Vancouver, B.C., January 16, 2014: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to report the discovery of outcropping mineralization grading 0.59% copper, 1.59 g/t gold on the RCN property located in the Red Chris district of northwestern British Columbia.
At the RCN property, follow-up prospecting and geochemistry late in the 2013 field season significantly expanded an area of interest first identified by Serengeti last summer. Additional outcrops of strong quartz-sericite-pyrite alteration were located on the property, such that the zone of interest now extends for at least 400 meters on strike in a largely overburden covered and densely treed portion of the property. Rock sampling near the center of this outcropping area returned a composite grab sample over a one meter width assaying 0.59% Cu and 1.59 g/t Au. A reconnaissance soil sampling survey on a 500 x 100 meter grid identified a cluster of three strongly anomalous copper and gold values upslope of this mineralized outcrop indicating the zone of interest may be several hundred meters wide. Silt geochemical sampling of two drainages, 400 and 900 meters to the north, returned moderate to strongly anomalous copper values, suggesting the possibility of a larger mineralized area. This altered and mineralized zone flanks an aeromagnetic anomaly and is believed to be similar to the one which lead to the discovery of the nearby N. Rok copper-gold zone. The next step at RCN is IP geophysics and detailed soil geochemistry which could very quickly lead to drilling at this very well located, road accessible property.
“Our success in identifying, acquiring and advancing high quality exploration targets such as RCN demonstrates the merits of our brownfield exploration approach” stated President & CEO, David Moore. “We now have a strategic land position in four BC copper-gold districts, and look forward to testing some of our best targets in 2014”.
These results and new maps are available on Serengeti’s RCN webpage.
The Company also announces that it has granted an aggregate 1,325,000 stock options to acquire common shares of Serengeti at a price of $0.06 per share to directors, officers, employees and consultants pursuant to its stock 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 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 and Stikine Arch 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 58.4 million shares on a fully diluted basis following the most recent option grant.
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. 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: firstname.lastname@example.org Website: www.serengetiresources.com