🕐13.10.09 - 21:17 Uhr
Serengeti Commences Drilling on Choo and Mil Gold-Copper Targets near Mt. Milligan, BC
http://www.serengetiresources.com/i/email/banner-new.jpg
http://www.serengetiresources.com/i/email/SIR_NR_03.jpg
http://www.serengetiresources.com/i/email/SIR_NR_04.jpg
http://www.serengetiresources.com/i/email/SIR_NR_05.jpghttp://www.serengetir
esources.com/i/email/SIR_NR_06.jpghttp://www.serengetiresources.com/i/email/
SIR_NR_07.jpg
Tuesday, October 13, 2009
Serengeti Commences Drilling on Choo and Mil Gold-Copper Targets near Mt.
Milligan, BC
_____
NR: 2009-11
Vancouver, B.C., October 13, 2009: Serengeti Resources Inc.
(SIR: TSX-V) is
pleased to announce that drilling has commenced on its 100% owned Choo
property and on the adjacent Mil joint venture property, one of eleven
properties comprising the QUEST joint venture with Fjordland Exploration
Inc.
(FEX: TSX-V).
The Choo and Mil copper-gold properties encompass a large
(19,800 hectare) contiguous block, located 15 to 25 kilometers southwest of
Terrane Metals Mt.
Milligan copper-gold deposit, which is currently
progressing towards development.
The area of the proposed drilling is
located immediately west of the "North Road" that runs from Fort St.
James
to Germansen Landing.
The Choo property covers a large, intense aeromagnetic and induced
polarization anomaly measuring approximately ten by two to three kilometers
in extent.
Historic shallow (less than 100 meter) drilling of this target
has yielded anomalous copper-gold values in highly altered volcanic rocks.
Two deeper, (approximately 300 meter), holes will be drilled in the current
program in a previously untested portion of this large geophysical target.
Geochemical sampling earlier this summer outlined moderate to strong copper
and gold anomalies in the area to be tested.
On the Mil, a large aeromagnetic anomaly measuring ten by five kilometers in
diameter has been outlined by previous government surveys.
Within this area,
the QUEST joint venture has outlined an attractive induced polarization
chargeability and resistivity anomaly over an area measuring one and a half
by one kilometer, coincident with a previously identified glacial till gold
anomaly (up to 2300 ppb).
The IP anomaly flanks a prominent magnetic high
and is interpreted to lie 75 to 100 meters below the surface.
Previous very
shallow drilling in the vicinity of the current target encountered minor
copper mineralization in strongly altered volcanic rocks but did not test
the IP anomalies at depth.
A second target on the Mil property, located six
kilometers to the northwest of the area described above, was identified in
the course of the exploration program earlier this summer and will also be
drill tested.
Serengeti will fund the drilling on its 100% Choo property and as operator
of the QUEST JV will also fund the drilling at Mil, thereby increasing its
ownership in the joint venture to approximately 58%; Fjordland maintains the
right to participate in any future work.
Elsewhere, the QUEST joint venture
has also identified a strong induced polarization anomaly on the
4,800-hectare Rob property, located 15 kilometers east of the Mt.
Milligan
deposit.
The Mt.
Milligan project, where Goldcorp Inc.
owns a 59% equity interest in
Terrane Metals on a fully diluted basis, has proven and probable mining
reserves estimated at 333 million tonnes grading 0.217% copper and 0.428 g/t
gold (approximately 1.6 billion pounds of contained copper and 4.6 million
ounces of contained gold).
Terrane recently received a Provincial Mines Act
Permit which, along with other approvals currently under review, would allow
it to proceed with the project.
Quality Assurance/Quality Control
The field program was supervised by Serengeti Resources Inc.
staff.
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 Companys qualified person David W.
Moore, P.
Geo., President and CEO of Serengeti Resources Inc.
About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of
professionals with a solid track record of exploration success.
The Company
is focused on the advancement of its Kwanika copper-gold project which
contains an Indicated Resource of 183 million tonnes grading 0.29% copper,
0.28 g/t gold at a 0.25% copper equivalent cutoff.
This includes a higher
grade zone of 75 million tonnes grading 0.41% copper and 0.42 g/t gold at a
0.4% copper-equivalent cutoff.
Serengeti also continues to explore for
additional gold and copper deposits on its extensive portfolio of properties
in the highly prospective Quesnel Trough of British Columbia.
Additional
information on Serengetis projects can be found on the Companys website at
www.serengetiresources.com.
Serengeti is well funded to advance its projects
with a current working capital position of approximately $9 million which
includes $2.3 million receivable from the B.C.
governments METC program.
Serengeti has 45.8 million shares issued and outstanding or 51.3 million
shares on a fully diluted basis.
The Company has currently completed approximately 8,000 meters in 28 holes
in its 2009 drill program, including 6,750 meters in 17 holes on the Kwanika
property.
To date, results have been reported on 14 holes.
The balance of
the results, including those from three recently completed deep holes on the
South Zone at Kwanika where encouraging results were reported earlier this
year, will be reported when available.
Cautionary Statement
This document contains "forward-looking statements" within the meaning of
applicable Canadian securities regulations.
All statements other than
statements of historical fact here-in, including, without limitation,
statements regarding exploration results and 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 are
disclosed in the Companys documents filed from time to time via SEDAR with
the Canadian regulatory agencies to whose policies we are bound.
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:
David W.
Moore, President and CEO, Serengeti Resources Inc., 604-605-1300
Email: Website: www.serengetiresources.com
Investor Relations: ph 604-685-8184 / Email:
http://www.serengetiresources.com/i/tdot.gif
_____
Corporate Info
| News Releases |
Projects |
Investor Info |
Contact Us |
QwikReport |
Home
C 2008 Serengeti
Resources Inc.
All Rights Reserved.