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SIKA Commences Work on Its Ntundu Gold Property in Tanzania
TORONTO, ONTARIO–(Marketwired – April 8, 2013) - SIKA Resources Inc. (“SIKA” or the “Company”) is pleased to announce that field work will commence on its wholly-owned Ntundu gold property on or about the 15th of April, 2013. The Ntundu Property is located in the Lake Victoria Goldfields.
Kim Harris, SIKA’s President and CEO, comments: “We are very pleased to be initiating work on SIKA’s flagship property, which is located immediately adjacent to the Jubilee Reef Mine, the oldest and also the first gold mine discovered in Tanzania. The Ntundu property is highly prospective and we are eager to get our exploration program underway.”
Artisanal miners are quite active in the Ntundu area, which lies roughly 40 kilometres south of African Barrick’s 17 plus million-ounce Bulyanhulu gold mine, and 30 kilometres north of African Barrick’s 2.6 plus million ounce Buzwagi gold mine. The Lake Victoria region of Tanzania is host to several other significant producing gold mines, as well. Tanzania remains a stable, investor-friendly jurisdiction.
The Ntundu gold property is located within the Archean age Siga-Mabale Hills greenstone belt, largely comprised of sheared and isoclinaly folded volcanics and associated sedimentary rocks including banded iron formation (“BIF”), the latter being a significant host for gold in this area.
Please click the link below to view SIKA’s property locations: http://sikaresources.com/wp-content/uploads/2012/10/SIKA_Regional_Geology_November_2012.png.
The initial work program on Ntundu includes:
- Geological mapping, prospecting and sampling, with a particular emphasis on areas where banded iron formation (BIF), quartz veining, shearing and historical workings are found;
- A line of soil samples at a 100-metre spacing along the base of the uplifted outcrop area to detect any gold, the source of which would be from the outcrop area within the property.
All samples will be sent to the SGS laboratory in Mwanza, Tanzania for analysis.
Avrom E. Howard, MSc, FGA, PGeo, an independent consulting geologist, is SIKA’s Qualified Person. He has reviewed the property and the planned program, as well as the technical content of this news release.
ABOUT SIKA RESOURCES
SIKA Resources Inc. is a Canadian gold explorer with four properties in the Lake Victoria Goldfields, Tanzania. SIKA has a superb team with extensive public company management experience and strong technical expertise in Tanzania and beyond. Tanzania is one of Africa’s most stable countries featuring a progressive, western-oriented political system and investor friendly business climate. It is Africa’s third largest gold producer with many prospective regions still underexplored.
SIKA’s gold projects are located in the Lake Victoria Goldfields, a world-class gold district with 60 plus million ounces of gold in reserves. Its flagship property, Ntundu, is located in the foothills of the Siga Hills, contiguous to the historical past gold producer Jubilee Reef. African Barrick’s 2.6+ million-ounce Buzwagi Mine is on trend and just 25 kilometres north of SIKA properties that are hosted in similar geology. All of SIKA’S properties are hosted within Archean rocks of the Lake Victoria Goldfields area and are cut by lineaments and structures similar to and in some cases on the same trend as those which host some of Tanzania’s largest gold deposits.
Kim Harris, President and Chief Executive Officer
Certain statements contained in the following presentation constitute forward-looking statements, involving a number of known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from actual results and achievements expressed or implied in such statements. Readers are cautioned not to place undue reliance on these statements, while considering the risks inherent in the business of exploration.
2013-04-08 10:45:36
Source: http://thestockvine.com/sika-commences-work-on-its-ntundu-gold-property-in-tanzania-2/
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