Vancouver-listed Serengeti Diamonds can earn a half interest in a major greenstone belt in western Kenya.
The area comprises 200 sq. km. of licences for the exploration and exploitation of gold, as well as 1,100 sq. km. of prospecting licences. It is underlain by an Archean greenstone belt which, in the 1930s, hosted 17 gold producers. Production, largely from high-grade quartz oreshoots, ceased in 1939, with the outbreak of the Second World War. Since the 1960s, the area has been little-explored.
Serengeti and its South African joint-venture partner, Jester Global, have verified the existence of more than 20 prospects, with numerous quartz veins, over a strike length of 40 km. As well, there is potential for open-pit mining, as indicated by the presence of surface-enriched gold mineralization with lateritic weathering, to a depth of 30 metres.
The partners have negotiated a 6-year option to acquire these licences by funding exploration to the tune of US$10,000 per month. For US$4 million, the companies can purchase the assets and rights, which include a 150-ton-per-day mill.
To define drill targets, a US$1-million program is planned, which will consist of geochemical sampling, structural evaluation and mapping.
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