Serengeti Surges on More Wide Kwanika Intercepts

Vancouver — Another batch of wide mineralized intercepts from its Kwanika copper-gold property in north-central B.C. propelled Serengeti Resources (SIR-V, SGRNF-O) to a recent 49% gain on strong volume.

The latest set of five holes, K-07-11 to 15, are stepouts (to the east, west, north and south) from discovery hole K-06-9, reported 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:

* from K-07-15, a 100-metre easterly vertical stepout hole, 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, a 50-metre westerly stepout drilled at -80 to the east, cored 280.2 metres (from 170 metres) of 0.11% copper and 0.06 gram gold, with a 44.8-metre interval of 0.23% copper and 0.1 gram gold; the hole is believed to have been drilled sub-parallel to a major fault thought to control the western edge of the mineralized system;

* hole K-07-12, a vertical stepout 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, a vertical core hole 50 metres north of K-06-9, cut 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 stepout 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 gram 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,” said 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.

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