Lake Victoria Gold drilling Imwelo project, Tanzania
Lake Victoria Gold Ltd. [TSXV: LVG; OTCQB: LVGLF; FSE: E1K] has launched a 7,750-metre, multipurpose drilling campaign at the Area C zone of its fully permitted Imwelo gold project in northwestern Tanzania. The program is designed to support short-term production readiness, resource conversion and final pit design optimization, with completion targeted for Q3 2025.
This campaign forms a key component of Lake Victoria Gold’s strategy to initiate a low-capex open-pit operation at Imwelo, with future underground development to be evaluated as part of continuing high-grade exploration and resource growth.
The Imwelo project, located just 12 km from AngloGold Ashanti’s Geita gold mine, is fully permitted under a 10-year mining licence. Backed by a simple development plan and metallurgical recoveries greater than 90 per cent, the company is targeting first gold within 12 months of commencement of construction.
Area C is the first zone planned for production and has an average grade of 3.7 g/t gold. It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Previous intercepts include: Two metres at 5.06 g/t gold from 15 metres and 6.8 metres at 14.6 g/t gold from 33.2 metres (IMWRC-037); seven metres at 3.22 g/t gold from 27 metres (IMRC-014); two metres at 7.5 g/t gold from 22 metres (IMWRC-038).
Reported intercepts are downhole lengths; true widths are unknown.
Marc Cernovitch, president and CEO of Lake Victoria Gold, commented: “We’ve designed this program to maximize Imwelo’s short-term production readiness while extending the upside case. The drill data will help us finalize early mine scheduling, validate pit design and potentially unlock high-grade extensions. With Area C now fully defined as our initial production zone, we’re making meaningful progress toward becoming Tanzania’s next gold producer.”
Program highlights: Grade control drilling (3,750 metres reverse circulation): Designed on a 10-metre-by-10-metre grid to a vertical depth of 20 metres, this work will define the initial ore/waste interface across the planned Area C open pit. The results will provide critical input for the early-stage mine plan and ore scheduling.
Strike and depth extension drilling (2,500 metres reverse circulation plus 1,500 metres diamond drilling): Strike extension drilling (2,500 metres reverse circulation): This portion of the program will test extensions along strike to the west of Area C. Faulting identified in previous drilling suggests the mineralized zone may continue beyond the currently defined limits. These holes are designed to assess the continuity and potential expansion of the open-pit resource envelope.
Depth extension drilling (1,500 metres diamond drilling): The deepest drilling at Area C to date has only reached approximately 70 metres. This diamond drilling will test the ore zone at depths of 100 and 200 metres, aiming to upgrade existing inferred resources and evaluate the potential for future underground development targeting high-grade zones at depth.
Geotechnical and metallurgical work: Select diamond drill holes will support slope stability assessments for the final pit shell design while additional core samples will be collected for confirmatory metallurgical test work. These inputs are essential to the final engineering and plant commissioning process.
Seth Dickinson, PEng, chief operating officer, added: “We’ve optimized this program to deliver multiple layers of value – from detailed grade control to geotech validation and deeper exploration. The step-out and depth targets are especially compelling given the structural complexity we’ve seen to the west. The team is focused on accelerating toward a clean construction start with maximum technical confidence.”
The Imwelo project is gold project located in northern Tanzania immediately to the west of Geita gold mine of Anglogold Ashanti. An updated prefeasibility study (PFS) was completed in 2021 by Measured Group of Australia, incorporating mine design, mine planning, scheduling, reserve estimation and costing.
The 3.85 km2 project is held under a Tanzanian mining licence (ML538/2015). The project is subject to a 2% royalty to a previous owner. The mining licence is fully permitted for mine construction and production to commence. The project resource comprises seven mineralized locations that have been drilled and includes 42,000 ounces gold measured mineral resources at 3.15 g/tonne, 95,700 ounces gold indicated mineral resources at 1.95 g/t and 153,900 ounces gold inferred mineral resources at 1.53 mining licence for a total 291,600 ounces gold (the historical resource estimate).
The gold occurs as typical quartz-vein, shear-hosted gold deposits suitable for open-pit mining. The project mining licence provides blue-sky potential. Drilling to date has only been down to 80 metres below surface. A number of areas were not drilled as they were not accessible at the time, and extensions to the known mineralization remain untested, both along strike and certainly downdip. The company anticipates it may define a current mineral resource on the project and, eventually, mineral reserves that will allow expansion of production and extension of the mine life.
The historical resource estimate is derived from a report entitled “Geology and Resource Estimate Report — Imwelo Project, Tanzania, Lake Victoria Gold Ltd.,” dated May 31, 2017, and prepared by Measured Group.
The historical resource estimate presented in the report was carried out in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, and the Minerals Council of Australia.
The company has a 100% interest in the Tembo project, which has over 50,000 metres of drilling and is located adjacent to Barrick’s Bulyanhulu mine. The company also holds a 100% interest in the Imwelo project, a fully permitted gold project. With historical resource estimates and a 2021 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.
Management, directors and partners own more than 60% of company shares.
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