This Day On The Street
Continue to site
ADVERTISEMENT
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

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

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,260.78 -24.96 -0.14%
S&P 500 2,129.01 -1.81 -0.08%
NASDAQ 5,093.0560 +2.2620 0.04%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs