Serengeti Expands Potential of South Zone at Kwanika
Monday September 21, 8:29 am ET
http://ca.us.biz.yahoo.com/iw/090921/0539084.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 09/21/09) - Serengeti Resources Inc. (TSX-V:SIR - News) reports the additional results from this summer's exploration program at the Company's Kwanika property in British Columbia.
Two new mineralized intercepts from drilling on the South Zone indicate that the South Zone extends to considerably greater depth than has been previously noted. The drilling has also shown that the South Zone, which abuts against a fault on the west side, the "West Fault", is open to the south and east as well as to depth. More drilling is underway to expand the South Zone.
The results include a deep intercept grading 0.43% copper, 0.02 g/t gold, 2.0 g/t silver and 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters in hole K-136 and in hole K-124, 0.36% copper, 0.01 g/t gold, 1.4 g/t silver and 0.007% molybdenum (0.43% copper equivalent) over 58 meters. The intercept from hole K-124 is additional to the previously reported 242.5 metres of mineralization.
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Drill Holes K-09-124, K-09-129 to K-09-137 Significant Analytical Results
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Cop- Gold
per Equ- Orien-
Inter- Cop- Sil- Equiv. iv. tation
From To val per Gold ver Mo % g/t (dip/
Hole (m) (m) (m) % g/t g/t % (i) (i) Zone azimuth)
----------------------------------------------------------------------------
K-124 259.5 622.0 362.5 0.35 0.04 1.7 0.014 0.49 0.84 South Vertical
-----------------------------------------------------
Incl.
259.5 502.0 242.5 0.41 0.05 2.1 0.018 0.58 1.00
(ii)
-----------------------------------------------------
And
564.0 622.0 58.0 0.36 0.01 1.4 0.007 0.43 0.73
----------------------------------------------------------------------------
K-136 412.0 440.0 28.0 0.09 0.00 0.6 0.008 0.15 0.26 South -65
----------------------------------------------------- degrees/
502.0 677.5 175.5 0.26 0.01 1.1 0.024 0.44 0.76 90
----------------------------------------------------- degrees
Incl.
524.0 589.5 65.5 0.43 0.02 2.0 0.049 0.80 1.37
-----------------------------------------------------
And
Incl.
660.0 677.5 17.5 0.33 0.01 0.8 0.003 0.36 0.63
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K-130 80.0 82.0 2.0 0.17 0.22 1.6 0.017 0.43 0.74 East -60
degrees/
270
degrees
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K-132 91.8 97.9 6.1 0.47 0.14 0.9 0.003 0.58 1.00 North -65
degrees/
90
degrees
----------------------------------------------------------------------------
K-133 Incl.
140.3 249.1 108.8 0.04 0.01 0.1 0.000 0.05 0.08 North Vertical
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K-129, 131, 134, 135, 137 indicated NSV
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(i) 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).
(ii) Previously Reported.
Drill sections and a 3D model can be viewed at http://www.corebox.net/properties/kwanika/ or by following a link on the Company's website at www.serengetiresources.com.
"The drilling reported on here adds size and depth to the South Zone and clearly indicates major expansion potential to the south and east," stated President and CEO David Moore. "Hole K-136 in particular has returned excellent grades adjacent to the West Fault on the South Zone. Recent geological and geophysical modeling has traced this newly identified fault six kilometers to the south, opening up a large area for future exploration. We are very encouraged by the newly demonstrated potential at depth in the South Zone as indicated by holes K-124 and K-136. We are currently drilling several additional holes testing this potential," added Moore.
South Zone Drilling (K-124, and K-135 to 137): Shallow drilling prior to Serengeti's exploration suggested a limited resource that required more testing. Serengeti's recent work has indicated the potential for expansion is wide open. Vertical drill hole K-124, the upper portion of which was previously reported (see NR 2009-08 dated August 26, 2009) was deepened and as noted above an additional mineralized interval grading 0.36% copper, 0.01 g/t gold, 1.4 g/t silver, 0.007% molybdenum (0.43% copper equivalent) over 58.0 meters was intersected. The overall mineralized intercept in K-124 now grades 0.35% copper, 0.04 g/t gold, 1.7 g/t silver, 0.014% molybdenum (0.49% copper equivalent) over 362.5 meters. K-136, an angle hole drilled from the west, drilled though the West Fault and then encountered a 175.5 meter mineralized interval to the bottom of the hole at 677.5 meters, including an interval assaying 0.43% copper, 0.02 g/t gold, 2.0 g/t silver, 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters. Due to orientation and deviation of the drill hole, the intercept in K-136 lies on the same section as K-124.
K-135 which was unmineralized was a west-directed angle hole drilled from the collar of K-124 and helped define the West Fault. K-137 was drilled off the north end of the South Zone and was not mineralized.
North Area Drilling (K-131 to 134): Hole K-131, 132, 133 were drilled in the vicinity of previously reported hole K-08-122 which intersected 0.42% copper, 0.06 g/t gold, over 76.2 meters, approximately one kilometer north of the Central Zone resource. These three recent holes demonstrate that the K-122 area is structurally complex, with the best interval, 0.47% copper, 0.14 g/t gold occurring over 6.1 meters in hole K-132 and a broad zone of anomalous copper intersected in K-133. Hole K-134 which was drilled off the north east end of the Central Zone was unmineralized.
East Area Drilling (K-129 and K-130): Two holes were drilled in the north-east quadrant of the property, with K-130 encountering a narrow mineralized interval grading 0.17% copper, 0.22 g/t gold over 2 meters immediately below unexpectedly deep overburden. K-129, drilled 1.4 kilometers to the south did not intersect significant mineralization.
Drill Program Summary Drilling has now been completed on Serengeti's Osilinka property and results will be released when available. Drilling has now resumed at the South Zone at Kwanika, after which the drill will be moved to test attractive targets on the Choo and Mil properties.
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 approximately $9.3 million which includes $2.3 million receivable from the B.C. government's METC program. The Company has currently completed approximately 75% of an expanded 9,500 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.
To view the map accompanying this release, please click on the following link: http://media3.marketwire.com/docs/SIR0921M.pdf.
Contact:
Contacts:
Serengeti Resources Inc.
David W. Moore
President and CEO
604-605-1300
604-899-1240 (FAX)
dmoore@serengetiresources.com
Serengeti Resources Inc.
Investor Relations
604-685-8184
info@serengetiresources.com
www.serengetiresources.com
Source: Serengeti Resources Inc.
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