Lake Victoria Mining Company, Inc. (LVCA:OTCBB) (“Lake Victoria” or the “Company”) is pleased to report encouraging trench results from Kiabakari East prospect, including, but not limited to, 1.87 grams/ton of gold over 33.69 meters. Our Kiabakari East Gold License lies about 4 kilometers southeast of the past producing Kiabakari Gold Mine in northeastern Tanzania. Between 1959 and 1966, the Kiabakari Mine is reported to have produced 284,335 ounces of gold at an average grade of 6.1 grams/ton. Kiabakari East license is nearby three of Lake Victoria’s other licenses which include Kinyambwiga, Suguti and Murangi.
Prior to the end of 2011, the company undertook a limited follow-up trench sampling program at Kiabakari East where initial results from pit sampling taken across a small hill of Banded Iron Formation (BIF) returned encouraging gold values. (see Press Release November 08, 2011). Following these positive results, the Company re-opened and sampled a number of old trenches, amounting to 264 meters, that were excavated by a previous exploration company. Results are summarised in Table 1.
Table 1. Summary of Trench Assays
|Trench ID||Interval (m)||Au g/t|
The Company is encouraged by these trench results, and has commenced excavating additional trenches across the BIF hill to further define and trace the strike of the gold zone.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts