Serengeti Resources (TSXV:SIR) has announced that it has acquired Net Smelter Return (NSR) royalties of 0.75 percent on each of the Thor Marmot and Deer Lake properties located in the Kemess district and Kamloops mining districts in British Columbia British Columbia from Electrum Resource Corporation.
According to Serengeti, Thor Marmot hosts several porphyry copper-gold prospects on a large property located immediately south of the Kemess mine property now owned by Centerra Gold. Deer Lake covers numerous gold-copper skarn/porphyry occurrences with prior near surface drill intercepts including 0.99 grams per tonne (g/t) gold over 14 meters. In addition to the NSR’s, Serengeti also acquired a right of first refusal (ROFR) on any disposition of the properties by Electrum during a period of five years.
As quoted in the press release:
Thor-Marmot property comprises 9,300 hectares and includes five Minfile occurrences of porphyry style copper-polymetallic mineralization with the principal target characterized by potassically altered Takla andesitic volcanics cut by monzonite dykes with prior intercepts in limited shallow drilling including 0.11 percent copper, 0.04 g/t gold over 157 meters. Copper soil geochemistry and a partially defined IP geophysical anomaly suggest a one kilometer long target lies in an adjacent, previously untested valley bottom.
Deer Lake property comprises 5,535 Hectares and covers twelve Minfile occurrences of skarn and porphyry style gold-polymetallic mineralization hosted in Triassic-age Nicola volcano-sedimentary rocks cut monzonitic intrusives. Best intercepts in prior shallow drilling include, 0.33 g/t gold, 0.1 percent copper, 0.007 percent molybdenum over 96 meters and 0.99 g/t gold over 14 meters in a second area.
Click here to read the full Serengeti Resources (TSXV:SIR) press release.
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