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Serengeti Resources Inc. Drilling at Kwanika: Adds Second Rig15.09.2020 | 12:00 Uhr | GlobeNewswire
VANCOUVER, Sept. 15, 2020 - Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") is pleased to report that the drilling program at Kwanika is now progressing well with the addition of a second drilling rig due to start on September 16th in order to expedite completion of the program by late September. Serengeti expects that the total program will include up to 4,300m of drilling in eight to nine drill holes testing a number of exploration targets and resource expansion opportunities. Two holes have been completed to date with the third currently underway. Initial core samples have been submitted to the analytical laboratory and initial results are expected in late September or early October. The advanced resource-stage Kwanika project is ~26,000 hectares, held by Kwanika Copper Corporation (KCC)* and is located in the northern Quesnel Trough of British Columbia which hosts numerous porphyry copper-gold deposits. Highlights: DDH K-196 (860.5 m; 268/-60) – Completed
DDH K-197 (419.0m; 268/-70) – Completed
DDH K-198 (Target depth: 1000m; 240/-55) – In Progress
David Moore, President and CEO of Serengeti commented, "I look forward to getting the results on these new mineralized intervals and the information gained so far is showing a larger target at depth to the north of the deposit as well as potential extension towards the south. The current drilling is starting to demonstrate the full potential of the property and positive results should add blue sky potential and value to an already advanced copper gold resource on the Kwanika Project." As a result of geological observations made in the course of the current program, Serengeti has modified the drill plan to follow up on both holes completed to date as well as testing a number of other targets as outlined below. The location of completed and planned holes for the balance of the program is shown on the attached plan map.
*Serengeti is sole funding this year’s Kwanika program. As a consequence, the Company’s ownership of KCC will increase to approximately 67%, with POSCO International Corp. holding ~33%. Prior to the commencement of field activities in June, Serengeti’s and its majority owned subsidiary Kwanika Copper Corporation’s (“KCC”) combined cash position was in excess of $2.3 million. These funds are sufficient to fund the planned 2020 program, along with general and administrative expenses for the balance of the year. 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. 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 Statement 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: Dieser Artikel stammt von Rohstoff-Welt.de
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