Project Title: Kwanika project
& Search III Staking
Current Company Reporting: Serengeti Resources Inc
Government Geoscience Institution: Geoscience BC
Geoscience Report Published:
1. QUEST I
2. Search Phase III
An April 2017 preliminary-economic assessment report on the Kwanika project, reported a life of mine metal production of 601 million pounds copper, 676,300 ounces gold, and 2.66 million ounces silver in concentrates. The Kwanika Project is operated under Kwanika Copper Corporation (KCC), a private company jointly-owned by Serengeti Resources (65%) and POSCO DAEWOO Corporation (PDC) (35%) who are currently advancing a Pre-Feasibility Study at a cost of $7 million funded by PDC. Exploration around the property began in the 1930’s, but it was only in 2004, when Serengeti Resources’ staked the property, that the Kwanika property really started moving forward.
While using the Geological Survey of BC’s “Mine Match” program in 2003, the executive team at Serengeti Resources became interested in the Quesnel Trough area of north-central, British Columbia. They staked the Kwanika property in 2004 (Jan 19, 2005 news release), based on it’s prospectively from past exploration and it’s potential for porphyry copper mineralization. Soon after, in 2005 Serengeti Resources partnered with Geoscience BC, on the first QUEST program, and Natural Resources Canada, to conduct a high sensitivity airborne gamma-ray spectrometric and aeromagnetic survey over the newly acquired area (August 3, 2005 news release). The company was granted one-year exclusivity to the data, with results being released to the public in 2006. This survey was a key factor in the future exploration on the Kwanika property.
The geophysical data allowed Serengeti to pin point future target areas, 2-5 kilometres up a glacial till covered valley (Oct 27, 2005 news release) from the previously known mineralized zone. The company then followed up on these new targets with IP surveys and more than 75,000 metres of drilling from 2006-2016. All of this exploration work has led to the pre-economic assessment report for the property. In 2010, Seregenti executives, David Moore and Myron Osatenko, were awarded the Association of Mineral Exploration (AME) H.H. "Spud" Huestis Award for Excellence in Prospecting and Mineral Exploration in recognition for their discovery of the Kwanika deposit.
After the success of Geoscience BC’s QUEST program for Kwanika, Serengeti continued their involvement and monitoring of government geoscience programming data releases and exploration programs. In 2018, Serengeti Resources announced the staking of eight properties, following Geoscience BC’s Search III’s high resolution magnetic and radiometric data release. In total, 7,670 hectares were staked in north-central BC, by Serengeti, in order to target Cu-Au porphyry and Ni-Co ultramafic systems. These eight properties are currently undergoing further exploration by Serengeti Resources.
The Search III program has also helped Serengeti Resources enhance further targets, including the ATTY property, which borders the Kemess mine in north-central BC. Throughout the 2018 summer field season, Serengeti is planning on conducting an IP survey, relogging of prior drill holes and systematic grid-mapping on the Atty property, in order to better identify future drill targets.