Vancouver, B.C., September 24, 2018. Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") reports that 2018 field activities at the Atty Gold Copper project are now complete with preliminary geological and geophysical interpretation strengthens the previously identified Kemess East Offset target as well as identifying several new target areas on the property. The Atty property is currently under option from Finlay Minerals Ltd. (“Finlay”; FYL: TSX-V) and lies immediately north and adjacent to Centerra Gold’s Kemess Underground and Kemess East deposits.
The 2018 field program included 21 line-kilometres of Induced-Polarization (IP) surveys, property-scale mapping by Dr. Jim Oliver, P. Geo., and re-logging and sampling of historical drill core from Finlay’s 2004 program. The 2018 field work will satisfy the year-one property expenditure commitment to Finlay Minerals as outlined in the option agreement executed in March 2018 (see Serengeti Resources press release dated March 4th, 2018) and sets the stage for a drilling program in 2019
The 2018 IP survey at Atty was conducted along seven 400 metre spaced lines over the central portion of the Atty claim block. The survey outlined two new Targets B and C, within Takla Group volcanic rocks similar to those that host the Kemess deposits, as well as expanded the Main Kemess East Offset Target (A) in the southern portion of the property, as first indicated by Finlay’s 2007 IP program. To see the target areas in plan and perspective view click on the accompanying link, https://www.serengetiresources.com/projects/atty/
Surface mapping was focused in the central and eastern areas of the Atty claim block in addition to traverses at Serengeti’s adjoining 100% held UDS property and resulted in the delineation of an additional Target (D). Mapping focused on lithological, alteration and structural data capture and geological interpretations to add support to the geophysical survey, as described below.
During the program, 1,653 metres of drill core from the 2004 Finlay Minerals drilling campaign was re-logged and previously unsampled drill core was sampled and sent to Bureau Veritas labs for 34-element analysis. A total of 1,023 metres of drill core was sampled for the first time as part of the 2018 program and results will be used in conjunction with geophysics, surface mapping and drill logs to refine Serengeti’s targeting model.
Kemess East Offset/Target A was first identified by Finlay Minerals during the 2007 Titan IP geophysics program and has been refined and expanded in 2018. The target lies on the east side of the Kemess East Offset Fault approximately 650 metres north of the fault-dissected Kemess East deposit and is identified on three 2018 IP lines as well as the 2007 Titan line. The target consists of a strong chargeability response (>24 mV/V) and coincident resistivity anomaly (>10,000 ohm-m) over an area measuring roughly 600 x 600 metres within outcropping pyroxene-phyric mafic flows of the Takla Group. Re-logging of drill hole AT-04-07, which lies at the north edge of Target A, shows sheeted pyrite veins and veinlets transitioning to sheeted magnetite-chalcopyrite veinlets with K-feldspar halos with depth before the hole ends at 304 metres. Infill sampling from the current program combined with prior results indicates a 36.1 metre interval near the end of this hole assaying 0.10% Cu, 0.11 g/t Au. The area between AT-04-07 and the claim boundary with Centerra Gold, a distance of 850 metres, is a prime target for follow-up drill testing.
Target B, newly identified during the 2018 IP program, consists of a strong (>24 mV/V) chargeability response coincident with a strong (>10,000 ohm-m) resistivity anomaly beginning approximately 200 metres below surface and measuring up to 400 metres in width. The target lies beneath a blanket of Lower Jurassic Hazelton Group volcaniclastics and epiclastics within what is interpreted to be a sequence of Upper Triassic mafic fragmental lapilli tuffs of the Takla Group. Target B is supported by a sharp increase in soil geochemical results in copper and zinc below the Hazelton – Takla unconformity with Takla units averaging 200 ppm copper and 150 ppm zinc in soils. Target B occurs on the immediate north side of a NE – SW striking normal fault which hosts strong sericite-clay-iron oxide alteration. The strike of this fault is parallel to normal faults that are thought to be linked to mineralization events at all three of the Kemess deposits.
Target C was also newly identified during the 2018 IP program and is characterized by a strong (>24 mV/V) chargeability response coincident with a strong (>10,000 ohm-m) resistivity anomaly that starts near-surface and continues to depth within a package of Upper Triassic mafic fragmental lapilli tuff units dissected by the same NE – SW striking normal fault as at Target B. Copper- and zinc-in-soil results from prior sampling reach 445 ppm and 5,880 ppm, respectively, within the target area.
Target D occurs along a corridor of Takla Group rocks with abundant epithermal quartz, quartz-carbonate, quartz-barite and quartz-sulphide veins which are the focus of several MINFILE occurrences. Historical drilling in this area intersected 0.6 metres grading 0.42 g/t Au, 17.6 g/t Ag, 0.13% Cu and 1.07% Zn, however mapping completed in 2018 suggests these early, very short holes were collared well to the east of the most intense quartz-alteration area. Drilling by Serengeti on the adjacent UDS claims in 2017, identified an area of intense quartz-sericite-pyrite alteration in two holes that remains open into this target area. Vein and alteration style at this target are comparable to that found at the Shasta, Lawyers and Cheni gold occurrences in the northern Toodoggone region and represents a viable target for epithermal precious metal and or porphyry exploration.
David W Moore, President & CEO of Serengeti Resources stated, “The Atty claim block has been of interest to us for several years, so we were pleased earlier this year to secure an option to acquire a 100% interest in the property and the work completed in 2018 has certainly confirmed the merits of doing so. We are very pleased that the principal Kemess East Offset Target was substantiated by the recent IP survey and further supported by surface mapping, logging and sampling of the prior core. Furthermore, our work identified three additional targets on the property and a drilling program is certainly warranted to test these high potential targets.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
David W. Moore, M.Sc., P. Geo., President and CEO of Serengeti Resources Inc. and a Qualified Person as defined by NI-43-101, has reviewed and approved the technical information in this press release. Analyses reported from this program were conducted by Bureau Veritas Commodities Canada Ltd. of Vancouver, British Columbia, an ISO/IEC 17025:2005 accredited laboratory, who have a stringent internal QA/QC protocol; and 2004 analyses were completed by Assayers Canada Ltd of Vancouver, British Columbia.
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 advancing the Kwanika copper-gold project in partnership with POSCO DAEWOO Corporation as well as exploring its extensive portfolio of 100% held properties in north-central British Columbia. A number of these other projects are available for option or joint venture and additional information can be found on the Company’s website at www.serengetiresources.com.
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 as well as a comprehensive list of risk factors 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. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
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