South Korea’s largest trading company is helping fund development of this stock’s copper/gold project.
The B.C. mine has a promising deposit with plenty of room for expansion and a projected 15-year life. However, feasibility studies are just beginning this summer and actual production is a long way off.
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SERENGETI RESOURCES (symbol SIR on the Toronto Venture Exchange; www.serengetiresources.com) is currently working in partnership with South Korea’s Posco Daewoo Corp. on the Kwanika copper-gold project in B.C. The mining site is just one of Serengeti’s properties in the Quesnel Trough area of the province.
Posco Daewoo is Korea’s largest trading company and a subsidiary of giant Posco Corp.
Serengeti now holds 65% of the Kwanika joint venture. Posco Daewoo contributed $7.0 million to the project in late 2017 for the remaining 35% stake. About $700,000 of that investment goes to Serengeti for its operation of the site.
The rest of the $7.0 million will be used to fund a pre-feasibility study to further analyze the economic viability of building a mine. That includes a substantial drilling program to target the central copper-gold zone of the Kwanika property. Drilling should start this summer.
Penny Stocks: Kwanika would be supported by sound infrastructure
An earlier preliminary economic assessment of the site called for a $476 million mine with a 15-year life. The study also suggests a combination open-pit and underground mine could produce 601 million pounds of copper, 676,300 ounces of gold, and 2.66 million ounces of silver over the life of the mine.
The average annual output over the first eight years of the mine is forecast at 50.4 million pounds of copper, 70,100 ounces of gold, and 181,100 ounces of silver.
Serengeti has found a promising copper-gold deposit with lots of room for expansion. In Posco Daewoo, it also has a major partner to help fund the continued development of the site.
In addition, Kwanika is located in politically stable B.C. It has the necessary infrastructure to service it, including a road from the city of Fort St. James, B.C. Still, the company is a long way from becoming an actual producer.
TSI Network recommendation: Serengeti’s risky shares have some speculative appeal. They are okay to hold for highly aggressive investors only.
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