posted
Hearing chatter on this one for tomorrow. Lake Victoria Mining Company, Inc. engages in the exploration of mineral properties. It has an option to acquire a 100% interest in a gold property consisting of 1 mining license covering an area of approximately 70.72 square kilometers situated in Magu District, Mwanza region in northern Tanzania. The company was founded in 2007 and is based in Riverside, California.
IP: Logged |
posted
GEITA, TANZANIA -- (MARKET WIRE) -- 02/26/09 -- Lake Victoria Mining Company (OTCBB: LVCA) is pleased to provide an up date on drilling progress at its Geita Gold Project in northern Tanzania , about 80 kilometers west of the city of Mwanza.
Exploration Reverse Circulation (RC) drilling started on January 29th and to date three major target locations have been tested; and two drill site locations have been selected for additional follow up infill drill holes. At least five major target locations exist on the property, and the drill program is proceeding systematically to test those targets; the fourth target is scheduled for testing next week.
Nineteen holes are complete and a total of 2,128 meters have been drilled. The Geita program called for a total of 6,000 meters of drilling, with anticipated pre-drilling hole depths of 150 meters. The Geita license covers 43.77 square kilometers, and the current drill program is concentrated in the northeast and north central part of the license, where major intrusives and large shear zone structures are known to be present. --------------------------------------------------------------------------- Hole Depth Number (m) Major Observations --------------------------------------------------------------------------- GR-012 080 Saprolite, granite with quartz veins and traces of pyrite. --------------------------------------------------------------------------- GR-013 104 Saprolite, banded iron formation, felsic tuffs, mafic intrusive with traces of pyrite. --------------------------------------------------------------------------- GR-014 080 Saprolite, granite with traces of pyrite. --------------------------------------------------------------------------- GR-015 100 Saprolite, sheared mafic intrusive, traces of pyrrhotite and pyrite. --------------------------------------------------------------------------- GR-016 150 Saprolite, sheared mafic intrusive, quartz veins and traces of pyrrhotite and pyrite. --------------------------------------------------------------------------- GR-017 150 Saprolite, granite with quartz veins and traces of pyrite. --------------------------------------------------------------------------- GR-018 080 Saprolite, mafic intrusive and traces of pyrrhotite and pyrite. --------------------------------------------------------------------------- GR-019 088 Saprolite, feldspar porphyry, banded iron formation, silicified mafic intrusive and moderate pyrite. --------------------------------------------------------------------------- To date assay results for 750 samples have been received; it is anticipated that this phase of the drilling program will consist of about 2000 samples. The samples are being processed at the internationally accredited SGS laboratory in Mwanza; additional results be provided as the information becomes available.
About the Company
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania , East Africa . Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa behind South Africa and Ghana . Lake Victoria Mining Company, Inc. currently holds an ownership and option interest in the Geita, Kalemela, Igusule and Bahi-Hombolo projects along with Geo Can Resources Company Limited ( Tanzania ), a subsidiary of Kilimanjaro Mining Company Inc. of Nevada . Kilimanjaro Mining Company's website is www.kilimanjarominingcompany.com
This news release may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Lake Victoria Mining Company, Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Lake Victoria Mining Company, Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Lake Victoria Mining Company, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Lake Victoria Mining Company, Inc. Roger A. Newell, Ph.D. President (303) 586-1390 Email: info*lvcamining.com
IP: Logged |
posted
Apart from Gold, Diamond and Gemstones, Tanzania has abundant mineral reserves of Nickel, Copper, Uranium, Kaolin, Titanium, Cobalt and Platinum and even SALT. That is why Tanzania has been attracting some of the largest mining companies in the world.
IP: Logged |
posted
The key objective of Lake Victoria Mining Company, is to identify and acquire mineral resource properties that have a high potential for a proven reserve, and to establish one or more proven reserves and progress from a resource and exploration company to a producing mining company.
Lake Victoria Mining Company has a knowledgeable management team in the resource industry, which is closely tapped into a reliable geological team on the ground in Tanzania. A strong strategic plan has been developed and implemented from the outset of the company.
Once a mineral resource property is acquired by Lake Victoria Mining Company, the immediate goal on each property is to conduct sufficient field exploration to establish a proven reserve. The value of a property containing a proven reserve is dramatically more than one with only exploration potential.
IP: Logged |
posted
LVCA News possible undiscovered Gold: Lake Victoria's Geophysical Surveys Indicate Possible Undiscovered Gold Bearing Quartz Veins at the Singida Gold Project, Tanzan
GOLDEN, COLORADO -- (Marketwire) 05/17/10 Lake Victoria Mining Company, Inc. (OTCBB: LVCA) -
Geophysical surveys including detailed ground magnetometer and electrical gradient array Induced Polarization (IP) surveys were carried out across the Singida project area of Lake Victoria Mining Company during the latter part of 2009 and the first three months of 2010. Both surveys were successful in revealing the overall structural fabric as well as the possible existence of additional gold bearing, quartz veins within the project area. The project area, located over the southern end of the Sekenke greenstone belt in central Tanzania, is approximately 94km SE of the town of Singida and some 660km, by road, NW of the capital city, Dar es Salaam.
The ground magnetometer survey clearly delineated a significant zone of shearing averaging 600m wide extending in a NW-SE direction across the project area for a strike length of 4.8km. The shear zone, consisting of mafic volcanic rocks is bounded by Banded Ironstone Formation and undeformed granite to the NE and SW respectively. This structural "corridor" has been later cross-cut by NE-SW trending basic dykes as well as N-S faults resulting in minor offsets to the shear fabric. Artisanal workings are focused along a series of outcropping, narrow quartz veins lying conformable within the shear zone.A gradient array IP survey, designed to cover the entire length of mineralized quartz veins within the project area, was undertaken over 4 grids in an attempt to define the existence of additional subsurface quartz veins that the artisanal miners have not exploited. An electrode spacing of 3km with potential electrode spacing of 20m was carried out along N-S traverse lines.
From the survey a number of areas reflecting high resistivity values were noted to be coincident with known quartz veins. To further delineate these subsurface resistive bodies, 9 selected IP profiles, covering some 3.5 km of strike, were run using a detailed electrical Schlumberger array pattern, along N-S traverses across the shear corridor.
Roger Newell, Lake Victoria's president, and Clive King, Consulting Geologist, agree that the results of the Schlumberger survey are extremely encouraging, with the resistivity profiles revealing at least 5 vertical to subvertical resistive bodies, that appear to correlate closely with the known quartz vein locations identified from both the magnetic data and the artisanal workings. These resistive bodies are located some 20 to 80m beneath the surface landform and appear to be semi-continuous along strike. Mapping of the artisanal pits has revealed that the quartz veins occur as a series of en echelon veins of varying strike lengths that "pinch and swell" within the shear zone.
The shear zone extends across the permit boundary to the NW and SE. The Shanta Gold Limited prospecting licence, situated some 6km along strike to the NW, has indicated that it has delineated a resource of +1M oz of gold at a grade of 1.46 g/t from 3 prospect areas within the Singida shear corridor.
The recent geophysical survey has provided a number of targets to fast track the current exploration programme which is partly aimed at confirming, through soil sampling, selective trenching and detailed mapping that the resistive bodies modelled from the gradient IP surveys do represent gold bearing quartz veins. Furthermore, the planned programme is expected to provide a better understanding of the distribution and geometry of the quartz veins within the shear zone prior to considering a follow-up drill programme.
IP: Logged |
posted
Tanzania's open door policy has added it to the list of countries that earn improved treatment by international insurance agencies. Mining is one of Tanzania's fastest growing sectors. It makes up at least half of the countries foreign exchange earnings each year. These measures have all assisted in attracting exploration capital to the country
IP: Logged |
posted
LVCA - Good Business Ethics All Lake Victoria Mining Company’s employees are responsible for adhering to ethical business practice. Failure to adhere to acceptable business practice and civil ethical behavior will result in the appropriate consequences, both by the company and by the laws of the country.
All employees are responsible to report any behavior that is deemed to be contrary to good business ethics to the company. In addition it is the company’s responsibility to report any unlawful conduct to the necessary authorities.
IP: Logged |
posted
The prices of tanzanite gemstones, found only in the Kilimanjaro foothills, continue to firm, a reflection of the rarity of this royal blue to violet hued mineral and the evolution of what is still a nascent global market. Tanzanite One Limited (“TanzaniteOne”), which is also involved in the cutting, polishing and marketing of tanzanite, is the largest-scale miner of the gemstone
IP: Logged |
posted
All gold licenses that Lake Victoria Mining Company, Inc. has acquired fall within the Lake Victoria Greenstone Belt. Over the last 12 years, the Lake Victoria Goldfield of northern Tanzania has been recognized as a world-class gold province and six large mines are now in production.
IP: Logged |
posted
Roger Newell, Lake Victoria's president, and Clive King, Consulting Geologist, agree that the results of the Schlumberger survey are extremely encouraging, with the resistivity profiles revealing at least 5 vertical to subvertical resistive bodies, that appear to correlate closely with the known quartz vein locations identified from both the magnetic data and the artisanal workings. These resistive bodies are located some 20 to 80m beneath the surface landform and appear to be semi-continuous along strike. Mapping of the artisanal pits has revealed that the quartz veins occur as a series of en echelon veins of varying strike lengths that "pinch and swell" within the shear zone.
IP: Logged |
posted
Lake Victoria Mining Company immediately realized that working in Tanzania would be a refreshing opportunity, given the natural beauty of the country and the gentle nature of the Tanzanian people.
IP: Logged |
posted
The Four Geological environments that contain potentially significant uranium prospects within Tanzania:
1. In sandstone mainly of the Karoo super group: These are called sandstone uranium in appearance and mode of formation. The sandstone of the Karoo are reminiscent of the sandstone which hosts uranium deposits in South Africa and in the state of Colorado in USA. No systematic prospecting has been done in the Tanzania Karoo sand stones, but, such work could be very rewarding.
Madaba and Mkuju Prospects are significant uranium occurrences that were evaluated by Geosurvey International airborne and followed up with drilling that show a significant south-east uranium mineralization trend towards Lake Nyasa following the Tanzanian Karoo trough.
MADABA OCCURRENCE Located in QDS 253, the Madaba area is part of Luwegu River Basin of the East African Karoo super group. The drilling by Geosurvey International (GmbH) was the product decision of the airborne radiometric survey. The best intersections have grades of 0.04% Uranium oxide over 11.7m, the richest contain 0.122% Uranium oxide over 1.6m from a depth 79.5 to 81.1m.
MKUJU OCCURRENCE The Mkuju occurrence situated in QDS 278/3, 289/1 & 2 and 290/1. The geology consists of mainly sandstone. The investigations indicate over 10 Uranium and Thorium anomalies in the Area. The Karoo trough in south east Tanzania advances to Malawi and is separated by Lake Nyasa with the Karoo on the other side of the lake having similar geology.
KAYEKERA PROJECT The Kayekera deposit in the nearby country Malawi is 80 kilometers from the southern border of Tanzania. A notable recent mining development in Malawi has been Paladin Resources decision to commence feasibility study of its Kayekera uranium project, a sandstone uranium deposit in Northern Malawi, 80 kilometers from southern Tanzania border. It contained measured resources of 15,670 tons of uranium oxide @0.08% mostly within 100 meters of the surface.
KANYIKE PROJECT This is an advanced project with the following:
High grade uranium rock-chip samples including 2909ppm Uranium oxide Over 2.5km long +100ppm uranium oxide soil anomaly with 482ppm peak indicate significant shallow bedrock LIVINGSTONE PROJECT Sandstone hosted uranium mineralization was identified on the surface in three separate locations: Rock chip channel samples in a trench gave 11m @ 226ppm uranium oxide; 1m @ 410ppm uranium oxide. 1.2km strike length associated with 4km long airborne radiometric anomaly
IP: Logged |
posted
LVCA NEWS: Lake Victoria to Conduct Pre-Drill Exploration at Singida Gold Project to Determine Undiscovered Sub Surface Gold Vein Sets and
GOLDEN, COLORADO -- (Marketwire) 05/19/10 Lake Victoria Mining Company, Inc. (OTCBB: LVCA) - The aim of the current exploration program is to determine the potential for undiscovered, subsurface gold vein sets within the sheared package of metavolcanic rocks proximal to the known gold veins, at Singida Gold Project in order to determine an economic resource prior to drill planning.
This Preliminary exploration work is a necessity prior to the Company advancing the project towards a drilling program. The ground work is to be focused on:
-- obtaining a better understanding of the geology, the structural
complexity and the distribution of the known gold bearing quartz veins
within the shear zone, and
-- to highlight areas of increased gold anomalism through soil sampling.
This approach is aimed at optimising gold targets in order that a cost efficient and systematic drill programme can be planned.
Previously completed and announced ground magnetic and IP surveys undertaken by Lake Victoria Resources have greatly assisted in defining some of the geological and structural features in the area
IP: Logged |
posted
The Company has been founded on solid experience and has tapped into the talent and business management, of successful consultants, managers and business owners in the resource industry, both at home and abroad.
This has provided stability and the ability to act swiftly and to be responsive to economic trends in the resource industry that are emerging in the market place.
IP: Logged |
posted
The Singida-Londoni Pre- Drill Exploration program will include:
Phase 1:
-- soil sampling on 400m x 50m grid with selected infill sampling, across the shear zone -- wall rock sampling of existing pits and artisanal workings in order to determine the gold values within the sheared sidewall rocks adjacent to the gold bearing quartz veins -- trenching across the strike of the quartz veins within undisturbed ground between areas of previous artisanal working to test the extent of the mineralization along strike. -- detailed geological and structural mapping of surface outcrop, trench and pit exposures
Phase 2
-- Follow-up trenching/pitting on any coherent soil anomalies. -- Interim results will be reported as they become available. -- Upon confirmation of the existence of undiscovered, subsurface gold bearing quartz veins, a follow-up drilling program will be planned and initiated.
During Phase 1 and 2, the planning of exploration programs on prioritized targets within the license portfolio of Lake Victoria Mining Company will commence and be on-going.
IP: Logged |
posted
LVCA: "Tanzania produced 50 tons of gold during 2009 and is the 4th largest gold producer in Africa, currently exploiting only four percent of its mineral wealth potential."
IP: Logged |
posted
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa
IP: Logged |
posted
The focus of the company is to adhere to its acquisition criteria and only acquire prospecting licenses that can be developed into proven reserves or productive gold mines.
Lake Victoria Mining Company also values its role and responsibility to treat not only the natural resources of the country, but also every person, with the utmost respect in all aspects.
IP: Logged |
posted
Lake Victoria Mining Company, Inc. (OTCBB: LVCA) - The aim of the current exploration program is to determine the potential for undiscovered, subsurface gold vein sets within the sheared package of metavolcanic rocks proximal to the known gold veins, at Singida Gold Project in order to determine an economic resource prior to drill planning.
IP: Logged |
posted
With 15 years of experience as a senior field and project geologist with some of the largest mining companies like Barrick, Randgold and Maiden Gold, Mr Magoma is fully capable of leading a powerful team in exploration and mining
IP: Logged |
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
