Serengeti Resources Inc.-Mexico Exploration Update: Identifies Mineralized Systems on Two Projects, Airborne Magnetic and Radiometric Survey Planned
Serengeti Resources Inc. has released sampling results from an initial field program completed on seven mineral properties located within the states of Chihuahua and Durango, Mexico. To date Serengeti has acquired title to seven mineral properties totaling 70,762 hectares in the highly prospective Altiplano gold-silver belt of central Mexico. A 2,500 line kilometer airborne magnetic and radiometric survey is currently being planned for seven of Serengeti’s properties, including the Cristobal, Victoria, and Los Cuates blocks.
Victoria
Within the 10,983 Ha Victoria Project located in Chihuahua State, Serengeti confirmed the presence of a significant gold-silver-arsenic system. Surface trenching consisted of a series of chip samples collected across a strongly altered silica rib, assayed 0.32 g/t Au, 1.9 g/t Ag, and 4900 ppm As over 23.5 m. Along strike of the silica rib, 300 meters to the south, Serengeti collected 21 surface grab samples averaging 1.3 g/t Au, 4.4 g/t Ag, and greater than 10,000 ppm As with a high of 2.7 g/t Au. The samples were collected along a steeply dipping, northwest trending silica rib that has a known strike length of 700 m with an interpreted true width of 15 to 30 m. Two historical drill holes completed in the southern portion of the target intersected strongly altered Caracol Formation siltstones with local quartz-calcite vein breccias and included a 4.7 m section grading 1.2 g/t Au. Serengeti geologists believe that the outcropping mineral system at Victoria potentially represents the partially exposed portion of a significant epithermal system located under cover along strike or at depth.
Los Cuates
At the Los Cuates Project located in Chihuahua State, Serengeti samples returned up to 6.1 g/t Au and 28.5 g/t Ag in outcrop within the property. This grab sample was taken across a series of steeply dipping sheeted quartz veins occurring within a prominent east-west trending structure mapped over 1.4 km in length. Sampling has also confirmed the presence of strongly anomalous gold, silver, antimony and arsenic mineralization at several other locations including from numerous small mine workings found throughout the Los Cuates project area. The technical team has defined a 2000 m x 500 m epithermal gold-silver target area in the western portion of the project area associated with the prominent east-west structure and pervasively altered and oxidized sedimentary host lithologies.
Cristobal
The Cristobal Project covers 31,550 hectares and is located 15 kilometres southwest of Levon Resources’ and Valley High Ventures’ Cordero-Sanson Au-Ag-Pb-Zn project, where Levon and Valley High are completing a 55,000-metre drill program. Serengeti’s Cristobal project is located SW on strike along a major northeast-southwest lineament that hosts the Cordero-Sanson project. Field crews at Cristobal have been successful in mapping prospective host rock lithologies along this vital NE-SW structure. The Company plans further ground follow up including an extensive biogeochemical sampling program, similar to a highly prospective test program completed at Victoria.
David Moore, President and CEO of Serengeti stated: “The identification of outcropping mineralized systems at Los Cuates and Victoria is an exciting development in Serengeti’s Mexico exploration effort. Both project sites are underexplored and each represents excellent potential to host a bulk tonnage epithermal Au-Ag deposit. In addition, we are excited to follow up on the highly permissive target areas identified at the Cristobal and Rodeo projects.”
Follow up Program Details
In order to follow up initial field work and define further exploration targets, Serengeti is planning to complete a 2,500 line kilometer airborne magnetic and radiometric survey over seven of its Mexican properties. The survey is expected to be completed within the coming months.
In addition, field crews will be mobilizing in late February to conduct follow up ground work at Victoria, Los Cuates, Cristobal, Rodeo, and Rodeo 1 properties. Ground work will include geological mapping, prospecting, biogeochemical sampling, and extensive Niton soil geochemistry sampling programs.
A biogeochemical sampling test program was completed at the Victoria in October 2010. The program was successful in highlighting a multi-element response over the areas of known alteration and Au-Ag-As mineralization. The success of the test program at the Victoria property is encouraging and this technique will be used to effectively sample other areas with transported desert cover.
