Serengeti Announces Drill Mobilization to UDS Property & Start of Drilling at Milligan West Project
September 19, 2017
Vancouver, B.C., September 19, 2017, Serengeti Resources Inc. (SIR:TSX-V) announces that a drill has been mobilized for the Company’s maiden exploration drilling on the UDS property. Drilling will include testing a very strong induced polarization (IP) geophysical anomaly associated with a strong copper-zinc-gold soil geochemical response and favourable altered volcanic host rocks on its 100% held UDS property, located seven kilometers northeast of the former producing Kemess South open pit mine, now owned by Aurico Metals Inc. Kemess produced 3 million ounces of gold and 360,000 tonnes of copper between 1997 and 2011*. Serengeti views the target at UDS as having the size and intensity to host a significant sulphide system at relatively shallow depth.
Three holes, totalling approximately 1200 metres are currently planned as an initial test and the program may be expanded dependent on drilling progress, weather and results.
Serengeti first identified the target at UDS in the course of a ground geophysical survey along four widely spaced lines on the property in the fall of 2016. Three of the lines covered valley bottom located along a major structure northeast of the Kemess South open pit and east of the Kemess Underground and Kemess East deposits. The IP chargeability zone crosses the UDS property boundary at depth from the south where prior mine operator Northgate Minerals identified a deep, fairly weak anomaly associated with a small body of Black Lake monzonite which is the host to all three copper-gold deposits in the district. The IP chargeability anomaly increases in strength to the northeast reaching values of 40 mV/V and comes close to surface on the northernmost line where it remains open for expansion. Currently identified extent of the target is approximately 900 by 1500 metres. Please go to the UDS property section of Company’s website to view images of the location and IP stacked sections of the anomaly (http://www.serengetiresources.com/s/uds.asp). Soil sampling by a prior owner in 2004 outlined an area of elevated copper-zinc-gold geochemistry coincident with and immediately upslope of the newly identified geophysical target. Limited sampling by Serengeti staff in 2014 in the target area, substantiated the original soil anomaly and identified pyritic Takla volcanics, which lie directly above the three nearby copper-gold deposits. Furthermore, rock sampling, trenching and very shallow drilling by an earlier owner in 1989, 600 metres further to the north of the current target area identified scattered gold-silver-polymetallic mineralization which is commonly developed peripheral to, or above porphyry systems.
* Aurico Metals Inc., Kemess Underground Technical Report, May 2016.
Milligan West property
The Company further announces that drilling has begun on the Milligan West property (see news release NR 2017-09, September 6th, 2017). Drilling will include testing a very strong induced polarization (IP) geophysical anomaly identified on the Milligan West property, located four kilometers west of the currently producing Mt. Milligan Mine owned by Centerra Gold Inc. The Milligan West property is owned 56.3% by Serengeti and 43.7% by Fjordland Exploration Inc.
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 Daewoo Minerals Canada and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of 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.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
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. The information in this News Release related to the Kwanika Copper/Gold Project was derived from the PEA. Statements pertaining to projected revenues and cash flows, quantity and grade of mineralized materials, estimated mineral prices are forward-looking statements. The Company cautions that this PEA is preliminary in nature, and is based on technical and economic assumptions which will be evaluated in further studies. The PEA is based on the current (as at January 2017) Kwanika estimated resource model, which consists of material in both the indicated and inferred classifications. Inferred mineral resources are considered too speculative geologically to have technical and economic considerations applied to them. The current basis of project information is not sufficient to convert the mineral resources to mineral reserves, and mineral resources that are not mineral reserves do not have demonstrated economic viability. Accordingly, there can be no certainty that the results estimated in the PEA will be realized.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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