Category: Uncategorized
- Published: 29 November -0001
Serengeti Makes New Copper-Moly Discovery at Kwanika & Expands Central Copper-Gold Zone
Serengeti Resources Inc. (TSX VENTURE: SIR) is pleased to report the results of the next batch of holes from its 2008 drill program currently underway on its 100% owned Kwanika copper-gold property, British Columbia.
\"These results indicate that we have discovered a new copper-molybdenum zone southeast of the central copper-gold zone,\" stated President & CEO David Moore. \"The western edge of the central zone also remains open with some excellent results returned from K-78 including 0.72% Cu and 0.81 g/t Au over 75 meters. Drilling to the north also demonstrates that the central zone now has a strike length in excess of 1000 meters. Looking at the bigger picture, we now have good copper plus gold and/or molybdenum values in drill holes along a combined 2.6 kilometer strike length from the original historical resource in the south to the northern end of the main zone. This significant expansion of the mineralized footprint increases the likelihood that additional high grade zones may be discovered at Kwanika,\" elaborated Moore.
The highlights of this drilling are provided in the table below, as are drill hole orientations. To view hole locations on the attached map, please click on the following link: http://www.serengetiresources.com/i/pdf/DrillPlan-Apr08.pdf. Drill sections and a 3D model can be viewed at www.corebox.net or by following a link on the Company\'s website at www.serengetiresources.com.
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Cop-
Inter- per Gold Orien-
From To val Cu Au Ag Mo Eq. Eq. tation
Hole (m) (m) (m) % g/t g/t % % g/t (dip/az.)
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South Area
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19.3 29.3 10.0 0.15 0.12 2.5 0.011 0.32 0.56
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K-08-81 128.5 266.6 138.2 0.38 0.07 2.2 0.006 0.49 0.84 Vertical
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Incl.143.1 167.7 24.6 0.61 0.09 2.7 0.008 0.75 1.28
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322.3 371.0 48.7 0.08 0.01 0.5 0.007 0.14 0.24
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30.8 146.2 115.4 0.28 0.05 1.8 0.015 0.43 0.74
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Incl. 41.5 119.6 78.1 0.34 0.06 2.1 0.014 0.49 0.84
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K-08-82 Incl. 81.4 119.6 38.2 0.40 0.09 2.5 0.022 0.63 1.09 Vertical
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214.5 222.5 8.0 0.67 0.02 2.9 0.002 0.72 1.24
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Central Zone
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362.6 700.1 337.6 0.15 0.20 0.5 -- 0.28 0.47
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Incl.563.3 700.1 136.9 0.19 0.33 0.6 -- 0.39 0.67 Vertical
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K-08-74 Incl.563.3 635.4 72.1 0.27 0.34 0.9 -- 0.51 0.87
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And 671.3 700.1 28.8 0.17 0.48 0.4 -- 0.46 0.78
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437.2 680.7 243.6 0.34 0.49 1.0 -- 0.64 1.09
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K-08-78 Incl.452.8 527.9 75.1 0.72 0.81 1.7 -- 1.21 2.08 Vertical
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And 603.0 661.3 85.3 0.29 0.59 0.7 -- 0.65 1.11
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North Area
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32.6 271.9 239.3 0.11 0.16 0.2 -- 0.21 0.36 -70
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K-08-70 Incl. 32.6 60.5 27.9 0.31 0.25 0.4 -- 0.46 0.79 /270
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And 191.3 266.2 75.0 0.12 0.20 0.1 -- 0.24 0.41
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K-08-72 61.1 73.6 12.5 0.17 0.01 1.9 -- 0.20 0.35
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303.9 321.4 17.5 0.24 0.03 0.2 -- 0.26 0.45 Vertical
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K-08-76 185.1 207.4 22.4 0.10 0.12 0.6 -- 0.18 0.31
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276.5 297.5 21.0 0.14 0.11 0.6 -- 0.22 0.38 Vertical
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K-08-69, 71,73, 75, 77 and 79 returned no significant values.
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Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for
copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for
silver and both assume metallurgical recoveries and net smelter returns of
100%. Copper (Cu) EQ equals Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06)+
(Ag g/t x 0.23/22.06). Gold (Au) EQ equals Au g/t + (Cu % x 38.60/22.5) +
(Mo% x 264.72/22.5) + Ag g/t x 12.50/700).
Of the thirteen holes reported here, two holes, K-08-81 and 82 tested the southern IP geophysical anomaly, two holes, K-08-74 and 78 tested the western extension of the main zone, and nine holes tested the northern IP anomaly. Since the start of the 2008 program in mid-January, over 18,000 meters of drilling have been completed in 37 holes. Twenty-four of these have now been reported; additional results will be provided when available.
Holes K-08-81 and 82: Two vertical holes spaced 750 meters apart intersected similar lengths (115m and 138m) of chalcopyrite-molybdenite mineralization with the best interval grading 0.40% Cu, 0.09 g/t Au, and 0.022% Mo over 38.2m in K-08-82. These two holes respectively lie 750m and 1500m north of the Old Kwanika deposit that has a previously reported historical non-43-101 compliant resource of 36 million tonnes grading 0.2% Cu. Readers should not attach undue reliance to this historical resource.
Holes K-08-78 and 74: Two vertical holes drilled from Sections 200N and 300N respectively tested the deep westward continuation of the main copper-gold zone. K-78 intersected a broad mineralized zone hosted in monzonite, 243.6m in length with a higher grade interval near its upper contact assaying 0.72% Cu, 0.81 g/t Au over 75.1m. K-74 appears to lie north of the higher grade core of the main zone with much of the mineralization hosted in andesite, with a monzonite contact encountered deep in the hole showing more elevated gold values.
Holes K-08-69 to 73, 75 to 77, and 79: Nine holes drilled from Section 1050N to the north property boundary tested the large IP anomaly that extends north of the central zone. The best of these is K-70 which intersected a broad interval of copper-gold mineralization with the highest grades, 0.31% Cu, 0.25 g/t Au over 27.9m starting at the bedrock surface. This hole represents a 250 meter extension to the north of the central zone mineralized envelope and, importantly, also indicates that the zone remains open to the east. Two other holes intersected weaker mineralization including K72 which intersected two intervals of weak native copper mineralization. The balance of the holes returned low values.
Drilling continues with two rigs on the property, both currently drilling deep holes on the west extension of the main zone. Given the positive results reported here, one of these rigs will be moved to test the southern copper-moly zone and delineate the northern extension of the main zone.
About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of copper-gold and molybdenum deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Additional information on Serengeti\'s projects can be found on the Company\'s website at www.serengetiresources.com.
Quality Assurance/Quality Control
Sample analysis for the current program was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards formed part of the sampling protocol in addition to the laboratory\'s own quality assurance program. Individual copper values exceeding 2000ppm and gold values exceeding 100ppb were assayed and these intervals combined with geochemical determinations on the balance of the samples, with all results reported in % and g/t respectively. This procedure will generally result in an understatement of the average grades. The field program was supervised by Rich Parish, P. Geo., of Coast Mountain Geological Inc. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company\'s qualified persons, Myron Osatenko, P. Geo., Chief Geologist and David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Cautionary Statement
This document contains \"forward-looking statements\" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company\'s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Contacts: Serengeti Resources Inc. David W. Moore President and CEO (604) 605-1300 (604) 899-1240 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Serengeti Resources Inc. Investor Relations (604) 685-8184 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.serengetiresources.com
SOURCE: Serengeti Resources Inc.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.serengetiresources.com
