REPEAT - Serengeti Announces Drilling and Optimization Programs at Kwanika for 2020
January 20 2020 - 6:30AM
Serengeti Resources Inc. (SIR:
TSX-V) ("Serengeti" or "the Company") is pleased to
report that the Board of Directors and Shareholders of Kwanika
Copper Corporation (“KCC”) have approved a budget for exploration
and project optimization to be completed at the Kwanika Project
during 2020. Upon completion, Serengeti will own 67% of KCC
as a result of sole funding the 2020 program.
The 2020 program will include:
- Exploration and Resource Development
- 3,600 metres of diamond drilling to test for potential to
expand resources near the Central Zone; and test related
exploration targets including the Central Zone South and North
targets, and the western margin of the South Zone resource.
- 16 line-kilometres of induced-polarization (“IP”) surveys north
and south of the Central Zone resource to develop known targets, as
well as at the Rottacker area located 20 kilometres south of
Kwanika.
- Project Optimization
- Mineral sorting, staged evaluation to better understand the
potential benefits of mineral sorting from an underground
block-cave at Central Zone.
- Initial enterprise optimization studies designed to identify
key aspects that impact project economics.
POSCO International Corp. has elected not to
participate in the 2020 program, and as a result will dilute on a
pro-rata basis to a 33% ownership of KCC.
David Moore, President and CEO of Serengeti, and
President of KCC stated, “Serengeti is pleased to turn the focus of
this year’s program at Kwanika back to exploration. We see great
potential to add value to the project through incremental resource
expansion, drill testing key targets that have potential to
represent new mineralized centres and pursuing several key
engineering and optimization opportunities. Furthermore, sole
funding the program this year will mean increasing Serengeti’s
ownership in our flagship asset.”
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 StatementThis
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 responsibility 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: info@serengetiresources.com / Website:
www.serengetiresources.com
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