Serengeti Updates British Columbia Exploration Activities
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/16/11 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) provides an update on its summer exploration program in British Columbia.
At Kwanika 1724 meters of drilling were completed in 5 holes between June 20th and July 9th. Two targets were tested; an Ah geochemical anomaly referred to as the Northeast target located adjacent to the Central Zone and a deep IP geophysical target located further to the east. No significant mineralization was encountered in these holes. The northeast geochemical target is now believed to be part of the strong geochemical signature related to the Central Zone. The cause of the deep IP response tested by two of the holes in the current program is not obvious and physical modeling of the drill core is underway to aid in the geophysical interpretation.
Also on the Kwanika project, 4300 Ah geochemical samples have been collected across the entire property to assist with future targeting. Partial results have been received to date and areas for follow-up will be identified once the complete data set is available and interpreted.
At Choo and Tchentlo properties, work has begun in a program funded by Freeport-McMoRan of Canada Limited, a wholly-owned, indirect subsidiary of Freeport-McMoRan Copper & Gold Inc. A 55-line kilometer IP geophysical survey is planned on the properties with a follow-up geochemical and geological program scheduled for this fall, to identify targets for future drilling. Freeport has the right to earn a 51% interest in the Choo and Tchentlo properties by making certain cash payments and incurring US $5 million in exploration expenditures over four years and an aggregate 70% interest by fully funding and completing a feasibility study. The Choo and Tchentlo properties are located 25 to 40 kilometers west of the Mt. Milligan copper-gold development project.
Elsewhere in BC, field crews are busy completing geological and geochemical surveys on several of Serengeti's claim blocks throughout the northern half of the province. Of particular interest is the discovery of a body of previously unknown altered and weakly copper-mineralized syenites on the Stikine property, located 30 km northwest of Telegraph Creek. Serengeti acquired the claims to follow up the presence of favorable host rocks containing narrow copper and gold showings in conjunction with a cluster of stream sediment samples that were strongly anomalous in copper and gold. Assays for the Stikine project are pending.
The Company also reports that in mid-July it received a cheque for $2.96 million from the Government of Canada on behalf of the BC government's METC program for exploration expenses incurred in the province.
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, and 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 $5.5 million, which includes $0.6 million receivable from the B.C. government's METC program. Serengeti has 51.1 million shares issued and outstanding or 58.9 million shares on a fully diluted basis.
Quality Assurance/Quality Control
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
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:
Paradox Public Relations
Investor Relations
514-341-0408 or Toll free in North America: 1-866-460-0408
info@paradox-pr.ca
Serengeti Resources Inc.
David W. Moore, P. Geo.
President, CEO and Director
604-605-1300
www.serengetiresources.com