Serengeti Resources Inc. (SIR:
TSX-V) ("Serengeti" or "the Company") is pleased to
report results from mapping, sampling and induced polarization (IP)
geophysics completed at the wholly-owned East Niv property. East
Niv is located in an under-explored region of the eastern Stikine
Terrane, approximately 15km west of the Sustut Copper deposit and
40km south-southwest of the Kemess mine complex in the Omineca
Region of British Columbia. Serengeti initially staked East Niv in
2018 and has subsequently expanded the property to over 20,000
hectares. Analysis and compilation of geology, IP chargeability,
aeromagnetics and soil/rock geochemistry has resulted in the
identification of a number of compelling porphyry Cu-Au
targets. The Company has been awarded a 5-year
exploration drilling permit, and the property is now considered
drill-ready.
East Niv Composite Rock Sample Results by
Showing* |
Showing |
# Samples (n) |
Avg. Cu (%) |
Max. Cu (%) |
Avg. Au (g/t) |
Max. Au (g/t) |
Description |
Main – West |
19 |
0.35 |
0.82 |
0.30 |
1.14 |
Monzodiorite; pervasive K-spar ± bt ± mt alteration; disseminated –
blebby cpy |
Main – East |
10 |
0.30 |
0.76 |
0.14 |
0.35 |
Monzodiorite; K-spar ± bt ± mt, and qtz-carb-ep alteration;
disseminated cpy |
KC |
13 |
0.23 |
0.42 |
0.67 |
1.49 |
Monzodiorite; K-spar-bt-mt ± qtz alteration; disseminated – vein
hosted cpy |
South Nub |
5 |
1.01 |
1.70 |
9.38 |
37.4 |
Monzodiorite; strong qtz-mt-ep alteration; disseminated –
blebby –vein cpy-py±bn-mo |
West Flank |
1 |
1.80 |
154.5 g/t Au581 g/t Ag |
Massive py-mt float sample |
* Showing areas are defined as spatially
continuous outcroppings of the same host lithology bearing similar
alteration and mineralization characteristics;Number of samples (n)
column represents all composite grab samples collected within the
showing area;Average Au and Cu grades represent the average grade
of all the samples collected within the showing area;Maximum Au and
Cu grades represent the maximum grade of all the samples collected
within the showing area;Grab sample grades are by nature selective
and may not necessarily be an indication of the overall grade of a
mineralized area.
David Moore, President and CEO of Serengeti
commented, “When the geology, newly discovered copper-gold
showings, IP chargeability, aeromagnetics and soil geochemistry are
viewed together the results provide a compelling case for a
subcropping porphyry system at East Niv, and it is one of the best
targets I’ve seen in a long while. Futhermore there are early
indications of additional target areas on this large
property, giving it district-scale potential”.
Quinn Harper, Chief Geologist, added “East
Niv hosts the most compelling porphyry target I have ever seen at
the pre-drilling stage. All the classical indicators of a
strong porphyry copper-gold system have coalesced over the
last three years’ field work, and considering the property lies
within a segment of the Stikine Terrane that hasn’t seen meaningful
exploration since the ‘70’s, the potential is wide open here.”
Figure 1: East Niv Overview –
https://serengetiresources.com/site/assets/files/2922/east-niv-overview.jpgFigure
2: East Niv Main Target -
https://serengetiresources.com/site/assets/files/2919/east-niv-main-target.jpgFigure
3: East Niv Main IP -
https://serengetiresources.com/site/assets/files/2920/east-niv-main-ip.jpgFigure
4: East Niv Main Synthesis -
https://serengetiresources.com/site/assets/files/2921/east-niv-main-synthesis.jpg
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/aeb1ccae-8a22-4e39-b777-060a942c2b4c
The Stikine Terrane is the largest intra-oceanic
volcanic arc terrane in British Columbia and host to numerous
porphyry deposits and complexes including Kemess (Centerra Gold),
Red Chris (Newcrest Mining/Imperial Metals),
Kerr-Sulphurets-Mitchell (Seabridge Gold) and Galore Creek
(Newmont/Teck Resources). East Niv lies within an under-explored
limb of the eastern Stikine Terrane which has not undergone
systematic exploration since Falconbridge discovered the Sustut
Copper deposit in 1973.
During July 2020, Serengeti completed a mapping
and sampling program aimed at determining the nature of mineralized
intrusive outcrops first discovered by Serengeti in 2019 (see press
releases dated August 14, 2019 and July 27, 2020). Following the
mapping program, Serengeti completed over 17.5 line-km of
induced-polarization (“IP”) surveying in 7 wide-spaced lines
through the central target area.
The Main and KC Showings both display
strong-intense K-feldspar-biotite+/-magnetite+/-quartz potassic
alteration hosting disseminated and vein/stringer-hosted
chalcopyrite. The Showings are overlain upslope by a
quartz-sericite-pyrite (“QSP”) phyllic alteration halo, represented
in the IP as chargeability >20 mV/V response. Downslope and in
the valley bottom, a strong coincident Cu-Mo±Au-Ag Ah-horizon soil
anomaly measuring 1000 by 1500m forms two lobes around a central
chargeability embayment with elevated Bi-Te. Based on analysis of
geochemical results, it is believed that Cu, Au, Mo, Ag and other
anomalous elements in Ah-horizon soil samples represent bedrock
metal sources, and is interpreted to signify the core of a porphyry
Cu-Au-Mo system measuring more than 2 sq km in extent in the valley
bottom.
The South Nub Showing is represented by an
altered monzodiorite outcropping, locally displaying strong
quartz-magnetite-epidote alteration and disseminated to vein
and blebby chalcopyrite-pyrite ± bornite-molybdenite
mineralization. The average grade of three monzodiorite samples
from South Nub, excluding outliers, is 3.1 g/t Au and 1.50%
Cu. Two soil samples from disaggregated bedrock at
the showing, best seen in a 5 meter wide exposure in a
stream cut-bank, average 5,673 ppm Cu, 2,000 ppb Au and 200 ppm Mo.
South Nub is in faulted contact with younger volcanosedimentary
rocks of the Takla Group, and mineralized intrusive units may
continue under valley cover toward the interpreted system core in
the valley bottom.
The Main and KC Showings are encompassed by a
pronounced magnetic high signature approximately 1500 x 300m in
extent, now seen to be coincident with a 1.5 x 1.5 km composite IP
chargeability anomaly. IP surveying further indicates
open-ended extensions to the NW and SE. Additional anomalous
polymetallic soil anomalies further to southeast, corresponding
with discreet magnetic anomalies, and outside of the area surveyed
by IP, suggest the overall target zone may be up to 5 km long.
Serengeti is continuing with data analysis and
targeting with the goal of completing a substantial initial
drilling program in 2021.
Kwanika Project Drilling
Update
The Company is also pleased to report that the
4300m drilling program at Kwanika is progressing well and is
expected to be completed within a week. The 2020 drill
program is fully funded and designed to expand the known resource
which is open in several directions and to provide a deep
test for the potential of a gold enriched target first
identified from drilling in 2016 as well as testing several
other concepts. Drill core logging and sampling are well
advanced and results will be released in batches as they become
available. The company will provide a more detailed update
once the program is completed.
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 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
Serengeti Resources (TSXV:SIR)
Historical Stock Chart
From Oct 2024 to Oct 2024
Serengeti Resources (TSXV:SIR)
Historical Stock Chart
From Oct 2023 to Oct 2024