Lake Victoria Gold (TSXV: LVG; Germany: E1K) reports the first assay results from the ongoing drilling program at the fully permitted Imwelo Gold Project in the Lake Victoria Gold Belt in northern Tanzania. The results of the first five drill holes indicate that the main mineralization continues significantly below the previous open pit limits and that there are also additional zones in the hanging wall and footwall. Lake Victoria Gold is thus underpinning its plans to develop Imwelo from a shallow open pit mine into a long-term gold project.
Lake Victoria Gold Confirms Continuity of Mineralization Below Pit Model
The current drilling program at Lake Victoria Gold comprises approximately 4,000 meters and combines cost-effective reverse circulation pre-drilling with diamond core extensions. This approach is designed to save drill meters while providing high-quality geological, geotechnical and metallurgical data for final pit design and early mine planning.
Assay results from the MSA laboratory in nearby Geita are now available for the first five holes. The data confirm that the mineralized shear zones below the previously modeled pit shell are encountered in comparable grades and thicknesses as those underlying the existing resource estimate. In several boreholes, gold mineralization was traced to more than 250 meters vertical depth; the historical resource had previously only been modeled to a depth of approximately 200 meters.
Particularly striking are individual higher-grade sections within the broader zones. For example, drill hole IMWDR_007 yielded 2.56 meters at 6.96 g/t gold, including a narrow interval of 0.25 meters at 65.02 g/t gold. In IMWDR_009, 6.30 meters at 0.62 g/t gold were encountered, followed by 1.33 meters at 11.88 g/t gold, including a peak value of 68.74 g/t gold over 0.22 meters. Drill hole IMWDR_011 also intersected 3.53 meters at 3.40 g/t gold. The stated thicknesses correspond to drill core lengths; Lake Victoria Gold currently assumes a true thickness of approximately two-thirds of the interval length.
These results show that the known ore structures in the “Area C” area continue along strike and, above all, at depth, suggesting that the existing pit shell could be further expanded downwards in the future. At the same time, the medium-term option arises of examining a potential underground scenario below an optimized open pit.
Imwelo Gold Project: Expansion Potential in Hanging Wall and Footwall
In addition to confirming the main zone, Lake Victoria Gold has intersected additional mineralized layers in the hanging wall and footwall of the modeled structure during the first phase of drilling. These additional lenses have been identified in several boreholes and could be included in the modeling in future resource estimates, provided further drilling confirms continuity.
According to the company, the geology in the pit area shows a consistent picture of pronounced quartz mineralization, alteration and structural continuity. The initial evaluations thus support the geological model underlying the previous resource estimate at Imwelo. The fact that mineralization has now been proven to depths of more than 250 meters strengthens confidence in the long-term development prospects of the project.
Lake Victoria Gold is focusing on a step-by-step risk reduction approach at Imwelo. The initial focus is on a relatively shallow, fully permitted open pit, the limits of which are now being reviewed at depth and expanded if necessary. The current drilling results, which indicate a continuation of mineralization below the pit floor, create a broader basis for future planning and potential scenarios beyond the initial open pit.
Drilling Program at Lake Victoria Gold Supports Resource Conversion and Mine Planning
A total of 24 boreholes are planned in the current program at Lake Victoria Gold, five holes have now been completed. The results of the first drillings serve several overarching goals. Firstly, they are intended to increase resource security by closing gaps in the near-surface drilling coverage and transferring areas previously classified as “Inferred” – where the data situation is still comparatively thin – into higher resource categories if confirmed accordingly.
Secondly, the program aims to generate resource growth. To this end, the mineralized structures are systematically tested in the direction of dip, i.e. deeper below the current pit limits, at approximately 100 and 200 meters vertical depth. In addition, lateral step-out drillings are planned along the strike to the west in order to trace the ore structures beyond the edge of the previous pit model.
A further component of the program is the geotechnical characterization of the pit body. Using oriented core drilling and detailed description of the rock properties, data on rock strength, joint surfaces, fracture systems and potential instabilities are collected. This information will later be incorporated into the detailed planning of slope angles, support structures and ramp geometry of the final pit.
In parallel, Lake Victoria Gold is collecting representative core material for additional metallurgical tests. The aim is to verify the extraction rates across different oxidation zones – from oxide to transition to fresh rock – and thus further optimize the sequence of mining phases (Mine Sequencing).
Outlook: Lake Victoria Gold Expects Continuous Newsflow from Imwelo
Lake Victoria Gold is clearly positioning the Imwelo Gold Project as the next development project in the Lake Victoria Gold Belt. The combination of existing approval for open pit mining, an already defined resource base and now confirmed depth extension of the mineralization forms the technical basis for the further steps towards a construction decision.
According to the company, additional analyses from further boreholes are already in progress. Lake Victoria Gold expects to continuously publish the incoming results as soon as the evaluations have been completed and QA/QC checks have been confirmed by the laboratory in Geita.
