Lake Victoria Mining Company, Inc. (“Lake Victoria” or the
“Company”) (LVCA:OTCBB) is pleased to announce completion of an 11
hole core drilling program totaling 1,459 meters at its 100% owned
Uyowa Gold Project in northwestern Tanzania. Assays are pending and
will be reported when available and confirmed.
Uyowa Drilling
Uyowa core drilling was focused along the central to western
part of the east-west trending 1,700 meter long mineralized zone.
In August 2011, (Refer to Press Release 27 October 2011) geologic
mapping, geophysical surveying and reverse circulation drilling
identified 4 mineralized veins. These veins have increased widths
and elevated gold grades over a strike length of about 300 meters.
The current core holes indicate gold mineralization lies within a
number of semi-continuous, ductile shear zones that are up to 7
meters wide. These shear zones contain disseminated pyrite, dip to
the north between 55 and 70 degrees, have been traced to 100 meters
below surface and appear to continue at depth.
Single diamond drill holes were drilled at each end of the known
mineralized zone, and these two drill holes confirm the presence of
the mineralized shear zone and suggest its extension further along
strike both to the east and to the west.
Samples from the core holes have been geologically logged,
split, sampled and submitted to the SGS Laboratories in Mwanza for
50 gram fire assays. Strict quality control was maintained with 5%
of each sample batch having a blank, a duplicate and a commercial
standard inserted as part of the sample stream.
Uyowa Soil Sampling
Soil samples were collected from lateritic soils both east of
and west of the main Uyowa artisanal mine site. The soil samples
were collected on north-south lines spaced 200 meters apart and at
50 meter spacing on the sample lines. Initial results indicate that
single point anomalies between 10 and 400 ppb gold lie along
extensions to the known mineralized trend for a further 3.2
kilometers to the east and 5.3 kilometers to the west. These
results suggest the known length of the overall anomalous gold
trend is approximately 10 kilometers.
The soil anomaly also coincides with a satellite image
interpretation and suggests that the structural trend continues
farther to the west for at least an additional 1.3 kilometers; on
the east, the trend is covered by floodplains of the northward
flowing Igombe River. Follow-up infill soil sampling and Rotary Air
Blast (RAB) drilling are planned to further evaluate extensions of
the Uyowa gold system.
Kiabakari East Drilling
After drilling at Uyowa, the drill rig was moved to the
Kiabakari East Gold Project located about 220 kilometers northeast
of Mwanza in the central part of Tanzania’s Musoma-Mara Greenstone
Belt. This core drilling program will total about 1,000 meters at
the BIF Hill and the Kyarano Prospects.
Previous trenching across BIF Hill returned significant gold
grades (Refer to Press Releases of 6th February and 23rd April
2012) and drilling recently commenced at BIF Hill with an inclined
hole of -50 degrees to the north being drilled beneath artisanal
workings lying near the hill top. This hole will be followed by
additional inclined holes collared on 40 meter spaced N-S sections.
Geologically the gold is hosted in deeply rust colored, banded iron
formations comprised of cherts, siltstones and greywackes.
At the Kyarano prospect, about 1.5 kilometers east of BIF Hill,
a short core drilling program is planned to test a pyrite bearing,
north-northeast trending, fine grained, quartz porphyry. Recent
sampling of seven artisanal mine shafts at the Kyarano prospect
returned gold values between 0.47 g/t and 19.8 g/t gold. Two core
holes, collared 240 meters apart on east-west drill fences are
planned to test the mineralized zone about 80 meters below the
active artisanal workings.
Further up-dates will be provided as results become
available.
Analytical work is carried out at the independent SGS
Laboratories in Mwanza, Tanzania. The drill samples have been
subjected to full sample preparation followed by a 50 gram fire
assay with an AA finish. Blanks (5%), commercial standards (5%) and
duplicates (5%) have been used in each sample batch of 20 samples
to monitor laboratory performance during the analysis. Samples
submitted either represent 1 meter intervals or have been sampled
according to lithology and/or structural zones that would include
the presence of visible gold or gold bearing sulphides as logged in
each of the boreholes.
The reader is cautioned that the potential quantity and grade of
the regional exploration target is conceptual in nature; it is
uncertain if further exploration will result in the exploration
target being delineated as a mineral resource and there is no
guarantee that these resources, if delineated, will be economic or
sufficient to support a commercial mining operation. The Company's
production objectives are intended to provide an indication of
management's current expectations and are still conceptual in
nature. It is uncertain that it will be established that these
resources will be converted into economically viable mining
reserves. Until a feasibility study has been completed, there is no
certainty that these objectives will be met.
Clive King, P.Geo, a Qualified Person as such term is defined in
Canadian National Instrument 43-101, is responsible for monitoring
the supervision and quality control of Lake Victoria’s exploration
program and has reviewed and verified the technical information
contained in this news release. Clive King, registered as a
Professional Geologist with the South African Council of Natural
Scientific Professions (Pr.Sci.Nat Reg. No. 400065/09).
About the Company
Lake Victoria Mining Company, Inc. is working to create another
gold mine in the world famous Lake Victoria Greenstone Belt,
Tanzania, East Africa. Tanzania is Africa's third largest gold
producer, behind South Africa and Ghana, but also has reserves of
uranium, nickel and coal. Gold exports alone earned it $1.076
billion in 2009, up from $932.4 million the previous year. Lake
Victoria holds nine prospective gold projects and five uranium
projects within its Tanzania property portfolio. Additional
information regarding the Company is available on the corporate
website at: www.lakevictoriaminingcompany.com or by contacting:
Disclaimer
This news release may contain forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and within the meaning of
Canadian provincial securities laws applicable to the Company.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. Forward-looking statements or information are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the
forward-looking statements or information, including, without
limitation, risks and uncertainties relating to obtaining financing
to meet the Company's exploration programs and operating costs
during its exploratory stage, the interpretation of exploration
results and the estimation of mineral resources and reserves, the
geology, grade and continuity of mineral deposits, the possibility
that future exploration, development or mining results will not be
consistent with the Company's expectations, accidents, equipment
breakdowns, title matters, or other unanticipated difficulties with
or interruptions in production and operations, the potential for
delays in exploration or development activities or the completion
of feasibility studies, the inherent uncertainty of production and
cost estimates and the potential for unexpected costs and expenses,
commodity price fluctuations, currency fluctuations, regulatory
restrictions, including the inability to obtain mining permits and
environmental regulatory restrictions and liability, the
speculative nature of mineral exploration, dilution, competition,
loss of key employees, and other risks and uncertainties, including
those described under "Risk Factors" in the Company's Annual Report
on Form 10-K filed on July 14, 2011, which is on file with the
Securities and Exchange Commission, as well as the Company's
periodic filings available at www.sec.gov and with Canadian
Securities Administrators at www.sedar.com. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Accordingly,
readers are advised not to place undue reliance on forward-looking
statements or information. The Company does not undertake any
obligation to release publicly revisions to any "forward-looking
statement," to reflect events or circumstances after the date of
this news release, or to reflect the occurrence of unanticipated
events, except as is required under applicable securities laws.
Cautionary note to U.S. Investors -- The United States
Securities and Exchange Commission permits U.S. mining companies,
in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or
produce. We use certain terms on this press release, such as
"mineralized zones" which the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosures in our
annual report on Form 10-K. This press release contains information
about adjacent properties on which we have no right to explore or
mine. We advise U.S. investors that the SEC's mining guidelines
strictly prohibit information of this type in documents filed with
the SEC. U.S. Investors are cautioned that mineral deposits on
adjacent properties are not indicative of mineral deposits on our
properties.
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