Serengeti Resources Inc announced that the results from the initial 5 holes drilled in the course of this summer's exploration program at the Company's Kwanika property in BC.
The results include a near surface intercept grading 0.51% copper, 0.14 grams per tonne gold, 2.7 grams per tonne silver and 0.024% molybdenum over 150.3 meters in hole K 126. This is the best hole drilled to date on the South Zone which is located approximately 2 kilometers south of the Central copper gold Zone at Kwanika that was the subject of a NI 43-101 mineral resource estimate in March 2009.
Mr David Moore president & CEO of Serengeti said that "These new intercepts greatly increase the potential of the South Zone at Kwanika. This drilling indicates that a near surface copper molybdenum gold silver upper zone appears to increase in grade towards a west bounding fault and is underlain at least locally by a significant lower copper molybdenum silver zone that remains open to depth. Follow up drilling is planned in the current program to further test the significance of these zones."
All of the holes reported on here were drilled testing extensions of the South Zone where prior drilling by Serengeti and by previous explorers has intersected mineralization along 1,800 meters of strike length. The average composite intercept of the 14 holes drilled previously in the South Zone by Serengeti is 0.36% copper, 0.13 grams per tonne gold and 0.013% molybdenum over 82 meters. 4 of the holes reported here were drilled along 375 meters of strike length on the west side of the South Zone, 3 of these intersected significant mineralization with the 4th hole intersecting weaker mineralization. A fifth hole, K-128 was drilled off the north end of the zone and was not mineralized.
K-126: Intersected a 150.3 meter near surface interval grading 0.51% copper, 0.14 grams per tonne gold, 2.7 grams per tonne silver, 0.024% molybdenum. This hole was drilled 200 meters west of prior hole K 116 which intersected 0.39% copper, 0.10 g/t gold, 2.7 g/t silver, 0.013% molybdenum over 113.7 meters indicating continuity to the mineralized zone.
K-124: Collared 125 meters north of K 126 intersected what is interpreted to be a lower mineralized zone grading 0.44% copper, 0.05 grams per tonne gold, 2.3 grams per tonne silver, 0.019% molybdenum over 211.7 meters. This lower zone remains open at the bottom of the hole at 502 meters depth and is interpreted to be truncated to the west by a steep west dipping fault. K-124 was subsequently deepened to a final depth of 642 meters and additional mineralization was observed in the hole to a depth of approximately 620 meters. Assays for this portion of the hole will be reported when available. An upper mineralized zone on this same section was intersected in previously reported hole K-110 and grades 0.27% copper, 0.26 grams per tonne gold, 1.7 grams per tonne silver and 0.007% molybdenum over 239.8 meters.
K-127, K-125: K-127 collared 125 meters north of K-124 intersected a 56.6 meter near surface interval grading 0.33% copper, 0.09 grams per tonne gold, 2.2 grams per tonne silver and 0.030% molybdenum including a 22.4 meter interval grading 0.45% copper, 0.13 grams per tonne gold, 3.2 grams per tonne silver and 0.061% molybdenum and indicates that the better grade zone remains open to the north. K-125 collared 110 meter to the south of K-126 intersected several intervals of weaker mineralization and indicates that at least locally, the better grades encountered in K-126 diminish towards the south.
Elsewhere, drilling continues testing regional targets at the south end of the Kwanika claim block after a break due to elevated forest fire risk. From here the drill will be moved to the Osilinka property located 35 kilometers north of Kwanika. The planned drill program at Serengeti's Croy Bloom project, funded by Newcrest Mining has been deferred for this year due to First Nations' access issues and the JV partner, Newcrest has been granted an extension to allow time to resolve these issues.
