Lake Victoria Mining Company, Inc. (OTCBB: LVCA) recently received significant and encouraging assay results from soil samples collected at the Kalemela gold project, located 125 kilometers east of Mwanza in northern Tanzania.
Preliminary results collected from over 1,500 soil samples continue to support earlier reports of anomalous gold within the approximately 70.7 square kilometers Kalemela exploration license. Previously reported, the anomalous area covers about 2km X 6km, as recent assays from soil samples have values that contain up to 1.6 grams/metric ton of gold. In order to confirm these initial results, the company will be conducting an additional assay from the preliminary samples, and by collecting additional samples from the anomalous locations.
Additionally, a detailed ground magnetic survey has been completed that will define geological controls for the high gold values. Early results from the magnetic survey indicate that northeast trending fault and shear zone directions intersect with the northwest trending structures in the higher gold area. Zones of intersecting geological features can form ideal locations for the formation of a significant gold deposit. Further data processing of the magnetic results is currently underway in order to better define locations for test pits and trenches.
Tanzania produced 1.75 million troy ounces of gold during 2007 and is the third largest gold producer in Africa behind South Africa and Ghana. Currently, there are over 50 million ounces of proven deposits’ and five producing gold mines within the Lake Victoria Greenstone Belt. All these proven deposits or operating gold mines are within a 200km radius of Mwanza in Tanzania. 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, with a seventh to open shortly.
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