|
Serengeti
Resources Inc. (TSX-V:SIR - News)(Frankfurt:34S - News) has released sampling
results from an initial field program completed on seven mineral properties
located within the states of Chihuahua and Durango, Mexico. To date Serengeti
has acquired title to seven mineral properties totaling 70,762 hectares in
the highly prospective Altiplano gold-silver belt
of central Mexico. A 2,500 line kilometer airborne magnetic and radiometric
survey is currently being planned for seven of Serengeti's properties, including
the Cristobal, Victoria, and Los Cuates blocks.
Victoria
Within
the 10,983 Ha Victoria Project located in Chihuahua State, Serengeti
confirmed the presence of a significant gold-silver-arsenic system. Surface
trenching consisted of a series of chip samples collected across a strongly
altered silica rib, assayed 0.32 g/t Au, 1.9 g/t Ag, and 4900 ppm As over 23.5 m. Along strike of the silica rib, 300
meters to the south, Serengeti collected 21 surface grab samples averaging
1.3 g/t Au, 4.4 g/t Ag, and greater than 10,000 ppm
As with a high of 2.7 g/t Au. The samples were collected along a steeply
dipping, northwest trending silica rib that has a known strike length of 700
m with an interpreted true width of 15 to 30 m. Two historical drill holes
completed in the southern portion of the target intersected strongly altered Caracol Formation siltstones with local quartz-calcite
vein breccias and included a 4.7 m section grading 1.2 g/t Au. Serengeti
geologists believe that the outcropping mineral system at Victoria
potentially represents the partially exposed portion of a significant
epithermal system located under cover along strike or at depth.
Los
Cuates
At
the Los Cuates Project located in Chihuahua State,
Serengeti samples returned up to 6.1 g/t Au and 28.5 g/t Ag in outcrop within
the property. This grab sample was taken across a series of steeply dipping
sheeted quartz veins occurring within a prominent east-west trending
structure mapped over 1.4 km in length. Sampling has also confirmed the
presence of strongly anomalous gold, silver, antimony and arsenic
mineralization at several other locations including from numerous small mine
workings found throughout the Los Cuates project
area. The technical team has defined a 2000 m x 500 m epithermal gold-silver
target area in the western portion of the project area associated with the
prominent east-west structure and pervasively altered and oxidized
sedimentary host lithologies.
Cristobal
The
Cristobal Project covers 31,550 hectares and is located 15 kilometres southwest of Levon
Resources' and Valley High Ventures' Cordero-Sanson
Au-Ag-Pb-Zn project, where Levon
and Valley High are completing a 55,000-metre drill program. Serengeti's
Cristobal project is located SW on strike along a major northeast-southwest lineament
that hosts the Cordero-Sanson project. Field crews
at Cristobal have been successful in mapping prospective host rock lithologies along this vital NE-SW structure. The Company
plans further ground follow up including an extensive biogeochemical sampling
program, similar to a highly prospective test program completed at Victoria.
David
Moore, President and CEO of Serengeti stated: "The identification of
outcropping mineralized systems at Los Cuates and
Victoria is an exciting development in Serengeti's Mexico exploration effort.
Both project sites are underexplored and each represents excellent potential
to host a bulk tonnage epithermal Au-Ag deposit. In addition, we are excited
to follow up on the highly permissive target areas identified at the Cristobal
and Rodeo projects."
Follow
up Program Details
In
order to follow up initial field work and define further exploration targets,
Serengeti is planning to complete a 2,500 line kilometer airborne magnetic
and radiometric survey over seven of its Mexican properties. The survey is
expected to be completed within the coming months.
In
addition, field crews will be mobilizing in late February to conduct follow
up ground work at Victoria, Los Cuates, Cristobal,
Rodeo, and Rodeo 1 properties. Ground work will include geological mapping,
prospecting, biogeochemical sampling, and extensive Niton
soil geochemistry sampling programs.
A
biogeochemical sampling test program was completed at the Victoria in October
2010. The program was successful in highlighting a multi-element response
over the areas of known alteration and Au-Ag-As mineralization. The success
of the test program at the Victoria property is encouraging and this
technique will be used to effectively sample other areas with transported
desert cover.
About
Serengeti
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, 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 $5.4 million, which includes $2.9 million
receivable from the B.C. government's METC program. Serengeti has 46.8
million shares issued and outstanding and 52.2 million shares on a fully
diluted basis.
To
view the image accompanying this press release, please click on the following
link: http://media3.marketwire.com/docs/sir216.jpg
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.
Cautionary
Statement
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.
Contact:
Contacts:
Investor Relations
Martti Kangas
647-521-9261 or Toll Free in North America: 1-855-778-7708
mkangas@proconsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com
|