Serengeti Resources: Kwanika Copper Corporation Mobilizes Drill Rigs to Kwanika Copper Gold Project, North-Central British Columbia
TSX VENTURE: SIR
VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (TSX-V:SIR) ("Serengeti" or "the Company") is pleased to announce that Kwanika Copper Corporation, a private company jointly-owned by SERENGETI RESOURCES (65%) and POSCO DAEWOO Corporation (35%), has mobilized two diamond drills and technical crews to the Kwanika Copper Gold Project as part of the ongoing completion of a Pre-Feasibility Study (“PFS”). Completion of the fully funded PFS is expected in mid-2019.
Two diamond drill rigs are currently on-site at Kwanika with the goal of completing approximately 8,000 meters of drilling, including 6,600 meters in twelve holes in support of detailed open-pit and underground engineering design and resource upgrade drilling for the Central Zone, as well as lengthening prior drill hole K-16-179 which intercepted 59 metres grading 0.26% Cu and 0.29 g/t Au and ended in mineralization at 903 meters (SIR News Release dated September 22, 2016). An attempt will be made to re-enter and deepen K-179 by as much as 400 meters to test for a possible down-faulted extension of Central Zone mineralization at depth. An additional 1,400 meters, currently unallocated, are planned as part of this program to test targets near the Central Zone identified during recent development of a three-dimensional geological model recently completed in support of the PFS.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
David W. Moore, M.Sc., P. Geo., President and CEO of Serengeti Resources Inc. and a Qualified Person as defined by NI-43-101, has reviewed and approved the technical information in this press release.
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 POSCO DAEWOO Corporation 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.
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.
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