Serengeti surges on more wide Kwanika intercepts

Vancouver – Another batch of wide mineralized intercepts from its Kwanika property in north-central B.C. launched Serengeti Resources (SIR-V, SGRNF-O) to a 49% gain on very strong volume in May 15th trading.

The latest set of five holes, K-07-11 to 15, are step-outs (to the east, west, north and south) from discovery hole K-06-9 announced in January-2007 and returning 111 metres of 0.69% copper and 0.54 gram gold per tonne. The recent round of core holes returned:

• Hole K-07-15 A 100-metre easterly vertical step-out hole from K-06-9 cut 328.3 metres (from 27.4 metres depth) grading 0.61% copper, 0.72 gram gold and 1.8 grams silver per tonne, ending in mineralization; A 60.6-metre higher-grade section (from 27.4 metres), enriched by bornite mineralization, returned 1.26% copper, 1.78 grams gold and 4 grams silver;
• Hole K-07-11 The 50-metre westerly step-out from K-06-9 was drilled at -80 degrees to the east and cored 280.2 metres (from 170 metres depth) of 0.11% copper and 0.06 gram gold, with 44.8-metre interval of 0.23% copper and 0.1 gram gold; It is hypothesized the hole was drilled sub-parallel to a major fault thought to control the western-edge of the mineralized system;
• Hole K-07-12 The vertical step-out hole located about 50 metres east of K-06-9 returned 266.6 metres (from 34.5 metres) averaging 0.3% copper and 0.67 gram gold including a higher grade 130.9-metre interval of 0.48% copper, 0.9 gram gold and 2 grams silver;
• Hole K-07-13 The vertical core hole, 50 metres north of K-06-9, ripped through 189.4 metres (from 107.3 metres) of 0.28% copper and 0.2 gram gold at the monzonite-andesite contact zone; Shorter intervals of chalcopyrite-bearing tourmaline breccia delivered high grades;
• Hole K-07-14 A 50-metre southerly step-out from K-06-9 cut 462.7 metres (from 82 metres depth) grading 0.61% copper, 0.38 gram and 1.9 grams silver, ending in mineralization; Within the intercept a couple of higher-grade intervals ran 0.91% copper, 0.77 gram gold and 4.1 grams silver over 41.7 metres (from 83.8 metres) of supergene enriched mineralization (native copper and bornite), and a deeper zone of disseminated and vein chalcopyrite running 1.04% copper, 0.63 grams gold and 2.9 grams silver across 114.6 metres (from 369.7 metres depth).

“These are significant, high-grade porphyry-style, copper-gold intercepts over long intervals,” stated Serengeti president and CEO, David Moore. “Given the grade, the nature of the mineralization and the potential size of the system, we are convinced we are at the early stages of an exciting and rapidly developing project.”

The drill holes are situated in the west-central portion of a large north-northwest trending induced polarization (IP) anomaly speculated to be a broad zone of iron and copper sulphides.

Kwanika is located in the Quesnel Trough, between Northgate Minerals‘ (NGX-T, NXG-X) Kemess gold-copper mine and Terrane Metals‘ (TRX-V, TRXOF-O) Mt. Milligan gold-copper porphyry deposit.

Liking the size potential developing for the porphyry body, investors piled into the stock to drive it up as much as $1.29 per share before it closed the day up $1.08 at $3.29 per share on volume over 2.8 million. Given its 37-million shares outstanding, the company posts a $120-million market capitalization.