Vancouver, B.C., November 13th, 2012: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) reports the results of a prospecting and surface rock sampling program conducted in September on the Croy Bloom property located 85 kilometers South of AuRico Gold’s Kemess Mine in the Quesnel Trough of north-central British Columbia. A number of rock grab samples returned high grade gold and copper values in an area of the property considered to be highly prospective.
The objectives of the 2012 exploration program were to evaluate an area known as the Karen Cirque and Saddle Gulley Zone, follow-up on a gold-copper-bearing stratiform magnetite unit; and further investigate gold and copper vein, stockwork and porphyry style mineralization historically described to occur in this area of the property.
A total of 19 rock grab samples, comprising float, subcrop and outcrop, were collected on the Croy Bloom property in early September 2012. Five of the samples assayed between 1.2 g/t and 137 g/t gold with two of these containing elevated silver and tellurium. Three samples returned over 1.0% copper and several contain elevated molybdenum. Most of the mineralized samples are of vein float material collected from within the upper portion of the Karen Cirque, Soup Ridge and an area known as the Saddle Gulley Zone, in the western part of the Croy Bloom property. To view the map of sampling results see the attachment or click here.
|2012 Croy Bloom Surface Sampling|
|Sample type||Au (g/t)||Cu%||Mo (ppm)||Ag (g/t)|
Historical drill intercepts from this area include 1.1 g/t Au, 0.39 % Cu over 22m hosted within a sub-horizontal, chlorite-magnetite horizon which apparently outcrops along Soup Ridge for over 1 km; 7.86 g/t Au over 20.5m and 12.34 g/t Au over 5.1m within a separate magnetite quartz zone known as the Saddle Gulley Zone. Other showings in this area include the Croy copper-gold showing which consists of at least six mineralized fractures and veins which occurs to the northeast of the Saddle Gulley Zone. The most significant of these veins consists of massive chalcopyrite-pyrite-magnetite and has been identified along 106 meters in length by 0.84 meters in width and is reported to grade 10.5% Cu, 15.7 g/t Au (see NR 2010-06). Reconnaissance IP surveying by Serengeti in the vicinity of the Croy vein in 2011 identified a strong associated chargeability anomaly some 200 meters in width (see NR: 2011-12).
The results from the current surface sampling combined with prior sampling, limited historical drilling and localized IP geophysical surveying indicates a potential target area some 2 by 3 kilometers in extent. Detailed geological mapping and deeper penetrating systematic IP surveying is warranted in the area to identify drill targets to test for a porphyry copper-gold system at depth.
Serengeti is currently seeking a partner to advance exploration on the Croy Bloom Property in the 2013 season.
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 conducting 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 $2.1 million. Serengeti has 51.1 million shares issued and outstanding or 59.4 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. A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards form part of the sampling protocol in addition to the laboratory’s own quality assurance program. The field program was supervised 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.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
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. Readers are advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Investor Relations: Paradox Public Relations (tel) 514-341-0408 (toll free in North America) 1-866-460-0408
Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE