Lake Victoria Gold Accelerates Drilling at Imwelo Area C with Second Rig Mobilization
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) mobilized a second multipurpose drill rig to accelerate a planned 24-hole, 4,000-metre program at the fully permitted Imwelo Gold Project in northwestern Tanzania. The first three holes are complete; the first two have been submitted for assay with results expected next week. The additional rig aims to allow completion of the current program by the second week of December 2025.
Program objectives include final pit design and geotechnical data, resource conversion and infill, testing down-dip extensions at ~100 m and ~200 m vertical depths, grade-control planning, and metallurgical core collection for recovery testing. A Qualified Person reviewed the technical information.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) ha mobilitato una seconda pala carrellata di trivellazione multipurpose per accelerare un programma pianificato di 4.000 metri con 24 fori presso l'Imwelo Gold Project, pienamente autorizzato, nel nord-ovest della Tanzania. I primi tre fori sono stati completati; i primi due sono stati inviati per l'analisi e i risultati sono attesi nella prossima settimana. La nuova trivella mira a consentire il completamento del programma corrente entro la seconda settimana di dicembre 2025.
Gli obiettivi del programma includono la progettazione finale della cava e i dati geotecnici, la conversione delle riserve e l'infill, il test delle estensioni a pendio verso il basso a profondità verticali di ~100 m e ~200 m, la pianificazione del controllo della resa e la raccolta di campioni metallurgici per i test di recupero. Una persona qualificata ha revisionato l'informazione tecnica.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) ha movilizado una segunda perforadora multiuso para acelerar un programa planificado de 24 taladros, 4.000 metros, en el Imwelo Gold Project, totalmente autorizado, en el noroeste de Tanzania. Los tres primeros agujeros están completos; los dos primeros han sido enviados para análisis y se esperan los resultados la próxima semana. La herramienta adicional tiene como objetivo permitir completar el programa actual para la segundo semana de diciembre de 2025.
Los objetivos del programa incluyen el diseño final de la trinchera y datos geotécnicos, conversión de recursos e relleno, pruebas de extensiones en descenso a ~100 m y ~200 m de profundidad vertical, planificación del control de rendimiento y muestreo de núcleo metalúrgico para pruebas de recuperación. Una Persona Calificada revisó la información técnica.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG)은 북서부 탄자니아의 Imwelo 골 프로젝트에서 4,000미터의 24개 구멍으로 예정된 프로그램을 가속하기 위해 두 번째 다목적 시추 장비를 동원했습니다. 처음 세 구멀은 완료되었고, 처음 두 구는 분석 제출되었으며 결과는 다음 주에 기대됩니다. 추가 시추 장비는 현재 프로그램을 2025년 12월 둘째 주까지 완료하는 것을 목표로 합니다.
프로그램 목표에는 최종 갱도 설계 및 지질 공학 데이터, 자원 전환 및 보강 시험, 약 100m 및 200m의 수직 깊이에서 하향 연장 시험, 등급 관리 계획, 회수 시험을 위한 금속학적 코어 수집 등이 포함됩니다. 공인된 담당자가 기술 정보를 검토했습니다.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) a mobilisé une deuxième foreuse polyvalente pour accélérer un programme prévu de 4 000 mètres sur le projet d’or Imwelo, entièrement autorisé, dans le nord-ouest de la Tanzanie. Les trois premiers forages sont terminés; les deux premiers ont été envoyés pour analyses et les résultats sont attendus la semaine prochaine. La foreuse supplémentaire vise à permettre l’achèvement du programme actuel d’ici la seconde semaine de décembre 2025.
Les objectifs du programme incluent la conception finale du puits et les données géotechniques, la conversion des ressources et l’infill, les tests des extensions vers le pendage à ~100 m et ~200 m de profondeur verticale, la planification du contrôle des teneurs et la collecte d’échantillons métallurgiques pour les tests de récupération. Une personne qualifiée a revisité l’information technique.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) hat einen zweiten vielseitigen Bohrrig mobilisiert, um ein geplantes Programm von 4.000 Metern mit 24 Bohrungen am vollständig genehmigten Imwelo-Goldprojekt im Nordwesten von Tansania zu beschleunigen. Die ersten drei Löcher sind abgeschlossen; die ersten beiden wurden zur Analyse eingereicht und die Ergebnisse werden nächste Woche erwartet. Die zusätzliche Bohrung soll es ermöglichen, das aktuelle Programm bis zur zweiten Woche im Dezember 2025 abzuschließen.
Zu den Programmzielen gehören das endgültige Pit-Design und geotechnische Daten, Ressourcen-Umwandlung und Infill, Tests von Abzweigungen nach unten in ca. 100 m und ca. 200 m vertikale Tiefe, Planungen zur Güte-Kontrolle der Grade sowie die Probenentnahme für metallurgische Tests zur Rückgewinnung. Eine qualifizierte Person hat die technischen Informationen geprüft.
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) قامت بنقل رافعة حفر متعددة الأغراض ثانية لتسريع برنامج مخطط من 4,000 متر يضم 24 بئراً في مشروع Imwelo الذهبي المرخّص بالكامل في شمال غرب تنزانيا. تم الانتهاء من الثلاثة آبار الأولى؛ تم إرسال أول بئرين لتحليلها والنتائج متوقعة الأسبوع المقبل. الهدف من الرافعة الإضافية هو السماح بإكمال البرنامج الحالي بحلول الأسبوع الثاني من ديسمبر 2025.
تشمل أهداف البرنامج التصميم النهائي للحفرة والبيانات الهندسية الجيولوجية، تحويل الموارد وتعبئة البيانات، اختبار التمددات في الحافة إلى عمق رأسي يقارب 100 م و200 م، تخطيط مراقبة جودة التراكيب وتجميع عينات معدنية لاختبار الاسترداد. راجع شخص مؤهل المعلومات الفنية.
- Second multipurpose drill rig mobilized to site
- Planned program: 24 holes totaling 4,000 metres
- Target completion: second week of December 2025
- First two holes submitted for assay with results expected next week
- Program collects geotechnical and metallurgical core for pit design
- No assay results reported yet; first assays are pending
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce the mobilization of a second multipurpose drill rig to fast-track drilling at the Company's fully permitted Imwelo Gold Project in northwestern Tanzania.
Following the successful completion of the first three drill holes of the planned twenty-four-hole, 4,000-metre program at the Area C zone, the first two holes have been submitted for assay, with results expected next week. The second multipurpose rig is now being mobilized and will commence drilling in the coming days.
The additional rig will accelerate progress and enable LVG to complete the current program by the second week of December 2025.
Program Objectives
As outlined in the Company's previous release, the Area C drill program is designed to:
- Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall-support requirements, and ramp geometry; complete in-pit geotechnical domains for final pit shells.
- Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
- Resource growth: Test down-dip extensions at approximately 100 m and 200 m vertical depths and step-outs along strike to the west beyond current pit limits.
- Grade-control readiness: Generate data to plan close-spaced, shallow grade-control drilling to support early mining and ROM stockpile development.
- Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.
Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "Momentum continues to build at Imwelo. We've completed three holes with assays pending on the first two, and with a second rig now on site, we're moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness."
"Drilling at Area C is progressing well, and we're very encouraged by what we're seeing in the core to date," said Hendrick Mering, Exploration Manager for Lake Victoria Gold. "The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons. These early visual observations align well with expectations, and we look forward to confirming them through assay results next week."
Assay results from the first holes are expected to be announced next week. The Company will provide ongoing updates as drilling progresses.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is 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.
About Lake Victoria Gold (LVG):
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
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
On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company's estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG's reputation; and other risks disclosed in the Company's public filings.
LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272628
FAQ
What did Lake Victoria Gold (LVGLF) announce about drilling at Imwelo on October 31, 2025?
When are assay results from LVGLF's first Imwelo holes expected?
How will the second rig affect Lake Victoria Gold's (LVGLF) drilling schedule?
What are the main objectives of LVGLF's Area C drill program at Imwelo?
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