Vancouver, B.C., October 02, 2013: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to report additional results from its summer exploration program. Several attractive targets, including good grade copper-gold-silver mineralization have been located on the Rottacker and Fleet properties as part of this program. The focus of this work was to cost-effectively identify prospective areas for follow-up geophysical surveying and future drilling.
On its recently acquired Rottacker claim (adjacent to the Kwanika claim block), located 25 km southeast of Kwanika Central Zone, work included silt and rock sampling and reconnaissance geological mapping in an area characterized by a northwest trending magnetic high, geology similar to that around the Kwanika deposit and bounded to the west by the Pinchi Fault Zone. The target area is overlain by a red boulder conglomerate unit, similar to that partially overlying the Kwanika deposit. Rock sampling from Rottacker returned three samples with 6.6% Cu, 141 g/t Ag, 1.0 g/t Au; 2.2% Cu, 73 g/t Ag, 0.72 g/t Au; and 0.38% Cu, 0.11 g/t Au related to a known showing on the property with last work recorded in 1971.
Historic drilling at Fleet, located 50 km south of the Kemess Mine, identified anomalous Cu and Mo mineralization over significant widths, including 0.18% Cu over 55 m and 0.24% Cu over 15 m. The recent phase of sampling comprised of 30 rock float samples, 52 B-horizon and 111 Ah soil samples. This work, in conjunction with existing data, identified geochemical anomalies that include rock float samples returning 1.4% Cu, 0.27 g/t Au, and 1.2% Cu, 0.19 g/t Au. A combination of B-horizon soil sampling and Ah-horizon soil sampling also identified several new multi-element targets including a particularly interesting 750 m x 600 m area with strongly anomalous Cu-Au-Mo-W geochemistry, with values ranging up to 763 ppm Cu in B-horizon and 312 ppm Mo in Ah-horizon in a separate target.
Table 1: Rottacker, Fleet Surface Rock Sampling 2013
|Property||Lithology||Type of Sample||Cu%||Au|
|Rottacker||Granodiorite||outcrop (3m chip)||0.38||0.11||7.6||8||264|
Serengeti plans to follow up on these properties in 2014 with additional work to better define these attractive targets.
The Company announces that Vic Tanaka has resigned from the Board of Directors but has agreed to remain as an advisor to the Company. Serengeti wishes to thank Mr. Tanaka for his long service to the Board. Separately the Company announces that it has granted 75,000 options to purchase shares of the Company at $0.07 to an independent consultant pursuant to the Company’s option plan.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of discovery. The Company is currently focused on its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. A number of these projects are available for option-joint venture and additional information can be found on the Company’s website at www.serengetiresources.com. Serengeti has 51.1 million shares issued and outstanding or 57.4 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. Sample analysis for the results reported here was completed at Acme Analytical Laboratories Ltd of Vancouver, BC, which employs a strict quality assurance program.
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. A comprehensive list of risk factors is provided in the Company’s Annual Information Form (“AIF”) for the year ended February 28, 2013 and filed on SEDAR on July 15, 2013. Readers are further 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. 1700-750 West Pender St, Vancouver, BC V6C 2T8
Tel: 604-605-1300 Email: email@example.com Website: www.serengetiresources.com