Serengeti Resources Inc.
TSX VENTURE : SIR
FRANKFURT : 34S

Serengeti Resources Inc.

December 20, 2017 08:30 ET

Milligan West Drill Program Identifies Target for Follow-up

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2017) - Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) ("Serengeti" or "the Company") announces results for drilling completed on the jointly-owned Milligan West property (Serengeti: 56.3%, Fjordland Exploration Inc: 43.7%; see news release NR 2017-12, October 4th, 2017), located 75 kilometres northwest of Fort St. James in north-central British Columbia, and four kilometres west of the currently producing Mt. Milligan copper-gold mine.

Drilling at Milligan West in 2017 totalled 1,256 metres in three holes targeting zones identified by a 2016 Induced-Polarization (IP) survey, earlier property-wide geophysical surveys and two short drill holes completed by previous workers. Encouraging results were intersected within skarn and feldspar-porphyry dykes, including 1.12 g/t gold, 0.70 g/t silver and 0.14% copper over 2.0 metres in MW-17-02, with maximum gold and silver values reaching 1.57 g/t over 1.5 metres, and 33.50 g/t over 3.1 metres, respectively.

The 2017 Milligan West program added significantly to the understanding of the local geology and has led to the identification of an untested near-surface geophysical target area approximately one kilometre to the north of the 2017 drill holes. The newly identified geophysical target area is coincident with historical copper-, zinc- and gold-in-soil geochemical anomalies, which lie directly on trend with the Mt. Milligan - Heidi Lake sulphide system to the east. Although the nature of mineralized intercepts from 2017 are discontinuous, the program confirmed that mineralization at Milligan West is associated with hydrothermal intrusive activity, and Serengeti remains optimistic in the potential for the property to host a significant mineralized system.

Moving forward, Serengeti plans to potentially expand the IP survey coverage and test the refined target area with shallow drill holes. To view more information on the Milligan West property, please visit the Company's website: https://www.serengetiresources.com/projects/milligan-west/

Notable intersections from the 2017 drilling program as well as associated geological observations are included in the table below.

HoleID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Geological Context
MW-17-01 164.0 167.0 3.1 0.23 33.50 0.01 Sericite-carbonate-quartz altered feldspar-porphyry dyke
295.0 301.1 6.1 0.35 0.25 0.01 Sericite-chlorite-carbonate-quartz altered argillite
371.2 374.3 3.0 0.38 0.10 0.01 Sericite-chlorite-carbonate-quartz altered ash tuff
MW-17-02 160.0 192.0 32.0 0.10 0.37 0.01 Chlorite-sericite altered agglomerate
including 187.8 189.3 1.5 1.57 0.30 0.01 Quartz-sericite-chlorite altered feldspar porphyry dyke
264.3 267.3 3.0 0.03 15.60 0.02 Sericite-chlorite-carbonate-quartz altered argillite
300.0 302.0 2.0 1.12 0.70 0.14 Chlorite-epidote-carbonate skarn altered ash tuff
MW-17-03 No Significant Intercepts

Milligan West 2017 Drill Results

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 the highly prospective Quesnel Trough of 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.

ON BEHALF OF THE BOARD

David W. Moore, P. Geo, President, CEO and Director

Quality Assurance/Quality Control

Sample analysis for the current program was completed at Activation Laboratories Ltd. in Kamloops, BC and Thunder Bay, Ontario. A quality assurance/quality control program including blanks and standards form part of the sampling protocol in addition to the laboratory's own quality assurance program. The field program was supervised by Serengeti Resources Inc. 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, David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc.

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 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.

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