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Lake Victoria’s Core Drill Intersects Two Gold Zones At Uyowa Tanzania, East Africa

Stocks in this article: LVCA

Lake Victoria Mining Company, Inc. (“Lake Victoria” or the “Company”) (LVCA:OTCBB) is pleased to report results of an eleven hole, 1,459 meter core drilling program completed in May 2012 at its 100% owned Uyowa Prospecting License in northwestern Tanzania.

Highlights include: 27.3 g/t Au over 0.40 meters, 16.3g/t over 0.35 meters, 3.05g/t Au over 4 meters and 2.21 g/t Au over 6 meters (Table 1).

The core drilling program was focused from the central to the western part of the east-west trending mineralized zone, and covered a length of about 300 meters within the 1,700 meter long artisanal gold zone (Press Release 29 May 2012). Vertical depth is about 100 meters below surface. Drilling successfully intersected the mineralized lenses as identified from the RC drill program in August 2011 (Press Releases 27 October and 28 November 2011). Diamond drilling further defined the geometry of the mineralized zones to consist of two gold separate lenses, situated approximately 25 meters apart and dipping moderately to the north at 65 degrees. The dip of the two lenses steepens to 75 degrees further along strike to the east. The southern lens is the more dominant of the two gold structures in having both a higher gold grade and a more continuous strike length. Gold mineralization is hosted with pyrite within narrow ductile shear zones having a maximum down hole intersected width of up to 7.8 meters.

The distribution of gold in Lens 2 suggests that there are 3, equally spaced gold “shoots” of approximately 80 meters wide plunging at 30 degrees to the west and which are open at depth. A left lateral fault on the western side of the main drilling target has offset the strike of the lenses by some 100 meters. Some of the highest gold intercepts, which have been reported from drilling, occur in the westernmost shoot. The central and eastern ore shoots appear to have lower overall gold grades and narrower intercepts. Additional drilling will be required to extend the down-dip resource potential of the western gold shoot. In the meantime, exploration will be aimed at discovering higher grade gold lenses along the 5.3 kilometers of strike to the west where landsat imagery and recent soil sampling indicates a possible extension of the gold bearing structural zone.

 

Table 1.

Summary of Diamond Drill Intercepts

 
Hole No.   Total Depth (m)   Section   Azimuth (deg)   Decline (deg)   From (m)   To (m)   Interval (m)   Au g/t
UDD001   165.18   389960E   180   -65   104.00   108.00   4.00   3.05
UDD002   139.84   389920E   180   -60   96.00   102.00   6.00   2.21
                including   98.50   98.80   0.30   11.4
UDD003   155.24   390000E   180   -60   47.65   48.45   0.80   1.61
                and   104.00   107.00   3.00   1.44
UDD004   79.98   390040E   180   -65   45.00   48.00   3.00   5.6
                including   46.60   47.00   0.40   27.3
UDD005   140.52   390040E   180   -60   115.00   116.30   1.30   2.01
                and   119.30   119.70   0.40   1.75
UDD006   145.83   390080E   180   -60   90.35   96.00   5.65   0.9
UDD007   130   390120E   180   -65   81.00   85.00   4.00   2.67
                and   98.00   105.80   7.80   1.27
                including   100.50   101.00   0.50   6.97
UDD008   134.88   390200E   180   -65   79.90   80.20   0.30   1.48
UDD009   114.96   390320E   180   -65   91.50   91.85   0.35   16.3
UDD010   132.98   389720E   180   -60   95.85   96.30   0.45   1.1
UDD011   116.78   390840E   180   -64   6.40   7.90   1.50   1.07
                and   100.30   100.90   0.60   1.36
 

David Kalenuik, President and CEO said: “We’re encouraged that our core drilling achieved its objective and confirmed the structure and vein locations as well as the apparent 3D geometry of the mineralized lenses. This information will further assist in exploring the structure to the west, but will also provide important details for evaluating a potential economic resource.”

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