Serengeti drills Kwanika, admires core, awaits assays
2006-12-08 09:53 ET - News Release
Mr. David Moore reports
SERENGETI COMPLETES PHASE II DRILLING AT KWANIKA PROPERTY
Serengeti Resources Inc. has recently completed the second phase of drilling on its Kwanika copper-gold property. Five holes totalling 1,257 metres were drilled, following up on copper-gold mineralization first identified in a program on the property in August (see news in Stockwatch on Sept. 20, 2006). All holes drilled in the current program have encountered sulphides, with particularly encouraging signs of copper mineralization encountered in drill hole K-06-9. Kwanika is situated midway between the Lorraine and Mt. Milligan deposits (206-million-tonne resource grading 0.25 per cent copper, 0.6 gram per tonne gold) and is accessible by road from Fort St. James, B.C.
The five holes in the current program were drilled within a 500-by-500-metre area around earlier hole K-06-4 and tested the central portion of a large induced polarization (IP) chargeability anomaly described in more detail in news in Stockwatch on Nov. 15, 2006. Strongly altered andesitic volcanics and monzonitic intrusive rocks carrying variable amounts of pyrite and lesser chalcopyrite have been encountered in all holes. The most southerly hole of the current program, K-06-9, has provided the visibly most encouraging signs and contains three styles of copper mineralization within a 131-metre interval: a 33-metre thick upper zone from 73 to 106 m containing minor native copper in hematitic breccia followed by a six m dyke; a three m zone from 112 to 115 m containing supergene chalcocite mineralization; followed by an 89 m thick primary sulphide zone from 115 to 204 m carrying variable amounts of pyrite, chalcopyrite and minor covellite and bornite within highly altered monzonitic rocks. The intensity of mineralization appears to increase toward a fault at the base of the zone. A narrower interval of copper mineralization was also encountered in the footwall to the fault, before the hole was stopped at 230 m depth.
The mineralization and alteration described above has not been confirmed by assay or mineralogical analysis and consequently this information should not be relied upon for quantitative purposes. Sawn drill core has been submitted for assay, with priority put on hole K-06-9. Results will be released when available.
The company also announces that it has tripled the size of its 100-per-cent-owned land position at Kwanika by staking to 94 square kilometres, and staked three additional blocks to the north, totalling 185 square km in a similar geological setting.
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