Lake Victoria Mining Company yesterday reported the recent use of a new trenching program for locating new quartz veins at the company’s Singida Gold project in central Tanzania. The company has announced that detailed mapping and trench wall sampling has commenced as the new project suggests that three new veins may have been exposed in the trenches.
Roger Newell, Lake Victoria’s president stated, “Within only 20 meters to the north east of the already defined 5km gold vein trend we encountered 3 new veins within 1 to 2 meters of the surface, right where our interpreted magnetic images had indicated. So far, all our exploration work at Singida has provided positive results, and these latest trenches suggest that new veins appear to be present and running parallel to the main structure that we sampled from underground shafts. This could in fact mean that our potential resource could expand by 2 or 3 times in size. Additional trenches are justified, but, each new trench exposes the rock to possible competitor activity and we fear that we may create an entirely new small scale gold rush in the immediate area. Therefore, we will likely suspend the trenching for the time being and progress on to a detailed IP survey to prepare for drill targeting.”
Lake Victoria’s previous work included detailed sampling of 36 small scale mining shafts, geologic mapping and ground magnetic surveying. These studies have led the company to believe in the possibility of new northwest-southeast trending parallel quartz vein structures.
Thirteen new trenches, totaling 645 meters have recently been completed in selected areas where possible new veins were thought to exist. Geologically the trenches appear to be excavated in silicified and sheared greenstone rocks that are believed to be enclosed by Precambrian granites. Following the detailed sampling program the company may do an electrical induced polarization geophysical survey to define possible drill targets and depths.
Lake Victoria Mining Company, Inc. and its wholly owned subsidiary, Kilimanjaro Mining Company Inc., is also working to develop another gold mine in the Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania is the 3rd largest Gold producer in Africa with production of 1.75 million troy ounces of gold during 2007 placing it behind South Africa and Ghana. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com