Serengeti Resources Inc. (CVE:SIR) reports a resource update for Kwanika property in British Columbia.
Serengeti Resources Inc. (TSXV:SIR) reports a resource update for Kwanika property in British Columbia.
The press release is quoted as saying:
The revised estimate incorporated results from the 2010 drilling program, the effect of metallurgical recoveries, of higher commodity prices and of a conceptual pit design.
Serengeti President and CEO, David Moore says:
“This new estimate has confirmed a very significant copper-gold resource in the Central and South Zones at Kwanika, which are only two kilometers apart. These estimates report to an open pit and consider metallurgical recoveries for both zones and also include 2010 drilling results for the South Zone. Higher metal prices support the use of a lower cut-off grade than was used in previous resource estimates. For the Central Zone there was a modest increase in total pounds of copper and ounces of gold; with reductions due to pit-limits and metallurgical recoveries, offset by increases due to application of a lower cut-off grade and the incorporation of silver values into the resource model. For the South Zone, although some better grade tonnage was lost locally at depth based on the 2010 drilling, Inferred Resources showed a significant increase in tonnage and total contained pounds of copper and ounces of gold due to the identification of additional near surface mineralization, as well as the higher prices and consequent lower cut-off grade used in this estimate.” “A newly recognized target area south of the resource area also offers the potential for additional discoveries on the property.”