This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lake Victoria Reports Initial High Grade Drill Results From Uyowa Gold Project - Including One Meter Of 103 Grams Per Ton Of Gold

(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

 
BHID

Total

Depth (m)

Section

Azimuth

(deg)

Decline

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

URC001 80 390600E 180 -50 25 28 3 0.68
URC002 60 390680E 180 -50 10 15 5 0.55
        and 45 46 1 0.73
URC003 80 390520E 180 -50 30 31 1 3.14
        and 58 59 1 6.61
URC004 90 390440E 180 -50 77 79 2 6.35
URC005 60 390760E 180 -50 2 4 2 24.00*
        and 43 45 2 2.32
URC006 100 390520E 180 -50 59 60 1 2.01
URC008 50 390840E 180 -50 38 39 1 7.73
URC009 80 390840E 180 -60 64 65 1 1.00
        and 71 74 3 1.49
URC010 70 390920E 180 -50 48 49 1 1.42
URC011 80 391000E 180 -50 60 61 1 0.76
URC012 100 390360E 180 -50 57 58 1 1.87
        and 60 65 5 0.98
URC013 70 390280E 180 -50 19 28 9 7.95
        (Including 24.65 g/t over 2 meters)
URC014 80 390040E 180 -65 40 42 2 11.41
        and 53 63 10 4.10
        (including 33.3 g/t Au over 1 meters)
URC015 55 390120E 180 -70 26 28 2 1.23
URC017 70 389960E 180 -55 7 10 3 10.41
        and 36 42 6 17.6
        (including 103g/t over 1 meter)  
URC018 130 389960E 180 -60 15 28 13 4.06
        (including 24.8 g/t over 1 meter)  
        and 77 81 4 2.01
URC024         48 49 1 1.32
*lateritic duricrust

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 12 th 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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,107.15 +20.52 0.12%
S&P 500 1,990.22 +3.21 0.16%
NASDAQ 4,479.9910 +6.2940 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs