Lake Victoria Mining Company, Inc. (“Lake Victoria” or the
“Company”) (LVCA:OTCBB) is pleased to report positive assay results
from the recent core drilling program at its 100% owned Kiabakari
East project in northeastern Tanzania. The project is about 4
kilometers southeast of the past producing Kiabakari Gold Mine. The
four hole drill program, completed in June 2012, totaled 648.72
meters and was the first drilling by Lake Victoria at Kiabakari
East. Final drill hole locations were determined by detailed
geologic mapping, geophysical surveying and trench sampling.
The holes intersected wide zones of anomalous gold
mineralization including 37.5 meters of 1.03 g/t gold, 43.35
meters of 0.58g/t gold, including higher grade intersections of
1.75 g/t gold over 6.13 meters and 2.05 g/t gold over
3.00 meters. Mineralized intercepts are summarized in the table
below.
Drilling was focused at BIF Hill where previous trenching
returned significant gold grades within Banded Iron Formation rocks
(Refer Press Releases of 6th February and 23th April 2012). The
drill holes were located on the south side of BIF hill and were
spaced 40 meters apart on N-S drill fences. The holes, drilled due
north at angles of -50 and -55 degrees below the horizontal, were
designed to test the grade and to define the geometry of the gold
mineralization.
Summary of Diamond Drill
Intercepts
Hole No. Total Depth (m)
Section Azimuth (deg)
Decline (deg) From (m)
To (m) Interval (m)
Au (g/t) KED001 157.03
597580E 0 -50
60.00 109.30
49.30
0.27
Including 60.00
63.00
3.00 2.05
KED002 154.48 597540E
0 -50 48.00 85.50
37.50 1.03
Including 52.20 56.00
3.80 3.31
71.90 76.60
4.70 1.98 KED003
130.48 597620E 0 -50
57.55 64.70 7.15
0.42
and 87.50
118.00
30.50 0.32
KED004 206.73 597620E
0 -55 76.05 83.00
6.95 0.44
and
107.24 112.60 5.36
0.89
and 145.40
188.75
43.35 0.58
Including 145.40
151.53
6.13 1.75
and 181.20 182.03
0.83 1.21
and 185.40 186.97
1.57 1.17
Geologic Setting
Each borehole was drilled across an 80 meter wide BIF package of
rocks consisting of cyclic siltstone and banded chert sequences
until the footwall pebble conglomerate was reached on the northern
side of the hill. The BIF unit dips steeply to the south, and
although occasional intraformational sedimentary slump breccias are
present, the unit is complexly folded, which tends to increase the
grade of the gold mineralization. A north-northeast trending fault
is present and appears to have displaced the eastern part of the
mineralized zone some 40 meters to the north and to also have down
dropped the BIF unit to the east.
Massive sulfides, consisting of pyrrhotite and magnetite -rich
bands occur throughout the BIF unit. Crackle brecciation and
fracturing is more common in the brittle chert beds which are often
infilled with later pyrrhotite and/or pyrite mineralization. Gold
is associated with the sulphide filled fractures as well as within
zones of massive pyrite and, to a lesser extent, massive pyrrhotite
mineralization.
From the limited drilling undertaken across 80 metres of
east-west strike length, the gold mineralization, having been
offset by the north-northeast fault, plunges steeply to the east.
Anomalous gold values of greater than 250 ppb gold were encountered
over substantial widths in each of the boreholes; higher grades
were intersected in the deeper eastern most hole (KED004). It is
important that, mineralization remains open down dip and along
strike both to the west and down plunge to the east.
A second target within the Kiabakari East License is the Kyarano
Prospect which is located 1.5 kilometers east of BIF Hill and has
yet to be drill tested. Gold is associated with a north-northeast
trending pyritic quartz felsite porphyry. This quartz porphyry has
a known strike length of about 500 meters and is an active
artisanal mine site. Shaft samples collected by Lake Victoria
returned gold values up to 19.8g/t gold (Refer Press Release of
29th May 2012); future work will attempt to locate drill targets to
further test this prospect.
Roger Newell, Lake Victoria’s Chairman says, “With only four
holes, we intersected a large gold zone and we are optimistic that
further drilling will expand the current prospect. Our discovery of
this homogenous gold bearing BIF is extremely significant and
represents a positive development for the Company. Furthermore, the
Kyarano prospect located to the east is still to be explored and
together with BIF Hill will certainly add to the gold potential of
this exciting discovery”.
The Company is also pleased to report that it has made
significant progress towards applying for a listing on the Toronto
Venture Stock Exchange. However, in view of current difficult
market conditions, the Board of Directors has elected to delay
further listing related activities until market conditions show
signs of improvement.
Analytical work is carried out at the independent SGS
Laboratories in Mwanza, Tanzania. The drill core samples have been
split to ½ core by diamond saw cutter and 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
consisting of ¼ core (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
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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