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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Victoria Lake Inc (CE) | USOTC:LVCA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
Table 1. Summary of Reverse Circulation Drill Results from Sambaru 1, 2 and 3 prospect areas ---------------------------------------------------------------------------- Hole Total Azi- Inter- No. Depth Section (i)North (i)East muth Declin. From To val Grade ---------------------------------------------------------------------------- (m) Co-ord Co-ord (deg) (deg) (m) (m) (m) Au g/t ---------------------------------------------------------------------------- Samb- aru 2 ---------------------------------------------------------------------------- SGRC- 0060 80 2020W 727477 9411978 40 -50 34 42 8 6.81 ---------------------------------------------------------------------------- (including 2 meters @ 21.1g/t Au) ---------------------------------------------------------------------------- SGRC- 0061 130 2020W 727457 9411940 40 -50 26 37 11 3.60 ---------------------------------------------------------------------------- (including 1 meter @ 13.90g/t Au) ---------------------------------------------------------------------------- and 42 52 10 1.30 ---------------------------------------------------------------------------- SGRC- 0062 106 2020W 727429 9411906 40 -50 83 93 10 1.41 ---------------------------------------------------------------------------- and 100 102 2 1.15 ---------------------------------------------------------------------------- SGRC- 0067 80 2180W 727335 9412036 40 -55 46 50 4 1.86 ---------------------------------------------------------------------------- SGRC- 0068 37 2180W 727311 9412010 40 -55 7 10 3 2.96 ---------------------------------------------------------------------------- and 14 15 1 2.55 ---------------------------------------------------------------------------- SGRC- 0069 118 2180W 727325 9412022 40 -65 8 9 1 2.27 ---------------------------------------------------------------------------- and 57 61 4 2.97 ---------------------------------------------------------------------------- SGRC- 0071 128 1940W 727500 9411867 40 -55 73 81 8 3.09 ---------------------------------------------------------------------------- (including 1 meter @ 16.40g/t Au) ---------------------------------------------------------------------------- and 102 105 3 1.10 ---------------------------------------------------------------------------- SGRC- 0072 90 2180W 727591 9411860 40 -50 25 27 2 1.31 ---------------------------------------------------------------------------- and 48 49 1 2.65 ---------------------------------------------------------------------------- Samb- aru 1 ---------------------------------------------------------------------------- SGRC- 0075 100 500W 728892 9411318 40 -50 47 48 1 1.23 ---------------------------------------------------------------------------- SGRC- 0076 84 420W 728944 9411250 40 -50 34 35 1 1.21 ---------------------------------------------------------------------------- and 56 57 1 7.43 ---------------------------------------------------------------------------- Samb- aru 3 ---------------------------------------------------------------------------- SGRC- 0078 96 2540W 727082 9412312 220 -50 11 13 2 1.00 ---------------------------------------------------------------------------- and 23 37 14 2.71 ---------------------------------------------------------------------------- and 53 54 1 2.03 ---------------------------------------------------------------------------- SGRC- 0079 105 2460W 727189 9412302 220 -50 64 66 2 1.11 ---------------------------------------------------------------------------- and 70 72 2 5.23 ---------------------------------------------------------------------------- and 80 81 1 1.80 ---------------------------------------------------------------------------- (i) Datum Arc 1960 Notes: 34.286 grams of gold/metric tonne = 1 Troy ounce of gold/short ton; g/t = grams/metric ton; Au is the chemical symbol for gold. The mineralized interval represents the drill hole intercept and is not the true horizontal width of the mineralized structure.
These drill results represent the remainder of the originally planned 6,000 meter reverse circulation drilling program which was undertaken at Sambaru 1 and 2 in the southeastern and central parts of the Singida-Londoni project respectively and two additional infill boreholes at the Sambaru 3 prospect area.
Sambaru 1
Results from Sambaru 1, located on the Singida Plains in the southeastern corner of the License, indicate that the main gold mineralization occurs as a single narrow quartz vein which has been targeted by the small scale miners. The best grade (7.43g/t gold over 1 meter) is associated with disseminated arsenopyrite within a massive porphyritic diorite which is intersected in the central part of the small scale mine workings. Although the vein appears to pinch out towards the east, drilling along the western fence indicates that it may continue out under the soil cover of the Singida Plain.
Sambaru 2
Results indicate that the main zone of gold mineralization occurs along Section 2020W, in the central part of the Sambaru 2 prospect. The gold mineralization is present within three vertical lenses in which significant amounts of arsenopyrite together with visible gold was reported from on site panning (Press release 19th October, 2010). Intercepts of 10 to 11 meters have returned gold grades of 3.60g/t and 1.30g/t gold across the two main lenses, whereas the third lens, located some 30 meters to the northeast intersected 6.81g/t gold over 8 meters. This lens, possibly representing a shallow sub-vertical mineralized zone, was not encountered in the borehole drilled 40 meters beneath the intercept.
The two main lenses have been intersected 80 meters to the southeast on Section 1940W at a depth of 60-80 meters below the surface. Grades of 3.09g/t and 1.1g/t gold over 8 meters and 3 meters respectively are reported. The spatial position of these intercepts relative to the intersections encountered on Section 2020W suggests that the lenses plunge to the southwest.
Northwest of Section 2020W, the two main gold lenses appear to pinch out and only re-appear again 160 meters further to the northwest on Section 2180W where they narrow to 4 meter wide intercepts having gold grades of 2.97g/t and 1.86g/t.
Overall, the mineral lenses occur across a strike length of some 250 meters and although they appear to narrow, they are open to the northwest. However, drilling on 80 meter spaced sections to the southeast failed to encounter any significant mineralization beneath the 300 meter strike length of the 2 zones of small scale workings. This area was reported (Press release 19th October, 2010) to consist of a number of discrete and oxidized shear zones and although mineralization was expected, the assay results reflect low gold values.
Sambaru 3
The two infill boreholes, drilled on either side of Section 2500W at the Sambaru 3 prospect area, returned corresponding gold grades to the observed panned samples reported in the previous Press Release of 25th October, 2010. The borehole, collared 40 meters to the west of Section 2500W and drilled at an inclination of -50 degrees to the southeast, intersected 2.71g/t gold over 14 meters in the upper part of the hole. The 2nd borehole, collared east of Section 2500W, aimed at testing the interpolated southwesterly plunge of the mineral lens returned a number of 2 meter wide intercepts at a down-hole depth of 60 to 80 meters suggesting the possibility of a southwesterly plunging mineral shoot. Further drilling is required to explore the down-dip extension of this mineral zone.
This successfully concludes the first phase of drilling on the Singida-Londoni license. Mineralized intercepts were encountered at all 5 targets. A review and study of all the results will determine the next phase of exploration.
Analytical work was carried out at the independent SGS Laboratories in Mwanza, Tanzania. The drill samples were subject to full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%), commercial standards (5%) and duplicates (5%) were used in each sample batch of 20 samples to monitor laboratory performance during the analysis. Samples submitted either represent 4 meter composite samples of 1 meter intervals or 1 meter samples, where on site logging and panning of the RC chips indicate the presence of visible gold or gold-bearing sulphides.
Clive King, Professional Geologist, is a Qualified Person as such term is defined in Canadian National Instrument 43-101, and is responsible for monitoring the supervision and quality control of Lake Victoria's exploration program. This press release has been reviewed by Clive King, Lake Victoria's in-house Qualified Person who 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 $1.076 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. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com.
Disclaimer
The reader is cautioned that the potential quantity and grade of the 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.
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.
Contacts: Lake Victoria Mining Company, Inc. David T. Kalenuik President and CEO 303-586-1390 info@lvcamining.com www.lakevictoriaminingcompany.com
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