Serengeti Identifies High Priority Drill Target nearby Kemess Mine in Northern BC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 20, 2016) - Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) has identified a very strong induced polarization (IP) geophysical anomaly associated with a strong copper-zinc-gold soil geochemical response and favourable altered volcanic host rocks, on its 100% held UDS property located seven kilometers northeast of the former producing Kemess South open pit mine, now owned by AuRico Metals Inc. Kemess produced 3 million ounces of gold and 360,000 tonnes of copper between 1997 and 2011*. Serengeti views this newly identified target as having the size and intensity to host a significant sulphide system at relatively shallow depth. It remains open to the north for expansion and is a high priority for drill testing.
Serengeti completed a deep penetrating, reconnaissance IP geophysical survey along four widely spaced lines on the UDS property in September. Three of the lines covered valley bottom located along a major structure northeast of the Kemess South open pit and east of the Kemess Underground and Kemess East deposits. The area had previously been identified by Serengeti as highly prospective.
"This newly identified target represents a compelling multi-parameter drill target located close to a past producer and two similar deposits," stated Serengeti President & CEO David W Moore. "One of the things that excites me so much about this new target is that it may represent an extension of the Kemess South Deposit, which was truncated on its southeast corner by a regional fault. The IP anomaly is strongly indicative of a relatively shallowly buried sulphide system and is a high priority for drill testing and the Company will be applying for a drilling permit as soon as possible," stated Moore.
The IP chargeability zone crosses the UDS property boundary at depth from the south where prior mine operator Northgate Minerals identified a deep, fairly weak anomaly associated with a small body of Black Lake monzonite which is the host to all three Cu-Au deposits in the district. The newly identified chargeability anomaly increases in strength to the northeast reaching values of 40 mV/V and comes closer to surface on the northernmost line where it remains open for expansion. Currently identified extent of the chargeability anomaly is approximately 900 by 1500 meters. Please go to the UDS property section of Company's website to view images of the location and IP stacked sections of the anomaly (http://www.serengetiresources.com/s/uds.asp). Soil sampling by a prior owner in 2004 outlined the area of elevated copper-zinc-gold geochemistry coincident with and immediately upslope of the newly identified geophysical anomaly. Limited sampling by Serengeti staff in 2014 substantiated the original soil anomaly and identified pyritic Takla volcanics, which lie directly above the three nearby Cu-Au deposits. Furthermore, rock sampling, trenching and very shallow drilling by an earlier owner in 1989, 600 meters further to the north of the current target area identified scattered gold-silver-polymetallic mineralization which is commonly developed peripheral to, or above porphyry systems.
The UDS property is part of the Company's prospective pipeline of properties that Serengeti believes has the potential to add significant value for its shareholders. These properties are in addition to Serengeti's flagship Kwanika property. The Company continues to advance the revised resource estimate for the Central Zone at Kwanika where Serengeti recently reported encouraging drill results (See NR -2016-11 dated September 22, 2016). The new resource estimate for Kwanika is anticipated to be completed in the current quarter.
* AuRico Metals Inc., Kemess Underground Technical Report, May 2016.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project in partnership with Daewoo Minerals Canada and exploring the balance of its extensive portfolio of properties, largely 100% held in the highly prospective Quesnel Trough of British Columbia. A number of these other projects are available for option-joint venture and additional information can be found on the Company's website at www.serengetiresources.com.
Quality Assurance/Quality Control
The geophysical field program described above was conducted by Peter E Walcott & Associates and directed by Serengeti Resources Inc. staff. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company's qualified person, David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
Cautionary Statement
The technical information provided in this news release was reviewed and approved by David Moore, P. Geo, President & CEO of the Company and a Qualified Person (QP) for the purposes of Canadian National Instrument 43-101. DISCLAIMER: This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Information concerning mineral resource estimates also may be deemed to be forward-looking statements. Although Serengeti Resources Inc. (SIR) believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. SIR cautions investors that any forward- looking statements by SIR are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors. All of SIR's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to SIR's mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
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Serengeti Resources Inc.
520 - 800 West Pender St., Vancouver, BC V6C 2V6
604-605-1300
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