GOLDEN, COLORADO--(Marketwire - Sept. 7, 2010) - Lake Victoria (OTCBB:LVCA) is pleased to provide an update on the Reverse Circulation (RC) drilling program at the Singida-Londoni gold project in Tanzania.
The 6,000 meter drilling program, awarded to Layne Drilling (Tanzania) Ltd, is aimed at testing five main target areas, namely Sambaru 1 to 5, within the northwest-southeast trending Singida Shear zone. These five target areas are primarily located along sites of artisanal gold mining. The drilling will also test the significance of the electrical prospecting resistive bodies identified by the Company's previous induced polarization (IP) geophysical profiles (Press Release 15 May 2010); these resistive bodies underlie a large arsenic-in-soil-anomaly at Sambaru 4, and may suggest the presence of a near surface quartz zone.
Initial exploratory drilling at the Sambaru 3 artisanal site is complete with boreholes aligned along 4 northeast-southwest fence lines which are spaced 80 meters apart.
Thirteen boreholes, amounting to 877 meters, have been drilled at a direction of 40 degrees east of north to perpendicularly intersect the northwest-southwest trending and southwesterly dipping mineralized Singida shear structure. The boreholes have an inclination of -55 degrees or -60 degrees below the horizontal, and the borehole collars are spaced at intervals of 30 meters to 40 meters apart on each of the 4 fence lines.
Geological study and gold panning of the RC drill samples has identified a number of silicified zones and other zones with increased sulfide minerals. These down hole zones represent a surface width of about 35 meters and lie within metavolcanic greenstone rocks. The silicified and higher sulfide zones were intersected in the two central drill fences. The sulfide minerals which consist of varying proportions pyrite and arsenopyrite are associated with magnetite and occur within borehole intercept lengths of between 4 meters and 25 meters. Occasional flakes and specks of possible visible gold were noted with the sulfide minerals.
Roger Newell president of Lake Victoria said: "The first visual results from the exploration drilling program undertaken at Sambaru 3 are extremely encouraging, and we look forward to seeing similar gold-bearing sulfide and silicified zones in other target areas at Singida."
At this time the drill has commenced work at the Sambaru 4 target where a program of about 2,300 meters of exploratory drilling is planned on fence lines spaced 80 meters apart. This drilling will test a potentially mineralized strike length of about 700 meters.
During September, drill samples, together with quality control samples, will be submitted to the SGS assay laboratory in Mwanza, Tanzania. Results will be reported as they become available.
Drilling is expected to be complete by the end of September at which time plans call for the drill rig to move to the Kinyambwiga gold project to undertake approximately 2,000 meters of infill and exploratory drilling. Electrical geophysical profiling is currently underway at Kinyambwiga to identify the strike extension of mineralised quartz veins. Results of the electrical profiling will assist in planning the new borehole locations.
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.
Disclaimer
This news release may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Lake Victoria Mining Company, Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Lake Victoria Mining Company, Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Lake Victoria Mining Company, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.