Vancouver, B.C., September 24, 2014: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to report that sampling of previously un-assayed drill core from its 100% held Croy-Bloom property has returned strong copper-gold mineralization. In addition, surface sampling of a historic copper showing also located on the property and last worked on more than forty years ago has returned encouraging copper results.
The Croy Bloom property comprising 13,800Ha, is located 85km south of the former producing Kemess Cu-Au mine and lies within a few kilometers of the Omineca Mine Road and Kemess power line. The claims cover a remarkable number of untested or partially tested porphyry copper-gold targets, high grade Cu-Au veins and Au-Cu skarn occurrences.
A limited field program conducted in August successfully re-located and demonstrated the potential of several historic occurrences, located on the southwestern part of the Croy-Bloom property, on trend of the Kliyul gold-copper system, located five kilometers to the north.
Drill core from four holes, drilled on the Soup Ridge gold target in 1997 by other operators, was relocated on the property and found to be in good condition. Two of these holes encountered previously reported significant intercepts (0.41% Cu, 0.96 g/t Au over 27m and 0.27% Cu, 0.61 g/t Au over 47 m) in magnetite skarn, developed at the contact of Takla volcanics and underlying microdiorite. Historical sampling of these holes was limited and selective. Two short samples of previously un-assayed, yet mineralized core were collected during the current program; one of these returned 0.97% Cu and 3.1 g/t Au from garnetiferous microdiorite containing disseminated chalcopyrite, occurring 65 meters below one of the intercepts described above (click here to see Soup Ridge drill hole cross section). Serengeti’s brief field visit did not include re-logging the core and the full extent of the newly identified copper-gold mineralization is therefore not known at this time.
The Soup target consists of two magnetite skarn horizons exposed along 1,100 meters of strike and one cross-cutting zone known as ‘Saddle Gully Zone’ which contain locally high gold values in surface sampling and prior drilling (see NR: 2011-12 and NR: 2012-13). Historic soil sampling of talus fines has outlined an intense, directly coincident, copper-gold anomaly, some 1,000 by 600 meters in extent. Twenty four short holes aggregating 2,270 meters were drilled by prior operators on the target in the 1989-97 time period, but no IP geophysics or deeper drilling is reported.
The Kli showing, where last reported work was in 1971-72, was also relocated. It lies three kilometers south of the drilling described above. Mineralization at Kli consists of disseminated and vein chalcopyrite hosted in a garnet-diopside skarn and chlorite schist exposed in an eight to ten meter high creek exposure in a heavily forested area. As at Soup, the mineralization is developed at or near an andesite/diorite contact. Three composite grab samples collected on the recent site visit contain 0.38%, 0.84% and 0.93% Cu (see Table 1). Historic soil sampling here has outlined a number of copper soil anomalies, one directly associated with the showing and others open at the limits of the grid. No other work is reported from this target area.
Table 1. Croy-Bloom Sampling Highlights 2014.
|Location||Description||Sample Type||Cu%||Au g/t||Ag g/t|
|DDH VP-97-01||Microdiorite with garnet alteration,|
|grab @ 208m||0.97||3.11||2.6|
|DDH VP-97-02||Chlorite-magnetite schist,|
|grab @ 242m||0.12||0.11||0.9|
|Kli Showing||Altered diorite with py-cpy veinlets||Composite grab||0.38||tr||3.6|
|Kli Showing||Diopside-garnet skarn with diss and vein py-cpy||Composite grab||0.93||0.04||3.9|
|Kli Showing||Quartz-chlorite-magnetite schist with diss cpy-py||Composite grab||0.84||0.09||5.8|
“The Soup and Kli showing areas are clear demonstrations of the high potential of the Croy-Bloom property,” stated David Moore, President and CEO of Serengeti. “Both occurrences have previously been attributed to contact skarn processes but recent observations suggest that potential may exist for a gold-dominant porphyry system at depth and the related size implications”.
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 58.1 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. The laboratory has a rigorous internal QA/QC program sufficient for the stage of this project. The field program was conducted 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.
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