(LVCA:OTCBB) - Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) is pleased to announce the beginning of a 1,500 meter core drilling program whereby the company hopes to establish the first fully reportable gold resource at Uyowa in northwestern Tanzania.
Near the end of 2011, a Phase 1, 29 hole, 2,470-meter reverse circulation (RC) drill program was completed at Uyowa; these holes were drilled on north-south fences spaced 80 meters apart (Press Release 27 th October 2011). This Phase 1 drilling appears to have delineated a continuous, single, 1,700 meter long gold bearing structural zone. At this time, drilling has only tested the zone to a depth of about 60 meters, and the gold values appear to continue beyond the current 1,700 meter strike length.
Results suggest that at least 4 additional mineralized veins appear to have been delineated within the western to central parts of the structure. For a distance of about 300 meters, these additional veins appear to contain increased widths and increased gold grades. Some of these RC drill grades and widths are: 17.6 g/t over 6 meters, 11.41 g/t over 2 meters, 4.1 g/t over 10 meters, 4.06 g/t over 13 meters, 10.41 g/t over 3 meters, 27.16 g/t over 4 meters* and 3.43 g/t over 6 meters. ** Indicates results reported from Reverse circulation drilling by Ashanti GoldFields in 2003 prior to Lake Victoria acquiring the property. The current 1,500-meter core-drilling program is designed to define geologic controls of the four new veins in the western to central parts of the east-west trending shear zone. Core holes are planned on north-south fences spaced 40 meters apart; the holes will test mineral extensions to a vertical depth of about 150 meters. To confidentially compare gold grades and widths, a select number of core holes will carefully “twin” particular RC holes. If the core holes and the RC holes provide similar results, a new gold resource can be calculated with increased confidence.
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