Vancouver, B.C., September 15th, 2011: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to report that it has received results from an Induced Polarization (IP) survey completed at the Croy Bloom project in northern British Columbia. The survey has identified a broad, 200 meter wide, IP chargeability anomaly associated with several narrow, exceptionally high grade copper and gold bearing massive sulfide veins at the Croy showing. In addition the Company has secured some adjacent highly prospective ground covering additional copper-gold showings.
Serengeti believes that the veins at the Croy showing and other high grade showings in the area potentially represent the surface expression of a concealed porphyry copper-gold system. The most significant of these veins has been identified over a 106 by 0.84 meter area and is reported to grade 10.5% Cu, 15.7 g/t Au (see NR 21010-06). Other important showings in the target area include the Soup and Saddle Gully showings, located 1.6 km to the west. Historical drill intercepts at the Soup and Saddle Gully Zone are reported to include 22 m grading 1.1 g/t Au, 0.39% Cu hosted within a sub-horizontal, chlorite-magnetite horizon, and 5 m grading 12 g/t Au within a silicified shear zone. Serengeti has acquired additional claims in this area through a purchase agreement with a local prospector, securing this highly prospective target area.
The Croy Bloom property is located within the Quesnel Trough, 85 km south of Northgate Minerals’ formerly producing Kemess Mine. Past exploration completed by Serengeti and other operators has identified several large porphyry copper-gold targets within the 12,750 Ha property. In addition, prior drilling has partially defined a significant stockwork-molybdenum system in the Davie Creek area on the property with the best historic intercept grading 0.072% Mo over 203 meters.
The source of significant copper and gold mineralization at the Croy, Soup and Saddle Gully showings is thought to be a buried porphyry copper-gold system. These showings outline a target area approximately 1.6 km by 0.8 km in extent. Serengeti plans to follow up this attractive copper-gold target with a series diamond drill holes in the following 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 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 $5.3 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
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:
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Serengeti Resources Inc., (tel) 604-605-1300 SIR: TSX.V 34S: FSE