Location

The project is located in the Quesnel Trough of north-central B.C., approximately 240 km northwest of Fort St. James and 90 km southeast of the Kemess copper-gold mine.

Property Ownership

The Croy-Bloom claims cover an area of 125 square kilometres and are 100% owned by Serengeti Resources.

History

Previous exploration completed by prior operators and Serengeti Resources Inc. has identified four primary porphyry copper-gold targets and one gold dominated target. Three of the copper-gold targets occur in a zone, measuring at least 5 km by 0.5 to 1 km, consisting of a coincident chargeability anomaly and copper-gold rock/soil geochemical anomalies. The fourth copper-gold target occurs at the southwest margin of this chargeability anomaly. There are several other attractive copper-gold and base metal targets on the property that require further investigation, including the Davie Creek molybdenum prospect. From 2008 to April 2010, the property was under option to Newcrest Mining Ltd., who conducted wide-spaced diamond drilling in October 2008 (4 holes, 2473 m). A follow-up drill program was recommended and planned, but the option was terminated when Newcrest closed down their North American operations.

Geology & Exploration Highlights

The first of the three copper-gold targets (Target 1) is in the Bloom Cirque area and has dimensions of 1.8 km by greater than 1.0 km. It consists of a strong, copper-gold geochemical anomaly that is coincident with an open chargeability anomaly and a cluster of plug-like airborne magnetic anomalies. These anomalies are associated with highly fractured and propylitized diorite/andesite with chalcopyrite and malachite along fractures. Newcrest tested this target with two holes in 2008, intersecting a 144 m breccia zone of >500 ppm Cu, averaging 0.1% Cu with scattered gold mineralisation (1-5m of ~0.1 g/t Au). Mineralization occurred within strongly biotite-magnetite-sericite ± albite altered, hydrothermally brecciated diorite and andesite. Newcrest concluded that the type of alteration and mineralisation intersected appears typical of the inner propylitic zone surrounding a potassic core in an alkalic porphyry model.

The second copper-gold target (Target 2) lies 2 km to the west of the first target. It consists of a chargeability anomaly (15mV/V to 50mV/V), on the edge of an airborne magnetic anomaly, that is 3.2 km by at least 0.5 km and is covered by overburden. This target is coincident with a copper-gold soil anomaly with the copper values in the 100 ppm to 1,350 ppm range and gold values in the 30 ppb to several hundred ppb range.

The third copper-gold target (Target 3) is adjacent on the south to the second target and consists of a bulls eye chargeability anomaly (30mV/V to greater than 70mV/V) that is 0.8 km by greater than 1.0 km. It is associated with a strong, ground magnetic high that is only partially coincident with the chargeability anomaly so this anomaly likely is due to a mixture of sulfides and magnetite. It is intriguing that the eastern part of the chargeability anomaly is coincident with an open, copper-gold soil anomaly and that it is associated with high grade copper-gold mineralization in veins (values up to 6.4% Cu and 32.2g/t Au).

The fourth copper-gold target (Target 4) lies at the southwestern margin of the at least 5 km by 0.5 to 1 km trend of chargeability and geochemical anomalies. The target is a 3.0 by 0.6 km, brecciated diorite contact zone. 63 rock samples collected in the area assayed >1,000 ppm copper and 45 rock samples assayed >2,000 ppb gold. In addition, there is an 800 m by 200 m +100 ppb Au soil anomaly coincident with a circular shaped resistivity anomaly and strong K-radiometric high. Only limited IP has been carried out in this area due to the steepness of the terrain. These anomalies are associated with a north trending monzonite dyke swarm and intrusive breccia. The monzonite dykes occur over an area >1.0 km which may suggest a monzonite stock of significant dimensions exists at depth beneath the immediate area. In addition, several massive sulphide veins with significant Cu-Au values (10's of g/t Au, several % Cu) occur along strike to the northwest. These massive sulphide veins occur in a severely underexplored area of the property and are thought to represent the surface expression of a significant copper-gold system. No drilling has been conducted in this target area, but it was strongly recommended for drill testing by Newcrest.

The porphyry gold target consists of rusty, pyritic diorites and andesites showing a greater than 1.0 km by 0.4 km zone of 100 ppb to 1,340 ppb anomalous gold values in soil samples. This soil anomaly is coincident with a chargeability anomaly and a ground magnetic anomaly. Newcrest tested this target with one drill hole in 2008, intersecting strongly vein controlled Au-Cu mineralisation (3.0 m @ 1.9 g/t Au from 379 m, 2.0 m @ 0.7 g/t Au from 118 m and 2.0m @ 0.4 g/t Au from 360 m) within diorite porphyry and lesser pyroxene-phyric andesite.

The Davie Creek molybdenum prospect is defined by a Mo soil anomaly (greater than 20 ppm Mo), that is at least 3,000m long by 600m wide. This Mo soil anomaly is coincident with a chargeability anomaly, low and high resistivity zones and variable magnetics. Prior operators have drill tested portions of the target area; however, the drilling is restricted to only a partial test of the 500 m by greater than 3,000 m long system. Drill data clearly show a progression of better Mo grades from the northwest to the southeast from hole 79-2 (0.019%Mo/198 m), to hole 81-3 (0.024%Mo/246 m), to hole 81-5 (0.031%Mo/279 m) and then the last drill section with holes 81-4 (0.072%Mo/203 m) and 82-6 (0.051%Mo/198 m). The better grades are associated with zones of more intense quartz veining and secondary K-feldspar alteration with only minor amounts of pyrite.

Infrastructure

Main access to the property is by helicopter with the nearest road in the Kliyul Creek valley in the southern part of the property.

Drill Program

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The Croy-Bloom property contains several attractive geochemical and geophysical anomalies that are highly prospective as hosts for alkalic porphyry systems. While results from the 2008 drill program intersected only anomalous copper and gold mineralization, both Newcrest and Serengeti have concluded that the property covers a vast area with an abundance of targets that cannot be adequately tested with four core holes.

It is recommended that a 4-6 hole diamond drill program be carried out on the property to follow-up the 2008 drilling and to test the remaining undrilled targets. This program should include follow-up drill testing of the anomalous Cu-Au mineralization and porphyry-style alteration encountered in the Bloom Cirque area. In addition, the program should test a structurally complex area of deep-seated faulting and multi-phase intrusive activity in the upper portion of the Karen Cirque (Target 4) and the area along strike from the historic Croydon Creek mine workings.