Vancouver, B.C. / ACCESSWIRE / September 29, 2014 / Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is pleased to report the results of a geological and geochemical reconnaissance exploration program carried out on its 100% owned, UDS property, strategically located adjacent to AuRico Gold's Kemess Mine property. The current program has outlined two large, highly prospective target areas for follow-up induced polarization (IP) geophysics to test for buried porphyry copper-gold deposits.
The UDS property is located five kilometers east of AuRico Gold's feasibility-stage, Kemess Underground project, active Kemess East deep exploration drilling program and eight kilometers northeast of the formerly producing Kemess South mine, which produced 3 million oz of gold and more than 700 million lbs of copper over a 12 year mine life. Recently completed field work on Serengeti's UDS property consisting of geological mapping and limited rock, soil and silt geochemistry outlined two principal target areas for further follow-up; the South Valley and August 30 areas.
The August 30 target area encompasses a number of copper-mineralized outcrops and several zones of quartz-sericite-pyrite alteration associated with high level felsic dykes at the faulted contact between Black Lake intrusives and Takla volcanics (both host rocks to the copper-gold deposits at Kemess) and overlying Hazelton volcanics. Mineralization consists of chalcopyrite and secondary copper associated with quartz-sulphide and locally magnetite veins. Ten samples collected from this area returned between 0.1% and 0.7% copper. The targeted area has a footprint of 1500 meters by 800 meters and is open into a major overburden covered valley to the north.
The South Valley target area, 1.5x3km in extent, lies at the south end of the UDS claim block and spans a major valley bottom. Work to the south by AuRico's predecessor, Northgate Minerals outlined a strong open-ended IP chargeability anomaly associated with quartz-sericite-pyrite alteration, potentially associated with a buried porphyry system. Prior soil sampling, confirmed by Serengeti's recent sampling, outlined a strong copper-zinc-gold anomaly on Serengeti's ground, one km to the north of the mapped sulphide system and IP anomaly on AuRico's ground. In addition, several skarn mineralized occurrences (one sample grading 0.26% Cu, 1.0 g/t Au) were located on a ridge immediately east of this target area (click here to see a map showing these target areas).
"The results of our field work at UDS this summer are very encouraging and have cost affectively identified two highly prospective target areas for future deep penetrating IP geophysical surveying on the UDS property" said David Moore, President and CEO of Serengeti. "The potential exists in either one of these areas for discovery of a high-value, buried porphyry copper-gold deposit".
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 and Stikine Arch of British Columbia. A number of these projects are available for option-joint venture and additional information can be found on the Company's website at www.serengetiresources.com. Serengeti has 51.1 million shares issued and outstanding or 58.1 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. The laboratory has a rigorous internal QA/QC program sufficient for the stage of this project. 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. A comprehensive list of risk factors is provided in the Company's Annual Information Form ("AIF") for the year ended February 28, 2013 and filed on SEDAR on July 15, 2013. Readers are further advised not to place undue reliance on forward-looking statements.
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: Paradox Public Relations Tel: 514-341-0408 Toll free (in North America) 1-866-460-0408
Email [email protected]
Serengeti Resources Inc. 1700-750 West Pender St, Vancouver, BC V6C 2T8
Tel: 604-605-1300 Email: [email protected] Website: www.serengetiresources.com
SOURCE: Serengeti Resources Inc.