Lake Victoria Mining Company, Inc. ("Lake Victoria" or the
"Company") (OTCBB: LVCA) is pleased to provide drill results from a
recently completed reverse circulation drilling program at the
three Kunanga Prospects in the northeastern part of the company's
30.89 square kilometer Kinyambwiga gold project, northern Tanzania
(Refer to News Release 10th November 2010).
Drill intercepts include 9.74 g/t Au over 4 meters, 10.38 g/t Au
over 2 meters, 9.38 g/t Au over 2 meters, 5.41 g/t Au over 3 meters
and 2.06 g/t Au over 5 meters. Additional mineralized intercepts
are listed in Table 1.
Table 1. Kanunga 1 Reverse Circulation Drill Summary
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Total Azi- Inter-
Hole 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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KNRC0022 90 581460E 9776919 581460 0 -60 86 88 2 3.34
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KNRC0023 78 581540E 9776954 581543 0 -50 53 57 4 9.74
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(including 2 meters @ 17.50 g/t Au)
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KNRC0026 70 581376E 9776920 581376 0 -60 39 41 2 10.38
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KNRC0027 90 581140E 9776826 581140 0 -60 50 52 2 9.38
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and 77 80 3 1.06
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KNRC0028 75 581100E 9776828 581102 0 -50 46 48 2 1.17
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and 60 63 3 2.65
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KNRC0029 80 581060E 9776788 581057 0 -50 58 61 3 5.41
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and 65 66 1 2.59
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KNRC0032 75 581300E 9777000 581300 0 -50 28 29 1 1.79
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KNRC0039 60 581180E 9778008 581159 0 -50 39 40 1 1.03
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KNRC0040 60 581260E 9778020 581260 0 -50 40 41 1 1.01
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KNRC0054 50 581060E 9776840 581065 0 -50 22 27 5 2.06
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and 32 38 6 1.28
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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.
A total of 35 drill holes amounting to 2,472 meters were drilled
to test three extensive, near surface quartz vein exploration
targets in the Kanunga part of the Kinyambwiga Project.
Kanunga 1
At Kanunga 1, previous Lake Victoria trenching and reverse
circulation drilling identified a number of shear hosted, narrow,
east-northeast trending, gold-rich quartz veins extending a
distance of about 350 meters within granitic rocks. Recent drilling
on 80 meter spaced north-south sections has not only traced the
down-dip extensions of the known mineralized structure, but has
also followed the veins outward along strike.
Drilling successfully intersected both the Northern and Southern
quartz veins that together comprise the Kanunga 1 Prospect; the
veins tend to "pinch and swell" along strike, and are spaced about
15 meters to 20 meters apart. The drilling has increased the known
strike length of the veins by 200 meters to a new length of about
550 meters.
Near the northeastern and southwestern ends of the known veins,
the gold grade of both veins appears to decrease and the veins also
appear to "pinch-out". These changes occur near Section 581,700E
and 580,980E over a strike length of about 720 meters. However,
drilling further to the west and about 50 meters south of the
Southern vein did intersect a 15 meter wide anomalous zone of 0.200
g/t Au. This intercept corresponds to the near surface part of a
deeper seated (+100 meter) electrical induced polarization (IP)
anomaly that was identified by a detailed Schlumberger profile
across this area.
A number of narrow, 1 meter wide, gold bearing quartz veins of
limited strike length have also been encountered near the main
quartz veins. Visible gold together with increased pyrite
mineralization was noted in on-site, panned drill chips; this
increased mineralization is also reflected by elevated assay
results reported in Table 1.
A step out hole, KNRC0032, was located to test an IP
Chargeability anomaly about 50 meters to the north of the central
part of Kanunga 1. This hole returned encouraging results in which
a number of anomalous intercepts (greater than 0.10 g/t Au) were
encountered including 1 meter of 1.79 g/t Au and 25 meters of 0.192
g/t Au; additional drilling will be required to more fully evaluate
this new area.
Kanunga 2
The Kanunga 2 target, located 500 meters north of Kanunga 1,
extends for 400 meters in an east-northeast direction and was
tested with 4 reverse circulation boreholes. Two holes tested the
southwestern end of the trend where an artisanal shaft is present.
Drill results returned one anomalous intercept of 0.110 g/t Au over
5 meters along the interpolated mineralized trend.
Two scissor holes were drilled to test this area of extensive
quartz float and minor artisanal workings in the northeastern part
of the trend. One of the boreholes, proximal to the artisanal
workings encountered two anomalous gold zones averaging at 0.315
g/t Au over 2 meters and 0.224 g/t Au over 5 meters in the upper
and lower parts the borehole respectively. An Induced Polarization
(IP) Chargeability anomaly is present in this area.
Kanunga 3
At Kanunga 3, located approximately 1 kilometer north of Kanunga
1, extensive artisanal workings are present and cover an area of
200 meters x 100 meters. Drilling was planned to test the
intersecting east-northeast and northwest trending geophysical (IP)
structures as well as the previous shallow Reconnaissance Air Blast
(RAB) drill results. A number of recent scissor holes were drilled
on north-south fences spaced 80 meters apart across the artisanal
workings. Gold grades were low and included a number of anomalous
intersections of less than 0.250 g/t Au in the southern part of the
artisanal area. A borehole drilled immediately west of the site,
intersected a wide anomalous zone of 0.355 g/t Au over 16 meters
and suggests that the mineralized zone may be improving towards the
west.
In summary, results from the recent Kanunga drilling indicate a
possible economic potential for the Kanunga Prospects and also
suggests that the Kanunga 1 area consists of a number of en echelon
vein sets that lie along a major northeast-southwest structural
corridor. This structural corridor is reflected by both ground
magnetic and gradient array (IP) surveys. Further geophysical
exploration over the 3 Kanunga prospects along the east-northeast
trend beneath the surrounding clay rich soil cover will trace the
veins along strike and suggest additional drill targets.
Other Current Exploration
Exploration continues within the neighbouring Suguti and Murangi
licenses within the Musoma District area. These licenses, covering
an area of 72.9 and 51.9 square kilometers respectively, are in the
process of being covered by ground magnetometer surveys and
geologic mapping. Follow-up soil sampling in non-clay soil covered
areas is planned for early 2011.
Concurrent with geophysical surveys currently underway in the
Musoma District, soil sampling programs are in progress at the
Kiserya gold project (52.98 square kilometers) in the North Mara
District, northeastern Tanzania. Soil sampling is also underway
over selected ground magnetic anomalies, outside the known drilled
targets, at the Londoni-Singida gold project in eastern-central
Tanzania. At Lake Victoria's Geita Gold project, two detailed soil
sampling grids are planned adjacent to Anglo-Ashanti's Geita Gold
license; this license, on which the renowned Geita Gold Mine is
located, shares an 11 kilometer long border with Lake Victoria's
property. All surveys are expected to be completed before
year-end.
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 represent either
5 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 sulfides. This press
release has been reviewed by an in-house qualified person, Clive
King, 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 gold exports alone earned it $1.076
billion in 2009, up from $932.4 million the previous year. Lake
Victoria holds eight 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 rich 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.
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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