Vancouver – Follow-up drilling by Serengeti Resources (SIR-V, SGRNF-O) on its Kwanika copper-gold project in north-central British Columbia have given the company some joy by reversing its recent share price slump.
Hole K-07-29 cut 247.7 metres (from 40 metres downhole depth) grading 0.46% copper and 0.6 gram gold per tonne including a 48.6-metre interval of 0.75% copper and 2.5 grams gold.
Both hole 29 and K-07-30, which intersected 218.3 metres of 0.42% copper and 0.36 gram gold, were drilled from the same collar to fence previous hole K-07-14 that cut 462.7 metres of 0.61% copper and 0.38 gram gold.
“The mineralized system continues to remain open for expansion to the east, north, south and at depth and the upcoming drill program will systematically assess the grade distribution within this large, copper-gold system,” stated Serengeti president and CEO David Moore in the news release.
Kwanika is a grassroots copper-gold porphyry discovery made by Serengeti in 2006. The project is situated in the Quesnel Trough, a prominent several hundred km belt of porphyry copper-gold deposits trending roughly north-south up the centre of the province.
Porphyry copper-gold mineralization at Kwanika is primarily hosted in a monzonite unit intruding an andesitic suite of rocks. A steep structural component is interpreted from the drilling.
Copper mineralization occurs as chalcopyrite, bornite, chalcocite as well as some sections of native copper.
Shares of Serengeti closed up a dime at $1.45 apiece on the September 6th drill results and actually touched an inter-day high of $1.70. The stock recently bounced off a several-month low of 92 in mid-August and posts a 52-week trading range of 15-$4.80.
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