Serengeti Provides Kwanika Update – Drilling to Begin

VANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") is pleased to report that Phase 1 exploration on its Kwanika Copper Gold project is completed and Phase 2 which includes drilling is to begin shortly. The Kwanika project is ~26,000 hectares, held by Kwanika Copper Corporation (KCC)* and located in the northern Quesnel Trough of British Columbia which hosts numerous porphyry copper-gold deposits.

The 2020 drill program is fully funded and designed to expand the known resource which is open in several directions and provide a deep test for the potential of a gold enriched target first identified from drilling in 2016 as well as testing several other ideas.

David Moore, President and CEO of Serengeti commented, “We are pleased to be back drilling at Kwanika which has the potential to expand the resource and test a couple of potential game changing ideas. We’ve had a nice bounce in the price of copper based on market fundamentals and of course the move in the price of gold means that a lot of attention is being refocused on the resource space, which is great to see”.

Phase 2:

Kwanika Phase 2 exploration including approximately 3,600 metres of diamond drilling at the Central Zone deposit, South Zone deposit, and several other targets is scheduled to begin shortly. The Kwanika camp facility is being re-opened with drilling expected to start on or about August 12^th. Drill targets include i) the Central Zone West Deep, where the copper-gold system remains open at depth; ii) Central Zone / Central Fault South, where the final drill hole of the 2018 program encountered strong mineralization near surface and open along strike; iii) Central Zone / Central Fault North, where drilling in 2016 encountered a broad halo of anomalous gold above a deep geophysical target and; iv) the western edge of the South Zone deposit, where the highest grades may be enriched along a controlling structure. Refer to Serengeti’s updated Corporate Presentation for details on targets at Kwanika.

Completion of Phase 1:

IP surveying totalling 15 line km was recently completed over two target areas on the Kwanika claim block to help define future drilling targets. Three wide spaced lines in the first ever IP survey over the Rottacker target located at the south end of the Kwanika claim block, 25 km south of the Central Zone, have identified a 1km long moderate chargeability target associated with anomalous copper-gold geochemistry from prior sampling by Serengeti in 2014. Additional sampling is planned later this season to follow up this area which shares many geological similarities to the Central Zone. In addition, two specific targets immediately to the north and south of the Central Zone were also surveyed and the results are being integrated with the extensive database for the deposit area to assist in drill targeting.