Serengeti Stakes Additional Ground-Completes Initial Field Program on Mexican Gold-Silver Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/18/10 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) is pleased to report that field crews, through its Mexican subsidiary Cia. Minera F.B. Integral SA de CV, have recently completed a month-long field program on seven mineral properties located in the highly prospective Altiplano Gold-Silver belt of north-central Mexico (see map attached). The work program consisted of geochemical sampling and geological mapping and included the collection of 190 rock and 135 silt and soil and 70 mesquite samples. Serengeti's total property package now covers approximately 158,000 Ha in eight 100% owned mineral tenures. Four of these properties have been titled, while the remaining four are awaiting title grant from the Mexican Mines Ministry. Results from the current work, when available, will be integrated with existing data to identify next exploration steps on these well located properties.
Cristobal
The Cristobal property and recently titled Escondida in-holding covers 31,550 Ha and is located 15 km SW of Levon Resources' and Valley High Ventures' Cordero-Sanson Au-Ag-Pb-Zn project, where Levon and Valley High have recently commenced a 55,000 metre drill program. Serengeti's Cristobal project is located SW on strike along a major NE-SW lineament that hosts the Cordero-Sanson project.
Serengeti has identified four primary areas of interest on Cristobal:
-- Mapped prospective host rock lithologies along the NE-SW Cordero-Sanson
lineament in areas previously thought to be covered by potentially thick
post-mineral rock cover.
-- Identified a NW trending structure containing an estimated two to eight
metre wide zone of hematitic banded quartz veins and quartz vein
breccias, exposed over a strike length of 1.8 km.
-- Observed angular blocks and boulders of hematitic Cretaceous sediments
with limonite, likely after sulfide veins, and interpreted to be near-
source.
-- Located abundant jasperoid quartz boulders possibly being related to
upper levels of epithermal hydrothermal systems in three locales on the
property.
Serengeti is encouraged by the initial reconnaissance work at Cristobal and intends to follow up with an airborne geophysical survey and continued geochemical and geological investigation.
Victoria
The 10,982 Ha Victoria property is located 120 km south of Chihuahua City. The target consists of a NNW trending silica rib that is well exposed over a 700 m strike length, occurring within intensely altered Cretaceous sediments. The silica rib was previously explored in the early 1980's when chip sampling and trenching was followed by two short diamond drill holes. Drilling results included values up to 2.1 g/t gold over 1.9 m. Five samples collected by Serengeti in earlier site visits to the area average 2.14 g/t gold, along with strongly anomalous arsenic, silver, antimony, and lead. Fieldwork recently completed by Serengeti included rock sampling and property-wide mapping to identify possible extensions of the altered and mineralized system. Serengeti believes that the exposed target was not fully tested by the limited previous drilling; and furthermore the majority of the property is covered by extensive overburden. Potential exists for a large precious metal-bearing system and the company plans to follow up this target with an Induced Polarization geophysical survey.
Dorado
The Dorado claim block covers 5084 Ha and is located 30 km NE of on the historic Parral mining district. The Dorado project covers three prominent aeromagnetic anomalies, which are entirely blanketed by post-mineral cover. Serengeti completed three sampling transects over the magnetic anomalies, collecting soil and mesquite tree samples.
Rodeo Claims
The Rodeo claim block comprises 12,650 Ha and is favourably located 20 km east of Silver Standard's Pitarilla deposit (in excess of 400 million ounces silver in combined indicated and inferred resources) and immediately adjacent to the east of the historical Navidad fluorite mine. Aster satellite imagery shows that the extensive silica + sericite alteration system associated with the Navidad mine continues SE onto the Serengeti claims. Aster imagery also defined a strong silica + sericite anomaly in the eastern portion of the Rodeo block, associated with limonitic quartz breccias. This limontic quartz was found to occur within a NW trending structure, variably exposed over several hundred meters. The separate Rodeo 1 and Rodeo 2 blocks cover 20,150 Ha and are located 40 km north of Argonaut Gold's El Castillo Mine, and 30 km southwest of Silver Standard's Pitarilla project. Geological mapping and interpretation has identified favourable geological environments on each property. Follow-up targets will be defined based on results of extensive rock and silt sampling conducted on all three Rodeo claim blocks.
Camacho
The 77,615 Ha Camacho block is located in Zacatecas state, 60 km west of Goldcorp's Penasquito Mine. An active exploration program is underway by a third party on a gold-silver target immediately west of the Camacho block which comprises a large basin covered by extensive unconsolidated post-mineral cover. The depth of this cover on Serengeti's Camacho block is being evaluated to determine the next exploration steps on this large tenement.
About Serengeti
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, exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia, and has initiated exploration for gold-silver deposits in Mexico. Additional information on Serengeti's projects can be found on the Company's website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $5.7 million which includes $2.9 million receivable from the B.C. government's METC program. Serengeti has 46.2 million shares issued and outstanding and 51.5 million shares on a fully diluted basis.
Quality Assurance/Quality Control
Sample analysis for the current program was completed at Acme Analytical Laboratories Ltd in Vancouver, BC. The field program was conducted by Serengeti Resources Inc. staff and 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.
Cautionary Statement
This document contains 'forward-looking statements' within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.
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Contacts:
Serengeti Resources Inc.
Martti Kangas
Investor Relations
647-521-9261
mkangas@proconsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com