Serengeti Resources (TSX-V: SIR) released its maiden resource estimate for the South Zone at the 100% owned Kwanika property in British Columbia.
When added with the current resource on the Central Zone, Serengeti Resources has now defined 1.1 billion pounds of copper and 1.6 million ounces of gold in the indicated category, with a further 1 billion pounds of copper and 500,000 ounces of gold in the in inferred category using a 0.25% copper equivalent (CuEq) cut-off grade.
The estimate for the South Zone is based on 31 holes totalling 10,844 meters drilled by Serengeti between 2006 and 2009
"We are extremely pleased with the results of this initial resource estimate from the South Zone at Kwanika which has resulted in a major expansion of the resource base on the property" stated Serengeti President & CEO, David Moore. "Furthermore, as can be seen on the accompanying map, this resource increase results from testing a small portion, actually less than 30%, of the favourable target area at the South Zone. We therefore plan a major expansion drilling program for this area in 2010, followed by scoping level preliminary economic assessment." elaborated Moore.