Lake Victoria Mining Company, Inc.- Kalemela Emerging Gold Project Update, Tanzaniaadmin
Lake Victoria Mining Company Inc. provide an update of exploration activities at its Kalemela Gold Project in northern Tanzania. This emerging gold exploration project lies northeast of the Company’s Geita Gold Project and 140 kilometers northeast of the town of Mwanza. The Kalemela Gold Project is assumed to be the western extension of the Kilimafedha Gold Mines, colonial mining district.
At the Kalemela Gold Project, Lake Victoria Mining Company controls 262 square kilometers held within three exploration licenses; a detailed 2,226 line kilometer ground magnetic survey was recently completed within this property. The survey was contracted to Geo Can Resources and conducted with a continuous reading, GPS controlled GEM System magnetometer model number GSM-19W. Preliminary data processing indicates at least five new structural intersections are present below shallow clay and soil cover. These previously unknown intersections consist of prominent northwest trending structures that are crosscut by smaller northeast trending fault and fracture zones. These features lie within Precambrian greenstone rocks and are the primary focus of our exploration.
To further define these new targets identified by the magnetic survey, soil geochemical samples are being collected on 200 meter spaced north-south lines; individual targeted areas are spaced at 50 meters. A total of 1069 samples have been sent into the lab and assay results are pending. To date, anomalous gold results have identified a two by two kilometer structurally complex area in the eastern part of the project; samples are still being collected in the western locations over the recently identified structural intersections. Once the soil sample results are evaluated, shallow trenches may be excavated and an electrical induced polarization (I.P.) planned with the objective to define possible drill targets.
Dr. Roger Newell, President of Lake Victoria Mining Company, is currently in Tanzania overseeing the field exploration and data processing to define drill targets at the Kalemela gold project. This is happening concurrent with an aggressive 6000 meter Reverse Circulation (RC) drilling program on its Geita property, about 80 kilometers west of Mwanza. Lake Victoria’s Geita Gold Project is bordered by AngloGold Ashanti’s Geita gold mine which has ore reserves reckoned at 8.5Moz and mineral resources at 14.7Moz. The Geita mining district is one of the oldest and most productive in East Africa, and the Company is actively drilling strategically defined targets within the northeast quarter of its 43.77 square kilometer property. The results will be provided as they become available.