Serengeti Resources Inc.: Kwanika Drill Program Shows Copper-Gold System Open at North End of Central Zone
05 Noviembre 2012 - 6:30AM
Marketwired Canada
Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) reports the results of
a drill program conducted on the Kwanika property located in the Quesnel Trough
of north-central British Columbia. Three holes were drilled at the north end of
the Central Zone on the property confirm that the copper-gold system remains
open to the north and to depth.
A total of 1472m were drilled on the Kwanika property between late August and
early September 2012. Three of the holes, K-174 to 176 were drilled testing 450
meters of strike length. All three encountered mineralization with the best
intercept grading 0.13% Cu, 0.15 g/t Au over 159.7m in drill hole K-175 with
several narrower intervals of better grade mineralization (see following table).
Two of the holes K-175, 176 bottomed in mineralization indicating that the
system remains open to depth. Relogging of a number of prior drill holes from
the northern part of the Kwanika property also indicates that this portion of
the mineralized system flanks a large, highly altered, but barren breccia
complex. This new geological concept will aid in future drill hole targeting.
One regional hole, KS-07 testing a strong IP and magnetic anomaly, 15 kilometers
south of the deposit area, encountered pyritic sediments and ultramafic sills
explaining the geophysical response but did not encounter significant
mineralization.
----------------------------------------------------------------------------
2012 Kwanika Drill Program - Reported Analytical Results
----------------------------------------------------------------------------
Orient-
Copper ation
From To Interval Copper Gold Silver Mo Equiv. (dip/
Hole (m) (m) (m) % g/t g/t % % azimuth)
----------------------------------------------------------------------------
K-12-174 83.3 108.5 25.2 0.15 0.24 1.0 0.002 0.31 -60
----------------------------------------------------------- degrees
Incl. 99.0 101.0 2.0 0.07 1.97 2.0 tr 1.25 / 270
----------------------------------------------------------- degrees
129.7 239.5 109.8 0.10 0.07 0.8 tr 0.16
-----------------------------------------------------------
Incl. 139.1 153.0 13.9 0.23 0.11 1.3 0.002 0.31
-----------------------------------------------------------
and 221.0 231.2 10.2 0.13 0.13 1.1 0.003 0.24
-----------------------------------------------------------
358.2 375.0 16.8 0.13 0.10 0.8 0.004 0.23
-----------------------------------------------------------
383.0 421.0 38.0 0.16 0.10 1.0 0.002 0.25
-----------------------------------------------------------
448.5 465.4 16.9 0.14 0.10 0.9 0.003 0.23
----------------------------------------------------------------------------
K-12-175 290.5 450.2 159.7 0.13 0.15 0.8 tr 0.23 -65
(i) degrees
----------------------------------------------------------- / 090
Incl. 306 316.0 10.0 0.29 0.31 1.6 0.002 0.50 degrees
-----------------------------------------------------------
and 348.0 362.7 14.7 0.22 0.14 1.3 tr 0.32
-----------------------------------------------------------
and 391.0 407.0 16.0 0.16 0.30 1.3 tr 0.35
-----------------------------------------------------------
and 412.9 437.9 25.0 0.21 0.29 1.0 tr 0.40
----------------------------------------------------------------------------
K-12-176 218.0 297.8 79.8 0.10 0.06 0.4 0.002 0.16 -70
(i) degrees
----------------------------------------------------------- / 090
Incl. 218.0 226.0 8.0 0.21 0.15 0.8 0.021 0.45 degrees
-----------------------------------------------------------
and 248.0 258.0 10.0 0.33 0.19 1.3 tr 0.46
----------------------------------------------------------------------------
KS-12-07 NSV -60
degrees
/ 260
degrees
----------------------------------------------------------------------------
(i) End of hole.
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 Price of 1% Mo/Price of 1% Cu) + (Au g/t x Price of 1g
Au/Price of 1% Cu) + (Ag g/t x Price of 1g Ag/Price of 1% Cu) or Cu EQ = Cu%
+ (Mo% x 264.48/38.57) + (Au g/t x 22.50/38.57) + (Ag g/t x 0.40/38.57).
Drill Sections and a 3D model can be reviewed at www.corebox.net or by following
a link on the company's website at www.serengetiresources.com.
The Company reports that it has been advised by Freeport-McMoRan of Canada
Limited that it has elected to terminate its Earn-In Agreement for the Choo and
Tchentlo properties.
Serengeti also reports that it has received a cash refund of $579,000 from the
BC Government's METC program in partial reimbursement of exploration
expenditures incurred in the province in 2010. This amount is included in the
working capital position indicated below.
About Serengeti Resources Inc.
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 conducting exploration for gold-silver deposits 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 $2.1 million.
Serengeti has 51.1 million shares issued and outstanding or 59.4 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.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
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. Readers are advised not to place undue reliance on
forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paradox Public Relations
Investor Relations
514-341-0408 or (toll free in North America) 1-866-460-0408
info@paradox-pr.ca
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com
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