Vancouver, B.C., September 11, 2018. Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") is pleased to report that Kwanika Copper Corporation (“KCC”), a private company jointly-owned by Serengeti Resources (65%) and POSCO DAEWOO Corporation (“PDC” 35%), has completed the diamond and geotechnical drilling campaign at the Kwanika Copper Gold Project in support of the on-going Pre-Feasibility Study (“PFS”). Completion of the fully-funded PFS is expected mid-2019.
Kwanika Copper Corporation completed a total of 7,411 metres in twenty-one holes to support detailed mine design and resource upgrade drilling program at the Kwanika Central Zone. Drill core was oriented and retrieved with triple-tube core barrels (“split tubes”) to enable comprehensive geotechnical data capture for detailed underground and open-pit mine engineering design. Included in the program were three drill holes to test foundation characteristics for potential tailings storage facility (“TSF”) options. Additionally, down-hole hydraulic testing was completed, and vibrating wire piezometers and monitoring wells were installed in nine of the twenty-one drill holes to gather hydrogeological data on an ongoing basis as the project advances.
In addition to the drilling program, KCC also installed four hydrology stations in West Kwanika and Kwanika Creeks to capture data on surface water flow cycles and enable early development of a site-wide water balance hydrology model. Water quality monitoring for environmental baseline purposes was also completed and is on-going at six stations in the local area.
David W Moore, President & CEO of Serengeti Resources and President of Kwanika Copper Corporation stated “We are pleased to have completed this substantial drilling program at Kwanika that was designed to meet a number of objectives, including testing for: engineering to inform mine design decisions; expansion of the resource envelope; enhancement of deposit grade by identifying and targeting potential high grade domains; exploration to test new areas and ideas. We are confident that the overall objectives of the program were met and believe this will be demonstrated as we advance the PFS”, elaborated Moore.
Wonchan Seo, General Manager, Mineral Project Development Group of PDC stated, “PDC is pleased to witness the great effort being invested to successfully complete the drilling program given the complexity of the multi-purpose drilling operation at the site. We are confident that the upcoming results of the drilling program will provide a firm stepping stone to the successful development of Kwanika Copper-Gold Project.”
Assay results from the recently completed drilling will be released in batches as they become available from the laboratory.
Kwanika Copper Corporation acknowledges that the successful completion of the drilling program is due largely to the support of local contractors and service providers as well as the contributions of many local employees from the Takla First Nation and communities in north-central BC.
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 advancing the Kwanika copper-gold project in partnership with POSCO DAEWOO Corporation as well as exploring its extensive portfolio of 100% held 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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