Serengeti Identifies 3.5 Sq.Km. Multiparameter Porphyry Copper-Gold Target at East Niv; Demonstrates District Scale Potential
NR: 2020-13
Serengeti Identifies 3.5 Sq.Km. Multiparameter Porphyry Copper-Gold
Target at East Niv; Demonstrates District Scale Potential
Vancouver, B.C., October 7, 2020. Serengeti Resources Inc. (SIR: TSX -V) ("Serengeti" or "the Company") is
pleased to report results from mapping, sampling and induced polarization (IP) geophysics completed at the wholly -
owned East Niv property. East Niv is located in an under-explored region of the eastern Stikine Terrane, approximately
15km west of the Sustut Copper deposit and 40km south -southwest of the Kemess mine complex in the Omineca
Region of British Columbia. Serengeti initially staked East Niv in 2018 and has subsequently expanded the property to
over 20,000 hectares. Analysis and compilation of geology, IP chargeability, aeromagnetics and soil/rock geochem istry
has resulted in the identification of a number of compelling porphyry Cu-Au targets. The Company has been awarded
a 5-year exploration drilling permit, and the property is now considered drill-ready.
* Showing areas are defined as spatially continuous outcroppings of the same host lithology bearing similar alteration and mineralization
characteristics;
Number of samples (n) column represents all composite grab samples collected within the showing area;
Average Au and Cu grades represent the average grade of all the samples collected within the showing area;
Maximum Au and Cu grades represent the maximum grade of all the samples collected within the showing area;
Grab sample grades are by nature selective and may not necessarily be an indication of the overall grade of a mineralized area.
David Moore, President and CEO of Serengeti commented, “When the geology, newly discovered copper-gold
showings, IP chargeability, aeromagnetics and soil geochemistry are viewed together the results provide a compelling
case for a subcropping porphyr y system at East Niv , and it is one of the best targets I’ve seen in a long while .
Futhermore there are early indications of additional target areas on this large property, giving it district-scale potential”.
Quinn Harper, Chief Geologist, added “East Niv hosts the most compelling porphyry target I have ever seen at the pre -
drilling stage. All the classical indicators of a strong porphyry copper -gold system have coalesced over the last three
years’ field work, and considering the property lies within a segment of the Stikine Terrane that hasn’t seen meaningful
exploration since the ‘70’s, the potential is wide open here.”
Figure 1: East Niv Overview – https://serengetiresources.com/site/assets/files/2922/east-niv-overview.jpg
Figure 2: East Niv Main Target - https://serengetiresources.com/site/assets/files/2919/east-niv-main-target.jpg
Figure 3: East Niv Main IP - https://serengetiresources.com/site/assets/files/2920/east-niv-main-ip.jpg
Figure 4: East Niv Main Synthesis - https://serengetiresources.com/site/assets/files/2921/east-niv-main-synthesis.jpg
East Niv Composite Rock Sample Results by Showing*
Showing # Samples
(n)
Avg. Cu
(%)
Max. Cu
(%)
Avg. Au
(g/t)
Max. Au
(g/t) Description
Main – West 19 0.35 0.82 0.30 1.14
Monzodiorite; pervasive K-spar ± bt
± mt alteration; disseminated –
blebby cpy
Main – East 10 0.30 0.76 0.14 0.35
Monzodiorite; K-spar ± bt ± mt, and
qtz-carb-ep alteration; disseminated
cpy
KC 13 0.23 0.42 0.67 1.49
Monzodiorite; K-spar-bt-mt ± qtz
alteration; disseminated – vein
hosted cpy
South Nub 5 1.01 1.70 9.38 37.4
Monzodiorite; strong qtz-mt-ep
alteration; disseminated – blebby –
vein cpy-py±bn-mo
West Flank 1 1.80 154.5 g/t Au
581 g/t Ag Massive py-mt float sample
Serengeti Resources Inc.
Page | 2
Figure 2: East Niv Main Target
The Stikine Terrane is the largest intra-oceanic volcanic arc terrane in British Columbia and host to numerous porphyry
deposits and complexes including Kemess (Centerra Gold), Red Chris (Newcrest Mining/Imperial Metals), Kerr -
Sulphurets-Mitchell (Seabridge Gold) and Galore Creek (Newmont/Teck Resources). East Niv lies within an under -
explored limb of the eastern Stikine Te rrane which has not undergone systematic exploration since Falconbridge
discovered the Sustut Copper deposit in 1973.
During July 2020, Serengeti completed a mapping and sampling program aimed at determining the nature of
mineralized intrusive outcrops first discovered by Serengeti in 2019 (see press releases dated August 14, 2019 and
July 27, 2020 ). Following the mapping program, Serengeti c ompleted over 17.5 line-km of induced -polarization (“IP”)
surveying in 7 wide-spaced lines through the central target area.
The Main and KC Showings both display strong -intense K -feldspar-biotite+/-magnetite+/-quartz potassic alteration
hosting disseminat ed and vein/stringer-hosted chalcopyrite. The Showings are overlain upslope by a quartz -sericite-
pyrite (“QSP”) phyllic alteration halo, represented in the IP as chargeability >2 0 mV/V response. Downslope and in the
valley bottom, a strong coincident Cu-Mo±Au-Ag Ah-horizon soil anomaly measuring 1000 by 1500m forms two lobes
around a central chargeability embayment with elevated Bi-Te. Based on analysis of geochemical results, it is believed
that Cu, Au, Mo, Ag and other anomalous elements in Ah-horizon soil samples represent bedrock metal sources, and is
interpreted to signify the core of a porphyry Cu -Au-Mo system measuring more than 2 sq km in extent in the valley
bottom.
The South Nub Showing is represented by a n altered monzodiorite outcropping, locally displaying strong quartz-
magnetite-epidote alteration and disseminated to vein and blebby chalcopyrite -pyrite ± bornite -molybdenite
mineralization. The average grade of three monzodiorite samples from South Nub, excluding outliers, is 3.1 g/t Au and
1.50% Cu. Two soil samples from disaggregated bedrock at the showing, best seen in a 5 meter wide exposure in a
stream cut-bank, average 5,673 ppm Cu, 2,000 ppb Au and 200 ppm Mo. South Nub is in faulted contact with younger
volcanosedimentary rocks of the Takla Group, and mineralized intrusive units may continue under valley cover toward
the interpreted system core in the valley bottom.
Serengeti Resources Inc.
Page | 3
The Main and KC Showings are encompassed by a pronounced magnetic high signature approximately 1500 x 300m in
extent, now seen to be coincident with a 1.5 x 1.5 km composite IP chargeability anomaly. IP surveying further indicates
open-ended extensions to the NW and SE . Additional anomalous polymetallic soil anomalies further to southeast ,
corresponding with discreet magnetic anomalies , and outside of the area surveyed by IP, suggest the overall target
zone may be up to 5 km long.
Serengeti is continuing with data analysis and targeting with the goal of completing a substantial initial drilling program
in 2021.
Kwanika Project Drilling Update
The Company is also pleased to report that the 4300m drilling program at Kwanika is progressing well and is expected
to be completed within a week. The 2020 drill program is fully funded and designe d to expand the known resource
which is open in several directions and to provide a deep test for the potential of a gold enriched target first identified
from drilling in 2016 as well as testing several other concepts. Drill core logging and sampling are well advanced and
results will be released in batches as they become available. The company will provide a more detailed update once
the program is completed.
Qualified person
The field and analytical programs described herein were supervised by Serengeti Resources 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, Quinn Harper, P.Geo., Chief Geologist of
Serengeti Resources, who has supervised the preparation of, and approved, the scientific and technical information in
the news release.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
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 majority-owned, advanced Kwanika copper-gold project
and exploring its extensive portfolio of 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.
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 tho se anticipated in such
statements. Important factors that could cause actual results to differ materially from our expectations as well as a compre hensive 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 statem ents 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts respons ibility for the adequacy or accuracy of this
release.
For further information, please contact:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: [email protected] / Website: www.serengetiresources.com