Lake Victoria Mining Company, Inc. ("Lake Victoria" or the
"Company") (OTCBB: LVCA) is pleased to report the final drill
results from the remainder of the drilling program completed at the
Sambaru 1, 2 and 3 prospect areas within the Singida-Londoni gold
project, Tanzania. Based on the assay results, drill intercepts
include: 6.81g/t Au over 8 meters, 3.6g/t Au over 11 meters,
3.09g/t Au over 8 meters, 2.71g/t Au over 14 meters and 1.41g/t Au
over 10 meters. A number of higher grade zones are included in
these intervals and are listed in Table 1; tabulation of the
results is expected to be posted in the near future on the Lake
Victoria corporate website.
Table 1.
Summary of Reverse Circulation Drill Results from Sambaru 1, 2 and 3
prospect areas
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Hole Total Azi- Inter-
No. Depth Section (i)North (i)East muth Declin. From To val Grade
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(m) Co-ord Co-ord (deg) (deg) (m) (m) (m) Au g/t
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Samb-
aru 2
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SGRC-
0060 80 2020W 727477 9411978 40 -50 34 42 8 6.81
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(including 2 meters @ 21.1g/t Au)
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SGRC-
0061 130 2020W 727457 9411940 40 -50 26 37 11 3.60
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(including 1 meter @ 13.90g/t Au)
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and 42 52 10 1.30
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SGRC-
0062 106 2020W 727429 9411906 40 -50 83 93 10 1.41
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and 100 102 2 1.15
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SGRC-
0067 80 2180W 727335 9412036 40 -55 46 50 4 1.86
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SGRC-
0068 37 2180W 727311 9412010 40 -55 7 10 3 2.96
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and 14 15 1 2.55
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SGRC-
0069 118 2180W 727325 9412022 40 -65 8 9 1 2.27
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and 57 61 4 2.97
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SGRC-
0071 128 1940W 727500 9411867 40 -55 73 81 8 3.09
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(including 1 meter @ 16.40g/t Au)
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and 102 105 3 1.10
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SGRC-
0072 90 2180W 727591 9411860 40 -50 25 27 2 1.31
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and 48 49 1 2.65
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Samb-
aru 1
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SGRC-
0075 100 500W 728892 9411318 40 -50 47 48 1 1.23
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SGRC-
0076 84 420W 728944 9411250 40 -50 34 35 1 1.21
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and 56 57 1 7.43
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Samb-
aru 3
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SGRC-
0078 96 2540W 727082 9412312 220 -50 11 13 2 1.00
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and 23 37 14 2.71
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and 53 54 1 2.03
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SGRC-
0079 105 2460W 727189 9412302 220 -50 64 66 2 1.11
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and 70 72 2 5.23
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and 80 81 1 1.80
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(i) Datum Arc 1960
Notes: 34.286 grams of gold/metric tonne = 1 Troy ounce of gold/short ton;
g/t = grams/metric ton; Au is the chemical symbol for gold.
The mineralized interval represents the drill hole intercept and is not the
true horizontal width of the mineralized structure.
These drill results represent the remainder of the originally
planned 6,000 meter reverse circulation drilling program which was
undertaken at Sambaru 1 and 2 in the southeastern and central parts
of the Singida-Londoni project respectively and two additional
infill boreholes at the Sambaru 3 prospect area.
Sambaru 1
Results from Sambaru 1, located on the Singida Plains in the
southeastern corner of the License, indicate that the main gold
mineralization occurs as a single narrow quartz vein which has been
targeted by the small scale miners. The best grade (7.43g/t gold
over 1 meter) is associated with disseminated arsenopyrite within a
massive porphyritic diorite which is intersected in the central
part of the small scale mine workings. Although the vein appears to
pinch out towards the east, drilling along the western fence
indicates that it may continue out under the soil cover of the
Singida Plain.
Sambaru 2
Results indicate that the main zone of gold mineralization
occurs along Section 2020W, in the central part of the Sambaru 2
prospect. The gold mineralization is present within three vertical
lenses in which significant amounts of arsenopyrite together with
visible gold was reported from on site panning (Press release 19th
October, 2010). Intercepts of 10 to 11 meters have returned gold
grades of 3.60g/t and 1.30g/t gold across the two main lenses,
whereas the third lens, located some 30 meters to the northeast
intersected 6.81g/t gold over 8 meters. This lens, possibly
representing a shallow sub-vertical mineralized zone, was not
encountered in the borehole drilled 40 meters beneath the
intercept.
The two main lenses have been intersected 80 meters to the
southeast on Section 1940W at a depth of 60-80 meters below the
surface. Grades of 3.09g/t and 1.1g/t gold over 8 meters and 3
meters respectively are reported. The spatial position of these
intercepts relative to the intersections encountered on Section
2020W suggests that the lenses plunge to the southwest.
Northwest of Section 2020W, the two main gold lenses appear to
pinch out and only re-appear again 160 meters further to the
northwest on Section 2180W where they narrow to 4 meter wide
intercepts having gold grades of 2.97g/t and 1.86g/t.
Overall, the mineral lenses occur across a strike length of some
250 meters and although they appear to narrow, they are open to the
northwest. However, drilling on 80 meter spaced sections to the
southeast failed to encounter any significant mineralization
beneath the 300 meter strike length of the 2 zones of small scale
workings. This area was reported (Press release 19th October, 2010)
to consist of a number of discrete and oxidized shear zones and
although mineralization was expected, the assay results reflect low
gold values.
Sambaru 3
The two infill boreholes, drilled on either side of Section
2500W at the Sambaru 3 prospect area, returned corresponding gold
grades to the observed panned samples reported in the previous
Press Release of 25th October, 2010. The borehole, collared 40
meters to the west of Section 2500W and drilled at an inclination
of -50 degrees to the southeast, intersected 2.71g/t gold over 14
meters in the upper part of the hole. The 2nd borehole, collared
east of Section 2500W, aimed at testing the interpolated
southwesterly plunge of the mineral lens returned a number of 2
meter wide intercepts at a down-hole depth of 60 to 80 meters
suggesting the possibility of a southwesterly plunging mineral
shoot. Further drilling is required to explore the down-dip
extension of this mineral zone.
This successfully concludes the first phase of drilling on the
Singida-Londoni license. Mineralized intercepts were encountered at
all 5 targets. A review and study of all the results will determine
the next phase of exploration.
Analytical work was carried out at the independent SGS
Laboratories in Mwanza, Tanzania. The drill samples were subject to
full sample preparation followed by a 50 gram fire assay with an AA
finish. Blanks (5%), commercial standards (5%) and duplicates (5%)
were used in each sample batch of 20 samples to monitor laboratory
performance during the analysis. Samples submitted either represent
4 meter composite samples of 1 meter intervals or 1 meter samples,
where on site logging and panning of the RC chips indicate the
presence of visible gold or gold-bearing sulphides.
Clive King, Professional Geologist, is a Qualified Person as
such term is defined in Canadian National Instrument 43-101, and is
responsible for monitoring the supervision and quality control of
Lake Victoria's exploration program. This press release has been
reviewed by Clive King, Lake Victoria's in-house Qualified Person
who is registered 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 eleven 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.
Disclaimer
The reader is cautioned that the potential quantity and grade of
the 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.
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, 2010, 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.
Contacts: Lake Victoria Mining Company, Inc. David T. Kalenuik
President and CEO 303-586-1390 info@lvcamining.com
www.lakevictoriaminingcompany.com
Grafico Azioni Victoria Lake (CE) (USOTC:LVCA)
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