Lake Victoria Gold Ltd. reports company news centered on gold project development in Tanzania's Lake Victoria Goldfield. Recurring updates cover the Imwelo Gold Project and Tembo Project, including drilling results, geotechnical testing, metallurgical recovery work, pit optimization, mine planning, permitting status, and Tanzania mining regulatory matters.
Company announcements also describe material agreements, capital-structure matters, governance disclosures, strategic investor participation, and project-funding themes tied to advancing exploration and development-stage gold assets.
Lake Victoria Gold (OTCQB: LVGLF) held its Annual and Special Meeting of Shareholders on May 7, 2025. Shareholders elected seven directors: Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, Seth Dickinson, Dean Comand, and Richard Reynolds. The company appointed D&H Group LLP as auditor and approved a new 10% rolling omnibus equity incentive plan.
Following the meeting, key executive appointments were made: Marc Cernovitch as CEO, Simon Benstead as Executive Chairman and CFO, David Scott as Managing Director Tanzania, Seth Dickinson as COO, and Nick DeMare as Corporate Secretary. The new equity incentive plan, pending TSX Venture Exchange approval, allows for various awards including stock options, deferred share units, and performance share units.
Lake Victoria Gold (LVGLF) is evaluating a small-scale mining and processing opportunity at its wholly owned Tembo Project in northern Tanzania. The initiative aims to generate early cash flow by extracting and processing near-surface material using existing local infrastructure.
The project features multiple high-potential targets with significant near-surface gold intersections at Ngula 1, Nyakagwe East, and Nyakagwe Village. A privately operated Carbon-in-Pulp (CIP) plant has been commissioned nearby, with a second unit under construction, expected to reach a combined capacity of 620 tonnes per day.
Through its local subsidiary MIPCCL, LVG holds a Joint Venture interest in 20 Primary Mining Licences adjacent to its MLs. The company is preparing a non-binding Letter of Intent for a potential joint venture with the Processing Licence owner to mine and process material from both MLs and PMLs. The company cautions that this initiative is preliminary and not based on a feasibility study, carrying increased uncertainty and higher risk of economic or technical failure.
Lake Victoria Gold (LVGLF) has successfully converted its Prospecting License into four Mining Licenses (MLs) for the Tembo Project in Tanzania's Lake Victoria Goldfield. Each ML is valid for 10 years, with a 10-year renewal option.
The project has received over $28 million in exploration investments, including 50,000 meters of diamond and RC drilling. Three high-priority targets have shown promising results:
- Ngula 1: 250m-wide zone with intercepts up to 22.18 g/t Au over 15.00m
- Nyakagwe Village: Multiple structures with grades up to 78.1 g/t Au over 1.00m
- Nyakagwe East: 300m-wide zone with grades up to 19.1 g/t Au over 3.00m
The company is evaluating near-term production opportunities, including potential use of nearby third-party processing facilities and planning new RC drilling programs. A previous strategic transaction with Barrick Gold's Bulyanhulu Mine included $6M cash plus up to $45M in contingent payments.
Lake Victoria Gold (LVGLF) has appointed Richard Reynolds to its Board of Directors, strengthening its strategic partnership with Taifa Group. Reynolds brings over 30 years of experience in mining, infrastructure, and logistics across East Africa and the UAE.
Reynolds currently reports to Taifa Group's Chairman, focusing on strategic oversight and business development. As former CEO of Taifa Mining & Civils , he played a key role in developing mining operations throughout the region. The partnership aims to accelerate the development of LVG's Imwelo Gold Project, leveraging Taifa's expertise in contract mining and infrastructure.
Additionally, the company has engaged Baystreet.ca Media for a two-month digital advertising and marketing campaign starting April 2, 2025, for USD$40,000.
Lake Victoria Gold (TSXV: LVG) provided an update on Q3-Q4 2024 exploration activities at their sold licenses adjacent to Bulyanhulu Gold Mine. The exploration, conducted by Bulyanhulu Gold Mine (Buly), a Barrick-Tanzania Government partnership, focuses on finding Bulyanhulu-style mineralization extensions.
Key developments include:
- Enze Prospect: Aircore screening revealed potential Bulyanhulu-style extensions, with RC drilling identifying gold anomalies in basalts and felsic tuffs
- Ngula Prospect: Follow-up RC drilling showed no significant gold mineralization
- Barrick has spent US$4.157M of their US$9M four-year expenditure obligation
- LVG could receive up to $45M in contingent payments based on future mineral discoveries
Buly's 2025 exploration plans include follow-up RC drilling at Enze, additional geochemical screening, and geophysical data integration to enhance drill targeting.
Lake Victoria Gold (TSXV: LVG) has completed the acquisition of the Imwelo gold project in Tanzania through its subsidiary Tembo Gold Tanzania The acquisition cost of Cdn$5,500,000 was paid through the issuance of 24,064,723 shares at Cdn$0.22 per share and US$148,148 in cash.
Concurrent with the acquisition, the company closed a non-brokered private placement of 16,000,000 shares with Taifa Group at Cdn$0.22 per share, raising Cdn$3,520,000. The deal includes a mining service contract with Taifa and an investor rights agreement granting Taifa participation rights in future financings and board nomination privileges.
The shares issued are subject to a four-month hold period until June 29, 2025. The Vendor's shares are under escrow, with releases tied to commercial production milestones at the Imwelo Project over three years.
Lake Victoria Gold (LVGLF) announces the completion of a 10-year renewal and transfer authorization for the Imwelo Mining License from the Tanzanian Mining Commission. The license will be transferred to LVG through its subsidiary Tembo Gold Tanzania , pending TSX Venture Exchange approval and completion of financing with Taifa Mining. The company is in advanced negotiations for non-dilutive funding to cover CAPEX development costs. Following the license transfer, the next tranche of equity investment from Taifa Group will be triggered, supporting project development. LVG plans to proceed with exploration, site preparation, and development activities at Imwelo.
Lake Victoria Gold (TSXV: LVGLF) has provided an update on Q1 and Q2 2024 exploration activities conducted by Bulyanhulu Gold Mine on licenses sold to them in 2022. Key highlights include:
1. Q1 operations were delayed due to an exceptionally wet season.
2. Preliminary results showed promising anomalous gold values along geophysical linear features.
3. Q2 saw the deployment of two drill rigs in the northwest area, focusing on the Kalemero prospect.
4. Early results confirm the presence of basalt, tuff, argillite, and quartz feldspar porphyry with localized shearing and mineralization.
5. Additional RC drilling is scheduled for Q3 in the Ngula prospect area.
6. Total expenditure to date is $2,099,144 out of a proposed $9,000,000 over four years.
Lake Victoria Gold (TSXV: LVGLF) has announced the submission of all required documentation to the Tanzanian Mining Commission for the 10-year renewal and transfer of the Imwelo Mining License. This marks a important step in securing long-term rights to the Imwelo Project in the Lake Victoria Goldfield region. The submission includes updated Mining, Environmental, and Closure Plans, along with commitments to begin development within 90 days and payment of the license renewal fee.
The company has completed due diligence, received shareholder approval, and obtained conditional TSX Venture Exchange approval. With the Tax Clearance Certificate from the Tanzanian Revenue Authority in hand, LVG expects to close the Imwelo acquisition by the end of Q3 2024. This milestone positions LVG to advance its exploration and development activities at Imwelo, contributing to the company's long-term growth strategy in Tanzania.