The Tanzania mining exploration and discovery rate is set to increase due to the recent acquisition of two additional exploration licenses by Lake Victoria Mining Company, Inc.
The two new licenses are connected to the existing Kalemela License PL 2747, however, both remain pending until the final payment has been received.
Once the payment has been received and the purchase has been completed, the Kalemela Gold Project will be expanded to include over 260 square kilometers.
“This acquisition is an important opportunity for the company to expand its footprint in this prominent, productive and highly prospective gold belt,” said Roger A. Newell PhD, the President and CEO of Lake Victoria Mining Company, Inc., in a statement released on the company’s website.
Tanzania produced 1.75 million troy ounces of gold last year and is currently the third largest producer of gold in Africa behind South Africa and Ghana.
According to a statement from the company, the purpose of the exploration projects in the northern Tanzania mining district is to discover and create another gold mine in the Lake Victoria Greenstone Belt.
“I’m very pleased to obtain these properties so early in our development of the Kalemela Project,” said Mr. Newell, “Our recent assay and magnetic survey results on the existing license, PL 2747, suggests important geological structures trend into these two new licenses. These additional licenses certainly add to the potential for a substantial discovery in this famous mining district.”
The Kalemela Gold Project is located approximately 125 km northeast of the city of Mwanza, on the southern shore of Lake Victoria.
Earlier this month, the Lake Victoria Mining Company, Inc. received promising results from an analysis of different soil samples that had been collected at the site of the Kalemela Gold Project.
“These are the kind of gold-in-soil assays that encourage us to take the next exploration steps towards defining a mineable deposit,” said Mr. Newell in a statement.
“Tanzania provides a friendly business environment for gold exploration and mining activities,” Mr. Newell continued, “permitting and mining regulations are carefully designed to protect the environment, while allowing for rapid project development.”