Lake Victoria GOLD Reports High-Grade Artisanal Sampling Results (up to 35.45 G/T Au) and Advances Development Planning at Tembo
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LAKE VICTORIA GOLD REPORTS HIGH-GRADE ARTISANAL SAMPLING RESULTS
(UP TO 35.45 G/T AU) AND ADVANCES DEVELOPMENT PLANNING AT TEMBO
Vancouver, British Columbia – December 18, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF)
(the “Company” or “LVG”) reports results from a recent grab sampling program conducted at multiple
active artisanal mining sites within its 100% -owned Tembo Project in northwestern Tanzania. The
presence of ongoing artisanal activity across the licence area has highlighted several priority targets, with
grab samples returning high-grade gold values of up to 35.45 g/t Au.
The sampling program was designed to assess gold mineralization associated with currently active
artisanal mining operations within the Company’s granted Mining Licences and to refine drill targeting
ahead of the upcoming Q1 2026 drill program.
Artisanal Grab Sampling Program
A total of eight active artisanal mining locations were visited and sampled. Grab samples were collected
from exposed mineralized material at surface and within shallow workings. Two of the sampled locations
are newly identified areas, while two others correspond to targets defined through earlier drill programs,
several of which have seen limited or non-systematic drilling to date.
Notable results include:
• Ngula 1 – up to 35.45 g/t Au and 12.94 g/t Au, confirming high-grade mineralization at LVG’s
primary Tembo target and supporting its priority status for near-term drilling.
• Ngula 2 – grab samples returning 35.21 g/t Au, 10.27 g/t Au and 10.30 g/t Au, reinforcing historical
artisanal and exploration results.
• Mgusu Target – previously under -drilled area returning values of 5.90 g/t Au, identifying a
compelling new priority target.
• Nyangomango – newly identified artisanal workings returning 7.86 g/t Au and 8.50 g/t Au.
• Nyakagwe East – renewed artisanal activity returned 22.68 g/t Au and 3.16 g/t Au, supporting
extensions of known mineralization to the northwest.
Geological Observations
Mineralization observed at sites returning elevated gold values is consistently associated with smokey -
grey quartz veins hosted in sheared basalts, with visible pyrrhotite and pyrite sulphides. Active artisanal
workings are aligned along multiple structural trends, including northeast, northwest, and east -west
orientations, consistent with the Company’s established structural interpretation for the Tembo licence
area. Based on these results, the Company has identified three priority drill targets that have not
previously received sufficient drill coverage and warrant systematic follow-up.
The artisanal workings in the project area are in all cases covered by 4-10m of transported alluvium. They
are consistently associated with linear magnetic anomalies that are either east -west, northwest or
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northeast trending. This fact highlights the prospectivity of the licences along these trends with gold
mineralization associated with all three directions.
“The level of artisanal activity we’re seeing across Tembo is very encouraging and highlights several areas
that have not been adequately tested by drilling in the past,” said Hendrick Mering, Exploration Manager
“We now have multiple new targets that we’re keen to get back on the ground to drill, and these results
reinforce our view that Tembo hosts a large, structurally controlled gold system with significant
exploration upside.”
Exploration and Development Strategy
With the objective of advancing toward near -term production, LVG plans to undertake a close -spaced
drilling program at Ngula 1, targeting a 300–400 metre strike length that has returned consistently high-
grade results in historical drilling and artisanal sampling.
The Company has previously announced a non -binding letter of intent (“LOI”) with Nyati Resources (T)
Limited (“Nyati”) in respect of potential gold processing arrangements at the Tembo Project. Building on
this LOI, the Company is currently engaged in advanced discussions with Nyati regarding the potential
utilization of the full capacity of an existing 500 tonne -per-day carbon-in-pulp (“CIP”) processing plant
located on one of LVG’s Mining Licences.
These discussions are focused on establishing a toll-processing arrangement that could support a potential
pathway toward near-term production from the Tembo Project, subject to the completion of confirmatory
drilling, permitting, and the execution of a definitive agreement. The Company is targeting the conclusion
of a binding agreement in early 2026.
The planned drilling program is expected to commence in Q1 2026.
“With an LOI in place with Nyati, our focus has shifted decisively toward execution,” said Marc Cernovitch,
President & CEO . “We are moving from exploration to execution. The high- grade samples at surface
confirm the system’s potential, while our engagement with Nyati Resources offers a tangible path to
process that material. Our focus is squarely on defining the resource at Ngula 1 and finalizing a processing
agreement that leverages existing infrastructure to minimize capital output.”
Sampling Methodology
Grab samples were collected from exposed mineralized material within active artisanal workings. Sample
locations were georeferenced using handheld GPS equipment. The samples are intended to provide an
indication of the presence of gold mineralization and t o assist in refining drill targets. Grab samples are
selective by nature and are not necessarily representative of the mineralization hosted on the property.
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Sample ID Locality East ing UTMNort hing UTMDescription Sample IDAu ppm Assay check with descrition
X6307 Ngula 1 436699.1124 9647469.747 Black smokey Quartz vein with sulphides mineralization
and Chlorite alteration X6307 39.45 TRUE
X6308 Ngula 1 436699.1123 9647469.747 Black smokey Quartz vein with minor Sulphides
mineralization X6308 12.944 TRUE
X6309 Ngula 2 436476.344 9648464.472 Black smokey Quartz vein with Strong disseminated
sulphides mineralization X6309 10.3 TRUE
X6302 Ngula 2 437365.1615 9648575.499 Qtz veining with disseminated sulphides on an active
Artisinal Pit X6302 35.209 TRUE
X6303 Ngula 2 437476.2711 9648575.56 Sheared fine grained Mafic Volcanic with Quartz veining
strongly mineralised Sulphides X6303 10.269 TRUE
X6318 Mgusu 437452.6869 9646564.238 Sheared fine grained Mafic Volcanic with Quartz veining
strongly mineralised Sulphides X6318 5.903 TRUE
X6333 Nyangomango434348.9405 9643575.173 Black smokey Quartz with sulphide mineralization X6333 8.502 TRUE
X6334 Nyangomango434329.5052 9643561.124 Black smokey Quartz with sulphide mineralization X6334 7.862 TRUE
X6314 Nyakagwe NE 437997.538 9645581.294 Brecciated Black smokey vein with Fe-rich mineralization
veinlets X6314 3.158 TRUE
X6315 Nyakagwe NE 437985.648 9645584.051 Oxidised Quartz vein mineralization Fe-rich alterationX6315 22.682 TRUE
Notes
Grab Samples Coordinates Arc 1960 UTM 36S
Sample Type Grab sample
QAQC Internal Lab MSALab
MSA Laboratories (T) Limited - Geita, Chrysos
Analytical Procedure PhotonAssay, International Standards ISO/IEC 17025 and ISO9001
Cautionary Statement Regarding Preliminary Development Concepts
The Company cautions that the assessment of potential development opportunities at the Tembo Project
is at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such
as a Feasibility Study. As such, there are signific ant technical and economic uncertainties that remain
unresolved, including but not limited to metallurgical recoveries, grade continuity, mineability, permitting,
processing capacity, capital and operating costs, and the availability of financing. Any refe rence to
potential development scenarios is conceptual in nature and should not be construed as an indication
that an economic or technical case has been established for mining at the Tembo Project.
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.
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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 Pet ra, 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: [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.
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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
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- looking
statements.