DRILLS 514 METRES OF 0.64% CU, 0.80G/T AU (2.15 G/T AU EQ) INCLUDING 168 METRES OF 0.81% CU, 1.71 G/T AU (3.42 G/T AU EQ) AT KWANIKA
Serengeti Resources Inc. (SIR.V) has released the first batch of assay results from the 2018 drilling campaign completed at the Kwanika project in north-central British Columbia. The fully financed 2018 drilling program is part of the continuing Kwanika prefeasibility study (PFS), which is scheduled for completion in mid-2019, as described in Serengeti Resources' press release dated Sept. 11, 2018. Kwanika Copper Corp. is a private company jointly owned by Serengeti Resources (65 per cent) and Posco Daewoo Corp. (35 per cent).
"These outstanding results are from the first two holes of our 2018 drill program at Kwanika. The long intervals show excellent grades near surface within the potential open pit domain, and also demonstrate that strong gold and copper-rich mineralization is present within the potential underground domain outlined in our 2017 PEA. We're looking forward to incorporating the full set of results from this year's drilling into a revised resource estimate which is a priority input into the prefeasibility study scheduled for completion mid-2019. One of our key strategic objectives for 2018 is to expand the resource tonnage and to increase the overall resource grade of the Central Zone. If we're successful, it will open up a number of alternatives for our engineers to optimize the project design and potentially enhance the overall project economics" stated David Moore, President & CEO of Serengeti and President of Kwanika Copper Corp.
K-180: 0.80 g/t Au, 0.64% Cu, 2.08 g/t Ag (2.15 g/t AuEq) over 513.9 m, from 33.00 to 546.9 m
Including 0.68 g/t Au, 1.02% Cu, 3.07 g/t Ag (2.82 g/t AuEq) over 101.5 m, from 33.00 to 134.5 m
And 1.71 g/t Au, 0.81% Cu, 2.58 g/t Ag (3.42 g/t AuEq) over 168.2 m, from 257.00 to 425.2 m
K-181: 0.46 g/t Au, 0.64% Cu, 1.95 g/t Ag (1.81 g/t AuEq) over 319.62 m, from 215.98 to 535.5 m
Including 1.03 g/t Au, 1.25% Cu, 3.49 g/t Ag (3.66 g/t AuEq) over 95.37 m, from 215.98 to 311.4 m
See attached plan and drill sections or view them on the company's website at https://www.serengetiresources.com/projects/kwanika/ . Results remain pending for an additional 13 holes which have been submitted for assay and will be released in batches as additional results become available.
KWANIKA DRILL PROGRAM -- REPORTED ANALYTICAL RESULTS CURRENT RELEASE Hole K-180 From (m)To (m)Interval (m)Cu (%)Au (g/t)Ag (g/t)CuEq (%)AuEq (g/t)Comments Interval 33.0 546.9 513.9 0.64 0.80 2.08 1.03 2.15 Opit, ug domains including 33.0 162.5 129.5 0.85 0.55 2.54 1.13 2.36 Opit domain including 33.0 134.5 101.5 1.02 0.68 3.07 1.36 2.82 Opit domain and including 162.5 546.9 384.4 0.56 0.88 1.92 1.00 2.08 Ug domain including 257.0 476.94219.94 0.74 1.43 2.54 1.15 2.40 Ug domain including 257.0 425.2 168.2 0.81 1.71 2.58 1.65 3.42 Ug domain Hole K-181 From (m)To (m)Interval (m)Cu (%)Au (g/t)Ag (g/t)CuEq (%)AuEq (g/t)Comments Interval 215.98 655.6*439.22 0.52 0.37 1.59 0.71 1.47 May extend Ug domain including 215.98 535.5 319.62 0.64 0.46 1.95 0.87 1.81 Ug domain including 215.98 311.4 95.37 1.25 1.02 3.49 1.76 3.66 Ug domain
Intercept lengths in the table above are not necessarily true widths given the fact that holes are being drilled at different angles through forecast mining shapes within a variably oriented mineralized body. Gold and Copper equivalents are calculated using the formulae below based on metal prices of $3.00/lb of copper, $1,200/oz of gold and $15/oz of silver, with all metal prices quoted in USD. Metal recoveries as stated in the PEA as follows; Cu 91%, Au 75%, Ag 75% have been applied to the equivalent calculations..* End of Hole.
Open pit (Opit), and Underground (Ug) domains are as outlined in the Company's NI-43-101 Technical Report for the Kwanika Property, Preliminary Economic Assessment Update 2017, dated 19 April, 2017 and filed on SEDAR and on the Company's website.
DDH-K-179A was drilled from the bottom of prior hole K-16-179 which ended previously at 909 m. The new hole encountered strongly quartz-sericite-ankerite-pyrite altered monzonite with numerous quartz-tourmaline vein breccias containing locally anomalous gold values before being terminated in a major fault zone at 1047.5 m, which is thought to be a strand of the regional Pinchi Fault. The hole lies to the north of and approximately 400 m below the potential mining shape intersected by the other two holes reported here.
DDH-K-180 drilled in a southerly direction from the potential open pit and encountered strongly quartz-chalcopyrite veined monzonite over the portion of the hole lying within the proposed pit as well as a substantial gold-copper rich interval deeper in the hole characterized by vein and disseminated chalcopyrite and bornite cut by numerous thin late-mineral dykes which may be related to the gold enrichment of this interval. K-180 intersected mineralization within current mining shapes over a vertical range of 475 m and a horizontal extent at the mid point of the intercept of approximately 200 m. The current pit-constrained mineralized zone extends for a further 150 m north of the top of the mineralized zone encountered in K-180.
DDH-K-181 drilled in an easterly direction through the post-mineral sedimentary rock basin that overlies a portion of the deposit before encountering a supergene-enriched interval containing native copper gradational to underlying chalcocite containing strong grades of copper and gold. The drill hole ended in mineralization, albeit lower grade than observed higher in the hole and potentially extends the mineralized zone to depth and to the east. The hole intersected mineralization within the current underground mining shape over a vertical range of 290 m and a horizontal extent of approximately 150 m.
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 in partnership with POSCO DAEWOO Corporation and exploring its extensive portfolio of properties in north-central British Columbia. A number of these other projects are available for option or joint venture and additional information can be found on the Company's website at www.serengetiresources.com