Wednesday, August 15, 2007 |
Serengeti Exploration Update
Second Drill Rig Mobilized to Kwanika
Vancouver, B.C., August 15 , 2007: Serengeti Resources Inc. (TSX-V: SIR) is pleased to provide an update on exploration activities at its 100% owned Kwanika copper-gold property, where a major follow-up drill program is underway; as well as on a number of the Company's other projects.|
A 45 hole, 16,000 to 18,000 meter follow-up drill program is underway at Kwanika. To date, more than 2500 meters have been drilled in 5 holes in the current phase which resumed in early July. A second drill rig was mobilized to the property on August 11th and is now drilling. The current program consists of systematic step-out drilling at 50 to 75 meter centers with the objective of expanding the central area of high grade copper-gold mineralization at Kwanika (see News Releases dated January 9th, February 21st, May 16th and July 10th, 2007). The drilling will progress outwards to systematically test the full extent of this large mineralized system and the drill hole spacing has been designed to support a resource calculation.
A 30 line-km program of induced polarization (IP) geophysics was completed at Kwanika in late June. Several new IP anomalies have been identified and results are currently being integrated with other data to establish future drill targets on the property. Earlier IP surveys conducted by Serengeti were instrumental in making the initial discovery at Kwanika in 2006.
Data has been received from a 1200 line-kilometer airborne magnetic and electromagnetic survey conducted by Fugro Airborne Surveys Corp. in June over the southern end of the Kwanika block and over the 100% owned 185 square kilometer Osilinka property located north of Kwanika and west of the Lorraine copper-gold prospect where Teck Cominco Limited is currently funding a large multi-disciplinary exploration program.
Serengeti's recent survey at Kwanika has established that the magnetic trend associated with the copper-gold mineralization extends into the southern portion of the large claim block, identifying at least four discrete targets which have a similar geophysical signature to the main prospect. On the largely overburden-covered Osilinka block, which lies to the north along the trace of the Pinchi Fault in a similar setting to the Kwanika project, the airborne survey has identified two major favourable trends containing more than 10 discrete geophysical targets with a similar signature to those at Kwanika. All of these targets will require field examination to determine appropriate IP follow-up, which can be conducted from a series of valley-bottom logging roads.
A second survey to cover Serengeti's 100% owned Kem and Fleet claim blocks located near Northgate Mineral's Kemess Mine as well as portions of the Croy-Bloom claim block located 80 km south of Kemess with aeromagnetics and radiometrics is currently being designed. Combined magnetic-radiometric signatures can characterize porphyry copper-gold systems particularly in more mountainous areas which characterize these three survey blocks.
Finally, as reported on August 1st, 2007, Serengeti entered into a 50%-50% joint venture with Fjordland Exploration Inc. to explore a large, newly-acquired land position located between Fort St. James and Quesnel in the central Quesnel Trough. Serengeti and Fjordland are planning to conduct an aeromagnetic survey of their claims in the joint venture area to locate porphyry copper-gold targets for ground follow-up.
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.serengetiresouces.com.
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.
For further information, please contact:
David W. Moore, President and CEO, Serengeti Resources Inc., 604-605-1300
Investor Relations: ph 604-685-8184 / Email: firstname.lastname@example.org
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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 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.
Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks.