Dec 16 2016
Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) and partner Fjordland Exploration Inc. (TSX VENTURE:FEX) have identified a very strong induced polarization(IP) geophysical anomaly on their jointly held Milligan West property located four kilometers west of the currently producing Mt. Milligan Mine owned by Centerra Gold Inc. Serengeti views this newly identified target as having the size and intensity to host a potentially significant sulphide system at a moderate depth. The anomaly remains open to the west for expansion and is a high priority for drill testing.
Serengeti completed a deep-penetrating, reconnaissance IP geophysical profile in the Heidi Lake West area of the Milligan West property in late September. The survey was designed to test for possible extensions of the sulphide system hosting the Mt. Milligan deposits, below the depth penetration of prior shallow-penetrating historical geophysical surveys in the area. The recently completed induced polarization work has identified a strong to intense, multi lobed, 1100 metre wide anomaly, with modelled chargeability values up to 80 mV/V. The anomaly is associated with a high-resistivity feature, possibly representing a deep intrusive body and also straddles a regional northwest trending structure, similar in orientation to the Great Eastern Fault which bounds the Mt. Milligan deposit to the east. Shallow drilling of two widely spaced holes in the general area in 2005, reaching a maximum depth of 156 metres intersected sedimentary rocks locally cut by propylitically-altered monzodiorite sills of the Milligan-age intrusive suite with increasing sulphides to the bottom of the hole and with one interval assaying 0.15 g/t gold over 9 metres. Furthermore, limited soil geochemical sampling in 2011 in the area of the newly identified anomaly located several strongly anomalous gold and molybdenum sample sites.
"This newly identified anomaly is a compelling drill target located close to one of BC's largest gold-copper mines," stated Serengeti President & CEO David W Moore. "There is room to expand this target to the west, but even at this stage, given the location it's a quality target meriting a minimum of several deep drill holes. Serengeti also holds the right to a multi-year, area-based notice of work for the property enabling a drill program to be conducted next year," elaborated Moore.
Please go to the Milligan West property section of Company's website to view images of the location maps and IP profiles of the target area (http://www.serengetiresources.com/i/pdf/2016-12-15_NR-maps.pdf).
As a result of the recent program which was solely funded by Serengeti, the property is now owned approximately 55% by Serengeti and 45% by Fjordland Exploration Inc. Milligan West is part of the Company's prospective pipeline of properties that Serengeti believes has the potential to add significant value for its shareholders. These properties are in addition to Serengeti's flagship Kwanika property where the Company recently published a mineral resource update (See NR-2016-13 dated November 14, 2016) and is currently engaged in completing a Preliminary Economic Assessment due for completion in Q1, 2017.
Source: http://www.serengetiresources.com/