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: Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) has received results from a Geoscience BC (a
government funded, applied geoscience research group) commissioned study
identifying a compelling, untested, multi-element Ah soil anomaly
immediately adjacent to the Central copper-gold Zone at Kwanika.
The newly identified 'Northeast Target' anomaly is defined by a strong
copper-gold-silver-molybdenum response that is comparable in both magnitude
and character to the response found over the known Central Zone deposit.
Furthermore, the Northeast Target is located in an area that is completely
covered by glacial sediments and has not been subject to any previous
drilling.
David Moore, President and CEO of Serengeti said: "The Northeast
Target represents excellent potential to host near surface porphyry
mineralization immediately adjacent to the Central Zone at Kwanika. The anomaly may signify a faulted offset of
the Central Zone or an entirely new body of mineralization. We are
extremely pleased with the results of this survey and look forward to
testing this excellent target. In addition, Serengeti now has a low-cost
exploration tool that can be applied to the extensive covered portions of
the 30 km long Kwanika property. In particular,
we are eager to realize the potential of the underexplored southern portion
of the property".
This new target was identified by the second stage of a comparative
geochemical study using an innovative technique completed by David Heberlein in September 2010. The initial study
completed by Heberlein in 2009, and described in
Geoscience BC Report 2010-03 was successful in identifying a strong
gold-copper-tungsten anomaly over top of the Central Zone mineralization
through 20 to 40 m of glacial till and up to 300 m of post-mineral
consolidated rock cover. The 2010 survey expanded on the results of this
previous study and identified the Northeast Target which potentially
indicates mineralization in an untested area. Results of the most recent
study were presented at Cordilleran Roundup in January and will be
published in the upcoming Geoscience BC Report 2011-03.
Property-Scale Exploration Potential:
The Kwanika project consists of two known
deposits, the Central copper gold Zone and the South Zone, a
copper-moly-silver-gold zone located two km to the South. A key to the
exploration potential on the property is the presence of a relatively high
grade core to the Central Zone deposit. This coherent higher grade core
contains 75 Mt grading 0.41% Cu and 0.42 g/t Au (March 2010 43-101
Technical Report). Within this core is a supergene enrichment blanket that
overlies the primary mineralization. The chalcocite and covellite
rich supergene blanket formed as a result of a secondary enrichment
process, upgrading the mineralization to commonly more than 1% CuEq.
Such supergene enrichment zones are rarely observed in the northern
Cordillera and are similar to those observed in the major porphyry deposits
of Chile and SW United States. At Kwanika this
enrichment zone is preserved beneath post-mineral sedimentary basin rocks
that are extensively developed over the southern part of the property (see
map included). The Serengeti technical team believes that this covered area
which extends 25 km to the south within the Kwanika
claims, presents the opportunity to locate an as yet undiscovered supergene
enriched porphyry copper-gold deposit.
Previous geophysical surveying in the prospective southern portion of
property has identified a more than 1 km long IP chargeability anomaly that
has a comparable response to the IP anomaly that identified the Central
Zone. This anomaly is interpreted to be near surface and may occur beneath
or adjacent to relatively thin sedimentary basin cover.
The two studies completed by Heberlein
(Geoscience BC 2010-03, 2011 to be published) have demonstrated that
low-cost geochemical survey methods have been highly successful in
identifying the Central Zone beneath up to 300 meters of post-mineral
consolidated sediments. The success of these studies is an exciting and
recent breakthrough for detecting 'blind' deposits within the highly
prospective Kwanika property.
2011 Geoscience BC Study
Results: Untested 'Northeast Target' Copper and Gold results from Ah horizon soils
demonstrate clear response over Central Zone deposit (D. Heberlein, 2011).
Kwanika Project Claim Area: Untested 'Northeast Target' Central and South Zone deposits and prospective
sedimentary basins to the south.
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,
and 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 $5.5 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 51.0 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.
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.
For further information, please contact:
Investor Relations: Martti Kangas
(tel) 647-521-9261 (toll free in North America)
1-855-778-7708
(email) mkangas@proconsulcapital.com
Serengeti Resources Inc., (tel) 604-605-1300 SIR:
TSX.V 34S: FSE
Website: www.serengetiresources.com
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