LAKE VICTORIA MINING COMPANY REPORTS DRILL PROGRESS AT GEITA GOLD PROJECT, NORTHERN TANZANIA
February 26, 2009 – Geita, Tanzania. 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 Number |
Depth (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
Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:
Lake Victoria Mining Company, Inc.
President - Roger A. Newell, Ph.D.
Phone: 303-586-1390
Email: info@lvcamining.com
Disclaimer
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.