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Lake Victoria’s New Drill Rig To Undertake Soil Sampling Programs On Its Gold Projects In The Lake Victoria Gold Belt Of Tanzania

Stocks in this article: LVCA

Lake Victoria Mining Company, Inc. (LVCA:OTCBB) (“Lake Victoria” or the “Company”) is pleased to announce the purchase of a mobile auger drill rig to provide soil sampling services over “mbuga” covered areas of its gold projects in the Lake Victoria Greenstone Gold Belt of Tanzania.

Dr. Roger Newell, Chairman of Lake Victoria comments: “The addition of the auger rig as a cost effective exploration tool will help us rapidly evaluate our “mbuga” covered targets without having to rely on the availability and expensive commercial RAB rigs during this early stage of exploration. Since a large proportion of the land mass in the Lake Victoria Gold District is covered by “mbuga” the chances of making a new gold discovery in areas of our existing licenses is very good. The Company is committed to ensure that no stone is left unturned in their quest for exploring for hidden targets beneath the “mbuga” ”.

Much of the low-lying areas, including the drainages around Lake Victoria, in the northern part of Tanzania, are covered by a blanket of dark grey clays known as Black Cotton Soil or locally as “mbuga” clays. These clays, believed to be lacustrine sediments derived from periodic flooding of Lake Victoria, have masked the underlying land surface, covering both in-situ soils and rock outcrops and allowing little to no chemical dispersion from the underlying substrate to pass through to the surface. Depths of the “mbuga” vary between a few centimetres to in excess of 10 meters thick. Exploration for mineral deposits in “mbuga” covered areas therefore becomes difficult, time consuming and costly as it generally requires the scheduling and contracting of a RAB drilling program.

Exploration over these “mbuga” covered areas is largely done by various geophysical techniques conducted by the Company’s own geophysical teams and equipment. Upon interpretation of the collected geophysical data, this results in the mapping out of the geophysical properties of the underlying rock sequences and the structural imprint in order to interpret potential gold targets. Follow up drilling is required to test these targets to confirm mineralization.

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