Quantcast
Last updated on April 18, 2014 at 15:27 EDT

Serengeti Intersects 268 Meters Grading 0.67% Copper, 0.84 G/T Gold in Central Zone and Discovers New Northern Copper Zone at Kwanika

October 15, 2008

Serengeti Resources Inc. (TSX VENTURE: SIR) is pleased to report continued excellent results from the Central copper-gold Zone and the discovery in hole K-122 of attractive copper grades in a new area in the northern sector of the Company’s 100% owned Kwanika copper-gold property in BC. The current release completes the results from the 2008 drilling program enabling the Company to proceed with its stated objective of completing a resource calculation by year end.

 Drill Holes K-08-114 to K-08-123 Significant Analytical Results -------------------------------------------------------------------------                                                     Cop-                                                     per  Gold                         Inter- Cop-      Sil-        Eq-   Eq-      Orien-                      To   val  per  Gold ver    Mo  uiv.  uiv.     tation Hole      From (m)   (m)   (m)   %   g/t g/t     %    %   g/t     (dip/az) -------------------------------------------------------------------------                               Central Zone -------------------------------------------------------------------------             230.8 684.9 454.1 0.49  0.55 1.9     - 0.83  1.43       -------------------------------------------------------       Incl. 232.8 501.2 268.4 0.67  0.84 2.6     - 1.19  2.04 -81 degrees/ K-114 -------------------------------------------------------  85 degrees       Incl. 232.8 326.5  93.7 0.98  1.24 3.7     - 1.74  2.99       -------------------------------------------------------         And 445.3 501.2  55.9 0.56  0.92 2.4     - 1.12  1.93 -------------------------------------------------------------------------             K-115, K-118, K-121, 123 no significant values -------------------------------------------------------------------------                               South Zone -------------------------------------------------------------------------             137.5 251.2 113.7 0.39  0.10 2.7 0.013 0.57  0.97 K-116 -------------------------------------------------------    Vertical       Incl. 173.9 225.9  52.0 0.60  0.12 3.8 0.016 0.82  1.41 -------------------------------------------------------------------------             135.3 231.8  96.5 0.15  0.07 0.3 0.003 0.22  0.37       ------------------------------------------------------- K-117       258.5 269.8  11.3 0.14  0.02 0.6 0.004 0.18  0.32    Vertical       -------------------------------------------------------             322.1 336.0  14.0 0.12  0.00 0.4 0.008 0.18  0.31 -------------------------------------------------------------------------              44.8  52.8   8.0 0.13  0.05 1.0 0.013 0.26  0.44       -------------------------------------------------------              60.8  67.8   7.0 0.13  0.14 1.0 0.004 0.25  0.43 -60 degrees/ K-119 -------------------------------------------------------  90 degrees              90.5 116.5  26.0 0.18  0.06 0.4 0.005 0.25  0.43       -------------------------------------------------------             222.5 266.8  44.4 0.18  0.07 1.2 0.004 0.26  0.44 -------------------------------------------------------------------------             172.7 398.2 227.5 0.23  0.12 1.6 0.008 0.37  0.64       ------------------------------------------------------- K-120 Incl. 178.7 189.8  11.1 0.27  0.44 2.8 0.013 0.65  1.11    Vertical       -------------------------------------------------------         And 252.1 347.0  94.9 0.32  0.14 2.2 0.009 0.49  0.84 -------------------------------------------------------------------------                                North Zone -------------------------------------------------------------------------             113.2 189.4  76.2 0.42  0.06 0.4     - 0.47  0.80 -65 degrees/ K-122 ------------------------------------------------------- 260 degrees       Incl. 142.2 171.0  28.8 0.64  0.08 0.2     - 0.70  1.19 ------------------------------------------------------------------------- (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). 

Drill sections and a 3D model can be viewed at www.corebox.net or by following a link on the Company’s website at www.serengetiresources.com.

“Hole K-114 continues to demonstrate the exceptional grade present in the Central Zone at Kwanika intersecting 0.67% copper, 0.84 g/t gold over 268.4 meters within a 454 meter mineralized interval,” stated President & CEO David Moore. “We have also discovered a potential new copper zone, 1000 meters to the north of the Central Zone with the intersection in hole K-122, as well as continued to expand the South Zone. These positive developments demonstrate the tremendous exploration upside at Kwanika given that we have only drill tested targets in the northern 20% of this large property,” elaborated Moore.

Central Zone: Hole K-114 was drilled as an infill hole (for resource calculation purposes) near the south edge of the Central Zone and intersected a 454.1 mineralized interval to the bottom of the hole grading 0.49% copper, 0.55 g/t gold, within which the upper 268.4 meters graded 0.67% copper, 0.84 g/t gold. This hole was a steep angle hole drilled to the east and essentially represents a true vertical height on the mineralized zone. Hole K115/A was drilled to the east, back across the Pinchi Fault from the western boundary of the property and was abandoned in the fault zone which truncates the Central Zone at depth. Holes K-118, 121, 123 drilled to the northwest of the Central Zone did not intersect significant mineralization.

South Zone: Holes K-116, 117 and 120 were vertical holes drilled as 100 meter step-outs and K-119 an angle hole drilled from the collar of prior hole K-81 which intersected 138.2 meters of 0.49% copper equivalent. K-116, the best of the current holes within the South Zone intersected 113.7 meters grading 0.57% copper equivalent, including an interval grading 0.82% copper equivalent over 52 meters. Along with previously released hole K-110 which was drilled 250 meters to the north, intersecting 239.8 meters grading 0.48% copper equivalent, these holes indicate a potentially significant body of better grade mineralization within the 2000 meter long South Zone. Mineralization in the South Zone consists of chalcopyrite, pyrite and locally significant molybdenite.

North Zone: K-122 is an angled hole drilled from the collar of previous vertical hole K-72 which intersected minor native copper over two intervals. K-122 intersected a 76.2 meter interval of brecciated and chalcopyrite-bearing andesite grading 0.42% copper including a 28.8 meter interval assaying 0.64% copper. Another prior hole, K-76 drilled 500 meters to the north, intersected two intervals of copper-gold mineralization and indicates that there is room in this area for a potentially significant mineralized zone.

Since inception, Serengeti has drilled 123 holes totaling over 55,000 meters at Kwanika, outlining a significant body of copper-gold mineralization in the Central Zone, partially defining a copper-molybdenum +/- gold South Zone and now indicating a potential third zone to the north. This large drill database will now be used to complete an independent NI 43-101 compliant resource calculation by year end 2008.

Serengeti also announces that it has awarded 125,000 options at $0.40 to employees of the Company.

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 and on the discovery of copper-gold and molybdenum 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 working capital position of approximately $9.7 million and an ongoing drilling project at the Company’s Croy-Bloom project funded by partner Newcrest Mining Limited.

Quality Assurance/Quality Control

Sample analysis for the current program was completed at Global Discovery Lab 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 2000ppm and gold values exceeding 100ppb 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 Rich Parish of Coast Mountain Geological Inc. 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 Kwanika Project Actual Drill Holes map please click on the following link: http://media3.marketwire.com/docs/sir1015.JPG.

This map can also be viewed on the Company’s website at www.serengetiresources.com.

Cautionary Statement This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

 Contacts: Serengeti Resources Inc. David W. Moore President and CEO (604) 605-1300 (604) 899-1240 (FAX) Email: dmoore@serengetiresources.com  Serengeti Resources Inc. Investor Relations (604) 685-8184 Email: info@serengetiresources.com Website: www.serengetiresources.com

SOURCE: Serengeti Resources Inc.