Lake Victoria Gold Intersects 28.71 g/t Au over 2.75 m and 12.20 g/t Au over 4.50 m in Shallow Area C Drilling at Imwelo
TSXV: LVG | OTCQB: LVGLF | FRA: E1K
Overview
Lake Victoria Gold Ltd. announced high-grade, near-surface assay results from recent HQ diamond drilling at its fully permitted Imwelo Gold Project in Tanzania, according to the company. The results include 28.71 g/t gold over 2.75 metres from 21.00 metres in hole IMWDR029 and 12.20 g/t gold over 4.50 metres from 32.00 metres in hole IMWDR028, the company said. Individual quartz-vein samples within these intervals returned up to 142.90 g/t Au and 124.83 g/t Au, respectively, according to the company.
The company stated that the intercepts occur within the shallow, highly weathered mineralized sequence at Area C, the Company's planned initial open-pit mining area, and provide additional data for detailed mine planning and grade-control work. In parallel, the company said whole-core samples from the eight HQ drillholes have been submitted to independent metallurgical laboratory Nesch Mintech Tanzania Limited for a comprehensive testwork program that will determine the metallurgical character of the weathered mineralization, including whether clay removal through scrubbing and screening of the weathered ore will be necessary, and will characterize the effect of the clay on the processing parameters and flowsheet.
Key Highlights
- 28.71 g/t Au over 2.75 m from 21.00 m in IMWDR029, including 59.77 g/t Au over 1.30 m from 21.00 m, with an individual 0.50 m quartz-vein sample returning 142.90 g/t Au.
- 12.20 g/t Au over 4.50 m from 32.00 m in IMWDR028, including 27.94 g/t Au over 1.90 m from 33.00 m, with an individual 0.40 m quartz-vein sample returning 124.83 g/t Au.
- Shallow mineralization within the Area C mining horizon: the two strongest reported intervals commence at only 21 metres and 32 metres downhole, respectively, within weathered saprolitic and quartz-vein material, according to the company.
- Weathered-ore metallurgical program underway: whole-core testwork will define the preferred treatment route for the clay-rich near-surface material, spanning baseline recovery, desliming and attrition scrubbing, the company said.
- Direct integration into development planning: results will inform the final Area C process flowsheet, treatment-rate assumptions and plant configuration while supporting further grade-control planning, detailed pit design and mine scheduling, according to the company.
Management Commentary
Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "These results reinforce the high grade, near surface character of Area C, and the metallurgical program now underway addresses a key input to our flowsheet design. Confirming how the clay rich surface mineralized material behaves, alongside the strong recoveries already established for our sulphide and transitional mineralized material, supports sound plant design decisions and keeps our focus on disciplined capital and execution on the path to first gold."
Drilling Details
According to the company, the eight holes total 225 m and span approximately 240 m of strike at Area C. Four of these holes, IMWDR025, IMWDR026, IMWDR027 and IMWDR030, intersected voids created by historical artisanal mining, where the shallow mineralized zone had been removed, the company said. IMWDR024 returned 0.70 g/t Au over 1.00 m from 13.00 m and 0.38 g/t Au over 0.35 m from 15.20 m, while IMWDR031 returned 0.96 g/t Au over 2.50 m from 21.90 m, including 3.73 g/t Au over 0.40 m from 24.00 m, according to the company.
Strategic/Operational Context
The company stated that the current testwork is designed to complement results announced by the Company on March 18, 2026 under the headline "Lake Victoria Gold Confirms up to Approximately 97% Gold Recovery and Free-Milling Metallurgy at the Imwelo Gold Project." That program demonstrated recoveries of up to approximately 96-97% from transitional and fresh sulphide material using conventional gravity concentration and cyanide leaching and a significant gravity-recoverable gold component, according to the company.
The new program targets the shallow end of the mining sequence. According to the company, previous geotechnical work identified a weathered near-surface zone at Area C extending locally to approximately 40-60 metres depth, which is expected to be amenable to free-dig mining but is characterized by significant weathering and clay content, creating different material-handling and processing considerations from the stronger transitional and fresh rock below. By testing this material independently, the company said it is seeking to establish the preferred front-end treatment configuration before finalizing the process flowsheet.
Weathered-Ore Testwork Program
Whole-core samples have been submitted to Nesch Mintech Tanzania Limited for a program specifically designed to quantify the effect of clay on material handling, gold liberation and recovery, according to the company. Three principal treatment conditions will be evaluated: untreated whole ore to establish a baseline; washing and desliming to determine whether removal of fine clay improves processing performance; and attrition scrubbing followed by desliming to determine whether breaking down clay aggregates improves gold liberation and recovery. Gravity recovery and cyanide leaching will be evaluated across the relevant treatment conditions, the company said.
Supporting work will include grind sensitivity at target product sizes of P80 125 µm, 106 µm and 75 µm; size-by-assay analysis; gravity separation; bottle-roll cyanidation; slurry rheology and settling tests; density measurements; head-grade determination; and multi-element characterization, according to the company. The objective, as stated by the company, is to determine whether additional front-end clay-handling equipment materially improves processing performance and, if so, to define the appropriate configuration before the final plant design is completed.
Advancing Area C Toward Development
The company stated that the drilling and metallurgical work form part of a broader integrated development program at Imwelo. Area C is the Company's planned initial mining area, and the company said it is advancing detailed pit design, grade-control planning, process optimization and site development in parallel. Phase 1 earthworks have commenced, including access-road improvements and preparation of the plant-site footprint, while development of the site camp and supporting infrastructure continues, according to the company.
Cautionary Note on Production Decision
According to the company, although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. The company stated that any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure, and that there is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks cited by the company include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.
What to Watch Next
- Completion of the weathered-ore metallurgical testwork and selection of the preferred front-end treatment route for Area C, according to the company.
- Integration of testwork results into the final flowsheet and plant design, as stated by the company.
- Continued grade-control drilling and finalization of the Area C pit design and production schedule, which the company said will shortly continue.
- Ongoing site development at Imwelo, including Phase 1 earthworks and site camp construction, according to the company.
Qualified Person
The scientific and technical information contained in the press release was reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company, according to the company.
About Lake Victoria Gold
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a JORC Compliant 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.
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