Lake Victoria Mining Company Begins Drilling at Geita Gold Project, Tanzania
Lake Victoria Mining Company has commenced the initial drill program on its 43 square kilometer Geita gold property in northern Tanzania and the first assay results will come out in the next 3 weeks.
Stanley Mining Service (T) Ltd has been contracted to drill approximately 6000 meters of Reverse Circulation (RC) drill holes. The program is scheduled to last for two months and consists of 35 or more drill holes reaching an average depth of 150 meters. The drill hole locations have been plotted to test for gold in key geologic and geophysical target areas and designed to encompass the three-kilometer by one-kilometer anomaly that has been identified through interpreted geophysical work. Pending assay results selected drill holes may be deepened.
The Geita area is one of the oldest and most productive gold mining areas in Tanzania and East Africa. During the last two years geologic mapping and detailed geophysical surveys have identified important and large geologic features, lying hidden below shallow surface soils that could host significant gold deposits. Large northeast and northwest trending fault-shear zones intersect and trend across our Geita property, and these structures are associated with Precambrian granitoid and microdiorite intrusives, felsic tuffs and banded iron formations that collectively form a classic geologic setting for major gold deposits in Africa, Canada, South America and Australia. Due to recent exploration success and favorable mine development regulations, Tanzania currently ranks as the third largest gold producing country in Africa, behind South Africa and Ghana.
Dr. Roger Newell, President of Lake Victoria, reporting from Geita, Tanzania, stated: “This is a very exciting time for the company; using state of the art technology to identify previously unrecognized targets in a major gold district is alone an important accomplishment, but then to follow up with an aggressive drill program to test those targets is what makes gold exploration one the most rewarding aspects of our business. To maximize our chances for success, we strive to be in the right place at the right time, and doing the right things; our Geita property fulfills all the criteria.”
