Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the
Company") is pleased to report that permits have been received from
the Ministry of Energy and Mines (“MEM”) for all activities planned
for 2020. The fully funded 2020 field season work is planned to
begin in mid-June. It will focus on key opportunities to add value
to the advanced Kwanika copper-gold project and to the highest
priority regional exploration targets, East Niv and Top Cat. The
Company’s programs will be conducted while following health and
safety guidelines of the Province of BC issued May 13th, 2020.
Serengeti’s and its majority owned subsidiary
Kwanika Copper Corporation’s (“KCC”) combined cash position is
approximately $2.4 million. These funds are sufficient to fund
expenditures outlined below, along with 2020 general and
administrative expenses.
David Moore, President and CEO of Serengeti
commented. “Our exploration team looks forward to getting
started on the program. The drilling at Kwanika has the potential
to expand the known resource in several directions, and importantly
will provide a deep test for a gold-rich system below a near-miss
drill hole from 2016. I have always liked the geological
similarities the Rottacker target area has to Kwanika Central Zone.
Success with the IP geophysics here could outline a high
probability drill target. With regards our regional exploration, I
am particularly intrigued by the possibilities presented by the
Nova copper-gold-palladium target at Topcat and East Niv offers
excellent potential to outline a significant new gold-rich,
porphyry copper system.”
Permitting, Health &
Safety
Permits granted include Kwanika, Top Cat and
East Niv Induced Polarization (“IP”) and drilling for Kwanika.
Mutually beneficial relationships with First Nations continue to be
developed in the areas in which we conduct operations.
The Company, in response the BC Public Health
Officer’s recent Orders and Guidelines regarding COVID-19, has
developed detailed Infection Prevention and Control Protocols
(“IPCP”). These will guide exploration programs in 2020 and will be
shared with MEM and local First Nations prior to program
initiation.
Kwanika Resource and Exploration
Drilling Program
Phase 1:
This season’s exploration program will begin
with IP surveys over several selected areas on the Kwanika claim
block to define future drilling targets. IP Targets of interest
include: i) two Central Zone areas to the north and south, near the
Pinchi Fault, where prior ground and airborne geophysics indicate
signatures similar to those previously associated with the Central
Zone. Serengeti is scheduling Kwanika Phase 1 work to start in
mid-June.
Phase 2:
Kwanika Phase 2 exploration will include up to
3,600 metres of diamond drilling at the Central Zone deposit, South
Zone deposit, and several other targets. These include: i) the
Central Zone West Deep, where the copper-gold system remains open
at depth; ii) Central Zone / Central Fault South, where the final
drill hole of the 2018 program encountered strong mineralization
near surface and open along strike; iii) Central Zone / Central
Fault North, where drilling in 2016 encountered a broad halo of
anomalous gold above a deep geophysical target and; iv) the western
edge of the South Zone deposit, where the highest grades may be
enriched along a controlling structure. The objectives are: i) to
expand the known Central Zone resource to depth and along strike;
ii) test for higher grades at the South Zone; and iii) test for a
new mineralized centre to the north. Serengeti is scheduled to
start Kwanika Phase 2 work in early August. Refer to Serengeti’s
current Technical Presentation for details on targets at Kwanika,
and Figure 1 for 2020 drill target locations.
Serengeti is sole funding this year’s Kwanika
program. As a consequence, the Company’s ownership of KCC will
increase to approximately 67%. POSCO International Corp. has
elected not to participate in the 2020 program and accordingly will
dilute on a pro-rata basis.
Top Cat Exploration
Nova
Zone
After consideration of 2019 exploration results,
the Nova zone property quickly rose to the top of the exploration
priority list. This was triggered by the identification of
“pyroxenite skarn” boulders hosting up to 1.39% copper,
0.69 g/t gold, 6.45 g/t silver and 1.38 g/t palladium (see
press release dated January 19, 2020). These results may indicate
the presence of an alkalic porphyry or iron-oxide copper-gold
mineralized system associated with strong aeromagnetic anomalies
below valley cover. The Company plans for expanded mapping and soil
sampling over the Nova target area, as well as 10 to 12
line-kilometres of IP surveys, aided by detailed, sample-specific
physical property measurements. 2020 work is anticipated to define
future Nova drilling targets. See Figure 2 for Nova targets.
Cat Mountain
Zone
Cat Mountain is an advanced gold-copper
prospect. It has seen over 10,000 metres of historical drilling,
intercepting grades of 1.15 g/t gold and 0.15% copper over
95.4 metres in DDH CAT-94-01 (see related press release
here, dated January 19, 2020). Serengeti completed data compilation
and 3D modelling on Cat Mountain. The results suggest that drilling
intercepts remain open to the northwest and have identified a
potential offset to the southeast. The Company will carry out IP
surveys over Cat Mountain to develop future drilling targets. See
Figure 3 for Cat Mountain targets.
Exploration at Top Cat is scheduled to begin
mid-June with mapping and sampling, followed soon after by IP
surveying.
East Niv Exploration
The Company has discovered the presence of a
mineralized copper-gold porphyry system on the East Niv property.
Results of the 2019 program include composite grab samples grading
0.82% copper and 1.14 g/t gold from a monzodiorite
outcrop at surface (Figure 4; see relevant press release dated
August 14, 2019). Definition of the nature and extent of the
mineralization will be the focus of 2020 work. This will include
detailed lithological, alteration and mineralogical mapping as well
as additional soil sampling over the mineralized monzodiorite area.
The Company will follow up this work by conducting up to 12
line-kilometres of IP surveying to define future drill targets. The
East Niv program is scheduled to begin in early-July.
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, 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 majority-owned, advanced Kwanika copper-gold project 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.
Cautionary
StatementThis 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: info@serengetiresources.com / Website:
www.serengetiresources.com
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