Serengeti Reports Recent Drilling Expands Victoria Mineralized Zone
24 Maggio 2012 - 2:30PM
Marketwired Canada
Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) announces results from
the remaining 16 holes of a recently completed 19 hole reverse circulation (RC)
drill program at the Victoria project, located in Southern Chihuahua State,
Mexico. Drilling continued to demonstrate the presence of widespread
poly-metallic (gold-silver-zinc+/-lead) mineralization at the Victoria project,
which had previously been identified in holes 1 and 2 (see news release dated
May 8th, 2012). Hole V13 intersected 1.95% Zn, 0.26% Pb, 0.07 g/t Au, and 5.1
g/t Ag over 24.0 metres. In addition, hole V16 intersected 1.0 g/t Au and 17 g/t
Ag over 1.5 metres, and hole V9 intersected 5.31% Zn and 4.0 g/t Ag over a 3.0
metre interval.
The first pass drill program has successfully identified a plus 500 metre long
mineralized zone that is open both laterally and to depth, and is defined by
previously reported holes V1 and V2, in conjunction with current holes V9, V13,
V16 and V17. Hole V2 was collared 100 metres southwest of hole V1, in the
central portion of the drilling area. Holes V9, V13, V16, and V17 represent on
strike and lateral extensions to the previously reported mineralized zones. This
focus area lies within the larger 2,000 metre long target area that was tested
by 19 wide-spaced RC drill holes, totaling 1,894 metres in the current program.
Holes V13 and V14 were drilled on a northeast-southwest fence, 120 metres to the
south of holes V1, which intersected 0.77% Zn and 2.6 g/t Ag over 67.5 metres,
and V2, which intersected 0.54 g/t Au, 12.7 g/t Ag, and 2.07% Zn over the bottom
12.0 metres including 2.20 g/t Au in the final sample. Hole V13 intersected
1.95% Zn, 0.26% Pb, 0.07 g/t Au, and 5.1 g/t Ag over 24.0 metres from 64.5
metres depth, including a 6.0 metre interval containing 0.18 g/t Au, 8.7 g/t Ag,
4.35% Zn, and 0.48% Pb. This mineralized interval occurs within a strongly
silicified and pyritic sedimentary package, representing an extension to the
south of the mineralization encountered in holes V1 and V2. Hole V14 intersected
1.31% Zn over a 10.5 metre interval and was likely drilled in the footwall of
the mineralized package.
Hole V9 was collared 110 metres southwest of V2 and intersected 5.31% Zn and 4.0
g/t Ag over 3.0 metres in silicified, pyritic sediments. This intersection is
interpreted to be located in the hanging wall to the gold-silver-zinc
mineralization encountered in V2.
Numerous mineralized intercepts were also encountered in the northern portion of
the drilling area. Intercepts within four holes identified a series of
gold-silver+/-zinc bearing silica flooded zones continuing 800 metres to the
north of holes V1 and V2. Hole V16 was collared 210 metres north of V1 and
intersected 1.00 g/t Au and 17.0 g/t Ag over 1.5 metres from 31.5 metres depth,
and 0.40% Zn over 9.0 metres from 73.5 metres depth. Holes V17, V10, and V6,
which also encountered gold+/-silver bearing silica flooded zones, were collared
375 metres, 600 metres, and 800 metres, respectively, northwest of V1 and V2.
"The RC drilling provided a relatively low cost initial test of the large target
area at Victoria and was successful in identifying a substantial poly-metallic
mineralized system," commented David Moore, President of Serengeti. "We are
encouraged by the size of the system at Victoria, which certainly merits further
testing with diamond drilling, both laterally and at depth."
----------------------------------------------------------------------------
Victoria RC Drill Holes V4 to V19 Significant Results
----------------------------------------------------------------------------
From To Interval Gold Silver Zinc
Hole (m) (m) (m) (g/t) (g/t) (%) Azimuth/Dip
----------------------------------------------------------------------------
V4 78.0 115.5 37.5 0.03 1.2 0.11 060 degrees /
-60 degrees
----------------------------------------------------------------------------
V6 76.5 79.5 3.0 0.50 1.2 0.02 060 degrees /
-60 degrees
----------------------------------------------------------------------------
V9 70.5 73.5 3.0 - 4.0 5.31 060 degrees /
-60 degrees
----------------------------------------------------------------------------
V10 7.5 9.0 1.5 0.15 25.0 - 060 degrees /
-60 degrees
----------------------------------------------------------------------------
V12 66.0 93.0 27.0 0.03 2.5 0.32 060 degrees /
----------------------------------------------------- -60 degrees
Incl. 67.5 76.5 9.0 0.02 2.0 0.46
----------------------------------------------------------------------------
V13 64.5 88.5 24.0 0.07 5.1 1.95 060 degrees /
----------------------------------------------------- -60 degrees
Incl. 64.5 70.5 6.0 0.18 8.8 4.35
-----------------------------------------------------
and 78.0 88.5 10.5 0.02 5.6 1.55
----------------------------------------------------------------------------
V14 15.0 33.0 18.0 - - 0.29 060 degrees /
----------------------------------------------------- -60 degrees
73.5 84.0 10.5 - 0.2 1.31
-----------------------------------------------------
Incl. 73.5 79.5 6.0 - 0.2 1.80
----------------------------------------------------------------------------
V16 31.5 36.0 4.5 0.37 13.7 0.01 060 degrees /
----------------------------------------------------- -60 degrees
Incl. 31.5 33.0 1.5 1.00 17.0 0.01
-----------------------------------------------------
43.5 55.5 12.0 0.03 1.1 0.24
-----------------------------------------------------
73.5 82.5 9.0 - 0.1 0.40
----------------------------------------------------------------------------
V17 6.0 22.5 16.5 0.31 0.5 0.05 110 degrees /
----------------------------------------------------- -60 degrees
Incl. 18.0 21.0 3.0 0.52 0.4 0.08
----------------------------------------------------------------------------
Holes V5, 7, 8, 11, 15, 18, 19 did not return any significant intervals
----------------------------------------------------------------------------
Additional Exploration Potential
An aeromagnetic survey completed last year by Serengeti identified a major
northwest trending structure that bisects the 10,983 Ha Victoria project. The
2.0 kilometre long target area tested by the current drilling program occurs
along this major structural break, which is interpreted to be at least 12.5
kilometres long. Limited outcrop occurs offering the potential to conceal a
significant mineral system along this prospective northwest structural trend and
additional mapping, geochemical and geophysical surveying are certainly
warranted.
The Company also announces that 75,000 options priced at $0.12 have been granted
to an employee subject to Serengeti's option plan.
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 is conducting 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 $3.3 million.
Serengeti has 51.1 million shares issued and outstanding or 59.4 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. A comprehensive quality assurance/quality
control program including duplicate samples, blanks and standards form part of
the sampling protocol in addition to the laboratory's own quality assurance
program. The field program was supervised 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
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. Readers are advised not to place undue reliance on
forward-looking statements.
To view the Figure associated with this release, please visit:
http://media3.marketwire.com/docs/sir524_Fig1.pdf.
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