Serengeti Acquires Property near Colorado Resources' North Rok Copper-Gold Discovery, Stakes Claims at Kwanika
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/13 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) is pleased to announce that it has acquired through staking, a 100% interest in a 5675 Ha property ("Red Chris North Property") comprising two claim blocks located 8 to 10 km north of Colorado Resources recent high grade copper-gold discovery at North Rok in the Red Chris district of north-western British Columbia. Serengeti has also acquired additional claims in the vicinity of its Kwanika copper-gold deposit covering two separate target areas ("Smoke Property" and the "Rottacker Claims").
Red Chris North Property ("RCN Property")
The newly staked RCN Property is located in the Stikine Arch area of north-west British Columbia. The highly prospective Stikine Arch hosts a number of world class copper-gold-silver porphyry deposits including Red Chris, Schaft Creek, and NovaGold and Teck Resources Galore Creek deposit. Red Chris with proven and probable reserves of 301 mt grading 0.359% Cu, 0.274 g/t Au is currently the site of a $500 million mine development project by Imperial Metals.
The claims at the RCN Property were staked to include a strong gold-copper in stream sediment geochemical anomaly from Geoscience BC's Northern BC dataset, as well as coincident magnetic anomalies from the Geoscience BC Quest NW airborne geophysical survey with geological settings favourable for porphyry-style copper-gold mineralization. The claims at the RCN Property are located less than 10 km from Colorado Resources' North Rok property which recently reported 242m of 0.63% Cu, and 0.85 g/t Au in the discovery drill hole. The RCN Property is underlain by marine sediments and volcanic rocks of the Stikine Assemblage that are intruded in the west by a late Triassic diorite, and in the east, by a Triassic monzodiorite-gabbro. To view the RCN claim location map see the attachment or click here: http://www.serengetiresources.com/i/pdf/RCN_regional_infrastructure_200K_ltr.pdf.
Kwanika Area Properties
The Smoke Property (2469 Ha) is located 3 kilometers north of the Kwanika Central Zone copper-gold deposit and contiguous with Serengeti's Kwanika East property. The Smoke Property was acquired to cover an area of prospective covered ground that contains a strong VTEM anomaly from the original BC government funded Quest airborne survey. Two minor copper occurrences hosted in monzonite are reported on the claims, although much of the Smoke and adjacent Kwanika East claims occupy low-lying, overburden covered terrain located along an ENE trending structure that may represent a fundamental structural control for the Central copper-gold zone at Kwanika.
The Rottacker claims (2078 Ha) are contiguous with the southern portion of the Kwanika property. The claims were acquired to cover a second prospective area of low-lying ground where a cover sequence of sedimentary rocks similar to those that directly overly the Central copper-gold zone at Kwanika have been mapped. In addition, several occurrences of Cu-Au are reported from the area and moderate to strongly anomalous Cu-Au-Ag stream sediment and soil geochemical responses have been returned from Serengeti's and historical sampling. To view the Kwanika area properties click here: http://www.serengetiresources.com/i/pdf/Smoke_Rottacker_200K_ltr.pdf. The acquisition of these properties is part of Serengeti's strategy to acquire ground in areas of high potential based on geophysical and geochemical signatures within geological settings favourable for porphyry-style copper-gold mineralization.
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. 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 58.3 million shares on a fully diluted basis.
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 29, 2012 and filed on SEDAR on July 11, 2012. Readers are further advised not to place undue reliance on forward-looking statements.
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Contacts:
Paradox Public Relations
514-341-0408 or Toll free (in North America) 1-866-460-0408
info@paradox-pr.ca
Serengeti Resources Inc.
604-605-1300
info@serengetiresources.com
www.serengetiresources.com