NR: 2009-08
Vancouver, B.C., August 26, 2009: Serengeti Resources Inc. (SIR: TSX-V)
is pleased to announce the results from the initial five holes drilled in
the course of this summer's exploration program at the Company's Kwanika
property in BC.
The results include a near surface intercept grading 0.51% copper, 0.14
g/t gold, 2.7 g/t silver and 0.024% molybdenum (0.78% copper equivalent)
over 150.3 meters
in hole K-126. This is the best hole drilled to date on the South Zone
which is located approximately two kilometers south of the Central
copper-gold Zone at Kwanika, that was the subject of a NI 43-101 mineral
resource estimate in March 2009.
Drill Holes K-09-124 to
K-09-128 Significant Analytical Results
|
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Copper
%
|
Gold
g/t
|
Silver
g/t
|
Moly
%
|
Copper
Equiv. %
|
Gold
Equiv. g/t
|
Orientation
(dip/az)
|
K-124
|
126.6
|
228.0
|
101.4
|
0.05
|
0.03
|
0.2
|
0.033
|
0.30
|
0.51
|
Vertical
|
Incl. 189.9
|
196.0
|
6.2
|
0.05
|
0.32
|
0.0
|
0.372
|
2.79
|
4.78
|
259.5
|
502.0
|
242.5
|
0.41
|
0.05
|
2.1
|
0.018
|
0.58
|
1.00
|
Incl. 290.3
|
502.0
|
211.7
|
0.44
|
0.05
|
2.3
|
0.019
|
0.63
|
1.07
|
Incl. 423.5
|
463.0
|
39.6
|
0.65
|
0.07
|
3.1
|
0.028
|
0.92
|
1.57
|
K-125
|
71.8
|
122.2
|
50.4
|
0.23
|
0.05
|
1.3
|
0.005
|
0.31
|
0.53
|
-80�
/ 90�
|
Incl.
103.3
|
122.2
|
18.9
|
0.39
|
0.08
|
2.6
|
0.010
|
0.53
|
0.91
|
165.3
|
186.8
|
21.5
|
0.21
|
0.14
|
2.0
|
0.003
|
0.33
|
0.57
|
306.3
|
363.5
|
57.2
|
0.13
|
0.21
|
1.7
|
0.002
|
0.28
|
0.49
|
K-126
|
77.0
|
227.3
|
150.3
|
0.51
|
0.14
|
2.7
|
0.024
|
0.78
|
1.35
|
-70� / 90�
|
Incl. 86.2
|
101.3
|
15.1
|
0.78
|
0.25
|
1.9
|
0.025
|
1.12
|
1.92
|
And 121.4
|
146.1
|
24.7
|
0.58
|
0.25
|
2.7
|
0.044
|
1.06
|
1.81
|
And 189.8
|
197.2
|
7.5
|
1.42
|
0.12
|
9.0
|
0.009
|
1.65
|
2.82
|
K-127
|
64.7
|
121.3
|
56.6
|
0.33
|
0.09
|
2.2
|
0.030
|
0.61
|
1.07
|
-65� / 90�
|
Incl. 98.9
|
121.3
|
22.4
|
0.45
|
0.13
|
3.2
|
0.061
|
0.98
|
1.68
|
158.7
|
173.1
|
14.4
|
0.19
|
0.06
|
1.6
|
0.002
|
0.26
|
0.44
|
272.7
|
283.0
|
10.4
|
0.72
|
0.00
|
3.4
|
0.021
|
0.90
|
1.54
|
K-128
|
No significant values
|
Vertical
|
*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 = 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 = Au g/t + (Cu % x
38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).
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
"These new intercepts greatly increase the potential of the South Zone
at Kwanika" stated Serengeti's President & CEO, David Moore. "This
drilling indicates that a near surface copper-molybdenum-gold-silver upper
zone appears to increase in grade towards a west-bounding fault and is
underlain, at least locally, by a significant lower
copper-molybdenum-silver zone that remains open to depth. Follow-up
drilling is planned in the current program to further test the significance
of these zones" amplified Moore.
All of the holes reported on here were drilled testing extensions of the
South Zone where prior drilling by Serengeti and by previous explorers has
intersected mineralization along 1,800 meters of
strike length. The average composite intercept of the fourteen holes
drilled previously in the South Zone by Serengeti is 0.36% copper, 0.13 g/t
gold, and 0.013% molybdenum over 82 meters. Four of the holes reported here
were drilled along 375
meters of strike length on the west side of the
South Zone; three of these intersected significant mineralization, with the
fourth hole intersecting weaker mineralization. A fifth hole, K-128 was
drilled off the north end of the zone and was not mineralized.
K-126: Intersected a 150.3 meter near surface interval
grading 0.51% copper, 0.14 g/t gold, 2.7 g/t silver, 0.024% molybdenum
(0.78% copper equivalent). This hole was drilled 200 meters west of
prior hole K116 which intersected 0.39% copper, 0.10 g/t gold, 2.7 g/t
silver, 0.013% molybdenum over 113.7 meters indicating continuity to the
mineralized zone.
K-124: Collared 125
meters north of K-126 intersected what is
interpreted to be a lower mineralized zone grading 0.44% copper, 0.05
g/t gold, 2.3 g/t silver, 0.019% molybdenum (0.63% copper equivalent) over 211.7 meter. This
lower zone remains open at the bottom of the hole at 502 meters depth and
is interpreted to be truncated to the west by a steep west-dipping fault. K-124
was subsequently deepened to a final depth of 642 meters and
additional mineralization was observed in the hole to a depth of
approximately 620
meters. Assays for this portion of the hole will be
reported when available. An upper mineralized zone on this same section was
intersected in previously reported hole K-110 and grades 0.27% copper, 0.26
g/t gold, 1.7 g/t silver and 0.007% molybdenum over 239.8 meters.
K-127, K-125: K-127 collared 125 meters north of
K-124, intersected a 56.6
meter near surface interval grading 0.33%
copper, 0.09 g/t gold, 2.2 g/t silver and 0.030% molybdenum (0.61% copper
equivalent) including a 22.4 meter interval grading 0.45%
copper, 0.13 g/t gold, 3.2 g/t silver and 0.061% molybdenum (0.98% copper
equivalent) and indicates that the better grade zone remains open to
the north. K-125 collared 110
m to the south of K-126, intersected several
intervals of weaker mineralization and indicates that at least locally, the
better grades encountered in K-126 diminish towards the south.
Elsewhere, drilling continues, testing regional targets at the south end of
the Kwanika claim block after a break due to elevated forest fire risk. From
here the drill will be moved to the Osilinka property, located 35 kilometers
north of Kwanika. The planned drill program at Serengeti's Croy Bloom
project, funded by Newcrest Mining, has been deferred for this year due to
First Nations' access issues and the joint venture partner, Newcrest, has
been granted an extension to allow time to resolve these issues.
Click to enlarge
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
which contains an Indicated Mineral resource at a 0.25% copper equivalent
cut-off of 183 million tonnes grading 0.29% copper, 0.28 g/t gold including
a higher grade zone at a 0.4% copper equivalent cut-off of 75 million
tonnes grading 0.41% copper and 0.42 g/t gold. Serengeti also continues to
explore for additional gold and copper 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.. Serengeti is
well funded to advance its projects with a current working capital position
of $9.7 million which includes a $2.3 million receivable from the
B.C. government's METC program. The Company has currently completed
approximately 60% of a recently expanded 8,500 meter summer
drilling program.
Quality Assurance/Quality Control
Sample analysis for the current program was completed at Acme Labs 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 2,000 ppm, molybdenum values exceeding 1,000 ppm
and gold values exceeding 100 ppb 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 Serengeti Resources Inc. staff. 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 person David W. Moore, P. Geo., President and CEO of
Serengeti Resources Inc.
For further
information, please contact:
David W. Moore, President and CEO, Serengeti Resources Inc., 604-605-1300
Email: dmoore@serengetiresources.com Website: www.serengetiresources.com
Investor Relations: ph 604-685-8184 / Email: info@serengetiresources.com
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