Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success
Serengeti Resources Inc. (SIR: TSX-V) (“Serengeti” or “the Company”) is pleased to report that the Board of Directors and Shareholders of Kwanika Copper Corporation (“KCC”) have approved a budget for exploration and project optimization to be completed at the Kwanika Project during 2020. Upon completion, Serengeti will own 67% of KCC as a result of sole funding the 2020 program.
Exploration and Resource Development3,600 metres of diamond drilling to test for potential to expand resources near the Central Zone; and test related exploration targets including the Central Zone South and North targets, and the western margin of the South Zone resource.
16 line-kilometres of induced-polarization (“IP”) surveys north and south of the Central Zone resource to develop known targets, as well as at the Rottacker area located 20 kilometres south of Kwanika.
Project OptimizationMineral sorting, staged evaluation to better understand the potential benefits of mineral sorting from an underground block-cave at Central Zone.
Initial enterprise optimization studies designed to identify key aspects that impact project economics.
POSCO International Corp. has elected not to participate in the 2020 program, and as a result will dilute on a pro-rata basis to a 33% ownership of KCC.
David Moore, President and CEO of Serengeti, and President of KCC stated, “Serengeti is pleased to turn the focus of this year’s program at Kwanika back to exploration. We see great potential to add value to the project through incremental resource expansion, drill testing key targets that have potential to represent new mineralized centres and pursuing several key engineering and optimization opportunities. Furthermore, sole funding the program this year will mean increasing Serengeti’s ownership in our flagship asset.”
Source: Company Press Release