LAKE VICTORIA MINING COMPANY REPORTS DRILL PROGRESS AT GEITA GOLD PROJECT, NORTHERN TANZANIA
March 9, 2009 – Geita, Tanzania. Lake Victoria Mining Company (OTCBB:LVCA) is pleased to provide an up date on drilling progress at its Geita Gold Project in northern Tanzania, about 80 kilometers west of the city of Mwanza.
Exploration Reverse Circulation (RC) drilling started on January 29th and the drill is now located in the fifth major target location. As previously stated, at least five major target locations are known to exist on the property.
Twenty-eight holes are complete and a total of 2,836 meters have been drilled. The Geita program called for a total of 6,000 meters of drilling, with anticipated pre-drilling hole depths of 150 meters. The Geita license covers 43.77 square kilometers. The drill has moved from the northeast part of the property into the northwestern part of the license, and remains very close to the border with AngloGold’s large Geita Gold Mine.
Dr. Roger Newell stated: “Once this initial drilling phase is completed and all assays received we will complete interpretation and plan future drill targets.”
|
Hole Number |
Depth (m) |
Major Observations |
|
GR-001 |
072 |
Saprolite, mafic intrusive, traces pyrite. |
|
GR-002 |
150 |
Saprolite, mafic intrusive, granite and traces of pyrite. |
|
GR-003 |
112 |
Saprolite, mafic intrusive, quartz veins and granite and traces pyrite. |
|
GR-004 |
162 |
Saprolite, Banded Iron Formation, mafic intrusive, mafic intrusive and traces pyrite. |
|
GR-005 |
122 |
Laterite, mafic intrusive, epidote, traces pyrite. |
|
GR-006 |
150 |
Laterite, mafic intrusive, traces of epidote, chlorite, traces pyrite and pyrrhotite. |
|
GR-007 |
152 |
Saprolite, mafic intrusive, quartz veins, traces of pyrite and pyrrhotite. |
|
GR-008 |
150 |
Laterite, diorite intrusive, traces of pyrite and pyrhotite. |
|
GR-009 |
086 |
Laterite, diorite intrusive, traces of pyrite. |
|
GR-010 |
150 |
Saprolite, Banded Iron Formation, feldspar porphyry—very strong silicification, strong pyrite and pyrhotite, mafic intrusive with pyrite, pyrrhotite. |
|
GR-011 |
098 |
Saprolite, granite, traces of pyrite. This hole remains in progress. |
|
GR-012 |
080 |
Saprolite, granite with quartz veins and traces of pyrite. |
|
GR-013 |
104 |
Saprolite, banded iron formation, felsic tuffs, mafic intrusive with traces of pyrite. |
|
GR-014 |
080 |
Saprolite, granite with traces of pyrite. |
|
GR-015 |
100 |
Saprolite, sheared mafic intrusive, traces of pyrrhotite and pyrite. |
|
GR-016 |
150 |
Saprolite, sheared mafic intrusive, quartz veins and traces of pyrrhotite and pyrite. |
|
GR-017 |
150 |
Saprolite, granite with quartz veins and traces of pyrite. |
|
GR-018 |
080 |
Saprolite, mafic intrusive with traces of pyrrhotite and pyrite. |
|
GR-019 |
088 |
Saprolite, feldspar porphyry, banded iron formation, silicified mafic intrusive and moderate pyrite. |
|
GR-020 |
060 |
Saprolite, mafic intrusive, quartz veins and pyrite. |
|
GR-021 |
060 |
Saprolite, mafic intrusive, quartz veins. |
|
GR-022 |
060 |
Saprolite, granite intrusive, quartz veins. |
|
GR-023 |
100 |
Saprolite, mafic intrusive, granite, quartz veins. |
|
GR-024 |
080 |
Saprolite, granite, quartz veins. |
|
GR-025 |
060 |
Saprolite, mafic intrusive, quartz veins. |
|
GR-026 |
060 |
Saprolite, mafic intrusive and quartz veins. |
|
GR-027 |
060 |
Saprolite, mafic intrusive, quartz veins and pyrite. |
|
GR-028 |
060 |
Saprolite, mafic intrusive, dolerite dike, feldspar porphyry with pyrrhotite and pyrite. |
"The western area is known to contain elevated sulphide contents in black shales and greywackes, and our preliminary drill results are confirming the earlier findings." says Dr. Roger Newell upon viewing some of the rock chip samples from the RC drilling.
To date assay results for 1070 samples have been received; it is anticipated that this phase of the drilling program will consist of about 2000 samples. The samples are being processed at the internationally accredited SGS laboratory in Mwanza; additional results be provided as the information becomes available.
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 produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana. Lake Victoria Mining Company, Inc. currently holds an ownership and option interest in the Geita, Kalemela, Igusule and Bahi-Hombolo projects along with Geo Can Resources Company Limited (Tanzania), a subsidiary of Kilimanjaro Mining Company Inc. of Nevada. Kilimanjaro Mining Company’s website is www.kilimanjarominingcompany.com
Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:
Lake Victoria Mining Company, Inc.
President - Roger A. Newell, Ph.D.
Phone: 303-586-1390
Email: info@lvcamining.com
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.