Serengeti Resources Acquires NSR Royalties on Thor Marmot and Deer Lake Copper-Gold Properties in British Columbia
TSX VENTURE: SIR
VANCOUVER, B.C., Sept. 20, 2018 (GLOBE NEWSWIRE) -- Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") is pleased to announce that it has acquired Net Smelter Return (“NSR”) royalties of 0.75 % on each of the Thor Marmot and Deer Lake Properties located in the Kemess District and Kamloops Mining districts, respectively of British Columbia from Electrum Resource Corporation (“Electrum”). Thor Marmot hosts several porphyry copper-gold prospects on a large property located immediately south of the Kemess Mine property now owned by Centerra Gold. Deer Lake covers numerous gold-copper skarn/porphyry occurrences with prior near surface drill intercepts including 0.99g/t Au over 14 meters. In addition to the NSR’s, Serengeti also acquired a right of first refusal (ROFR) on any disposition of the properties by Electrum during a period of five years.
Thor-Marmot property comprises 9,300 Hectares and includes five Minfile occurrences of porphyry style copper-polymetallic mineralization with the principal target characterized by potassically altered Takla andesitic volcanics cut by monzonite dykes with prior intercepts in limited shallow drilling including 0.11% Cu, 0.04 g/t Au over 157 meters. Copper soil geochemistry and a partially defined IP geophysical anomaly suggest a one kilometer long target lies in an adjacent, previously untested valley bottom.
Deer Lake property comprises 5,535 Hectares and covers twelve Minfile occurrences of skarn and porphyry style gold-polymetallic mineralization hosted in Triassic-age Nicola volcano-sedimentary rocks cut monzonitic intrusives. Best intercepts in prior shallow drilling include, 0.33 g/t Au, 0.1% Cu, 0.007% Mo over 96 meters and 0.99 g/t Au over 14 meters in a second area.
Serengeti acquired the NSR royalties and ROFR’s on both properties along with a payment from Electrum of $10,000, in exchange for Portable Assessment credits transferred from Serengeti to Electrum to enable Electrum to advance the legacy claims on both properties for the maximum allowable five year period.
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.
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 POSCO DAEWOO Corporation 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.
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.
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