Lake Victoria GOLD Update ON Exploration of Licences Adjacent to the Tembo Project Acquired BY Barrick
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LAKE VICTORIA GOLD UPDATE ON EXPLORATION OF LICENCES
ADJACENT TO THE TEMBO PROJECT ACQUIRED BY BARRICK
SEPTEMBER 10th, 2024, Vancouver, BC – Lake Victoria Gold (TSX-V: LVG) (“LVG”, or the “Company”) is
pleased to provide an update on the Q1 and Q2 2024 exploration activities conducted by Bulyanhulu Gold
Mine Limited (“Buly”), a partnership between Barrick Gold Corporation (“Barrick”) and the Government
of Tanzania, on the licenses LVG sold to Buly in 2022.
Q1-Q2 Exploration Highlights:
• Rainy Season Impacts: The first quarter was significantly hampered by an exceptionally wet
season, delaying field operations. Despite this, multi-element assay results from the previous Q4
RAB drilling campaign were received and a partial review was completed. These preliminary
results showed promising anomalous gold values along geophysical linear features, which are
believed to be geological contacts. Associated smokey quartz veining suggests a geological setting
similar to that of Bulyanhulu, indicating gold mineralization potential.
• Resumption of Fieldwork: Fieldwork resumed in Q2 with the deployment of two drill rigs to the
northwest area of the licenses. The focus was on the Kalemero prospect area, targeting potential
extensions of the Bulyanhulu mineralized system under transported regolith. Early results from
this drilling confirm the presence of basalt, tuff, argillite, and quartz feldspar porphyry. Notable
findings include localized moderate to strong shearing, quartz veining, and minor pyrite sulphide
mineralization, which align with interpreted geological linear features. This drilling phase is crucial
in validating the geological settings and identifying targets for potential satellite orebodies.
• Future Drilling Plans: Additional RC drilling is scheduled for Q3 to further assess potential
mineralization within the Ngula prospect area
Expenditures to date:
Date From Date To Expenditure
Proposed
Expenditure
Actual
Year 1 22 April 2022 21 April 2023 $1,000,000 $687,500
Year 2 22 April 2023 21 April 2024 $2,000,000 $960,226
Year 3 22 April 2024 21 April 2025 $3,000,000 $451,418
Year 4 22 April 2025 21 April 2026 $3,000,000
Total $9,000,000 $2,099,144
David Scott, Managing Director Tanzania and Geological Advisor stated “The geological structures
encountered in B uly’s current drilling phase are promising and show similarities to those found in
productive areas of the Bulyanhulu mine. The presence of strong shearing and quartz veining within these
structures is particularly encouraging, as these are good indicators of po tential gold mineralization. Our
technical team is excited about the results we are expecting in the next quarter, which will help further
define the potential scope and scale of mineralization within these licenses.”
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Marc Cernovitch, CEO & Director, commented: "Despite the challenges posed by the weather in Q1, and
Buly’s slower than anticipated expenditures the exploration activities are starting to make progress. The
promising results from the recent drill campaigns not only demonstrate the potential continuity of the
mineralized zones but also bolster our confidence in the region's geological prospectivity. As we move
forward, our focus remains on leveraging these insights to enhance shareholder value and further solidify
our position in the region. We are enthusiastic about the upcoming drilling in Q3 and are optimistic about
the potential for Buly to uncover new, significant mineral deposits as they accelerate activity on the
ground."
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is
designated as a “Qualified Person” with the ability and authority to verify the authenticity and validity of
the data.
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 20Moz Bulyanhulu Mine. The Company recently ( August 10,
2023 and August 29, 2023 ) announced the acquisition of two deposits that support our objective of
accretive growth and consolidation. The Imwelo project and Dora project both have potential for
significant growth.
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 Gold 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 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 l argest 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]
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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 plans with respect to the Imwelo Project, gold
production on the Imwelo Project and the timing thereof, the terms of the Acquisition and the Financing,
contract work on the Imwelo Project by Taifa Mining, entering into a joint venture agreement and
shareholder agreement with the Tanzanian government and the terms and timing thereof, the closing of
the Acquisition and the Financing, including the satisfaction of the closing conditions thereunder and the
expected timing thereof, and receipt of all regulatory approvals, including the approval of the TSX Venture
Exchange for the Acquisition and Financing and the Tanzania Fair Competition Commission for the
Acquisition. 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, the
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 e stimates; 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 ot her 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
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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.