Lake Victoria GOLD Launches Multi-Purpose Drill Program at Imwelo Area C to Support MINE Readiness
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LAKE VICTORIA GOLD LAUNCHES MULTI-PURPOSE DRILL
PROGRAM AT IMWELO AREA C TO SUPPORT MINE READINESS
Vancouver, British Columbia – 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 pi t
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):
o Strike Extension Drilling (2,500m RC):
This portion of the program will test extensions along strike to the west of Area C. F aulting
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.
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o 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 E stimate 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)
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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 believ es 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 method s 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, sa mpling 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 we st 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: [email protected]
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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 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 acquisitio n 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 foreig n 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,
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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 r eporting 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 upda te 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.