Lake Victoria Mining Company, Inc. (“Lake Victoria” or the
“Company”) (LVCA:OTCBB) is pleased to report results of an eleven
hole, 1,459 meter core drilling program completed in May 2012 at
its 100% owned Uyowa Prospecting License in northwestern
Tanzania.
Highlights include: 27.3 g/t Au over 0.40 meters, 16.3g/t
over 0.35 meters, 3.05g/t Au over 4 meters and 2.21 g/t Au over 6
meters (Table 1).
The core drilling program was focused from the central to the
western part of the east-west trending mineralized zone, and
covered a length of about 300 meters within the 1,700 meter long
artisanal gold zone (Press Release 29 May 2012). Vertical depth is
about 100 meters below surface. Drilling successfully intersected
the mineralized lenses as identified from the RC drill program in
August 2011 (Press Releases 27 October and 28 November 2011).
Diamond drilling further defined the geometry of the mineralized
zones to consist of two gold separate lenses, situated
approximately 25 meters apart and dipping moderately to the north
at 65 degrees. The dip of the two lenses steepens to 75 degrees
further along strike to the east. The southern lens is the more
dominant of the two gold structures in having both a higher gold
grade and a more continuous strike length. Gold mineralization is
hosted with pyrite within narrow ductile shear zones having a
maximum down hole intersected width of up to 7.8 meters.
The distribution of gold in Lens 2 suggests that there are 3,
equally spaced gold “shoots” of approximately 80 meters wide
plunging at 30 degrees to the west and which are open at depth. A
left lateral fault on the western side of the main drilling target
has offset the strike of the lenses by some 100 meters. Some of the
highest gold intercepts, which have been reported from drilling,
occur in the westernmost shoot. The central and eastern ore shoots
appear to have lower overall gold grades and narrower intercepts.
Additional drilling will be required to extend the down-dip
resource potential of the western gold shoot. In the meantime,
exploration will be aimed at discovering higher grade gold lenses
along the 5.3 kilometers of strike to the west where landsat
imagery and recent soil sampling indicates a possible extension of
the gold bearing structural zone.
Table 1.
Summary of Diamond Drill
Intercepts
Hole No. Total Depth (m) Section
Azimuth (deg) Decline (deg) From (m) To (m)
Interval (m) Au g/t UDD001 165.18
389960E 180 -65 104.00 108.00
4.00 3.05 UDD002 139.84 389920E 180
-60 96.00 102.00 6.00 2.21
including 98.50 98.80 0.30
11.4 UDD003 155.24 390000E 180
-60 47.65 48.45 0.80 1.61
and 104.00
107.00 3.00 1.44 UDD004 79.98
390040E 180 -65 45.00 48.00 3.00
5.6
including 46.60 47.00 0.40
27.3 UDD005 140.52 390040E 180
-60 115.00 116.30 1.30 2.01
and
119.30 119.70 0.40 1.75 UDD006 145.83
390080E 180 -60 90.35 96.00
5.65 0.9 UDD007 130 390120E 180
-65 81.00 85.00 4.00 2.67
and
98.00 105.80 7.80 1.27
including 100.50
101.00 0.50
6.97 UDD008 134.88
390200E 180 -65 79.90 80.20
0.30 1.48 UDD009 114.96 390320E
180 -65 91.50 91.85 0.35 16.3
UDD010 132.98 389720E 180 -60
95.85 96.30 0.45 1.1 UDD011 116.78
390840E 180 -64 6.40 7.90
1.50 1.07
and 100.30 100.90 0.60
1.36
David Kalenuik, President and CEO said: “We’re encouraged that
our core drilling achieved its objective and confirmed the
structure and vein locations as well as the apparent 3D geometry of
the mineralized lenses. This information will further assist in
exploring the structure to the west, but will also provide
important details for evaluating a potential economic
resource.”
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 is 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
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 June 29, 2012, 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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