Lake Victoria Mining Company, Inc. (OTCBB: LVCA) ("Lake Victoria"
or the "Company") commenced a phase two reverse circulation
drilling program at the Kinyambwiga gold project (PL4653/2007).
Kinyambwiga gold project is located near the eastern side of Lake
Victoria in northeastern Tanzania and is approximately 750
kilometers, by road, from the Company's Singida-Londoni gold
project.
The initial planned 2,000 meter drill program is expected to
test three targets at the Kunanga Prospect area which is situated
in the northeastern part of the 30.89 square kilometer Kinyambwiga
License.
Kunanga 1 Target
Recent infill trenching has established the existence of at
least 2 shear hosted, narrow gold bearing quartz veins that "pinch
and swell" along a known strike length of 350 meters. These veins
spaced approximately 15 to 20 meters apart and which trend
east-northeast and west-southwest, have been partly exposed by
small scale mining. Follow-up geophysical surveying, using the
Schlumberger Induced Polarization (IP) profiling method, along
north-south traverses across the exposed quartz veins was
undertaken to secure a geophysical signature of the structure. The
survey was then extended out along strike of the quartz veins with
the aim of tracing the structure beneath the soil covered plain.
Drilling is planned to test the strike extension for a further 200
meters on either side of the quartz veins on 80 meter spaced
centres. All boreholes are drilled towards the north at an
inclination of -50 degrees.
To date, all three boreholes, collared to the east of the
exposed quartz veins, have intersected the southern quartz vein in
which varying amounts of pyrite have been noted from on site
panning of the reverse circulation drill chips. Previous drilling
of the quartz veins has shown that gold is associated with pyrite
mineralization and as free metallic gold. One borehole, drilled
midway along strike was extended in depth to intersect the northern
lens and encountered 4 meters of moderate pyrite at 86 meters down
hole.
Drilling out along strike to the west has traced the southern
quartz vein together with a number of subsidiary narrow quartz
veins for a distance of 200 meters. Two boreholes were drilled
along the westernmost fence (Section 580980E) to test the strike
continuation of the quartz veins as well as the IP chargeability
anomaly situated 50 meters to the south of the southern quartz
vein. Both holes intersected narrow and oxidized zones of quartz
veining reflecting both the structure and the IP anomaly. Assay
results will confirm whether these quartz veins carry gold.
One hole is planned to test an IP chargeability anomaly located
50 meters to the north from the central part of Kunanga 1, as well
as the influence of the crosscutting northwest-southeast IP
structure. This anomaly lies parallel to the northern quartz vein
of the Kunanga 1 prospect.
Kunanga 2 Target
Three holes spaced 80 meters apart are planned to test the area
beneath a +20 meter deep artisanal shaft, located some 500 meters
to the north of Kunanga 1. Schlumberger IP profiling across this
area and out to the east has revealed a number of distinct
chargeability anomalies that lie on an east-northeast trend. A
further two scissor holes are planned to explore this trend some
400 meters to the east where abundant quartz float has been mapped
on surface and evidence of small scale mine workings are noted.
Kunanga 3 Target
This prospect, covering an area of 200 meters x 100 meters of
small scale mining pits, is situated 1 kilometer to the north of
Kunanga 1. Previous drilling on the northern side of the workings
failed to encounter any significant mineralization. However a
single rotary air blast (RAB) hole drilled in the central to
southern part of the small scale workings returned 2.06 g/t gold
over 9 meters. Schlumberger IP profiling suggests that the area
lies at the intersection of an east-northeast and northwest
trending structure, similar to the IP pattern observed at Kunanga
1. Four 80 meter spaced drill fences have been planned to fully
test this artisanal, near surface mining site.
Further updates are expected to be provided as drilling
progresses on the three Kunanga prospects within the large
Kinyambwiga License.
In the meantime, a ground magnetometer geophysical survey is
underway at the Company's nearby 72.95 square kilometer Suguti
Licence (PL3966/2006) which is located about 15 kilometers north of
the Kinyambwiga gold project.
Clive King, Professional Geologist, 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. This press release has been
reviewed by Clive King, Lake Victoria's 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 in this press release, such as "gold
bearing quartz veins" which may not be consistent with the reserve
definitions established by 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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Contacts: Lake Victoria Mining Company, Inc. David T. Kalenuik
President and CEO 303-586-1390 info@lvcamining.com
www.lakevictoriaminingcompany.com
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