OCT 27, 2011
LAKE VICTORIA REPORTS INITIAL HIGH GRADE DRILL RESULTS FROM UYOWA GOLD PROJECT – INCLUDING ONE METER OF 103 GRAMS PER TON OF GOLD
Vancouver, B.C., October 27, 2011 (LVCA:OTCBB) – Lake Victoria Mining Company, Inc. (the “Company”) is pleased to announce the positive results of the reverse circulation drill program recently completed on its Uyowa gold project in Tanzania. Notable results received to date include: 17.6 g/t over 6 meters, 7.95 g/t Au over 9 meters, 4.1 g/t over 10 meters, 4.06 g/t Au over 13 meters and 10.41 g/t over 3 meters inclusive of a number of significant 1 meter intervals of 103 g/t Au, 33 g/t Au and 24 g/t Au respectively. The Uyowa project is located about 240 kilometers directly southwest of Mwanza.
Dr. Roger Newell, Chairman of Lake Victoria said “this first round of drilling has returned extremely encouraging results as well as demonstrating that higher grade gold zones of economic mining widths are present within the known mineralized trend. Furthermore, ground geophysics is providing the necessary back-up to define additional targets in which to focus our exploration efforts to discover additional gold occurrences within this prospective district”
A total of 29 reverse circulation boreholes amounting to 2,470 meters was undertaken across the site of artisanal workings and environs in the northern block of the Uyowa Prospect. Drilling was aimed at testing the strike extensions of the known mineralized gold zone beneath an area of intense 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. Unlike the central and eastern part of the Prospect, which is represented by a single mineralized structure, the western part is comprised of at least 4 mineralized veins that generally, not only have increased widths, but, from the assay results received to date, also reflect substantially higher gold grades, across a strike length of some 300 meters (Refer Table 1).
Table 1: Summary of Uyowa Reverse Circulation Drill Results
Boreholes URC013 to URC018 were drilled in the western part of the prospect.
1 troy oz of gold = 31.103 gm of gold or 1 gm=0.03215 oz gold; i.e.: 17.6 g/t Au=0.56584 oz/t of gold
Previous mapping and channel sampling of a number of artisanal shafts (Refer Press Release 12th September 2011 – “High Grade Gold Reported and Drilling Program Commences at Lake Victoria’s Uyowa Gold Project- Tanzania, East Africa”) indicated a narrow, high grade quartz-rich gold bearing zone striking ENE and dipping steeply to the north beneath a 10 meter thick sand and lateritic duricrust cover. Drilling was conducted along 80 meter spaced N-S fences across a strike length of 1,300 meters with all boreholes angled between 50-65 degrees to the south.
In the central and eastern part of the Prospect, drilling identified a number of narrow and anomalous gold bearing zones in which a single continuous gold bearing silicified shear zone, having a grade greater than 0.5g/t gold over + 1 meter interval, is persistent throughout the area being tested. Gold mineralization occurs as free gold as well as in association with pyrite mineralization. Drill samples were collected across the gold bearing zones on 1 meter intervals with the results consequently representing a diluted grade to those higher grade assays that were reported earlier over narrow widths within the artisanal shafts.
A single drill hole, collared 400 meters to the east of the artisanal workings, targeted the interpolated position along strike of the mineralized shear zone. A number of zones of pyrite mineralization and associated silicification with quartz veining and minor visible gold were noted down-hole indicating the persistence of the mineralized shear zone along strike.
Interpretation of the ground magnetic survey suggests the presence of a graben structure that coincides with the last of the artisanal workings on the western side of known mineralized zone. The area, unlike the artisanal site where laterite is often exposed on surface, is overlain by sand cover for some 500 meters to the west before lateritic soils are again present suggesting possible continuation of the mineralized trend further to the west.
This first round of drilling has successfully tested the continuity and persistence of the mineralized shear zone along some 1,700 meters of strike and to a depth of up to 60 meters below surface. The potential of the zone, besides being open-ended along strike and open down-dip, is to be focused in the western part of the trend where increased gold grades and widths have been intersected. Regional mapping of granitic gneiss outcrops to the south-east of the zone indicate the presence of NW-SE faults zones that may well have a controlling influence on the emplacement of the gold mineralization. Such features are important structural controls for other gold deposits elsewhere in the Lake Victoria Gold Belt.
Two boreholes were drilled to test two ground magnetic targets:
The ground magnetic survey indicates that the gold mineralization occurs along the northern limb of an E-W trending antiform that appears to close toward the east. Schlumberger profiling has revealed a number of coincident chargeability and resistivity anomalous across the “limb” of the fold. A single borehole was drilled, 3.36 kilometers east from the artisanal workings, to test the magnetic signature and IP Schlumberger anomalies along the fold arc. The area is overlain by red lateritic soils. Drilling intersected a number of zones of increased magnetite alteration down-hole. No pyrite or intense silicification was noted. The second borehole was drilled to test a similar ground magnetic signature that is present within the “inner” core of the fold zone 1.20 kilometers to the south of the artisanal workings and within the NW-SE structural corridor that defines the higher grade portion of the mineralized zone to the north. Although assay results are not yet available, the borehole did intersect an anomalous 4 meter zone of disseminated pyrite mineralization overlying a zone of magnetite-rich granitic gneiss.
The immediate potential of the Uyowa gold mineralization lies within the western part of the prospect where an increase in the number of gold bearing structures together with increased width*grade over some 300 meter strike length has been delineated by recent drilling.
The regional potential of the Uyowa gold mineralization, as seen from the ground magnetic images appears prospective, especially since it is now known that significant high grade gold mineralization and associated alteration are present within the District. The gold mineralization is localized along the limb of a large E-W trending anti-form that closes to the east. Although, it is early days in the exploration of this prospect, the understanding of the geology of the area is still very limited. Since very little outcrop is present, it will only be through ground geophysical surveys (Magnetics, IP gradient and Schlumberger profiling) and soil geochemistry coupled with an increasing awareness of the structural controls (through diamond drilling in the western part of the mineralized trend) that targets for follow-up drilling can be prioritized.
Gradient IP surveys are currently in progress across the prospect and are expected to be completed before year end. Once results are available, a revised structural interpretation is expected to be undertaken with the aim of refining targets for possible RAB drilling. Prior to embarking on a RAB program, a short diamond drill program of 1000 meters has been recommended to help define the structural controls in the western part of the E-W shear zone where the high grade gold veins occur.
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 third largest gold producer, behind South Africa and Ghana, but also has reserves of uranium, nickel and coal. Gold exports alone earned it $ 1.46 billion in 2010, up from $ 1.076 billion 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 in this news release include statements about the Company’s belief that high grade assays from underground sampling of artisanal shafts at the Uyowa Gold Project indicate the potential for an important gold deposit to exist in a geologically significant new district in Tanzania and the Company’s plans for further geophysical surveys (Magnetics, IP gradient and Schlumberger profiling) and soil geochemistry coupled with an increasing awareness of the structural controls (through diamond drilling in the western part of the mineralized trend) that targets for follow-up drilling. 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 Quarterly Report on Form 10-Q filed on August 12, 2011, 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