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Message: Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource
| February 25, 2009 | ||
| Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika | ||
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - Serengeti Resources Inc. (TSX VENTURE:SIR) is pleased to announce the initial mineral resource estimate for the Central Zone at the Company's 100% owned Kwanika copper-gold property in British Columbia. The estimate for the Central Zone is based on 78 holes totaling 40,784 meters drilled between 2006 and 2008 which establish the volume, grade, and continuity of the mineralization. The mineral resources are reported within a defined volume and at various cut-off grades as presented below in the table of Kwanika Central Zone Mineral Resources. At a 0.25% copper equivalent (Cu Eq)(1) cut-off the Kwanika Central Zone Mineral Resources are: - 182.6 million tonnes of Indicated Mineral Resources grading 0.47% Cu Eq or 0.71 g/t Au Eq, containing 1.62 million ounces of gold and 1.15 billion pounds of copper; AND - 28.5 million tonnes of Inferred Mineral Resources grading 0.32% Cu Eq or 0.49 g/t Au Eq containing an additional 0.2 million ounces of gold and 120 million pounds of copper. A higher grade core within the zone, at a 0.4% Cu Eq cut-off, yields: - 75.1 million tonnes of Indicated Mineral Resources grading 0.69% Cu Eq or 1.05 g/t Au Eq, containing 1.02 million ounces of gold and 680 million pounds of copper. The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associate Inc., under the direction of David W. Rennie, P.Eng. an independent Qualified Person, as defined by the National Instrument 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days. "We are extremely pleased to have achieved this important milestone at Kwanika," stated Serengeti Resources President and CEO, David W. Moore. "This NI 43-101 compliant Indicated Resource containing 4.2 million ounces gold-equivalent is a very significant building block for the Company. In light of current market conditions, our efforts this year at Kwanika will focus on selectively testing targets in the vicinity of the resource area, including targets mentioned elsewhere in this release, to seek and expand additional high grade mineralized centers," elaborated Moore Kwanika Central Zone
Indicated Mineral Resources
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CuEq Tonnage Au Au Cu Cu Cu Au Eq
% Cut-off Mt g/t M oz % M lb Eq % g/t
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1.00 10.20 0.90 0.295 0.77 173.0 1.36 2.07
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0.75 21.93 0.70 0.494 0.63 304.9 1.09 1.66
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0.50 48.58 0.51 0.801 0.49 521.3 0.82 1.26
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0.45 59.31 0.47 0.894 0.45 591.6 0.76 1.16
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0.40 75.07 0.42 1.015 0.41 684.0 0.69 1.05
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0.35 98.42 0.37 1.170 0.37 806.4 0.61 0.94
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0.30 133.26 0.32 1.370 0.33 964.8 0.54 0.82
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0.25 182.63 0.28 1.616 0.29 1,152.6 0.47 0.71
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Inferred Mineral Resources
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CuEq Tonnage Au Au Cu Cu Cu Au Eq
% Cut-off Mt g/t M oz % M lb Eq % g/t
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1.00 0.01 0.83 0.000 0.61 0.1 1.16 1.77
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0.75 0.22 0.52 0.004 0.51 2.4 0.86 1.31
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0.50 1.15 0.40 0.015 0.39 9.7 0.65 0.99
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0.45 1.59 0.37 0.019 0.36 12.5 0.60 0.91
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0.40 2.99 0.31 0.030 0.31 20.6 0.52 0.79
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0.35 6.20 0.27 0.053 0.27 36.4 0.44 0.67
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0.30 14.47 0.23 0.106 0.22 71.4 0.37 0.57
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0.25 28.54 0.20 0.181 0.20 122.5 0.32 0.49
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Cu Eq equals Cu % + (Au g/t x (900 / 31.1 / 2.00) / 22.06) Au Eq equals Au g/t + (Cu % x (22.06 x 2.00) / (900 / 31.1)) Note 2: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location. Drilling elsewhere on the property has indicated three additional mineralized areas for which drilling density is not currently sufficient to estimate a resource (see table below). The South Zone, has approximate dimensions of 1000 meters by 300 meters; the South historical Zone, 600 meters by 300 meters; the North target is presently defined by one hole (see maps on www.serengetiresources.com). Importantly, all three areas remain open for expansion and additional targets also include a geochemically anomalous trend lying to the east of the Central Zone as well as a very attractive new target located 10 km to the south described in news release #2009-02 dated January 26, 2009. Drilling in any one of these areas could result in the discovery of additional high grade, near surface copper-gold mineralization. Other Mineralized Zones
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Average Composite Intercept
Cu Eq -----------------------------------
Zone # of Holes %Cut-off (Length m) Cu% Au g/t Mo% Cu Eq%
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South 14 0.25 82 0.36 0.13 0.013 0.53
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South Historical 11 0.25 40 0.31 - 0.008 0.37
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North target 1 - 76 0.42 0.06 trace 0.46
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Cu Eq equals Cu % + ((Mo % x 15/2.00) + (Au g/t x 900 / 31.1 / 2.00 / 22.06)) Note 4: Gold data are not available for the South Zone historical drilling. The Kwanika discovery has demonstrated that important tonnages of higher grade, supergene-enriched porphyry copper-gold mineralization can occur in the Quesnel Trough of B.C., where very favorable geology for hosting these deposits is blanketed by widespread overburden. Modern geophysical techniques are now able to penetrate this overburden cover and open up this very large under-explored area for exploration. Within this region, Serengeti has extensive holdings with many high quality exploration targets which remain to be tested. About Serengeti Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Additional information on Serengeti's projects can be found on the Company's website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a working capital position of approximately $9.0 million. Quality Assurance/Quality Control The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company's qualified person David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory's own quality assurance program. |
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