Lake Victoria Mining Discovers Tanzania Gold

The Citizen has recently reported an announcement by the Lake Victoria Mining Company, a Nevada-based American organization, indicating the discovery of vast gold deposits in Singida Region in Tanzania.

In a statement that was released by the mining company earlier this month, it was reported that the initial assay results from an underground sampling had suggested the presence of gold in a five-kilometer strip at a grade of 7.1 grams per metric ton.

Before having identified the gold, 175 different underground samples were collected from 36 mine shafts within the strip between June 13 and July 8 by geologists with the Lake Victoria Mining Company.

According to the Citizen report, the deepest access for the acquisition of samples was 47 meters below the surface.

With samples from this depth revealing an uncut average value of 7.1 grams per metric ton, the firm’s president and an experienced geologist, Dr. Roger Newell, indicated that it was a confirmation of the importance of Singida Region in gold mining.

An additional announcement that was made prior to the findings in Singida reported that the initial assay results from the sampling of 13,000 tons of small-scale mining tailing piles that are the result of the past five years of small-scale mining, processing and gold recovery operations by local miners in the area, have produced average of 2.75 grams per metric ton.

According to geologists, the fact that these tailing piles have been processed multiple times by local miners serves as an indication of a significant presence of underground gold.

Based on these findings, the company has announced that it plans to sample an additional 6,700 tons of the tailings with the possibility of creating a low cost tailings gold recovery project by the end of this year.

Following these announcements, the Lake Victoria Mining Company is expected to sign a securities exchange agreement with the Kilimanjaro Mining Company, another American mining company in the Tanzania mining sector and the owner of the prospecting license in Singida.

In response to the recent discovery in Singida, the Citizen reported the Kilimanjaro Mining Company president, Heidi Kalenuik as having indicated that the area is one of the richest properties that she has visited.

“We already have a huge gold footprint in Tanzania, holding nine separate projects,” she said, “but this new Singida area is by far the richest and most prolific of all the properties I’ve visited.”

Currently, the Kilimanjaro Mining Company is focused primarily on exploration projects in Tanzania and, as it already holds a major portion of the highly prospective gold and uranium licenses in the country, this most recent acquisition by the Lake Victoria Mining is expected to ensure that the American firm maintains a significant stake in the country’s mining sector.