Vancouver, B.C., July 25, 2012: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) reports the completion of a reverse circulation (RC) drill program on three properties in Chihuahua, Mexico, and reports the results from two of these. Results were previously reported from the third property, Victoria, where drilling encountered gold-silver with associated zinc +/- lead mineralization hosted in silicified sediments within a 500 metre long zone open laterally and at depth.
At the Cuates property which is located 30 kilometres north-west of the Parral Mining district in Chihuahua, nine reverse circulation drill holes totalling 987 metres tested several mineralized structures that had previously returned highly anomalous gold values in surface sampling (see NR dated March 20, 2012, and May 8, 2012). The results from this drilling at Cuates are shown in the table below. Although several of the holes encountered gold-silver mineralization (eg. 1.06 g/t Au, 5.7 g/t Ag over 3.0 metres in C-03 and 2.20 g/t Au, 7.3 g/t Ag over 1.5 metres in C-07), the values were significantly lower and less continuous than those encountered in the surface sampling. This is likely attributable to gold enrichment in the near surface, weathered and oxidized material whereas the values in drilling are from unweathered sulphide bearing intervals which were also variably anomalous in pathfinder elements including lead, zinc, copper and arsenic.
|Cuates RC Drill Holes C01 to C09 results|
|Holes C02, C05 did not return any significant intervals|
Two of the holes at Cuates, C08, 09 tested an area of quartz-fluorite veining west of the surface gold-mineralized area and returned locally anomalous silver values. The geological setting at Cuates is characterized by a series of small dioritic intrusions and contact metamorphosed sedimentary rocks cut by east-west and locally north-northwest trending quartz veins and mineralized structures.
One hole was also drilled on the Dorado property located 35 kilometres northeast of Parral testing a high contrast poly-metallic, selective leach soil anomaly and indicated a thick (>150 metres) overburden and post-mineral cover rock sequence. No further work is planned on this claim block.
In contrast, the recently completed drill program has indicated mineralized systems on the Victoria and Cuates properties warranting further testing both laterally and at depth. Drilling results from both properties will now be fully integrated with prior data to determine how best to advance these.
The Company also announces that it has recently taken the decision to defer for now the completion of the Kwanika Project scoping level Preliminary Economic Assessment, given the fragile financing climate and the Company’s effort to conserve funds. A 1500 meter drill program is however planned at Kwanika in August 2012 utilizing available flow-through exploration funds to test several excellent targets recently identified as a result of a re-evaluation of our exploration database. One of these targets is shown on the Kwanika South map attached or available on our Kwanika Property webpage.
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 conducts 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 $2.8 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