Vancouver, B.C., February 24th, 2011: Serengeti
Resources Inc. - (SIR: TSX-V; 34S-FSE) Serengeti announces that it has recently staked
three new properties in the Stikine Arch area of north-west British
Columbia. The highly prospective Stikine Arch hosts a number of world class
copper-gold-silver porphyry deposits including Red Chris, Schaft Creek, and NovaGold
and Teck Resources Galore Creek deposit which is
reported to contain measured and indicated resources of 8.9 billion lbs
copper, 7.3 million ozs gold, and 123 million ozs silver.
Serengeti's newly acquired targets include a very strong gold in stream
sediment geochemical anomaly, recently released as part of Geoscience BC's Report 2011-2: Northern BC Sample
Reanalysis Project, as well as several early stage exploration projects
containing mineralized occurrences and geochemical anomalies with
geological settings favourable for porphyry-style
Stikine, Zorro Properties
The Stikine and Zorro properties were staked to cover two areas with
geological, geochemical, and magnetic signatures similar to the Galore
Creek copper-gold-silver porphyry deposit. Both of these properties lie
largely below tree line and limited outcrop exposure means prior surface
work may not have effectively explored either area.
The 3,328 hectare Stikine property is located 70 km north of Galore Creek
and was staked to cover an area with similar characteristics to Galore
Creek. The property has been the subject of limited prior work including
soil and silt surveys that outlined significant areas of anomalous copper
and gold. The property is underlain by similar geology to Galore Creek with
sedimentary and volcanic rocks intruded by the Late Triassic to Early
Jurassic Copper Mountain Plutonic Suite, composed of favourable
syenitic to monzonitic
intrusive rocks. Rock samples from the syenitic
intrusion returned values up to 1 % Cu, 6.9 g/t Ag, and 0.7 g/t Au.
Subsequent to the acquisition by staking, Serengeti has entered into a
binding letter of intent with a local prospector, which provides the right
to acquire a 100% interest in an adjacent claim block, thereby
consolidating the ownership of this highly prospective target.
The Zorro property, located 10 km south of the Stikine property has
returned values up to 0.9 % Cu and 4.4 g/t Ag from outcrops of feldspar
porphyry in limited historical sampling.
The 10,214 hectare Dease property, located 125 km
north of Imperial Metals Red Chris deposit, was staked to cover the third
highest gold value (1702 ppb) in the Geoscience
BC reanalysis of over 10,000 samples. The property is on a major northwest
trending magnetic feature underlain by geology favourable
for magmatic and hydrothermal mineralization. There is no public record of
prior exploration on this target.
Further to the acquisition of properties in the Stikine Arch, Serengeti has
staked the 2,093 hectare Sutherland property in the highly prospective Quesnel Trough. The Sutherland property, located 30 km
southwest of Fort St. James, was staked to cover an area with anomalous
copper in lake sediments and a coincident favourable
Serengeti plans to advance all of these targets in the upcoming field
season as part of a focused effort to discover new porphyry deposits within
the Stikine Arch and Quesnel Trough regions of
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.
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.
For further information, please contact:
Investor Relations: Martti Kangas
(tel) 647-521-9261 (toll free in North America)
Serengeti Resources Inc., (tel) 604-605-1300 SIR:
TSX.V 34S: FSE