Serengeti Drilling at Kwanika: Adds Second Rig
NR: 2020-11
Serengeti Drilling at Kwanika: Adds Second Rig
Vancouver, B.C., September 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
Central Zone / Central Fault – North Target
• Drilled to follow up on a broad halo of anomalous gold from 2016 drilling above a deep geophysical target.
• Intersected two intervals of strong potassic alteration in intrusive rocks with presence of copper sulphides
confirmed by XRF, including within a new interval at depth.
• A follow-up under-cut hole is planned for 2020 (K-20-O1) which will test for continuation of the eastward-directed
mineralization vector observed between K123,178 and 196 and seek to extend the mineralized envelope, shown
on the attached cross-section, below.
DDH K-197 (419.0m; 268/-70) – Completed
Central Zone / Central Fault – South Target
• Drilled to follow up on near-surface mineralized intrusives intersected in K23 and K190.
• Intersected an interval of strong potassic alteration in intrusive rocks with the presence of disseminated and
vein-hosted copper-sulphides confirmed by XRF, extending Central zone style mineralization. .
• A follow-up hole is planned in the current program and will drill from the pad of K190 toward the south along the
mineralized trend to seek extend the mineralization further in that direction.
DDH K-198 (Target depth: 1000m; 240/-55) – In Progress
Central Zone West Deep Extraction Level Target
• In progress: Designed to drill through the known zone and test for grade and continuity of mineralization beneath
the proposed underground extraction level at 465m RL elevation,westward to the Pinchi Fault.
• Will scissor K-62 which intersected 610 metres grading 0.74% Cu and 0.78 g/t Au from 2008 drilling (see press
release dated March 28, 2008 available at Sedar.com).
David Moore, President and CEO of Serengeti commented, ”I look forward to getting the results on these new mineralized
intervals and the information gain ed 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.
1. K-20-O1: Drill a follow-up hole from the same pad as K-196, with a steeper dip, to seek to expand mineralized
envelope toward the east;
2. K-20-C10 : Drill a follow-up south-directed hole from the K-190 site in order to expand the mineralized envelope
toward the south;
3. K-20-G3 : Drill a short hole on the west edge of the South Zone mineralized envelope in order to test for the
continuity of better grade mineralization observed in prior holes in this area;
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4. K-20-N1 : Test an area south-southeast of prior hole K-122 which intersected 76 metres grading 0.64% Cu and
0.08 g/t Au (see press release dated October 15, 2008 available at Sedar.com);
5. K-20-L1: Test a geological and geophysical target/fault-offset concept developed by recently completed deep
penetrating IP and interpretation of prior airborne surveying; the target lies 600m southwest of the Central Zone;
6. K-20-M2 : Designed to drill west from prior K08-88 across the southern extension of the Central Fault beneath
an interpreted sedimentary basin with similar characteristics to those observed adjacent to the Central Zone.
*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.
President, CEO and Director
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
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 respon sibility 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
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