Lake Victoria Gold Launches Multi-Purpose Drill Program at Imwelo Area C to Support Mine Readiness

Rhea-AI Summary

Lake Victoria Gold (OTCQB:LVGLF) has announced a 7,750-meter multi-purpose drilling campaign at Area C of its Imwelo Gold Project in Tanzania. The program aims to support production readiness, resource conversion, and pit design optimization, targeting completion in Q3 2025.

Area C, averaging 3.7 g/t Au, represents one of the highest-grade zones within Imwelo's historical resource of 291,600 oz Au. The project, located 12km from AngloGold Ashanti's Geita Gold Mine, is fully permitted with a 10-year mining license and targets first gold production within 12 months of construction start.

The drilling program includes 3,750m of grade control drilling, 2,500m of strike extension drilling, and 1,500m of depth extension drilling, along with geotechnical and metallurgical work to support final engineering and plant commissioning.

Positive

• Project is fully permitted with a 10-year mining license
• High-grade Area C zone averages 3.7 g/t Au with metallurgical recoveries >90%
• Historical resource of 291,600 oz Au with potential for expansion
• Strategic location just 12km from AngloGold Ashanti's Geita Gold Mine
• Low-capex development plan with first gold targeted within 12 months of construction

Negative

• Historical resource estimate requires verification by a qualified person
• Current drilling limited to shallow depths of only 80m below surface
• True widths of mineralized intercepts are unknown
• Project is subject to a 2% royalty to previous owner

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce a 7,750 metre, multi-purpose 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 LVG's strategy to initiate a low-capex open-pit operation at Imwelo, with future underground development to be evaluated as part of ongoing high-grade exploration and resource growth.

Strategic Context
The Imwelo Project, located just 12 km from AngloGold Ashanti's Geita Gold Mine, is fully permitted under a 10-year mining license. Backed by a simple development plan and metallurgical recoveries >90%, 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 Au. It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Previous intercepts include:

2m @ 5.06 g/t Au from 15m and; 6.8m @ 14.6 g/t Au from 33.2m (IMWRC-037)
7m @ 3.22 g/t Au from 27m (IMRC-014)
2m @ 7.5 g/t Au from 22m (IMWRC-038)

Reported intercepts are downhole lengths; true widths are unknown. (Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report - Imwelo Project, Tanzania, May 2017

Marc Cernovitch, President & 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 (3,750m RC):
  Designed on a 10x10 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 & Depth Extension Drilling (2,500m RC + 1,500m DD):
  • Strike Extension Drilling (2,500m RC):
    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 (1,500m DD):
    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 & 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, P. Eng., 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
The Imwelo Project is gold project located in northern Tanzania immediately to the west of Geita Gold Mine of Anglogold Ashanti. An updated pre-feasibility study ("PFS") was completed in 2021 by Measured Group Pty Ltd of Australia, incorporating mine design, mine planning, scheduling, reserve estimation and costing. The 3.85km² Project is held under a Tanzanian mining licence ML538/2015. The Project is subject to a 2% royalty to a previous owner. The ML is fully permitted for mine construction and production to commence. The Project resource comprises seven mineralized locations that have been drilled and includes 42,000oz Au measured mineral resources at 3.15g/t, 95,700oz Au indicated mineral resources at 1.95g/t and 153,900oz inferred mineral resources at 1.53g/t for a total 291,600oz Au (the "Historical Resource Estimate"). Further information on the Historical Resource Estimate can be found below. The gold occurs as typical quartz vein shear hosted gold deposits suitable for open pit mining. The Project ML provides 'bluesky' potential. Drilling to date has only been down to 80m below surface. A number of areas were not drilled as they were not accessible at the time, and extensions to the known mineralisation 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; however, there is no assurance that further exploration will result in the definition of current mineral resources or mineral reserves.

The Historical Resource Estimate is derived from a report entitled "Geology and Resource Estimate Report - Imwelo Project, Tanzania, Lake Victoria Gold Limited" dated May 31, 2017 (the "Report") prepared by Measured Group Pty Ltd. 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, Australian Institute of Geoscientists and Minerals Council of Australia. The Report includes the following

Historical Resource Estimate:
Historical Mineral Resource Estimate

Classification	Cutoff Grade Au g /tonne	Tonnes	Gold Grade g/tonne	Ounce Gold
Measured	0.50g/t	414,000	3.15	42,000
Indicated	0.50g/t	1,530,300	1.95	95,700
Inferred	0.50g/t	2,781,500	1.56	153,900

(Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report - Imwelo Project, Tanzania, Lake Victoria Gold Limited, May 2017)

The above noted Historical Resource Estimate dated 31 May 2017 is the last historical mineral resource estimate on the Project and no more recent data is available to the Company. The Historical Resource Estimate is based on a detailed review completed by LVG and Measured Group Pty Ltd. of local conditions. It has incorporated LVG's view of long-term metal prices, foreign exchange and cost assumptions, plus mining and metallurgy performance to select cut-off grades and physical mining parameters. The cut-off grade is based on a gold price of US$1,500 and an 88% metallurgical recovery is assumed in the calculation of the cut-off grade.

A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

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 100% interest in the Tembo project which has over 50 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 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 recent strategic partnership with Taifa Group.

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 statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256659

FAQ

What is the size and purpose of LVGLF's new drilling program at Imwelo?

Lake Victoria Gold announced a 7,750-meter drilling program at Imwelo's Area C zone, designed for grade control, resource conversion, and pit design optimization, targeting completion in Q3 2025.

What is the current resource estimate for Lake Victoria Gold's Imwelo Project?

The historical resource estimate includes 42,000 oz Au Measured at 3.15 g/t, 95,700 oz Au Indicated at 1.95 g/t, and 153,900 oz Au Inferred at 1.56 g/t, totaling 291,600 oz Au.

When does LVGLF expect to begin gold production at Imwelo?

The company targets first gold production within 12 months of construction commencement, supported by a fully permitted 10-year mining license.

What are the key characteristics of Imwelo's Area C zone?

Area C has an average grade of 3.7 g/t Au, representing one of the highest-grade zones in the project, with previous intercepts including 6.8m @ 14.6 g/t Au and metallurgical recoveries exceeding 90%.

Where is Lake Victoria Gold's Imwelo Project located?

The Imwelo Project is located in northwestern Tanzania, just 12 kilometers from AngloGold Ashanti's Geita Gold Mine.