Vancouver, B.C., February 16th, 2011: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) has released sampling results from an initial field program completed on seven mineral properties located within the states of Chihuahua and Durango, Mexico. To date Serengeti has acquired title to seven mineral properties totaling 70,762 hectares in the highly prospective Altiplano gold-silver belt of central Mexico. A 2,500 line kilometer airborne magnetic and radiometric survey is currently being planned for seven of Serengeti’s properties, including the Cristobal, Victoria, and Los Cuates blocks.
Within the 10,983 Ha Victoria Project located in Chihuahua State, Serengeti confirmed the presence of a significant gold-silver-arsenic system. Surface trenching consisted of a series of chip samples collected across a strongly altered silica rib, assayed 0.32 g/t Au, 1.9 g/t Ag, and 4900 ppm As over 23.5 m. Along strike of the silica rib, 300 meters to the south, Serengeti collected 21 surface grab samples averaging 1.3 g/t Au, 4.4 g/t Ag, and >10,000 ppm As with a high of 2.7 g/t Au. The samples were collected along a steeply dipping, northwest trending silica rib that has a known strike length of 700 m with an interpreted true width of 15 to 30 m. Two historical drill holes completed in the southern portion of the target intersected strongly altered Caracol Formation siltstones with local quartz-calcite vein breccias and included a 4.7 m section grading 1.2 g/t Au. Serengeti geologists believe that the outcropping mineral system at Victoria potentially represents the partially exposed portion of a significant epithermal system located under cover along strike or at depth.
At the Los Cuates Project located in Chihuahua State, Serengeti samples returned up to 6.1 g/t Au and 28.5 g/t Ag in outcrop within the property. This grab sample was taken across a series of steeply dipping sheeted quartz veins occurring within a prominent east-west trending structure mapped over 1.4 km in length. Sampling has also confirmed the presence of strongly anomalous gold, silver, antimony and arsenic mineralization at several other locations including from numerous small mine workings found throughout the Los Cuates project area. The technical team has defined a 2000 m x 500 m epithermal gold-silver target area in the western portion of the project area associated with the prominent east-west structure and pervasively altered and oxidized sedimentary host lithologies.
The Cristobal Project covers 31,550 hectares and is located 15 kilometres southwest of Levon Resources’ and Valley High Ventures’ Cordero-Sanson Au-Ag-Pb-Zn project, where Levon and Valley High are completing a 55,000-metre drill program. Serengeti’s Cristobal project is located SW on strike along a major northeast-southwest lineament that hosts the Cordero-Sanson project. Field crews at Cristobal have been successful in mapping prospective host rock lithologies along this vital NE-SW structure. The company plans further ground follow up including an extensive biogeochemical sampling program, similar to a highly prospective test program completed at Victoria.
David Moore, President and CEO of Serengeti stated: “The identification of outcropping mineralized systems at Los Cuates and Victoria is an exciting development in Serengeti’s Mexico exploration effort. Both project sites are underexplored and each represents excellent potential to host a bulk tonnage epithermal Au-Ag deposit. In addition, we are excited to follow up on the highly permissive target areas identified at the Cristobal and Rodeo projects.”
Follow up Program Details
In order to follow up initial field work and define further exploration targets, Serengeti is planning to complete a 2,500 line kilometer airborne magnetic and radiometric survey over seven of its Mexican properties. The survey is expected to be completed within the coming months.
In addition, field crews will be mobilizing in late February to conduct follow-up ground work at Victoria, Los Cuates, Cristobal, Rodeo, and Rodeo 1 properties. Ground work will include geological mapping, prospecting, biogeochemical sampling, and extensive Niton soil geochemistry sampling programs.
A biogeochemical sampling test program was completed at the Victoria in October 2010. The program was successful in highlighting a multi-element response over the areas of known alteration and Au-Ag-As mineralization. The success of the test program at the Victoria property is encouraging and this technique will be used to effectively sample other areas with transported desert cover.
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.
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