Serengeti Resources Inc. (SIR:
TSX-V) ("Serengeti" or "the Company") is pleased to
report the final batch of assay results from the 2020 drilling
campaign completed at the Kwanika Project in north-central BC. A
total of 4,350 metres were drilled in 9 holes testing a number of
exploration targets and resource expansion opportunities. The first
batch of results were reported on December 16th, 2020. The advanced
resource-stage Kwanika project is ~26,000 hectares, held by Kwanika
Copper Corporation (KCC)*, and is located in the Quesnel Trough of
British Columbia which hosts numerous porphyry copper-gold
deposits.
“The 2020 drilling program at Kwanika was a
success. K-202 from the current release, combined with previously
released K-197, demonstrates that the Central Zone remains open for
expansion towards the south along the controlling Central Fault
into an area of very sparse drilling. Earlier released hole, K-198
intersected two substantial intervals of well above deposit average
grade, demonstrating the potential for delineation of higher grade
domains within the known resource and drilling to the north
indicates that the mineralized envelope remains open in that
direction. We look forward to pusuing all of these opportunities in
2021 under the banner of a strengthened corporate entity, once the
merger with Sun Metals has been approved by shareholders.” , stated
David W. Moore President & CEO of Serengeti Resources.
Project Highlights
-
K-201: 0.14% Cu, 0.08 g/t Au, 1.5 g/t Ag and 0.01%
Mo (0.23% CuEq) over 120.1 m, from 59.81 to 179.9 m
- Including 0.21% Cu,
0.07 g/t Au, 1.9 g/t Ag and 0.03% Mo (0.33% CuEq) over 45.6 m, from
59.8 to 105.4 m
- Confirms continuity
of Cu-Mo-Ag mineralization along west edge of South Zone
resource.
-
K-202: 0.40% Cu, 0.08 g/t Au, 1.7 g/t Ag (0.46%
CuEq) over 212.0 m, from 201.5 to 413.5 m
- Including 0.54% Cu,
0.14 g/t Au, 2.3 g/t Ag (0.64% CuEq) over 79.1 m, from 201.5 to
280.6 m
- Opens up the
Central Zone for expansion below and to the south of current pit
constrained resource.
-
K-204: 0.19% Cu, 0.15 g/t Au, 1.0 g/t Ag (0.29%
CuEq) over 51.1 m, from 242.7 to 293.8 m
- Including 0.33% Cu,
0.19 g/t Au, 1.1 g/t Ag (0.44% CuEq) over 23.0 m, from 249.8 to
272.8 m
- Intersected similar
upper mineralized horizon as K-196; ended in dyke swarm interpreted
to lie east of mineralized domain
See attached plan and drill sections or view
them on the company’s website at
https://www.serengetiresources.com/projects/kwanika-2/.
Table 1: 2020 Kwanika Drill Program - Reported Analytical
Results Current Release |
HoleID |
From(m) |
To(m) |
Interval (m) |
Cu(%) |
Au(g/t) |
Ag(g/t) |
CuEq (%) |
AuEq (g/t) |
K-199 |
No significant values |
K-200 |
No significant values |
K-201 |
59.8 |
179.9 |
120.1 |
0.14 |
0.08 |
1.5 |
0.23A |
0.38B |
Including |
59.8 |
105.4 |
45.6 |
0.21 |
0.07 |
1.9 |
0.33A |
0.56B |
K-202 |
201.5 |
413.5 |
212.0 |
0.40 |
0.08 |
1.7 |
0.46 |
0.77 |
Including |
201.5 |
280.6 |
79.1 |
0.54 |
0.14 |
2.3 |
0.64 |
1.08 |
K-203 |
No samples submitted to lab |
K-204 |
150.0 |
156.0 |
6.0 |
0.44 |
0.29 |
1.9 |
0.63 |
1.06 |
And |
242.7 |
293.8 |
51.1 |
0.19 |
0.15 |
1.0 |
0.29 |
0.48 |
Including |
249.8 |
272.8 |
23.0 |
0.33 |
0.19 |
1.1 |
0.44 |
0.75 |
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
$3.25/lb of copper, $1,600/oz of gold, $20/oz of silver and $11/lb
of molybdenum, 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.CuEq = Cu% +
((Augpt/31.1034*AuPrice*AuRecovery)+(Aggpt/31.1034*AgPrice*AgRecovery))/(CuPrice*CuRecovery*22.0462)AuEq
= Augpt +
((Aggpt/31.1034*AgPrice*AgRecovery)+(Cu%*CuPrice*CuRecovery*22.0462))/(Augpt/31.1034*AuPrice*AuRecovery)
CuEq and AuEq values for South Zone hole K-201
are calculated including Mo assuming a recovery of 60%, as
follows:A CuEq = Cu% +
((Augpt/31.1034*AuPrice*AuRecovery)+(Aggpt/31.1034*AgPrice*AgRecovery))+(Mo%*MoPrice*MoRecovery*22.0462))/(CuPrice*CuRecovery*22.0462)
B AuEq = Augpt +
((Aggpt/31.1034*AgPrice*AgRecovery)+(Cu%*CuPrice*CuRecovery*22.0462)+(Mo%*MoPrice*MoRecovery*22.0462))/(Augpt/31.1034*AuPrice*AuRecovery)
Table 2: Kwanika 2020 Drill Hole Parameters Current
Release |
Hole ID |
Azimuth (deg.) |
Dip(deg.) |
Length(m) |
Elev. (m) |
NAD83UTM E |
NAD83UTM N |
Target |
K-199 |
173 |
-60 |
173.2 |
985 |
351568 |
6156034 |
Central Zone/Central Fault – South: Resource Expansion |
K-200 |
183 |
-60 |
278.2 |
985 |
351568 |
6156034 |
Central Zone/Central Fault – South: Resource Expansion |
K-201 |
090 |
-45 |
202.0 |
1010 |
352263 |
6154825 |
West edge of South Zone resource |
K-202 |
215 |
-75 |
425.5 |
993 |
351609 |
6156078 |
Central Zone/Central Fault – South: Resource Expansion |
K-203 |
270 |
-70 |
179.1 |
1026 |
351000 |
6155267 |
Pinchi South ZTEM target |
K-204 |
268 |
-75 |
851.5 |
1011 |
351714 |
6156881 |
Central Zone/Central Fault – North: Exploration |
DDH-K-199 deviated from the
planned orientation more than anticipated, intersecting
propylitically altered barren diorite and granodiorite before being
abandoned at 173.2m. The drill was then repositioned to drill
K-200.
DDH-K-200 intersected complex
intrusive and structural breccias dominated by chlorite-magnetite
propylitic and patchy weak potassic alteration with trace
chalcopyrite. Locally strong sericite alteration and pyrite
overprinting suggest the hole intersected a structural zone that
served as a conduit for later Cu-diluting fluids.
DDH-K-201 was drilled across
the west edge of the South Zone resource to test and confirm grade
continuity along the West Fault. The hole intersected near-surface
disseminated and vein chalcopyrite-molybdenite mineralization
within silica altered quartz-syenite east of the West Fault,
confirming continuity of grade along the west edge of the South
Zone deposit.
DDH-K-202 was drilled to follow
up on encouraging results from K-23, K-190 and K-197 along the
Central Fault south of the Central Zone deposit. The hole drilled
through the Central Fault intersecting potassically-altered diorite
hosting chalcopyrite ± chalcocite ± bornite mineralization
immediately west of the Central Fault and below the unconformity
with the sedimentary basin. The hole confirmed that the Central
Fault is a major controlling structure on mineralization, and that
the Central Zone system remains open along the fault, and at depth
beneath the sedimentary basin. Drill hole density south of K-202 is
sparse and potential exists to expand the Central Zone southward
from current resource boundaries.
DDH-K-203 was an exploration
hole drilled to test a Z-Axis Tipper Electromagnetic (ZTEM) and
coincident Ah-horizon soil geochemical anomaly southwest of the
Central Zone along the Pinchi Fault. The hole intersected
interbedded mafic volcanics and calcareous sediments of the Cache
Creek terrane which explain the geophysical response. The hole was
abandoned at 179.1 metres and no samples were submitted to the
laboratory for analysis.
DDH-K-204 was drilled to follow
up on encouraging results from K-196, including two mineralized
horizons. K-204 intersected potassically altered diorite and
monzodiorite hosting pyrite-chalcopyrite mineralization similar to
the upper mineralized horizon in K-196 before entering a barren
gabbroic-granitic dyke swarm showing complex cross-cutting
relationships. The dyke swarm may represent a high-temperature
intrusive system core possibly related to Central Zone
mineralization. When coupled with mineralized intercepts from prior
drill holes to the west and north, this suggests a mineralized
system may continue at depth toward the northwest.
* Serengeti sole-funded the
2020 Kwanika program. As a consequence, the Company’s ownership of
KCC increased to ~ 67%, with POSCO International Corp. holding
~33%.
Top Cat
During June 2020, Serengeti completed a 2-week
grid mapping and sampling program at Top Cat to follow up on
encouraging results from 2019 including 1.39% Cu, 0.69 g/t Au and
1.38 g/t Pd (see press release dated January 19, 2020) at the Nova
area. A total of 92 rock samples, 409 Ah soil samples and 55 stream
sediment samples were collected over the area followed by a
reconnaissance induced-polarization (“IP”) survey totaling 15
line-km in four lines over areas of interest. As a result of the
work, a number of alkalic porphyry Cu-Au targets were identified
characterized by polymetallic soil and coincident IP anomalies
within intrusive rocks of the Duckling Creek suite. The Nova area
is now considered drill-ready.
Top Cat is under option from the Pinchi Group
(see Serengeti press release dated July 23rd, 2019) and covers
approximately 26,000 hectares in north-central BC. The property
adjoins Sun Metals’ wholly-owned 39,000 hectare Lorraine property
(see Sun Metals press release dated November 26, 2020), which hosts
a historical NI43-101 mineral resource. Lorraine has been the focus
of past academic research and hosts a number of alkalic porphyry
Cu-Au prospects and occurrences, and the overall prospective trend
continues onto the Top Cat property. Top Cat and Lorraine may be
integrated as a result of the proposed merger between Serengeti and
Sun Metals, announced on November 30th, 2020. A comprehensive
historical data compilation and targeting exercise is currently
underway for the Top Cat – Lorraine tenures, and the Company is
planning a significant target development program in 2021 for the
combined properties to identify targets for future drilling.
Quality Assurance/Quality
Control
Sample analysis for the 2020 Kwanika drilling
program was completed at Bureau Veritas Minerals Laboratory in
Vancouver, BC, which is ISO 9001:2015 and 17025 accredited. A
robust quality assurance/quality control program was completed
which included inserting field blanks, standards and duplicates
into the sample stream before being shipped to the laboratory. QAQC
samples accounted for a minimum of 10% of the analyzed samples in
addition to the laboratory’s own quality assurance program. Copper
and silver analysis were determined by MA200 in exploration
samples, and MA300 for resource and near-resource samples. MA200 is
a combined ICP-ES/MS method following 4-acid (MA) digestion with
detection ranges of 0.1 – 10,000ppm for Cu, and 0.1 – 200ppm for
Ag. MA300 is an ICP-ES method following a 4-acid (MA) digestion
with detection ranges of 2 – 10,000ppm for Cu, and 0.5 – 200ppm for
Ag. Overlimit analysis for Cu were determined by MA370, an ICP-ES
method following 4-acid (MA) digestion with detection ranges of
0.001 – 10%. Gold was determined by FA430, a lead collection, Fire
Assay/AAS method using a 30 gram sub-sample with detection ranges
of 0.005 – 10ppm.
Qualified person
The field and analytical programs described
herein were 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, Quinn Harper, P.Geo., Chief Geologist of Serengeti
Resources, who has supervised the preparation of, and approved the
scientific and technical information in this 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.
Serengeti and Sun Metals Corp announced on
November 30th, 2020 that they have entered into a definitive
arrangement agreement pursuant to which Serengeti will acquire
all of the issued and outstanding shares of Sun Metals Corp. The
combined company will result in a diversified copper-gold
developer with a large pipeline of projects, in one of Canada’s
most prolific porphyry mining camps in North-Central BC, bringing
together exploration, development and operational synergies at
multiple projects along with ongoing resource expansion
opportunities and new discovery potential. Additional
information can be found 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 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 2V6Tel:
604-605-1300 / Email:
info@serengetiresources.com /
Website: www.serengetiresources.com
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/75b43808-63fb-4181-a222-b4f944ecc81b
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