Lake Victoria Gold Plans Strategic Resource Drilling Campaign at Ngula 1 to Support Processing JV
- Recently granted mining license for Ngula 1 (April 9, 2025)
- Strategic location adjacent to Barrick's Bulyanhulu Mine
- Multiple high-grade gold intersections from previous drilling campaigns
- Potential for non-dilutive funding through processing JV
- Close proximity (3.5km) to third-party processing facility
- Only 15% of known structural targets have been tested across the 32 km² project area
- True widths of gold intersections not yet determined
- Resource estimates not yet established
- Metallurgical testing still pending
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce that will undertake a 3,000m reverse circulation (RC) drilling program within a recently granted mining licence (April 9, 2025) at Ngula 1, to delineate and evaluate a shallow resource. The goal is to establish sufficient resource to provide mineralized material to feed the recently announced (May 1, 2025) opportunity to process near-surface material in a third party processing facility located within 3.5km of this prospect. Ngula 1 has returned numerous promising gold intersections in several previous drilling campaigns (January 31, 2023). Selected shallow intersections include*:
TDD0004: 3.13g/t Au over 25.89m from 41.00m, including 4.46g/t Au over 2.60m, 5.05g/t Au over 0.50m, 2.02g/t Au over 0.50m, and 9.38g/t Au over 6.30m.
TRC0013: 17.23g/t Au over 4.00m from 19.00m.
TRC0003: 3.76g/t Au over 2.00m from 21.00m; 28.57g/t Au over 3.00m from 54.00m; and 5.28g/t Au over 4.00m from 72.00m.
TDD0160: 5.22g/t Au over 1.93m from 107.18m and 2.73g/t Au over 1.54m from 116.39m.
TRC0001: 2.87 g/t Au over 3.00m from 27.00m, 1.76 g/t Au over 3.00m from 46.00m, and 12.87 g/t Au over 3.00m from 84.00m
TDD0133: 2.37g/t Au over 1.00m from 35.00m.
TDD0161: 1.64g/t Au over 3.07m from 54.43m.
TRC0002: 2.58g/t Au over 2.00m from 8.00m; 2.74g/t Au over 1.00m from 36.00m; and 1.29g/t Au over 5.00m from 52.00m.
TDD0158: 17.60g/t Au over 1.48m from 31.12m.
TDD0126: 1.80g/t Au over 6.46m from 25.00m.
TDD0157: 1.59g/t Au over 1.15m from 40.34m.
TRC0014: 1.62g/t Au over 1.00m from 52.00m.
David Scott, Pr. Sci. Nat., Managing Director Tanzania & Director of Lake Victoria Gold: "Ngula 1 demonstrates strong geological continuity and consistent high-grade mineralization over multiple campaigns. The structural complexity, folding patterns, and repeated shear-hosted zones are exactly the kind of setting we associate with significant gold systems in the Lake Victoria Goldfield. This close-spaced RC program will give us the data density needed to move from exploration success toward a resource, and potentially, production."
Strategic Context
While the proposed small-scale mining joint venture at Tembo offers a near-term opportunity to generate cash flow, it is best viewed as a steppingstone rather than the end goal. The true value of Tembo lies in its significant exploration potential, given its strategic location immediately adjacent to Barrick's Bulyanhulu Mine and the geological continuity observed between the two properties. To date, over 50,000 meters of drilling have been completed, testing less than
Simon Benstead, Executive Director of Lake Victoria Gold, commented: "This drilling campaign is part of our broader strategy to unlock the long-term value at Tembo. While the near-surface potential at Ngula 1 presents an exciting opportunity for near-term production and cash flow, it also serves a larger purpose-supporting a non-dilutive path toward what we believe is a district-scale gold system. We're leveraging strategic infrastructure and partnerships to advance exploration while staying disciplined on capital allocation."
Ngula 1
The Ngula 1 belt of deformed and metamorphosed basaltic extrusive lithologies with a known 800m strike across a width of 100-150m, hosts multiple sub-parallel east-west trending gold-bearing shear structures. These are interpreted as the northern and southern limbs of a tight isoclinal fold structure. The upcoming drilling program will focus on a 300-metre strike length of the southern zone, where previous disclosed RC and diamond drilling (DD) returned significant gold values.
The program will target the southern structural zone using a grid of drill holes spaced 20 meters apart along strike and downdip, with alternating tiers offset by 10 meters. Drilling will test depths of 10 m, 30 m, and 50 m below surface across 45 holes, covering a 300-metre strike. Each hole will be extended a minimum of 25 meters beyond the first structural intersection. Total planned drilling is approximately 3,000 meters.
Upon completion of the program and receipt of analytical results, appropriately blended composite samples will be submitted for gold deportment and metallurgical testing, including leach diagnostics and gravity recovery. A proposal for this test work is pending.
Preliminary discussions with drilling contractors are underway.
*Note: Widths represent drill intersection widths not corrected for borehole inclination and dip of the geological zone. True widths have not been determined. The borehole inclination of 60deg and sub vertical dip of the structures suggests that the true width will be approximately
The scientific and technical content of this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. 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
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 carry out 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.
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/253774
FAQ
What is the purpose of LVGLF's new drilling program at Ngula 1?
What are the key gold intersections previously found at LVGLF's Ngula 1 project?
How is Lake Victoria Gold's Ngula 1 project strategically positioned?
What is the scope of LVGLF's planned drilling campaign at Ngula 1?
When did Lake Victoria Gold receive the mining license for Ngula 1?
