NOV 29, 2011
Vancouver, BC November 28th, 2011 Lake Victoria Mining Company, Inc. (OTCBB: LVCA) is pleased to report additional gold assays from the final stages of the recent reverse circulation drilling program at the Uyowa Prospect. Intercepts include 4.11 g/t gold over 1 meter, 1.86 g/t gold over 2 meters and 1.11 g/t gold over 7 meters.
The next phase of exploration will include additional infill and step-out drilling along with geological mapping and electrical geophysical surveying to further define and extend targets beneath shallow laterite soil cover. Drill results to date indicate gold is wide spread, near surface and that the Uyowa Prospect may be amenable to open pit mining; additional drilling is required to validate this possibility.
A total of 2,470 meters of reverse circulation drilling was undertaken across the site of artisanal workings in the northern block of the Uyowa Prospecting License during September and October. Initial results previously announced (News Release October 27th, 2011) ranged from 4.1 g/t gold over 10 meters to 103 g/t over 1 meter. Drilling was aimed at testing the strike extensions of the known mineralized gold zone beneath the area of intensive artisanal activity as well as to test a number of geophysical targets that have been defined from the recent ground magnetometer and IP Schlumberger surveys. Dr. Roger Newell, Chairman of Lake Victoria said “It is early days at Uyowa, but these results are very positive and point the way towards advancing open pit status of the project.”
Drilling successfully delineated a number of narrow zones of gold mineralization along a strike length of 1300 meters. The drill program was extended as far west as the current artisanal workings where at least two narrow gold lenses have been identified having grades of between 0.50 g/t gold to 1.4 g/t gold.
Infill drilling on 40 meter spaced N-S drill fences was conducted across 300 meters of strike length within the western part of the artisanal workings. Drilling, on the original 80 meter spaced drill fences, indicated the presence of at least 4 mineralized veins having, not only increased widths, but higher gold grades. All 4 lenses, and a possible 5th lens were recognized in the infill sections. Geological mapping of a low ridge of granitic gneisses in the southern part of the license revealed the presence of a number of NW-SE trending fractures and shear zones which when traced to the NW coincide with the ENE mineralized shear zone in the western part of the artisanal workings in which the increased gold veins occur. This NW-SE “structural corridor” may be significantly important in providing structural loci for gold mineralization.
A single borehole (URC027), collared 400 meters along strike to the east of the artisanal workings, was aimed at testing the coincident Schlumberger IP anomaly and the interpolated mineralized shear zone extension. Results were positive with visible gold noted in the RC chips which in turn returned two anomalous zones of gold mineralization greater than 0. 50 g/t gold down-hole.
Similarly, a single borehole (URC022) was collared some 60 meters to the south of the mineralized trend close to the eastern extent of the artisanal workings and intercepted two narrow zones of gold mineralization suggesting the presence of additional gold veins in proximity to the known workings.
Summary of Borehole Intercepts
|Results of Boreholes URC001 to URC018 reported in PR 23rd October 2011|
Follow-up exploration is to be focused:
- To rapidly define and evaluate the zone of increased gold veins and grade within the western part of the artisanal mine site. A drilling program of 3000 meters of Reverse circulation and 1000 meters of diamond drilling are planned for early in the New Year.
- Undertake Schlumberger profiling across structurally defined targets as interpreted from ground geophysical surveys including both magnetometer and gradient IP surveys. At least 7 targets have been prioritized and include:
- Extension of gold mineralization along 7.50 kilometers of strike, with particular attention to where the shear zone has been transgressed by NW-SE trending fracture zones.
- Coincident geophysical targets within the NW-SE “structural corridor” both on the southern and northern limbs of the magnetically defined ENE trending synform.
- A similar structural “fingerprint” as seen over the western part of the artisanal site from Landsat Imagery and reinforced by the recent gradient array survey, is noted some 5 kilometers further to the west. The westerly extension of the mineralized shear zone appears to have been right laterally displaced for some 1.5 kilometers to the north by a major NE-SW fault.
Due to the limited use of soil and termite sampling, on account of excessive sand cover and a shallow water table, RAB/shallow RC drilling will be planned on prioritized targets during 2012.
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 5 meters composite samples of 1 meter intervals or 1 meter samples where on site logging and panning of the RC chips indicated the presence of visible gold or gold-bearing sulphides
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 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 fourth 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 or by contacting:
Lake Victoria Mining Company, Inc.
David T. Kalenuik, CEO & President
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 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.