(LVCA:OTCBB) - Lake Victoria Mining Company, Inc. (the “Company”) is pleased to announce encouraging assay results from underground sampling of artisanal shafts at the Uyowa Gold Project in northwestern Tanzania. Notable results include: 89.60 g/t Au over 0.20meters, 68.30g/t Au over 0.32 meters, 66.70 g/t Au over 0.9 meters and 57.10 g/t Au over 0.25 meters.
Previous exploration by Ashanti in 2003 identified 4 narrow zones of gold mineralization having an east-west strike length of some 300 meters across a surface width of 60 metres. Borehole intercepts returned a number of encouraging and significant intersections.
At about the time that Lake Victoria recommenced exploration activities, a local artisanal gold rush began at the Uyowa workings, and as of today the artisanal miners have exposed and traced the mineralizing structures along a strike length of about 900 meters. Although the miners have targeted narrow high grade gold shoots, the distribution of shafts along strike suggests that multiple gold bearing structures may be present across the width of the surface workings. The mineralized zone is overlain by a thick layer of residual hard soils that in forms a “cap” up to 8 meters thick and from which gold is being recovered by the artisanal miners.
Artisanal mining is currently focused across the central and eastern parts of the mineralized trend. Lake Victoria’s sampling was conducted across the working face at the base of the artisanal shafts at depths of between 5 to 22 meters. Both sides of the identified quartz veins were also sampled; all samples were analyzed by fire assaying at the SGS Laboratory in Mwanza, Tanzania. Results indicate anomalous gold grades extend into the wall rocks. The mineralized zone dips steeply to the north. A summary of the more significant results from within the artisanal shafts is presented in Table 1.
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