Serengeti Identifies New Porphyry Target & Starts Drilling at Atty
NR: 2019-09
Serengeti Identifies New Porphyry Target &
Starts Drilling at Atty
Vancouver, B.C., Ju ly 25, 2019. Serengeti Resources Inc. (SIR: TSX -V) ("Serengeti" or "the Company") is pleased
to announce that drilling has started at the Atty property, immediately north of and adjacent to Centerra Gold’s Kemess
property in north -central BC. Serengeti plans to drill at least 2,500m (5 holes) to test 3 different targets. Serengeti
secured an option to earn a 100% interest in the Atty project from Finlay Minerals Ltd (“Finlay”) and Electrum
Resources Corporation and conducted an initial target development program in 2018.
The most recent induced polarization (IP) geophysical surveying , completed in June 2019, has identified a previously
unknown, intense, deposit -scale chargeability anomaly , known as the Valley Target, coincident with magnetic,
radiometric and a flanking geochemical anomaly in a covered valley bottom in the northern portion of the property , 6km
northeast of the Kemess East deposit.
David Moore, President of Serengeti stated: “We are very pleased to start our first drill program at Atty. The Kemess
East Offset target is a priority for us, and the new Valley target located 6km away, which is almost completely covered,
is a compelling , deposit-size IP anomaly that could represent an intact porphyry system . It’s not previously been
recognized because much of it sits beneath shallow valley fill cover.”
Atty Drilling
Drilling has started at the Atty porphyry Cu -Au project. It is a high priority target that may host the eastern fault offset of
Centerra Gold’s Kemess East deposit. In 2004, Finlay drilled 7 diamond drill holes into the Atty Gossan Zone, a
geochemical and IP target . Finlay’s holes, ranging up to 300m deep, intersected Takla volcanics with local
disseminated pyrite, magnetite and peripheral, sporadic copper and zinc mi neralization. In 2018, re-logging of hole AT-
04-07, the closest hole to the Kemess East Offset Target (KEOT), identified an increasing density of sheeted
magnetite-chalcopyrite veinlets with depth, the significance of which was not fully appreciated at the time. As part of the
current drilling program, Serengeti will drill test 3 main target areas (see below). An updated Atty targeting map and drill
plan and IP section may be viewed by clicking on the following link: https://www.serengetiresources.com/projects/atty-
1/
Induced-Polarization Surveys, Targeting and Diamond Drilling Program
Serengeti has identified 3 target areas on the Atty property with geophysics, mapping and geochemical sampling . The
latest IP campaign, completed earlier this month, identified a large target in the northern portion of the property (“Valley
Target”) as well as an IP anomaly along the Atty-UDS boundary in an area highlighted by Dr. Jim Oliver during the 2018
mapping program. The targets to be tested during the 2019 drilling campaign are summarized below.
Kemess East Offset Target/A. This target will be tested by 2 holes, spaced approximately 300m apart, between the
Kemess claim boundary and historic hole AT-04-07. The target lies on the east side of the Kemess East Offset Fault
approximately 650m north of the Kemess East deposit. It was identified on three 2018 IP lines and the 2007 Titan line
over an area measuring roughly 600 x 600m. 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 304m. Infill sampling during the 2018 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.
Valley Target/E. Located 6km to the northeast, will be tested with 2 diamond drill holes spaced approximately 1 ,200m
apart. The target is defined by a newly identified, large, intense chargeability high feature (up to 56 mV/V) measuring
approximately 1 ,600m east-west and 800 m north-south, and open to the east . Below the eastern portion of the
chargeability anomaly lies a resistive feature (up to 2500 ohm-m) coincident with higher magnetics which may represent
a buried intrusive plug. Limited prior soil sampling conducted on a ridge, 500 m south of the current ta rget, in 2004 ,
identified 3 consecutive contour soil samples spaced 75m apart returning moderately anomalous copper which may be
related to the current drill target.
Boundary Target/D. One hole is planned for the Boundary target. The area is defined by int ense silica alteration and
flooding with local, structurally-hosted pyrite–chalcopyrite–copper-oxide mineralization. Work by Dr. Jim Oliver in 2018
suggests that this surface mineralization may be related to a porphyry system at depth. Serengeti ran 3 IP lines over
Serengeti Resources Inc.
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the area in 2019 which define d a chargeability (up to 28 mV/V) and associated resistivity (up to 2500 ohm -m) feature.
The Boundary Target lies approximately 650 m north of the intense quartz -sericite-pyrite alteration zone intersected in
drill holes completed at UDS by Serengeti in 2016, from which the alteration vectors pointed toward the current target.
Multi-Year, Area-Based (MYAB) Permit
The provincial regulators recently granted a multi-year, area-based (MYAB) permit, covering the period through
December 2021 , for up to 10,000m of drilling from 20 sites on the Atty property . In addition, an Exploration Access
Agreement has been signed with the Kwadacha and Tsay Keh Dene Nations in support of the exploration program.
Qualified person
The field program is being 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 compan y's qualified person, David W. Moore, P.Geo., President and CEO 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 Kwanika copper-gold project in partnership with P osco
International 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 ot her 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 agenc ies 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 pla ce 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:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: [email protected] / Website: www.serengetiresources.com