Serengeti Acquires Three Properties in the Highly Prospective Stikine Arch, BC-Summer Work Programs Planned
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/11 -- Serengeti Resources Inc. - (TSX VENTURE: SIR)(FRANKFURT: 34S) Serengeti announces that it has recently staked three new properties in the Stikine Arch area of north-west British Columbia. The highly prospective Stikine Arch hosts a number of world class copper-gold-silver porphyry deposits including Red Chris, Schaft Creek, and NovaGold and Teck Resources Galore Creek deposit which is reported to contain measured and indicated resources of 8.9 billion lbs copper, 7.3 million ozs gold, and 123 million ozs silver.
Serengeti's newly acquired targets include a very strong gold in stream sediment geochemical anomaly, recently released as part of Geoscience BC's Report 2011-2: Northern BC Sample Reanalysis Project, as well as several early stage exploration projects containing mineralized occurrences and geochemical anomalies with geological settings favourable for porphyry-style copper-gold mineralization.
Stikine, Zorro Properties
The Stikine and Zorro properties were staked to cover two areas with geological, geochemical, and magnetic signatures similar to the Galore Creek copper-gold-silver porphyry deposit. Both of these properties lie largely below tree line and limited outcrop exposure means prior surface work may not have effectively explored either area.
The 3,328 hectare Stikine property is located 70 km north of Galore Creek and was staked to cover an area with similar characteristics to Galore Creek. The property has been the subject of limited prior work including soil and silt surveys that outlined significant areas of anomalous copper and gold. The property is underlain by similar geology to Galore Creek with sedimentary and volcanic rocks intruded by the Late Triassic to Early Jurassic Copper Mountain Plutonic Suite, composed of favourable syenitic to monzonitic intrusive rocks. Rock samples from the syenitic intrusion returned values up to 1% Cu, 6.9 g/t Ag, and 0.7 g/t Au. Subsequent to the acquisition by staking, Serengeti has entered into a binding letter of intent with a local prospector, which provides the right to acquire a 100% interest in an adjacent claim block, thereby consolidating the ownership of this highly prospective target.
The Zorro property, located 10 km south of the Stikine property has returned values up to 0.9% Cu and 4.4 g/t Ag from outcrops of feldspar porphyry in limited historical sampling.
Dease Property
The 10,214 hectare Dease property, located 125 km north of Imperial Metals Red Chris deposit, was staked to cover the third highest gold value (1702 ppb) in the Geoscience BC reanalysis of over 10,000 samples. The property is on a major northwest trending magnetic feature underlain by geology favourable for magmatic and hydrothermal mineralization. There is no public record of prior exploration on this target.
Sutherland Property
Further to the acquisition of properties in the Stikine Arch, Serengeti has staked the 2,093 hectare Sutherland property in the highly prospective Quesnel Trough. The Sutherland property, located 30 km southwest of Fort St. James, was staked to cover an area with anomalous copper in lake sediments and a coincident favourable aeromagnetic signature.
Serengeti plans to advance all of these targets in the upcoming field season as part of a focused effort to discover new porphyry deposits within the Stikine Arch and Quesnel Trough regions of British Columbia.
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 $5.4 million, which includes $2.9 million receivable from the B.C. government's METC program. Serengeti has 46.8 million shares issued and outstanding and 52.2 million shares on a fully diluted basis.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Investor Relations
Martti Kangas
647-521-9261 or Toll Free in North America 1-855-778-7708
mkangas@proconsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com