Lakota Announces Planned Diamond Drilling Program on the Tembo Property, Tanzania
May 22 2008 - 4:02PM
Marketwired
TORONTO, ONTARIO ("Lakota" or the "Company") today announced the
plans for a 2,000 metre diamond drilling program on its Tembo
Property in North-central Tanzania. The multi-hole drill program
will target two of the principal gold-bearing Target zones in the
south of the Tembo property that have been identified by extensive
soil geochemistry and reverse-circulation ("RC") drilling (Figure
1). Target 10 includes the previously-announced RC intersection of
7.03 g/t Au over 4 metres while Target 7 includes an RC
intersection of 36.70 g/t Au over 1 metre. The drilling will test
two extensive zones of historic artisanal bedrock gold mining. Both
targets fall within a broad, roughly east-west zone some 600 m wide
and 3.5 km long, in the southern part of the property. This zone is
associated with northeast and northwest-trending structures
immediately north of what appears to be a major east-west shear
zone that crosses the Tembo property and continues east to
intersect the NW Bulyanhulu trend in the area of the Bulyanhulu
mine. Indeed, the Tembo property adjoins the mining licence of the
producing Bulyanhulu gold mine (Barrick Gold Corp.) to the east.
The Tembo property includes both the north-west strike extension of
the gold bearing structure hosting the Bulyanhulu mine and, the
focus of this drill program, the extensive areas of artisanal gold
workings aligned along east-west linear structures that host
auriferous quartz veins.
Subject to drill availability the program will commence no later
than July 1, 2008.
Location
The Tembo Project consists of 22 Prospecting Licences covering
an area of approximately 112.5 km2 within the Lake Victoria Gold
District of north-central Tanzania. Fifteen of these licences,
covering 75.7 km2, are 100% owned by Lakota. The other 7 licences,
covering 36.8 km2, comprise two separate option groups.
Geology
The bedrock in the Tembo Property area is Archaean granite and
greenstones of the Tanzanian Craton. The Nyanzian System
greenstones are part of the regional Sukumaland Greenstone Belt
that hosts the gold deposits of the Lake Victoria Goldfields. In
the Tembo Property these greenstones are principally mafic
volcanics, containing gold mineralization associated with quartz
veins. The gold mineralization at the Bulyanhulu Mine to the east
occurs within quartz veins associated with sulphidic argillite
horizons at the contact between mafic and lesser felsic volcanics,
and is known to extend to a depth of at least 2,000 metres. The
Bulyanhulu stratigraphic/structural package is projected to
continue along NW strike for up to 11 km across the Tembo
Project.
To view Figure 1: Selected drill targets, please visit the
following link -
http://media3.marketwire.com/docs/LakotaMap0522.pdf
Technical information in this release was reviewed by Lakota's
consulting geologist Martin Taylor, P.Geo., who acts as a qualified
person in accordance with NI 43-101.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this Press Release, including
any information as to our future financial, operating or
exploration performance and other statements that express
management's expectations or estimates of future performance,
constitute "Forward-Looking Statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934,
as amended and "Forward Looking Information" within the meaning of
applicable Canadian securities legislation.
All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "will",
"anticipate", "contemplate", "target", "plan", "continue',
"budget", "may", "intend", "estimate" and similar expressions
identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies.
The Company cautions the reader that such forward-looking
statements and/or forward looking information involve known and
unknown risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of the
Company to be materially different from the Company's estimated
future results, performance or achievements expressed or implied by
those forward-looking statements and, the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to:
changes in the worldwide price of gold, or other commodities (such
as, fuel and electricity); fluctuations in currency markets;
changes in interest rates or gold lease rates; risks arising from
holding derivative instruments; ability to successfully complete
announced transactions and integrate acquired assets; legislative,
political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical
difficulties in connection with exploration, development or mining
activities; employee relations; availability and increasing costs
associated with exploration or mining inputs and labour; the
speculative nature of exploration and development, including the
risks of obtaining necessary licenses and permits and diminishing
quantities or grades of reserves; adverse changes in our credit
rating, contests over title to properties, particularly title to
undeveloped properties; and the risks involved in the exploration,
development and mining business. Accordingly, readers should not
place undue reliance on forward-looking statements and/or forward
looking information
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Outstanding Shares: 50,696,023
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Lakota Resources Inc. Ian F.T. Kennedy President and
CEO (416) 598-7700