Serengeti Updates British Columbia Exploration Activities
16 Agosto 2011 - 2:30PM
Marketwired
Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S)
provides an update on its summer exploration program in British
Columbia.
At Kwanika 1724 meters of drilling were completed in 5 holes
between June 20th and July 9th. Two targets were tested; an Ah
geochemical anomaly referred to as the Northeast target located
adjacent to the Central Zone and a deep IP geophysical target
located further to the east. No significant mineralization was
encountered in these holes. The northeast geochemical target is now
believed to be part of the strong geochemical signature related to
the Central Zone. The cause of the deep IP response tested by two
of the holes in the current program is not obvious and physical
modeling of the drill core is underway to aid in the geophysical
interpretation.
Also on the Kwanika project, 4300 Ah geochemical samples have
been collected across the entire property to assist with future
targeting. Partial results have been received to date and areas for
follow-up will be identified once the complete data set is
available and interpreted.
At Choo and Tchentlo properties, work has begun in a program
funded by Freeport-McMoRan of Canada Limited, a wholly-owned,
indirect subsidiary of Freeport-McMoRan Copper & Gold Inc. A
55-line kilometer IP geophysical survey is planned on the
properties with a follow-up geochemical and geological program
scheduled for this fall, to identify targets for future drilling.
Freeport has the right to earn a 51% interest in the Choo and
Tchentlo properties by making certain cash payments and incurring
US $5 million in exploration expenditures over four years and an
aggregate 70% interest by fully funding and completing a
feasibility study. The Choo and Tchentlo properties are located 25
to 40 kilometers west of the Mt. Milligan copper-gold development
project.
Elsewhere in BC, field crews are busy completing geological and
geochemical surveys on several of Serengeti's claim blocks
throughout the northern half of the province. Of particular
interest is the discovery of a body of previously unknown altered
and weakly copper-mineralized syenites on the Stikine property,
located 30 km northwest of Telegraph Creek. Serengeti acquired the
claims to follow up the presence of favorable host rocks containing
narrow copper and gold showings in conjunction with a cluster of
stream sediment samples that were strongly anomalous in copper and
gold. Assays for the Stikine project are pending.
The Company also reports that in mid-July it received a cheque
for $2.96 million from the Government of Canada on behalf of the BC
government's METC program for exploration expenses incurred in the
province.
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 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 $0.6
million receivable from the B.C. government's METC program.
Serengeti has 51.1 million shares issued and outstanding or 58.9
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.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
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.
Contacts: Paradox Public Relations Investor Relations
514-341-0408 or Toll free in North America: 1-866-460-0408
info@paradox-pr.ca Serengeti Resources Inc. David W. Moore, P. Geo.
President, CEO and Director 604-605-1300
www.serengetiresources.com
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