Lake Victoria Gold Advances Imwelo Toward Construction with Site Sterilization Drilling
TSXV: LVG | OTCQB: LVGLF | FSE: E1K
Overview
Lake Victoria Gold Ltd. announced that it is advancing its fully permitted Imwelo Gold Project toward development, with drill rigs mobilizing to site ahead of a targeted sterilization drilling program scheduled to commence next week. The program represents a key pre-construction workstream, supporting final infrastructure placement and site layout as the company continues to progress Imwelo toward near-term production.
Key Highlights
- Reverse circulation drill rigs mobilizing for approximately 21-day program beginning mid-May
- 1,050 metre sterilization drilling program across plant, accommodation, and support areas
- Program designed to confirm infrastructure placement across planned plant and site facilities
- Results will inform final site layout, engineering design, and development sequencing
- Drilling targets include plant area (500 metres in 10 holes) and accommodation/stores area (550 metres in 11 holes)
- Additional testing of NW and EW trending magnetic anomalies
Strategic Context
According to the company, the sterilization drilling program is designed to support final infrastructure placement across key development areas, including the proposed processing plant location and site facilities. The work ensures that key infrastructure is optimally positioned, avoiding sterilization of potentially mineralized zones and supporting efficient mine development.
CEO Marc Cernovitch stated that mobilizing drill rigs to site marks another important step as the company advances Imwelo toward development and construction, with the program focused on de-risking the project at the infrastructure level. The company noted that engineering work is progressing in parallel as it moves Imwelo forward toward near-term production.
What to Watch Next
- Completion of sterilization drilling expected May-June 2026
- Finalization of detailed site layout and engineering design incorporating drilling results
- Advancement of final pit design and mine planning
- Ongoing geotechnical and engineering work including slope stability analysis
- Site access and infrastructure development including roadwork and site preparation
Disclaimer and Forward-Looking Statements
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ArcStone Securities and Investments Corp. is not a registered broker-dealer and does not provide investment advice or recommendations. All registrable activities in the United States are conducted through ArcStone Securities LLC (CRD# 306029) and Kingswood Capital Partners LLC (CRD# 288898), both FINRA-registered broker-dealers, members SIPC. ArcStone Canada Inc. is not registered as a dealer in any Canadian tjurisdiction; registrable dealing activities in Canada are conducted through appropriately registered affiliates. ArcStone Financial Pulse Inc. is owned by the same parent entity as ArcStone Securities LLC and ArcStone Kingswood, the investment banking division of Kingswood Capital Partners LLC. This common ownership represents a structural conflict of interest. Lake Victoria Gold Ltd. (the "Company") is a current client of ArcStone Canada Inc., through its parent entity ArcStone Securities and Investments Corp. ArcStone Canada Inc. has received a cash retainer of CAD $5,000 plus HST per month, 500,000 stock options at a $0.20 exercise price, and a $7,000 travel budget in connection with advisory services to the Company. This consideration represents a conflict of interest, as ArcStone may be perceived to have an incentive to present the Company in a favorable light. The principals, directors, officers, employees, and related entities of ArcStone and its affiliates may, from time to time, own, buy, or sell securities or derivatives of the Company or its affiliates.
