Vancouver, B.C., September
9th, 2010: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) today announced
results from the final 13 holes of a major drill campaign completed at the
Kwanika copper-gold project in the Quesnel Trough of north-central British
Columbia.
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Copper
%
|
Gold
g/t
|
Silver
g/t
|
Mo
%
|
Copper Equiv.
%
|
Orientation
(dip/azimuth)
|
K-153
|
68.0
|
71.0
|
3.0
|
0.24
|
0.17
|
2.3
|
-
|
0.36
|
Vertical
|
117.0
|
172.0
|
55.0
|
0.11
|
0.01
|
1.0
|
0.004
|
0.15
|
204.0
|
218.5
|
14.5
|
0.15
|
0.05
|
1.3
|
0.009
|
0.25
|
K-154
|
208.0
|
212.0
|
4.0
|
0.10
|
0.26
|
1.9
|
-
|
0.27
|
-65� / 270�
|
249.8
|
264.0
|
14.2
|
0.07
|
0.33
|
1.5
|
0.002
|
0.29
|
279.0
|
305.0
|
26.0
|
0.09
|
0.18
|
2.3
|
0.002
|
0.23
|
K-157
|
113.8
|
277.0
|
163.2
|
0.15
|
0.04
|
1.1
|
0.012
|
0.27
|
-47� / 77�
|
K-159
|
124.0
|
138.0
|
14.0
|
0.09
|
0.04
|
1.0
|
0.006
|
0.17
|
Vertical
|
K-160
|
47.0
|
97.9
|
50.9
|
0.36
|
0.10
|
2.2
|
0.031
|
0.65
|
-62� / 270�
|
Incl. 55.8
|
76.7
|
20.9
|
0.41
|
0.10
|
2.4
|
0.042
|
0.78
|
K-161
|
65.5
|
118.0
|
52.5
|
0.15
|
0.02
|
1.0
|
0.016
|
0.28
|
Vertical
|
K-162
|
171.0
|
222.9
|
51.9
|
0.28
|
0.06
|
2.3
|
0.003
|
0.36
|
-70� / 270�
|
Incl. 195.0
|
215.0
|
20.0
|
0.39
|
0.09
|
3.2
|
0.003
|
0.50
|
222.9
|
287.0
|
64.1
|
0.09
|
0.01
|
0.8
|
0.003
|
0.12
|
K-164
|
255.0
|
327.6
|
72.6
|
0.16
|
0.05
|
1.2
|
0.003
|
0.22
|
-45� / 100�
|
K-165
|
60.0
|
72.85
|
12.8
|
0.11
|
0.03
|
0.9
|
0.002
|
0.15
|
-50� / 170�
|
85.0
|
89.0
|
4.0
|
0.15
|
0.04
|
1.8
|
0.006
|
0.23
|
136.0
|
142.0
|
6.0
|
0.20
|
0.02
|
0.5
|
-
|
0.22
|
K-166
|
117.0
|
125.0
|
8.0
|
0.36
|
0.27
|
0.9
|
-
|
0.53
|
-70� / 90�
|
151.0
|
157.0
|
6.0
|
0.11
|
0.15
|
0.3
|
0.001
|
0.21
|
336.4
|
349.0
|
12.6
|
0.09
|
0.09
|
0.6
|
0.001
|
0.16
|
K-167
|
203.0
|
213.0
|
10.0
|
0.09
|
0.03
|
0.6
|
0.002
|
0.13
|
-50� / 270�
|
241.0
|
247.0
|
6.0
|
0.15
|
0.02
|
1.1
|
0.003
|
0.19
|
K163,168
|
NSV
|
*Copper-equivalent calculation uses
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 assumes 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)
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.
The 2010 Kwanika drill program was completed in early August and comprised
7,600 meters of drilling in 28 holes, utilizing two drills. The program was
carried out more quickly than anticipated and resulted in a significant
cost savings of approximately $800,000. Thirteen holes are reported in the
current release and 15 holes were previously released (see NR 2010-09 dated
July 22, 2010 and NR 2010-12 dated August 18, 2010).
"Results from the widely spaced drilling conducted this year will be
used to update the South Zone resource model", said President and CEO,
David W. Moore. "Given the very conservative metal prices we have used
for prior resource estimates, we will also recalculate the Central Zone
resource given the sustained current higher price environment for copper
and gold", stated Moore. "We are also pleased to have recognized
a new target area south of the current drilling which maintains the
potential for additional discoveries on the property".
The Company's previously reported NI 43-101 compliant resources, combining
the South and Central Zones, total 1.1 billion pounds of copper and 1.6
million ounces of gold in the Indicated Resource category, plus 1.0 billion
pounds of copper and 0.5 million ounces of gold in the Inferred Resource
category, all estimated at a 0.25% copper equivalent cut-off grade (see
following table). Upon receipt of all the results from this summer's drill
program at Kwanika, the Company will update the Resource Estimate.
Kwanika Mineral Resources
Zone
|
Category
|
CuEq %
Cut-off
|
Tonnage
Mt
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Mo
%
|
CuEq
%
|
Central
|
Indicated
|
0.40
|
75.1
|
0.41
|
0.42
|
-
|
-
|
0.69
|
0.25
|
182.6
|
0.29
|
0.28
|
-
|
-
|
0.47
|
Inferred
|
0.25
|
28.5
|
0.19
|
0.20
|
-
|
-
|
0.32
|
South
|
Inferred
|
0.40
|
62.2
|
0.41
|
0.09
|
2.25
|
0.014
|
0.59
|
0.25
|
129.1
|
0.30
|
0.09
|
1.76
|
0.010
|
0.45
|
Note 1: Copper equivalent calculation uses the following
USD metal prices; copper, $2.00/lb; gold, $900/oz; molybdenum, $15/lb;
silver, $12/oz; and makes no provision for metallurgical recoveries and net
smelter returns. CuEq = Cu % +[Mo% x 15/2.00] +[Au g/t x ( 900 / 31.1 /
2.00) / 22.06] + [Ag g/t x (12/31.1/2.00)/22.06] The base case cut-off used
for the Mineral Resources was 0.25% CuEq which is comparable to other
porphyry copper open-pit deposits in BC.
Elsewhere on the Kwanika property, recent geological mapping has outlined
outcrops of similar cover rocks, two to five kilometers south of the South
Zone, as those observed overlying the high grade enriched portions of the
Central Zone. This evidence along with anomalous copper values in outcrop
and IP geophysical anomalies from prior surveys, indicates a potential new
target area for future drilling.
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 currently advancing its Kwanika copper-gold project, and exploring its
extensive portfolio of properties in the highly prospective Quesnel Trough
of British Columbia and has initiated exploration for gold-silver
deposition in Mexico. 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 approximately $6.1 million, which includes $2.9 million
receivable from the B.C. government's METC program. Serengeti has 46.2
million shares issued and outstanding and 51.5 million shares on a fully
diluted basis.
Quality Assurance/Quality Control
Sample analysis for the current program was completed at Acme Analytical
Laboratories Ltd in Vancouver, BC. A comprehensive quality
assurance/quality control program including duplicate samples, blanks and
standards form part of the sampling protocol in addition to the
laboratory's own quality assurance program. The field program was
supervised by Serengeti Resources Inc. staff and 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.
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without limitation,
statements regarding exploration 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Investor Relations: Martti Kangas (tel) 647-521-9261 (email) mkangas@proconsulcapital.com
Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE
Website: www.serengetiresources.com
|