Serengeti Identifies Major New Target on Kwanika
Thursday October 27, 8:30 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 27, 2005) - Serengeti Resources (TSX VENTURE:SIR - News) is pleased to report encouraging new results from the recently completed airborne geophysical survey and ground geochemical sampling program conducted on the Company's Kwanika copper-gold-molybdenum (Cu-Au-Mo) property located in the Quesnel Trough in north-central B.C. A total of 6 new target zones were identified, and one in particular outlined a much larger and stronger system than had previously been discovered on the property.
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The Kwanika project encompasses approximately 28 sq. km. and is situated in the northern portion of the Quesnel Trough, the largest copper-gold porphyry belt in Canada. Serengeti's helicopter geophysical survey confirmed the previously known mineralized occurrences on this project. However, a much more pronounced anomaly, of a sufficient size to reflect a large potential deposit, was identified in an overburden covered area 1.5 kms. north of previous workings. Of primary importance is that this geophysical signature was confirmed by geochemical sampling in this area, with grab samples running up to 0.69 % copper, 0.20 g/t gold and 0.41 % molybdenum from porphyry-style mineralization. Prior geophysical surveying has identified an 800 meter wide, open-ended IP anomaly associated with this target.
Historical work on the Kwanika project has taken place mostly on the southern portion of the property where most mineralized samples have returned values between 0.1 % and 1.0 % copper, with gold and molybdenum credits. The main mineralized zone is open in two directions, to depth and is locally more than 150 meters in thickness.
David Moore, President of Serengeti, stated: "This new target is exactly the sort of signature we were looking for when we flew the survey. Similar geophysical signatures are present at the other copper-gold deposits in the Quesnel Trough. Furthermore, our work at Kwanika this past summer has demonstrated that this is a transitional Cu-Au-Mo mineralized system, which is a characteristic of some of the world's largest porphyry deposits. We look forward to completing the ground geophysical work on this attractive target over the next several months and are confident that this prospect will rapidly advance to the drill stage."
By way of review, the Kwanika property is located approximately mid-way between the Lorraine copper-gold deposit (possible 250 million tonne target) and the Mt. Milligan deposit (est. resource of 5.6 million ounces of gold, 1.7 billion pounds copper - Placer Dome 2004 annual report). The Quesnel Trough geological belt extends approximately 600 kms. from Mt. Polley in the south to the Kemess deposit (300,000 oz./yr. gold mine) in the north.
Serengeti is a mineral exploration company with an experienced management team with a solid track record of exploration success. The Company is focused on the discovery and development of copper-gold-molybdenum deposits in British Columbia, especially in the highly prospective Quesnel Trough were the Company controls 12 separate properties totaling 340 sq.km. It is the Company's intention to seek joint-venture participation on several of these projects.
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.
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