Vancouver, B.C., February 07th, 2010: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) has received results from a Geoscience BC (a government funded, applied geoscience research group) commissioned study identifying a compelling, untested, multi-element Ah soil anomaly immediately adjacent to the Central copper-gold Zone at Kwanika. The newly identified ‘Northeast Target’ anomaly is defined by a strong copper-gold-silver-molybdenum response that is comparable in both magnitude and character to the response found over the known Central Zone deposit. Furthermore, the Northeast Target is located in an area that is completely covered by glacial sediments and has not been subject to any previous drilling.
David Moore, President and CEO of Serengeti said: “The Northeast Target represents excellent potential to host near surface porphyry mineralization immediately adjacent to the Central Zone at Kwanika. The anomaly may signify a faulted offset of the Central Zone or an entirely new body of mineralization. We are extremely pleased with the results of this survey and look forward to testing this excellent target. In addition, Serengeti now has a low-cost exploration tool that can be applied to the extensive covered portions of the 30 km long Kwanika property. In particular, we are eager to realize the potential of the underexplored southern portion of the property”.
This new target was identified by the second stage of a comparative geochemical study using an innovative technique completed by David Heberlein in September 2010. The initial study completed by Heberlein in 2009, and described in Geoscience BC Report 2010-03 was successful in identifying a strong gold-copper-tungsten anomaly over top of the Central Zone mineralization through 20 to 40 m of glacial till and up to 300 m of post-mineral consolidated rock cover. The 2010 survey expanded on the results of this previous study and identified the Northeast Target which potentially indicates mineralization in an untested area. Results of the most recent study were presented at Cordilleran Roundup in January and will be published in the upcoming Geoscience BC Report 2011-03.
Property-Scale Exploration Potential:
The Kwanika project consists of two known deposits, the Central copper gold Zone and the South Zone, a copper-moly-silver-gold zone located two km to the South. A key to the exploration potential on the property is the presence of a relatively high grade core to the Central Zone deposit. This coherent higher grade core contains 75 Mt grading 0.41% Cu and 0.42 g/t Au (March 2010 43-101 Technical Report). Within this core is a supergene enrichment blanket that overlies the primary mineralization. The chalcocite and covellite rich supergene blanket formed as a result of a secondary enrichment process, upgrading the mineralization to commonly more than 1% CuEq.
Such supergene enrichment zones are rarely observed in the northern Cordillera and are similar to those observed in the major porphyry deposits of Chile and SW United States. At Kwanika this enrichment zone is preserved beneath post-mineral sedimentary basin rocks that are extensively developed over the southern part of the property (see map included). The Serengeti technical team believes that this covered area which extends 25 km to the south within the Kwanika claims, presents the opportunity to locate an as yet undiscovered supergene enriched porphyry copper-gold deposit.
Previous geophysical surveying in the prospective southern portion of property has identified a more than 1 km long IP chargeability anomaly that has a comparable response to the IP anomaly that identified the Central Zone. This anomaly is interpreted to be near surface and may occur beneath or adjacent to relatively thin sedimentary basin cover.
The two studies completed by Heberlein (Geoscience BC 2010-03, 2011 to be published) have demonstrated that low-cost geochemical survey methods have been highly successful in identifying the Central Zone beneath up to 300 meters of post-mineral consolidated sediments. The success of these studies is an exciting and recent breakthrough for detecting ‘blind’ deposits within the highly prospective Kwanika property.
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 $2.9 million receivable from the B.C. government’s METC program. Serengeti has 46.8 million shares issued and outstanding and 51.0 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.
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.
For further information, please contact:
Investor Relations: Martti Kangas (tel) 647-521-9261 (toll free in North America) 1-855-778-7708
Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE