Kwanika Copper Corporation Drills 514 Metres of 0.64% Cu, 0.80g/t Au (2.15 g/t Au Eq) Including 168 Metres of 0.81% Cu, 1.71 g/t Au (3.42 g/t Au Eq) at Kwanika
NR: 2018-17
Kwanika Copper Corporation Drills 514 Metres of 0.64% Cu, 0.80g/t Au (2.15 g/t Au
Eq) Including 168 Metres of 0.81% Cu, 1.71 g/t Au
(3.42 g/t Au Eq) at Kwanika
Vancouver, B.C., October 18, 2018. Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") is pleased
to report the first batch of assay results from the 2018 drilling campaign completed at the Kwanika Project in north-central
BC. The fully funded 2018 drilling program is part of the ongoing Kwanika Pre -Feasibility Study (“PFS”) scheduled for
completion in mid -2019, as described in Serengeti Resources’ press release dated September 11 th, 2018. Kwanika
Copper Corporation (“KCC”), is a private company jointly owned by SERENGETI RESOURCES Inc. (65%) and POSCO
DAEWOO Corporation (35%).
“These outstanding results are from the first two holes of our 2018 drill program at Kwanika. The long intervals show
excellent grades near surface within the potential open pit domain, and also demonstrate that strong gold and copper-rich
mineralization is present within the potential underground domain outlined in our 2017 PEA. We’re looking forward to
incorporating the full set of results from this year’s drilling into a revised resource estimate which is a priority input into the
prefeasibility study scheduled for completion mid -2019. One of our key strategic objectives for 2018 is to expand the
resource tonnage and to increase the overall resource grade of t he Central Zone. If we’re successful, it will open up a
number of alternatives for our engineers to optimize the project design and potentially enhance the overall project
economics” stated David W Moore, President & CEO of Serengeti and President of Kwanika Copper Corp.
Project Highlights
• K-180: 0.80 g/t Au, 0.64% Cu, 2.08 g/t Ag (2.15 g/t AuEq) over 513.9 m, from 33.00 to 546.9 m
o Including 0.68 g/t Au, 1.02% Cu, 3.07 g/t Ag (2.82 g/t AuEq) over 101.5 m, from 33.00 to 134.5 m
o And 1.71 g/t Au, 0.81% Cu, 2.58 g/t Ag (3.42 g/t AuEq) over 168.2 m, from 257.00 to 425.2 m
• K-181: 0.46 g/t Au, 0.64% Cu, 1.95 g/t Ag (1.81 g/t AuEq) over 319.62 m, from 215.98 to 535.5 m
o Including 1.03 g/t Au, 1.25% Cu, 3.49 g/t Ag (3.66 g/t AuEq) over 95.37 m, from 215.98 to 311.4 m
See attached plan and drill sections or view them on the company’s website at
https://www.serengetiresources.com/projects/kwanika/. Results remain pending for an additional 13 holes which have
been submitted for assay and will be released in batches as additional results become available.
Table 1: Kwanika Drill Program - Reported Analytical Results Current Release
Hole K-180 From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
AuEq
(g/t) Comments
Interval 33.0 546.9 513.9 0.64 0.80 2.08 1.03 2.15 Opit, ug
domains
Including 33.0 162.5 129.5 0.85 0.55 2.54 1.13 2.36 Opit domain
Including 33.0 134.5 101.5 1.02 0.68 3.07 1.36 2.82 Opit domain
And Including 162.5 546.9 384.4 0.56 0.88 1.92 1.00 2.08 Ug domain
Including 257.0 476.94 219.94 0.74 1.43 2.54 1.15 2.40 Ug domain
Including 257.0 425.2 168.2 0.81 1.71 2.58 1.65 3.42 Ug domain
Hole K-181 From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
AuEq
(g/t) Comments
Interval 215.98 655.6* 439.22 0.52 0.37 1.59 0.71 1.47 May extend
Ug domain
Including 215.98 535.5 319.62 0.64 0.46 1.95 0.87 1.81 Ug domain
Including 215.98 311.4 95.37 1.25 1.02 3.49 1.76 3.66 Ug domain
Intercept lengths in the table above are not necessarily true widths given the fact that holes are being drilled at different angles through
forecast mining shapes within a variably oriented mineralized body. Gold and Copper equivalents are calculated using the formulae below
based on metal prices of $3.00/lb of copper, $1,200/oz of gold and $15/oz of silver, with all metal prices quoted in USD. Metal recoveries
as stated in the PEA as follows; Cu 91%, Au 75%, Ag 75% have been applied to the equivalent calculations..* End of Hole.
AuEq = Augpt + ((Aggpt/31.1034*AgPrice*AgRecovery)+(Cu%*CuPrice*CuRecovery*22.0462))/(Augpt/31.1034*AuPrice*AuRecovery)
CuEq = Cu% + ((Augpt/31.1034*AuPrice*AuRecovery)+(Aggpt/31.1034*AgPrice*AgRecovery))/(CuPrice*CuRecovery*22.0462)
Serengeti Resources Inc.
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Open pit (Opit), and Underground (Ug) domains are as outlined in the Company’s NI-43-101 Technical Report for the Kwanika Property,
Preliminary Economic Assessment Update 2017, dated 19 April, 2017 and filed on SEDAR and on the Company’s website.
Table 2: Kwanika Drill Hole Parameters
Hole
number
Azimuth
(degrees)
Dip
(degrees)
Length
(m)
Elevation
(m) UTM E UTM N Purpose
K-179A 214.4 -75.2 138.3* 1014 351244 6156543 Deepen prior hole K-
179
K-180 181.1 -66.2 664.5 1001 351499 6156313 Test the S wall of OP
and tall stope S side
K-181 94.2 -62.2 655.6 997 351364 6156212 Test tall stope
E side
*DDH-K-179A was drilled from the bottom of prior hole K -16-179 which ended previously at 909 m . The new hole
encountered strongly quartz -sericite-ankerite-pyrite altered monzonite with numerous quartz -tourmaline vein breccias
containing locally anomalous gold values before being terminated in a major fault zone at 1047.5 m, which is thought to
be a strand of the regional Pinchi Fault. The hole lies to the north of and approximately 400 m below the potential mining
shape intersected by the other two holes reported here.
DDH-K-180 drilled in a southerly direction from the potential open pit and encountered strongly quartz-chalcopyrite veined
monzonite over the portion of the hole lying within the proposed pit as well as a substantial gold-copper rich interval deeper
in the hole characterized by vein and disseminated chalcopyrite and bornite cut by numerous thin late-mineral dykes which
may be related to the gold enrichment of this interval. K-180 intersected mineralization within current mining shapes over
a vertical range of 475 m and a horizontal extent at the mid point of the intercept of approximately 200 m. The current pit-
constrained mineralized zone extends for a further 150 m north of the top of the mineralized zone encountered in K-180.
DDH-K-181 drilled in an easterly direction through the post -mineral sedimentary rock basin that overlies a portion of the
deposit before encountering a supergene-enriched interval containing native copper gradational to underlying chalcocite
containing strong grades of copper and gold. The drill hole ended in mineralization, albeit lower g rade than observed
higher in the hole and potentially extends the mineralized zone to depth and to the east. The hole intersected
mineralization within the current underground mining shape over a vertical range of 290 m and a horizontal extent of
approximately 150 m.
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.
Quality Assurance/Quality Control
Sample analysis for the 2018 Kwanika drilling program was completed at Bureau Veritas Minerals Laboratory in
Vancouver, BC, which is ISO 9001:2015 and 17025 accredited . A robust quality assurance/quality control program was
completed by KCC which included inserting field blanks, standards and duplicates into the sample stream before being
shipped to the laboratory . QAQC samples accounted for a minimum of 20% of the sampl es which were analyzed in
addition to the laboratory’s own quality assurance program. Copper and silver analyses were determined by AQ 270
which is a combined ICP-ES/MS method following Aqua -Regia digestion and is capable of determining up to 100,000
ppm Cu and 1,000 ppm Ag; Au was determined by FA430, a lead collection , Fire Assay/AAS method using a 30 gram
sub-sample and has an upper detection limit of 10 ppm Au. The field program was supervised by Serengeti Resources
Inc. staff and the technical informat ion 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, David W. Moore,
P. Geo., President and CEO of Serengeti Resources Inc.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
Serengeti Resources Inc.
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Cautionary Statement
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts respons ibility 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: [email protected] / Website: www.serengetiresources.com
Serengeti Resources Inc.
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Serengeti Resources Inc.
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