VANCOUVER, British Columbia, June 25, 2019 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (SIR:TSX-V) ("Serengeti" or "the Company") is pleased to outline its regional exploration plans for the 2019 field season. Serengeti’s field teams along with a contract IP geophysical crew have mobilized to north-central BC. The program is being funded by a $1.5 million charity-flow through donation financing completed on May 21, 2019 (See NR-2019-06).
David Moore, President of Serengeti said: “We have work planned for our Atty, East Niv, Arjay, Croy Bloom, West Goldway and Nub Mountain projects. The most significant program for Serengeti’s shareholders is the diamond drilling planned for the Atty project. We aim to drill about 2,500m, beginning in the second half of July, initially testing the Kemess East Offset Target near the southern claim boundary with Centerra Gold. We also want to follow up targets that we identified last year with the IP and mapping programs. Given the intriguing historic drill results from Atty, and its proximity to Kemess, we believe there’s excellent potential to make a Cu-Au porphyry discovery on the property.”
The work planned this season for each of the projects is outlined below and the properties are shown on the location map that may be viewed by clicking on the following link: https://serengetiresources.com/site/assets/files/2615/sir_propty_map_20190624_with_caption.jpg
Atty is being explored for porphyry-style Cu-Au mineralization. It is a high-potential property that may host the eastern fault offset of the Kemess East deposit. Serengeti optioned the project from Finlay Minerals Ltd (Finlay) and Electrum Resources Corporation and conducted a target development program in 2018. In 2004, Finlay drilled the Atty Gossan Zone, a geochemical and IP target. Seven drill holes, ranging up to 300m deep, intersected Takla volcanics with local disseminated pyrite, magnetite and peripheral, sporadic copper and zinc mineralization. In 2018, re-logging of hole ATT-04-07, the closest hole to the Kemess East Offset Target (KEOT), identified an increasing density of sheeted magnetite-chalcopyrite veinlets with depth, the significance of which was not fully appreciated at the time. Assays of ATT-04-07 showed the hole intersected 36m grading 0.1% Cu and 0.11 g/t Au near the bottom of the hole. Work planned for Atty this year includes:
- 15 to 20 line-km step-out IP survey expanding the 2018 IP coverage;
- 2,500m of core drilling, after completion of the IP survey, to test the KEOT near the southern claim boundary with Centerra and to follow up on targets identified last year during IP and mapping programs.
The IP crew mobilized to Atty on June 17th. The drilling crew should mobilize around July 20-25th.
The regulators recently granted a multi-year, area-based (MYAB) permit, covering the period through December 2021, for up to 10,000m of drilling from 20 sites. In addition, an Exploration Agreement has been signed with the Kwadacha First Nation and the Tsay Keh Dene Nation in support of the exploration program. As part of the consideration for signing this agreement, Serengeti has agreed to issue to each of the Nations, 25,000 shares of Serengeti, which issuance is subject to approval by the TSX-Venture Exchange.
The East Niv property is located about 15km northwest of the Sustut Copper prospect and the surrounding claims, now owned by Freeport-McMoRan Inc. and 40km south of the Kemess Mine. A 4-person mapping/sampling crew has mobilized to carry out a 10-12 day program following up on: 1) encouraging soil/stream sediment results from 2018 work, and 2) a newly identified quartz-sericite-pyrite alteration zone which may be associated with strong copper soil/stream sediment results. Selected samples will be analyzed by SWIR (Short-Wave infrared) to develop an alteration map to assist with identifying possible porphyry centres. The objective of the program is to generate targets for follow-up IP this summer and seek to advance them to the drill-ready stage.
The Arjay property is located approximately 45km south-southeast of Centerra Gold’s Kemess project. Reconnaissance mapping and sampling in 2018 yielded encouraging results, including copper in grab samples ranging from 5% to 57% from a quartz–copper-sulphide-oxide vein stockwork zone hosted within hematized mafic agglomerates of the upper Takla Group. A 7-10 day mapping and sampling program is planned, which may be followed up this year with a wide-spaced IP geophysical survey to potentially identify drill targets for future testing.
The Croy Bloom Property is located 85km south-east of the Kemess Mine along the Omineca Resource Access Road. Historic exploration completed by Serengeti and other companies has identified four primary porphyry Cu-Au targets, one Au dominant target and a number of early-stage prospective areas. Historical drilling at the Soup Ridge target intersected 0.41% Cu, 0.96g/t Au over 27m along strike of the Kliyul Cu-Au zone now owned by Centerra.
Serengeti plans a 10-12 line-km IP survey to further define a major chargeability target discovered in 2018 beneath Soup Ridge. Mapping and sampling will also be carried out on the western side of the claim in the Soup Ridge area and SWIR/XRF analysis will be performed on selected samples to develop an alteration map to assist in future drill targeting.
Located proximal to the Omineca Road, 50 km south-east of Kemess Mine. A 5 line-km IP survey is planned to cross a highly magnetic feature identified in a valley bottom near two intersecting regional/terrane-bounding faults.
The Nub Mountain property is located 30km north of Kemess within the Toodoggone Mining Camp. Historical work by prior operators in 2004 identified several areas of interest on the current property. An aeromagnetic survey flown by Serengeti identified a number of potential target areas. Work planned for 2019 includes reconnaissance mapping and sampling to identify targets for further work.
Work continues at the Kwanika Cu-Au project, in partnership with Posco International Corp. The results of a Pre-Feasibility Study are expected in Q3 this year.
The field program is being supervised by Serengeti Resources 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, who has supervised the preparation of, and approved, the scientific and technical information in the news release.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
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 International 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.
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 as well as a comprehensive list of risk factors 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. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: email@example.com / Website: www.serengetiresources.com