drill collars are positioned approximately 400m apart over the highest grade portion of the gold-in-soil and channel sampling anomaly shown in Figure 2. Holes will be drilled at -50 degrees towards the southwest across the fold axis of the northwest trending Kanana anticline.
Drilling is expected to intercept multiple zones of high-grade gold mineralised quartz veins, several metres wide, surrounded by broader, low to moderate grade disseminated sulphide quartz stock work zones tens of metres wide, across the fold axis.
Project Background
Historic exploration across the Matala Project undertaken by Afrimines in 2010, identified numerous geochemical anomalies (5 gold, 1 tin) which formed the basis of follow-up regional exploration undertaken by Regal Resources Ltd (ASX: RER) between 2011 and 2014 (in a joint venture with Afrimines).
Regals exploration focused on the two highest priority targets, Ngoy and Matala, with 51 holes drilled at Ngoy for 8,768m of diamond core and a JORC 2012 compliant Inferred Mineral Resource of 2 million tonnes ("Mt") at 3.3g/t gold ("Au") for 213,000oz Au estimated by CSA Global, Perth, Western Australia.
To view Figure 2. Gold-in-Soil anomalies and channel sample results and location of fold axis at Kanana, please click the following link: http://www.marketwire.com/library/20160810-1065497_fig2l.jpg
Exploration at the Matala Project consisted of soil, rock chip, geological mapping and channel sampling. Kanana was advanced to the drilling stage following the delineation of a 3km long gold-in-soil anomaly (greater than 100ppb Au) and in-situ, high-grade channel sample results, coinciding with the fold axis of a positively identified anticline. The anticline is interpreted to outcrop in the southeast and to gently plunge towards the northwest. Regal withdrew from the joint venture in 2015 to focus on a copper project in the Katanga Province in DRC. The highly prospective Kanana Prospect has not yet been drill tested.
Two styles on mineralisation have been identified at Kanana from channel sampling and geological mapping, both being associated with intense silica alteration. These are:
-- brecciated, ferruginous quartz veining less than 10cm up to 5m wide containing less than 1% pyrite. The veins are generally aligned to layering and foliation in outcrop (quartz vein-hosted gold mineralisation).-- strongly silicified, foliated, schists containing 1 to 5% pyrite commonly containing bedding parallel quartz veins 1mm to 5mm thick (disseminated and stock work vein-hosted gold mineralisation).
The potential of known gold mineral occurrences within the remainder of the Matala Gold Project, including the mineral resource at Ngoy, will be further evaluated should results from the initial drilling at Kanana confirm the potential for discovery of significant gold mineralisation.
Terms of Agreement
Panex may earn an initial 51% interest in the Tenements by incurring:
a. expenditure totaling US$500,000 on the Tenements (Phase 1 Expenditure) during the period of 6 months after the Commencement Date (Phase 1 Period); andb. expenditure totaling a further US$500,000 on the Tenements (Phase 2 Expenditure) during the period of 12 months after the Phase 1 Period (Phase 2 Period).
Panex may earn a further 19% interest to take its then aggregate interest to 70% by incurring a further US$3,000,000 in expenditure on the Tenements (Phase 3 Expenditure) during the period ending on the date that is 2 years after Panex has earned the Initial Interest (Phase 3 Period).
Panex can earn a further 10% interest (Phase 4 Interest) to take its then aggregate direct interest to 80% by incurring a further US$10,000,000 in expenditure on the Tenements (Phase 4 Expenditure) during the period ending on the date that is 3 years after Panex has earned the Phase 3 Interest (Phase 4 Period).
Upon completion of a Definitive Feasiblity Study ("DFS"), Panex shall also have the option to acquire up to a further 10% interest to take its then aggregate interest to 90% by payment to Afrimines of an amount determined through an independent valuation of the assets.
Panex is to fund all exploration to completion of a DFS.
Historic expenditure of US$12 million by Afrimines will be treated as a loan which will be recoverable from the proceeds of production within the first three years of commencement of production.
At any time after the Phase 1 Period, Panex may terminate the agreement, and Panex shall have no further obligation to make any expenditure in respect of the Tenements.
A vendor consideration of 125m shares in Panex and US$20,000 cash payment is due on closing of the transaction.
ON BEHALF OF PANEX
Mark Gasson
Chief Executive Officer
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
Pennybuster
9 years ago
Current Report Filing (8-k)
Date : 11/23/2015 @ 4:24PM
Source : Edgar (US Regulatory)
Stock : Panex Resources Inc. (PC) (DBGF)
Quote : 0.0025 0.0 (0.00%) @ 7:26AM
Current Report Filing (8-k)
Print
Alert
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest reported)
November 20, 2015
PANEX RESOURCES INC.
(Exact name of registrant as specified in its chapter)
Nevada
000-51707
00-0000000
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
13 Allegro, Legato, Durbanville, South Africa
7536
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
+41 76 753 4401 / +27 722 478 999
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
We purchased 328,000,000 common shares of our stock from individual shareholders prior to the 31st of August, 2015 for USD$189,908 and a further 10,000,000 common shares of our stock from individual shareholders after the 31st of August, 2015 for USD$5,000.
We purchased 20,000,000 common shares of Burey Gold Limited common stock from Burey Gold Limited in consideration of AUD$400,000 or AUD$0.02 per share. The shares have an attached 1:1 option. The option gave us the option to acquire an additional 20,000,000 common shares of Burey Gold Limited in consideration of AUD$100,000 or AUD$0.005 per share. The option is subject to shareholder approval at the Burey Gold Limited Annual General Meeting to be held the 27th of November, 2015. We have exercised the option and purchased the 20,000,000 common shares of Burey Gold Limited subject to the foregoing shareholder approval.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On November 10, 2015, Cong Mao Huai resigned as a non-executive director of Panex for personal reasons. Mr. Huai's resignation was not due to, and was not caused by, in whole or in part, any disagreement with Panex, whether related to Panex's operations, policies, practices, or otherwise.
Panex's board of directors solely consists of Mark Gasson.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Panex Resources Inc. has caused this report to be signed on its behalf by the undersigned duly authorized person.
PANEX RESOURCES INC.
Dated:
November 20, 2015
By:
ROSS DOYLE
Ross Doyle – CFO
DaReal
10 years ago
A/S increased to 2B
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=MFp%252bS4OG6OR7cGmnKv%252fizQ%253d%253d&CorpName=PANEX+RESOURCES+INC.
as already outlined in the latest 10Q:
7. Stockholders’ Equity (Continued)
Through May 31, 2014, $861,900 was received in advance for subscriptions for 861,900,000 shares of common stock paid at $0.001 per share. In addition, 50,975,000 shares of common stock at $0.001 per share were issued in consideration of settlement of liabilities of $50,975 during the quarter ended February 28, 2014. Of these 861,900,000 shares, 40,300,000 have been issued during the quarter ended May 31, 2014 and the rest (821,600,000) have not been issued as at May 31, 2014. As of May 31, 2014, the Company did not have sufficient authorized common stock available for issuance to fulfill the subscriptions. Therefore, the transaction has been classified outside of equity, as a current liability. In June 2014, holders of a majority of shares of common stock approved a resolution to increase the number of authorized shares from 500,000,000 to 2,000,000,000. This resolution will be effective 21 days after appropriate disclosure to the shareholders. At that time the Company will be able to issue the common stock underlying the subscriptions and will be able to reclassify the amounts from current liabilities to equity.
Pim_F
10 years ago
Ticker:DBGF News
ZUG, SWITZERLAND, Feb 13, 2014 (Marketwired via COMTEX) -- 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
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