Lake Victoria GOLD Completes Imwelo Area C Drill Program, Confirming Pit Expansion Potential and Advancing Project Toward Near Term Production
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LAKE VICTORIA GOLD COMPLETES IMWELO AREA C DRILL PROGRAM,
CONFIRMING PIT EXPANSION POTENTIAL AND ADVANCING PROJECT TOWARD
NEAR TERM PRODUCTION
Vancouver, British Columbia – February 5, 2026 – Lake Victoria Gold Ltd. (TSXV: LVG | OTCQB: LVGLF |
FSE: E1K) ("LVG" or the "Company") is pleased to announce the completion of drilling and receipt of all
analytical results from its recent drill program at the fully permitted Imwelo Gold Project in northern
Tanzania’s Lake Victoria Goldfield. With permitting in place and key technical work programs now
completed, Imwelo Area C is being systematically advanced toward construction readiness and initial
production.
The program successfully confirmed down -dip continuity of mineralization below the current pit design
and, importantly, defined new mineralized extensions to both the west and east of the planned open pit.
These results materially strengthen confidence in the geological model and represent a key step in
advancing Imwelo Area C toward final pit optimization and development planning.
Selected Highlights
• IMWDR003: 3.56g/t Au over 1.21m from 83.04m, including 7.16g/t Au over 0.41m.
• IMWDR007: 6.96g/t Au over 2.56m from 132.80m, including 65.02g/t Au over 0.25m.
• IMWDR009: 11.88g/t Au over 1.33m from 169.75m, including 68.74g/t Au over 0.22m.
• IMWDR011: 8.55g/t Au over 1.30m from 93.34m, including 20.77g/t Au over 0.31m
• IMWDR012: 2.49g/t Au over 2.56m from 79.20m , including 4.85g/t Au over 0.60m and 5.05g/t
over 0.51m.
• IMWDR013: 9.31g/t Au over 2.45m from 130.00m, including, 21.65g/t over 0.96m.
• IMWDR016: 1.67g/t Au over 1.67m from 131.40m, including 2.15g/t over 0.55m.
• IMWDR017: 11.19g/t Au over 0.90m from 91.80m, including 32.84g/t over 0.30m and 2.97g/t Au
over 3.01m from 100.52m.
Management Commentary
Marc Cernovitch, President & CEO, commented: “These results further validate Imwelo as a near-term
production asset. We have now demonstrated continuity of mineralization beyond the current pit design,
both at depth and laterally, which strengthens confidence in the geological model underpinning our
development plans. Importantly, the drilling has delivered the technical data required to advance final pit
design, resource conversion, and mine planning. With each program, Imwelo continues to move from
definition toward execution.”
Hendrik Meiring, Exploration Manager, added: “The geology is performing exactly as interpreted. We are
seeing consistent mineralization, alteration, and structural continuity across multiple zones and to depth,
including beyond 250 metres below surface. The confirmation of mineralization east and west of the
current pit design further highlights the potential for resource growth and reinforces the robustness of the
Area C mineralized system.”
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Key Technical Takeaways
Resource conversion potential
• Results mirror the grades and widths of holes that support the existing historical resource model,
improving confidence in both Inferred -to-Indicated upgrades and the potential for increased
Measured resource classification.
Depth extension:
• Drilling confirmed mineralization down-dip along the entire pit design, with geological continuity
now demonstrated to over 250 m vertical depth, compared to historical resource limits of ~200
m.
• The completed holes provided and average vertical intersection depth of approximately 120m,
more than double historical drilling intersection depth of approximately 50 m, providing new
information below the previous modelled limits.
Lateral expansion (east and west):
• IMWDR018 confirmed mineralization beyond the current eastern pit margin.
• Drilling west of the interpreted NNE-trending structure has intersected new mineralization west
of the fault zone, opening a new area for potential resource growth
Footwall and hanging-wall zones:
• Additional mineralized intervals outside the primary lode suggest potential to add internal ounces
within the current design envelope.
Underground optionality:
• Depth extensions and consistent structural continuity support ongoing evaluation of a potential
underground development scenario beneath the planned shallow open pit. Twenty-one of the
planned twenty-four holes were completed. Analysis was carried out by the MSA Laboratory in
Geita and are summarized in Table 1 and illustrated in Figure 1, depicting drill locations relative
to current pit designs.
Figure 1:
Area C Current Pit Design and completed drilling with drill hole results viewed towards the North -East.
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Program Objectives Accomplished
• Final pit design and geotechnical de -risking: Two dedicated geotechnical drill holes were
completed, providing oriented core for detailed RQD logging and rock-mass characterization. The
resulting data will support refinement of slope angles, wall support requirements, and ramp
geometry, completing the in-pit geotechnical dataset required for final pit shell optimization.
• Resource confidence & conversion: Infill drilling successfully closed gaps within the near-surface
resource model, improving confidence in grade continuity and geometry. The
Company anticipates meaningful conversion of Inferred material to Indicated classification and
an increase in Measured resources within and potentially beyond the current pit design.
• Resource growth: Step-out drilling at approximately 100 m and 200 m vertical depth, together
with lateral extensions west of the interpreted north -northeast trending dyke/fault zone,
intersected additional mineralization outside the current pit limits. These results highlight clear
opportunities for future resource expansion.
• Grade control readiness: Shallow drill holes completed during the program provide key data to
support detailed grade control planning ahead of pre -stripping and the establishment of a pre -
production ore stockpile.
• Metallurgical validation: Representative samples of oxide, transitional, and fresh material have
been selected for confirmatory metallurgical test work at a certified local laboratory. The results
will be used to validate recoveries across material types and inform early mine seque ncing and
process optimization.
Collectively, the completion of these work programs materially advances Imwelo toward production
readiness. Final pit design, geotechnical de -risking, grade control planning, and metallurgical
validation are foundational inputs not only for mine constructi on, but also for project financing. The
Company is advancing a funding strategy designed to minimize equity dilution and align capital with
near-term cash flow generation, supported by the fully permitted status of the project and the
strength of the underlying geology.
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Table 1 Summary Results of Assays Received
BHID X Y Z AzimuthDip EOH Sample type Core size From To m g/t
IMWDR_003 377707 9679044 1185 190 -60 120.9 DD NQ 73.40 73.85 0.45 0.72
IMWDR_003 377707 9679044 1185 190 -60 120.9 DD NQ 78.15 78.45 0.30 0.41
IMWDR_003 377707 9679044 1185 190 -60 120.9 DD NQ 83.04 84.25 1.21 3.56
IMWDR_003 377707 9679044 1185 190 -60 120.9 Included above 83.04 83.45 0.41 7.16
IMWDR_003 377707 9679044 1185 190 -60 120.9 DD NQ 93.09 93.40 0.31 0.31
IMWDR_004 377979 9679090 1185 175 -60 150.6 DD NQ 72.77 74.05 1.28 0.66
IMWDR_005 377979 9679150 1180 180 -60 231.6 DD NQ 129.10 130.45 1.35 0.46
IMWDR_006 378460 9679017 1183 190 -60 81.8 RC n/a 50.00 52.00 2.00 0.73
IMWDR_006 378460 9679017 1183 190 -60 81.8 RC n/a 57.00 58.00 1.00 0.49
IMWDR_007 378051 9679125 1180 190 -60 210.8 DD NQ 132.80 135.36 2.56 6.96
IMWDR_007 378051 9679125 1180 190 -60 210.8 Included above 134.64 134.89 0.25 65.02
IMWDR_007 378051 9679125 1180 190 -60 210.8 DD NQ 150.80 153.55 2.75 1.96
IMWDR_008 378051 9679175 1180 190 -60 276.6 DD NQ 228.85 230.40 1.55 1.41
IMWDR_009 378123 9679140 1180 190 -60 228.8 DD NQ 136.70 143.00 6.30 0.62
IMWDR_009 378123 9679140 1180 190 -60 228.8 DD NQ 169.75 171.08 1.33 11.88
IMWDR_009 378123 9679140 1180 190 -60 228.8 Included above 170.40 170.62 0.22 68.74
IMWDR_010 378084 9679145 1177 190 -60 199.3 DD NQ 172.9 173.54 0.61 0.80
IMWDR_010 378084 9679145 1177 190 -60 199.3 DD NQ 174.50 175.30 0.80 1.19
IMWDR_011 378190 9679115 1180 180 -60 220.6 DD NQ 93.34 93.65 0.31 20.77
IMWDR_011 378190 9679115 1180 180 -60 220.6 DD NQ 113.85 115.10 1.25 0.94
IMWDR_011 378190 9679115 1180 180 -60 220.6 DD NQ 131.10 134.63 3.53 3.40
IMWDR_011 378190 9679115 1180 180 -60 220.6 Included above 131.45 132.75 1.30 8.55
IMWDR_012 378464 9679039 1180 190 -60 120.8 DD NQ 74.50 76.05 1.55 1.60
IMWDR_012 378464 9679039 1180 190 -60 120.8 DD NQ 79.20 81.76 2.56 2.49
IMWDR_012 378464 9679039 1180 190 -60 120.8 Included above 79.20 79.80 0.60 4.85
IMWDR_012 378464 9679039 1180 190 -60 120.8 Included above 80.25 80.76 0.51 5.07
IMWDR_013 378272 9679100 1180 190 -60 174.8 DD NQ 113.72 114.33 0.61 0.88
IMWDR_013 378272 9679100 1180 190 -60 174.8 DD NQ 130.00 132.45 2.45 9.31
IMWDR_013 378272 9679100 1180 190 -60 174.8 Included above 130.75 131.71 0.96 21.65
IMWDR_014 378197 9679057 1181 190 -60 80.0 DD NQ 34.00 35.00 1.00 0.37
IMWDR_014 378197 9679057 1181 190 -60 80.0 DD NQ 39.00 40.00 0.62 0.62
IMWDR_014 378197 9679057 1181 190 -60 80.0 DD NQ 46.00 47.00 0.36 0.36
IMWDR_015 378362 9679130 1180 190 -60 160.6 DD NQ 116.51 116.85 0.34 1.64
IMWDR_015 378362 9679130 1180 190 -60 160.6 DD NQ 118.23 118.60 0.37 1.25
IMWDR_016 378352 9678926 1181 13 -48 151.2 DD NQ 128.60 130.00 1.40 0.97
IMWDR_016 378352 9678926 1181 13 -48 151.2 DD NQ 131.40 133.07 1.67 1.67
IMWDR_016 378352 9678926 1181 13 -48 151.2 Included above 132.52 133.07 0.55 2.15
IMWDR_017 378432 9679065 1180 190 -60 160.3 DD NQ 91.80 92.70 0.90 11.19
IMWDR_017 378432 9679065 1180 190 -60 160.3 Included above 91.80 92.10 0.30 32.84
IMWDR_017 378432 9679065 1180 190 -60 160.3 DD NQ 100.52 103.53 3.01 2.97
IMWDR_017 378432 9679065 1180 190 -60 160.3 DD NQ 121.30 122.30 1.00 0.55
IMWDR_018 378432 9679115 1180 190 -60 240.8 DD NQ 145.00 145.67 0.67 0.71
IMWDR_018 378432 9679115 1180 190 -60 240.8 DD NQ 173.60 174.80 1.20 1.05
IMWDR_018 378432 9679115 1180 190 -60 240.8 DD NQ 175.21 175.83 0.62 0.30
IMWDR_019 378064 9678985 1186 10 -50 162.8 DD NQ 100.00 100.70 0.70 0.81
IMWDR_020 378209 9679092 1180 190 -60 141.5 DD NQ 85.70 86.50 0.80 0.88
IMWDR_020 378209 9679092 1180 190 -60 141.5 DD NQ 97.00 98.00 1.00 0.31
IMWDR_020 378209 9679092 1180 190 -60 141.5 DD NQ 100.00 100.50 0.50 1.04
IMWDR_021 377660 9679053 1185 190 -60 138.8 DD NQ 69.50 70.20 0.70 0.31
Total 3252.60 1.32 2.58
Notes:
Collar coordinates Arc 1960 UTM 36S
Collar azimuth Degrees – 0° is north
Collar dip Degrees – negative is down
Sample type DD – diamond drill
True thickness True thickness is 0.66 of sample length
QAQC Internal – every 20th sample is a Blank Sample, CRM & Duplicate sample. MSA Lab results all passed QAQC.
Sample core size Split NQ core
Analytical procedure MSA Laboratories (T) Limited – Geita, Chrysos PhotonAssay, International Standards ISO/IEC 17025 and ISO 9001
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Cautionary Note on Production Decision
Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-
code studies are not current under NI 43 -101. The Company has not completed a feasibility study on
Imwelo that establishes mineral reserves demonstrating economic and tech nical viability and is not
treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to
commence production is not based on a feasibility study of mineral reserves and therefore involves
increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the
planned low -capex open -pit operation will be economically viable or that production will occur as
anticipated. Risks include, without limitation, variations in grade and recov ery, unexpected geotechnical
or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting
risks.
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 h ighly prolific and prospective Lake Victoria
Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over fifty 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 es timates 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 validatio n that comes with the support and equity investment
from Barrick and recent strategic partnership with Taifa Group.
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 conduct 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.
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On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: [email protected]
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: [email protected]
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 a cquisition of the Imwelo Project and the
concurrent financing, including the satisfaction of the closing conditions thereunder , and receipt o f all
regulatory approvals, including the approval of the TSX Venture Exchange for the a cquisition 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”, “int end” 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 f inancing 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 unce rtainty 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 necessa ry 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
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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 labor; 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-l ooking
statements.