Newcrest Commences Drilling at Serengetis Croy Bloom/Davie Creek Property

Newcrest Commences Drilling at Serengetis Croy Bloom/Davie Creek Property

Serengeti Resources Inc. reports that Newcrest Mining Limited has begun a four hole, 2,500 meter drill program on Serengeti’s Croy Bloom/Davie Creek property located in the Quesnel Trough of north-central British Columbia.

Earlier this year a Canadian subsidiary of Newcrest Mining Limited signed a binding Heads of Agreement whereby Newcrest may earn a 51% joint venture interest in Serengeti’s Croy Bloom/Davie Creek property by funding $10 million in exploration expenditures and making $0.5 million in cash payments over four years. Newcrest may then elect to earn an additional 14% interest by funding an additional $25 million towards a pre-feasibility study. The current drill program will consist of a minimum of four drill holes, each 500 to 700 meters in depth and is budgeted at $1.4 million.

The Croy-Bloom property is located within two kilometers of a logging road spur from the Kemess Mine haul road in the Johansson Lake area of the northern Quesnel Trough. Prior work by Serengeti and others has outlined a large induced polarization (IP) anomaly coincident with a four square kilometers copper-gold-cobalt geochemical anomaly containing values up to 5.5% copper, 9.4 g/t gold and 0.075% cobalt in grab samples. Serengeti’s adjacent Davie Creek property is also part of the earn-in arrangement with Newcrest. Prior drilling at Davie Creek has outlined molybdenum values up to 0.073% Mo over 203 meters lying within a three kilometers long soil geochemical and IP chargeability anomaly.

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 copper-gold and molybdenum deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Serengeti is well funded to advance its projects with a working capital position of $10 million.

Share this post