Posts Tagged Kwanika

Serengeti Completes Exploration Access Agreement for Kwanika Project with Takla Lake First Nation

Serengeti Resources Inc. and the Takla Lake First Nation today announced signing of an Exploration Access Agreement for Serengeti’s Kwanika property, located 120 km north of Fort St. James in north central British Columbia. The Agreement covers all exploration and related activities on the Kwanika property until such time as a decision is made to enter into the mining permit application process.

Since Serengeti began exploration on the Kwanika property, it has consistently sought input from the nearby Takla Lake First Nation and hired many of its members to work at the site. The Agreement ensures that Serengeti will continue to provide Takla with opportunities to provide meaningful input into such aspects as environmental monitoring, protection of habitat for cultural important species, and protection of sites of important cultural or spiritual significance. It also provides training, employment, and business opportunities for members of the Takla Lake First Nation. In return, Serengeti has greater confidence in the continued access to the Kwanika property and the support of the local community as the project advances, as well as access to a local labour supply.

“We are very pleased to have reached this point in our relationship with Takla Lake,” said David Moore, President & CEO, Serengeti Resources Inc. “It has been very important to us from the outset of exploration on the property, that local communities support our endeavors.”

Chief Dolly Abraham of the Takla Lake First Nation, stated, “Takla has a policy of requiring all companies operating in our Territory to sit down with us and work out respectful agreements. Serengeti from the very beginning has been very proactive in seeking out a relationship with us, which is very important. That area is important to our Nation and members and we appreciate that Serengeti has been sensitive to our concerns about where they go, what they pay attention to in the environment, and how they do their sampling. It also means a lot to our people to be able to work close to home.”

Approximately 75% of staff on site during the 2010 exploration program are from the Takla community.

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 currently advancing its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and has initiated exploration for gold-silver deposits in Mexico. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $7.7 million which includes $2.9 million receivable from the B.C. government’s METC program. Serengeti has 46.2 million shares issued and outstanding and 51.5 million shares on a fully diluted basis.

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Serengeti to Drill at Kwanika

Serengeti Resources Inc. is planning to complete a 10,000-metre drill program on its Kwanika copper-gold project in the Quesnel trough of north-central B.C.

“This planned $2.7-million program provides the opportunity to move Kwanika over the development threshold both in terms of tonnage and grade,” said David Moore, president and chief executive officer of Serengeti. “The south zone offers the potential for discovery of near-surface, open-pitable mineralization,” elaborated Mr. Moore. The company expects to have the two-drill program started in early June, 2010.

The drill program will be composed entirely of step-out drilling to expand the existing resource at the south zone, where 70 per cent of the favourable target area remains to be tested. The company’s previously reported NI 43-101-compliant resources, combining the south and central zones, total 1.1 billion pounds of copper and 1.6 million ounces of gold in the indicated resource category, and one billion pounds of copper and 500,000 ounces of gold in the inferred resource category — all estimated at a 0.25-per-cent copper-equivalent cut-off grade (see attached table).

 

                     KWANIKA MINERAL RESOURCES

                   Cu eq %  Tonnage    Cu    Au    Ag     Mo  Cu eq
Zone    Category   cut-off       Mt     %   g/t   g/t      %      %

Central               0.40     75.1  0.41  0.42    --     --   0.69
        Indicated     0.25    182.6  0.29  0.28    --     --   0.47
        Inferred      0.25     28.5  0.19  0.20    --     --   0.32
South                 0.40     62.2  0.41  0.09  2.25  0.014   0.59
        Inferred      0.25    129.1  0.30  0.09  1.76  0.010   0.45

Note 1: Copper equivalent calculation uses the following U.S. 
prices: copper, $2 per pound; gold, $900 per ounce; molybdenum, 
$15 per pound; and silver, $12 per ounce; and makes no provision for 
metallurgical recoveries and net smelter returns. Copper equivalent
equals copper percentage plus (molybdenum percentage times 15
divided by two). Gold grams per tonne times (900 divided by 31.1 
divided by two divided by 22.06) plus (silver grams per tonne times 
12 divided by 31.1 divided by two divided by 22.06). The base case
cut-off used for the mineral resources was 0.25 per cent copper
equivalent, which is comparable to other porphyry copper open pit
deposits in B.C.

Note 2: Canadian Institute of Mining, Metallurgy and Petroleum
definitions were followed for mineral resource estimation
and classification. By prescribed definition, mineral resources
do not have demonstrated economic viability and indicated
resources have a higher degree of confidence than do inferred
resources. The mineral resources fall within a pit shell defined
by long-term U.S.-dollar metal prices of copper, $3 per pound; gold,
$1,000 per ounce; molybdenum, $15 per pound; and silver, $16 per ounce.

Note 3: The silver content of the central zone is not modelled; and the 
molybdenum content of central zone is not significant.

 

In addition to the budget for the Kwanika project, $1-million is allocated for target development work on other regional exploration targets in the company’s extensive portfolio, as well as financing for a new project development outside of B.C. Upon completion of this summer’s drill program at Kwanika, the company expects to update the resource estimate, followed by a preliminary economic assessment.

The company has been advised by Newcrest Mining B.C. Ltd. that it has elected to withdraw from the Croy Bloom/Davie Creek option agreement. The work completed at the property has resulted in the tenure being extended to 2019.

Quality assurance/quality control

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, Mr. Moore, PGeo, president and chief executive officer of Serengeti Resources Inc.

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Serengeti Encouraged by Regional Exploration Results

Serengeti Resources is pleased to report on exploration results from six projects, including reconnaissance drilling on two properties and drill target development on four other properties. Encouraging indications of gold mineralization have been obtained from drilling on one property and very attractive targets for future drilling identified on four other properties. Results from recent additional drilling on Serengeti’s flagship Kwanika property are expected to be available in several weeks and will be released when available.

Fleet Target

Serengeti recently consolidated by staking, a key claim in the centre of its Fleet property. The claims, located 50 km SE of the Kemess Mine, host several porphyry-style copper-molybdenum-gold showings. The most developed target is defined by a five by one kilometer, open ended area of geochemical and geophysical anomalies. Historical shallow drilling in the 1970’s intersected copper-molybdenum mineralization, including 0.18% copper over 55 meters in one hole and 0.24% copper over 15 meters in a second hole. Geophysical surveys by Serengeti in 2008 and by prior operators in the mid 1990’s identified an open-ended Induced Polarization (IP) anomaly immediately adjacent to these intercepts. This IP anomaly is located in a covered valley-bottom which has not been targeted by previous explorers. In addition, sampling by Serengeti in 2008 of quartz veins outcropping on a ridge south of this IP anomaly, returned values as high as 2.8% copper, 1.3 g/t gold from selected grab samples. This is a high quality, largely covered, copper-molybdenum-gold target and additional work is planned for the 2010 field season.

Osilinka Drilling

A reconnaissance drilling program was carried out on the Osilinka property located 35 kilometer NW of Kwanika in late August and early September. Six widely-spaced shallow diamond drill holes were drilled to test several targets within a two by three kilometer area of geochemical and geophysical anomalies. In the eastern portion of the target area, a fence of three widely spaced holes identified several intervals of anomalous gold and minor Cu mineralization associated with zones of favorable silica and potassic alteration. Intersections include 1.88 g/t gold over two meters and a separate interval of 0.21 g/t gold over 18 meters in one hole and 0.10 g/t gold over 23 meters in the second. Three holes drilled in the western portion of the target area intersected un-mineralized mafic intrusive rocks.

The Osilinka property covers a 13 kilometer-long, complex magnetic anomaly of which less than half has been explored to date. The presence of porphyry-style alteration and anomalous gold in reconnaissance drilling highlights the potential of the Osilinka property to host a significant porphyry gold-copper deposit and additional work is planned for the 2010 field season.

Tchentlo — Indata Area Drilling

A reconnaissance drilling program was carried out in the Tchentlo-Indata area on the southern half of the Kwanika property during August 2009. The drilling area was located 10-25 kilometers south of Serengeti’s Kwanika copper-gold deposit, in what is interpreted to be a similar geological environment. Six widely spaced shallow diamond drill holes were drilled to test a series of geochemical and geophysical targets. Two holes drilled in the northern part of the property intersected weakly altered felsic intrusives with trace amounts of molybdenite. Two holes in the central part of the property did not penetrate what is interpreted as post-mineral sedimentary rocks similar to those that cover the Kwanika copper-gold deposit, 20 kilometers to the north. Two drill holes located in the south-eastern portion of the property encountered a zone of intensely silicified mafic intrusive with minor base metal mineralization, possibly located peripheral to a porphyry system.

Choo West Target

Compilation of proprietary prior geophysical data purchased earlier this year (see NR 2009-06 dated May 11, 2009) has identified several attractive targets on the western portion of Choo property. The new targets comprise several bulls-eye IP and magnetic anomalies, one to two square kilometers in extent and show similarities to targets recently described by Terrane Metals from the Mt Milligan area, located thirty kilometers to the east. This new area of interest lies west of the road network being used to support the recent drill program at Choo; (see NR 2009-11 dated October 13, 2009) so a helicopter supported follow-up program is planned for 2010 to confirm these targets.

Germansen & Valleau Targets

Mobile metal ion (MMI) partial extraction geochemistry was completed this summer over several IP targets previously identified by Serengeti at the Germansen and Valleau properties located 12 and 20 kilometers east respectively of Serengeti’s Kwanika property. At Valleau, two “rabbit-ear” or double peaked copper-silver-zinc anomalies were identified flanking IP chargeability anomalies, representing a classic drill target. At Germansen a linear zone of enriched copper was identified associated with an IP anomaly. Additional geochemical areas of interest were also identified on both properties. These targets could rapidly be upgraded for drilling by a follow-up program in 2010.

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Serengeti Expands Potential of South Zone at Kwanika

Serengeti Resources reports the additional results from this summer’s exploration program at the Company’s Kwanika property in British Columbia.

Two new mineralized intercepts from drilling on the South Zone indicate that the South Zone extends to considerably greater depth than has been previously noted. The drilling has also shown that the South Zone, which abuts against a fault on the west side, the “West Fault”, is open to the south and east as well as to depth. More drilling is underway to expand the South Zone.

The results include a deep intercept grading 0.43% copper, 0.02 g/t gold, 2.0 g/t silver and 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters in hole K-136 and in hole K-124, 0.36% copper, 0.01 g/t gold, 1.4 g/t silver and 0.007% molybdenum (0.43% copper equivalent) over 58 meters. The intercept from hole K-124 is additional to the previously reported 242.5 metres of mineralization.

Drill Holes K-09-124, K-09-129 to K-09-137 Significant Analytical Results

Hole

From (m)

To (m)

Interval (m)

Copper %

Gold g/t

Silver g/t

Mo %

Copper Equiv. %*

Gold Equiv. g/t*

Zone

Orientation (dip/azimuth)

K-124

259.5

622.0

362.5

0.35

0.04

1.7

0.014

0.49

0.84

South

Vertical

Incl. 259.5**

502.0

242.5

0.41

0.05

2.1

0.018

0.58

1.00

And 564.0

622.0

58.0

0.36

0.01

1.4

0.007

0.43

0.73

K-136

412.0

440.0

28.0

0.09

0.00

0.6

0.008

0.15

0.26

South

-65º / 90º

502.0

677.5

175.5

0.26

0.01

1.1

0.024

0.44

0.76

Incl. 524.0

589.5

65.5

0.43

0.02

2.0

0.049

0.80

1.37

And Incl. 660.0

677.5

17.5

0.33

0.01

0.8

0.003

0.36

0.63

K-130

80.0

82.0

2.0

0.17

0.22

1.6

0.017

0.43

0.74

East

-60º / 270º

K-132

91.8

97.9

6.1

0.47

0.14

0.9

0.003

0.58

1.00

North

-65º / 90º

K-133

Incl. 140.3

249.1

108.8

0.04

0.01

0.1

0.000

0.05

0.08

North

Vertical

K-129, 131, 134, 135, 137 indicated NSV

*Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for silver and both assume metallurgical recoveries and net smelter returns of 100%. Copper (Cu) EQ = Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06) + (Ag g/t x 0.23/22.06). Gold (Au) EQ = Au g/t + (Cu % x 38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).
** Previously Reported.

“The drilling reported on here adds size and depth to the South Zone and clearly indicates major expansion potential to the south and east.” stated President and CEO David Moore. “Hole K-136 in particular has returned excellent grades adjacent to the West Fault on the South Zone. Recent geological and geophysical modeling has traced this newly identified fault six kilometers to the south, opening up a large area for future exploration. We are very encouraged by the newly demonstrated potential at depth in the South Zone as indicated by holes K-124 and K-136. We are currently drilling several additional holes testing this potential.” added Moore.

South Zone Drilling (K-124, and K-135 to 137): Shallow drilling prior to Serengeti’s exploration suggested a limited resource that required more testing. Serengeti’s recent work has indicated the potential for expansion is wide open. Vertical drill hole K-124, the upper portion of which was previously reported (see NR 2009-08 dated August 26, 2009) was deepened and as noted above an additional mineralized interval grading 0.36% copper, 0.01 g/t gold, 1.4 g/t silver, 0.007% molybdenum (0.43% copper equivalent) over 58.0 meters was intersected. The overall mineralized intercept in K-124 now grades 0.35% copper, 0.04 g/t gold, 1.7 g/t silver, 0.014% molybdenum (0.49% copper equivalent) over 362.5 meters. K-136, an angle hole drilled from the west, drilled though the West Fault and then encountered a 175.5 meter mineralized interval to the bottom of the hole at 677.5 meters, including an interval assaying 0.43% copper, 0.02 g/t gold, 2.0 g/t silver, 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters. Due to orientation and deviation of the drill hole, the intercept in K-136 lies on the same section as K-124.

K-135 which was unmineralized was a west-directed angle hole drilled from the collar of K-124 and helped define the West Fault. K-137 was drilled off the north end of the South Zone and was not mineralized.

North Area Drilling (K-131 to 134): Hole K-131, 132, 133 were drilled in the vicinity of previously reported hole K-08-122 which intersected 0.42% copper, 0.06 g/t gold, over 76.2 meters, approximately one kilometer north of the Central Zone resource. These three recent holes demonstrate that the K-122 area is structurally complex, with the best interval, 0.47% copper, 0.14 g/t gold occurring over 6.1 meters in hole
K-132 and a broad zone of anomalous copper intersected in K-133. Hole K-134 which was drilled off the north east end of the Central Zone was unmineralized.

East Area Drilling (K-129 and K-130): Two holes were drilled in the north-east quadrant of the property, with K-130 encountering a narrow mineralized interval grading 0.17% copper, 0.22 g/t gold over 2 meters immediately below unexpectedly deep overburden. K-129, drilled 1.4 kilometers to the south did not intersect significant mineralization.

Drill Program Summary Drilling has now been completed on Serengeti’s Osilinka property and results will be released when available. Drilling has now resumed at the South Zone at Kwanika, after which the drill will be moved to test attractive targets on the Choo and Mil properties.

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Serengeti Intersects 0.78% Copper Equivalent over 150 meters in South Zone at Kwanika

Serengeti Resources is pleased to announce the results from the initial five holes drilled in the course of this summer’s exploration program at the Company’s Kwanika property in BC.

The results include a near surface intercept grading 0.51% copper, 0.14 g/t gold, 2.7 g/t silver and 0.024% molybdenum (0.78% copper equivalent) over 150.3 meters in hole K-126. This is the best hole drilled to date on the South Zone which is located approximately two kilometers south of the Central copper-gold Zone at Kwanika, that was the subject of a NI 43-101 mineral resource estimate in March 2009.

Drill Holes K-09-124 to K-09-128 Significant Analytical Results

Hole

From
(m)

To
(m)

Interval
(m)

Copper
%

Gold
g/t

Silver
g/t

Moly
%

Copper
Equiv. %

Gold
Equiv. g/t

Orientation
(dip/az)

K-124

126.6

228.0

101.4

0.05

0.03

0.2

0.033

0.30

0.51

Vertical

Incl. 189.9

196.0

6.2

0.05

0.32

0.0

0.372

2.79

4.78

259.5

502.0

242.5

0.41

0.05

2.1

0.018

0.58

1.00

Incl. 290.3

502.0

211.7

0.44

0.05

2.3

0.019

0.63

1.07

Incl. 423.5

463.0

39.6

0.65

0.07

3.1

0.028

0.92

1.57

K-125

71.8

122.2

50.4

0.23

0.05

1.3

0.005

0.31

0.53

-80º / 90º

Incl. 103.3

122.2

18.9

0.39

0.08

2.6

0.010

0.53

0.91

165.3

186.8

21.5

0.21

0.14

2.0

0.003

0.33

0.57

306.3

363.5

57.2

0.13

0.21

1.7

0.002

0.28

0.49

K-126

77.0

227.3

150.3

0.51

0.14

2.7

0.024

0.78

1.35

-70º / 90º

Incl. 86.2

101.3

15.1

0.78

0.25

1.9

0.025

1.12

1.92

And 121.4

146.1

24.7

0.58

0.25

2.7

0.044

1.06

1.81

And 189.8

197.2

7.5

1.42

0.12

9.0

0.009

1.65

2.82

K-127

64.7

121.3

56.6

0.33

0.09

2.2

0.030

0.61

1.07

-65º / 90º

Incl. 98.9

121.3

22.4

0.45

0.13

3.2

0.061

0.98

1.68

158.7

173.1

14.4

0.19

0.06

1.6

0.002

0.26

0.44

272.7

283.0

10.4

0.72

0.00

3.4

0.021

0.90

1.54

K-128

No significant values

Vertical

*Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for silver and both assume metallurgical recoveries and net smelter returns of 100%. Copper (Cu) EQ = Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06) + (Ag g/t x 0.23/22.06). Gold (Au) EQ = Au g/t + (Cu % x 38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).

Drill sections and a 3D model can be viewed at www.corebox.net or by following a link on the Company’s website at www.serengetiresources.com

“These new intercepts greatly increase the potential of the South Zone at Kwanika” stated Serengeti’s President & CEO, David Moore. “This drilling indicates that a near surface copper-molybdenum-gold-silver upper zone appears to increase in grade towards a west-bounding fault and is underlain, at least locally, by a significant lower copper-molybdenum-silver zone that remains open to depth. Follow-up drilling is planned in the current program to further test the significance of these zones” amplified Moore.

All of the holes reported on here were drilled testing extensions of the South Zone where prior drilling by Serengeti and by previous explorers has intersected mineralization along 1,800 meters of strike length. The average composite intercept of the fourteen holes drilled previously in the South Zone by Serengeti is 0.36% copper, 0.13 g/t gold, and 0.013% molybdenum over 82 meters. Four of the holes reported here were drilled along 375 meters of strike length on the west side of the South Zone; three of these intersected significant mineralization, with the fourth hole intersecting weaker mineralization. A fifth hole, K-128 was drilled off the north end of the zone and was not mineralized.

K-126: Intersected a 150.3 meter near surface interval grading 0.51% copper, 0.14 g/t gold, 2.7 g/t silver, 0.024% molybdenum (0.78% copper equivalent). This hole was drilled 200 meters west of prior hole K116 which intersected 0.39% copper, 0.10 g/t gold, 2.7 g/t silver, 0.013% molybdenum over 113.7 meters indicating continuity to the mineralized zone.

K-124: Collared 125 meters north of K-126 intersected what is interpreted to be a lower mineralized zone grading 0.44% copper, 0.05 g/t gold, 2.3 g/t silver, 0.019% molybdenum (0.63% copper equivalent) over 211.7 meter. This lower zone remains open at the bottom of the hole at 502 meters depth and is interpreted to be truncated to the west by a steep west-dipping fault. K-124 was subsequently deepened to a final depth of 642 meters and additional mineralization was observed in the hole to a depth of approximately 620 meters. Assays for this portion of the hole will be reported when available. An upper mineralized zone on this same section was intersected in previously reported hole K-110 and grades 0.27% copper, 0.26 g/t gold, 1.7 g/t silver and 0.007% molybdenum over 239.8 meters.

K-127, K-125: K-127 collared 125 meters north of K-124, intersected a 56.6 meter near surface interval grading 0.33% copper, 0.09 g/t gold, 2.2 g/t silver and 0.030% molybdenum (0.61% copper equivalent) including a 22.4 meter interval grading 0.45% copper, 0.13 g/t gold, 3.2 g/t silver and 0.061% molybdenum (0.98% copper equivalent) and indicates that the better grade zone remains open to the north. K-125 collared 110 m to the south of K-126, intersected several intervals of weaker mineralization and indicates that at least locally, the better grades encountered in K-126 diminish towards the south.

Elsewhere, drilling continues, testing regional targets at the south end of the Kwanika claim block after a break due to elevated forest fire risk. From here the drill will be moved to the Osilinka property, located 35 kilometers north of Kwanika. The planned drill program at Serengeti’s Croy Bloom project, funded by Newcrest Mining, has been deferred for this year due to First Nations’ access issues and the joint venture partner, Newcrest, has been granted an extension to allow time to resolve these issues.

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Serengeti Announces Larger Summer Drilling Program on Kwanika and High Priority Regional Targets

Serengeti Resources has increased its exploration budget for this summer’s drilling program, now scheduled to start at the Company’s 100% owned Kwanika copper-gold property on or about June 20th. The budget for the summer program has been increased by 20% to $3.1 million, and this, together with lower prices for 2009 project work, will enable Serengeti to drill approximately 6,750 meters in 27 holes, testing nine exploration targets across four properties. In addition, joint venture partner Newcrest Mining BC Limited has received approved work permits for a separate 2,400 meter drill program on Serengeti’s Croy Bloom property.

The following table summarizes the number of holes, meters and targets on each property.

2009 Discovery Opportunities

Property

Holes

Meters

Targets

Commodity

Kwanika Central

12

3,400

4

Cu Au Mo

Kwanika South

5

1,000

2

Cu Au Mo

Osilinka

5

1,000

1

Cu Au Ag

Mil

3

750

1

Cu Au

Choo

2

600

1

Cu Au

Croy Bloom (Newcrest)

4

2,400

3

Cu  Au

Total

31

9,150

12

Cu Au Mo Ag

The drilling program will start on the Kwanika property where approximately half of the program will test:

  • High priority targets around the Central Zone where an Indicated Resource of 75 million tonnes grading 0.41% copper and 0.42 g/t gold was announced on February 25, 2009, (see NR 2009-04).
  • Step-outs to the South Zone where 2008 drilling in 14 holes returned an average of 0.36% copper, 0.13 g/t gold and 0.01% molybdenum over an average 82 meter composite intercept. The objectives of the drill program are to significantly expand the known mineralized zones and search for new centers of good grade copper-gold-molybdenum mineralization.

The balance of the drill program funded by Serengeti is as follows:

  • 1,000 meters on two other targets in the very large Kwanika block, including three holes on a strong copper-molybdenum geochemical response coincident with an induced polarization (IP) geophysical anomaly 10 km south of the Central zone, and two holes on a copper-gold target at the southern end of the claim block.
  • 1,000 meters in five holes to test a highly attractive copper-gold-silver geochemical and coincident IP anomaly on the Osilinka block located 35 km north of Kwanika.
  • 750 meters in three holes testing a target with attractive IP geophysical and gold geochemical results on the Mil property located 15 km west of the Mt. Milligan copper-gold deposit. The Mil property is currently held in a 50-50% joint venture with Fjordland Exploration Inc. Serengeti will fund the 2009 drilling and earn additional ownership in the Quest JV including Mil.
  • 600 meters in two holes testing a very large IP anomaly on the Choo property. Drilling in the vicinity in the 1990’s by a previous owner showed anomalous copper-gold mineralization. Exploration data recently purchased by Serengeti from Amarc Resources Ltd also indicates two additional IP geophysical targets (coincident in one case with a copper geochemical anomaly) on the Choo property and follow up is planned on these new targets this season.

In addition to the program funded by Serengeti, Newcrest Mining BC Limited has received approved work permits for a four hole deep drilling program on Serengeti’s Croy Bloom-Davie Creek property located 85 kilometers south of the Kemess mine.

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Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika

Serengeti Resources  is pleased to announce the initial mineral resource estimate for the Central Zone at the Company’s 100% owned Kwanika copper-gold property in British Columbia.

The estimate for the Central Zone is based on 78 holes totaling 40,784 meters drilled between 2006 and 2008 which establish the volume, grade, and continuity of the mineralization. The mineral resources are reported within a defined volume and at various cut-off grades as presented below in the table of Kwanika Central Zone Mineral Resources.

At a 0.25% copper equivalent (Cu Eq)1 cut-off the Kwanika Central Zone Mineral Resources are:

  • 182.6 million tonnes of Indicated Mineral Resources grading 0.47% Cu Eq or 0.71 g/t Au Eq, containing 1.62 million ounces of gold and 1.15 billion pounds of copper; AND
  • 28.5 million tonnes of Inferred Mineral Resources grading 0.32% Cu Eq or 0.49 g/t Au Eq containing an additional 0.2 million ounces of gold and 120 million pounds of copper.

A higher grade core within the zone, at a 0.4% Cu Eq cut-off, yields:

  • 75.1 million tonnes of Indicated Mineral Resources grading 0.69% Cu Eq or 1.05 g/t Au Eq, containing 1.02 million ounces of gold and 680 million pounds of copper.

The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associate Inc., under the direction of David W. Rennie, P.Eng. an independent Qualified Person, as defined by the National Instrument 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days.

“We are extremely pleased to have achieved this important milestone at Kwanika.” stated Serengeti Resources President and CEO, David W. Moore. “This NI 43-101 compliant Indicated Resource containing 4.2 million ounces gold-equivalent is a very significant building block for the Company. In light of current market conditions, our efforts this year at Kwanika will focus on selectively testing targets in the vicinity of the resource area, including targets mentioned elsewhere in this release, to seek and expand additional high grade mineralized centers.” elaborated Moore.

Kwanika Central Zone Indicated Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

    Cu
 Eq %

Au Eq
g/t

1.00

10.20

0.90

0.295

0.77

173.0

1.36

2.07

0.75

21.93

0.70

0.494

0.63

304.9

1.09

1.66

0.50

48.58

0.51

0.801

0.49

521.3

0.82

1.26

0.45

59.31

0.47

0.894

0.45

591.6

0.76

1.16

0.40

75.07

0.42

1.015

0.41

684.0

0.69

1.05

0.35

98.42

0.37

1.170

0.37

806.4

0.61

0.94

0.30

133.26

0.32

1.370

0.33

964.8

0.54

0.82

0.25

182.63

0.28

1.616

0.29

1,152.6

0.47

0.71

Inferred Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

     Cu
     Eq %

Au Eq
g/t

1.00

0.01

0.83

0.000

0.61

0.1

1.16

1.77

0.75

0.22

0.52

0.004

0.51

2.4

0.86

1.31

0.50

1.15

0.40

0.015

0.39

9.7

0.65

0.99

0.45

1.59

0.37

0.019

0.36

12.5

0.60

0.91

0.40

2.99

0.31

0.030

0.31

20.6

0.52

0.79

0.35

6.20

0.27

0.053

0.27

36.4

0.44

0.67

0.30

14.47

0.23

0.106

0.22

71.4

0.37

0.57

0.25

28.54

0.20

0.181

0.20

122.5

0.32

0.49

Note 1: Copper and gold equivalent calculations use metal prices of US$2.00/lb for copper and US$900/oz for gold and do not include factors for metallurgical recoveries. Preliminary metallurgical testing on one composite sample from Kwanika has indicated 88.5% recovery for copper and 65.2% recovery for gold in a locked cycle test. Characterization work is underway on gold distribution and additional test work could result in improved gold recovery. Cu Eq = Cu % + [Au g/t x ( 900 / 31.1 / 2.00) / 22.06] Au Eq = Au g/t + [Cu % x ( 22.06 x 2.00) / ( 900 / 31.1)]

Note 2: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location.

Drilling elsewhere on the property has indicated three additional mineralized areas for which drilling density is not currently sufficient to estimate a resource (see table below). The South Zone, has approximate dimensions of 1000 meters by 300 meters; the South historical Zone, 600 meters by 300 meters; the North target is presently defined by one hole (see maps on www.serengetiresources.com). Importantly, all three areas remain open for expansion and additional targets also include a geochemically anomalous trend lying to the east of the Central Zone as well as a very attractive new target located 10 km to the south described in news release #2009-02 dated January 26, 2009. Drilling in any one of these areas could result in the discovery of additional high grade, near surface copper-gold mineralization.

Other Mineralized Zones

Zone

# of Holes Cu Eq
%Cut-off

Average Composite Intercept

(Length m) Cu% Au g/t Mo% Cu Eq%
South

14

0.25

82

0.36

0.13

0.013

0.53

South Historical

11

0.25

40

0.31

—-

0.008

0.37

North target

1

—-

76

0.42

0.06

trace

0.46

Note 3: Copper equivalent calculation uses metal prices of US$2.00 per pound for copper, US$900/oz for gold and US$15/lb for molybdenum with no provision for metallurgical recoveries. Cu Eq = Cu % + [(Mo % x 15/2.00) + (Au g/t x 900 / 31.1 / 2.00 / 22.06)]

Note 4: Gold data are not available for the South Zone historical drilling.

The Kwanika discovery has demonstrated that important tonnages of higher grade, supergene-enriched porphyry copper-gold mineralization can occur in the Quesnel Trough of B.C., where very favorable geology for hosting these deposits is blanketed by widespread overburden. Modern geophysical techniques are now able to penetrate this overburden cover and open up this very large under-explored area for exploration. Within this region, Serengeti has extensive holdings with many high quality exploration targets which remain to be tested.

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 and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a working capital position of approximately $9.0 million.

Quality Assurance/Quality Control
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 David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory’s own quality assurance program.

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Serengeti Selects Promising 2009 Exploration Targets

 Serengeti reports on drilling plans for its highly attractive Mil gold property and as well as on several of its other properties located in the Quesnel Trough of north-central British Columbia.

Serengeti’s Board of Directors has approved a $2.7 million exploration program for 2009 which will fund diamond drilling on the Mil project and rotary drilling on at least four new targets at Kwanika, at the Osilinka project and on two QUEST JV properties. Surface exploration work will also be conducted on other properties in the Company’s extensive portfolio.

Specifics of the new targets to be tested are as follows:

  • Mil:
    Serengeti has assumed management of the 50-50% joint venture with Fjordland Exploration Inc., which includes the Mil property, located 15 km west of Mt Milligan. A three hole, 900 meter drill program to test a high priority induced polarization (IP), geophysical and gold-in-glacial till anomaly is planned. The drilling permit has been received and drilling is scheduled for early March 2009.
  • Kwanika:
    Regional exploration has identified a very strong Mobile Metal Ion (MMI) copper-molybdenum soil anomaly associated with an IP and magnetic anomaly 10 km south of the Kwanika Central zone and a second copper-gold-silver anomaly 15 kilometers further south. In addition, weaker but distinct MMI copper soil anomalies were also identified coincident with the Central and South zones at Kwanika as well as over a potential extension of the South zone. Rotary drilling of these targets is planned for the summer of 2009. A calculation of the Kwanika deposit resource is underway, with results expected to be available within one month.
  • Osilinka:
    The property is located in a covered area 35 km north of Kwanika. Geochemical surveying in 2008 identified a strong copper-molybdenum-silver anomaly directly coincident with a four square kilometer IP polarization and magnetic geophysical anomaly in a geological setting very similar to Kwanika. Rotary drilling is planned for the summer of 2009.
  • QUEST Properties:
    High quality multi parameter targets have been identified on several QUEST JV properties, in addition to Mil. One target has a very strong MMI copper soil geochemical anomaly coincident with a prominent IP chargeability and magnetic anomaly. Rotary drilling and/or trenching is planned for summer 2009.

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