Lake Victoria Gold Ltd. (TSXV: LVG; FSE: E1K) announces the start of a new phase of its exploration activities in northwestern Tanzania. The company has mobilized a second multi-purpose drill rig at its fully permitted Imwelo
Second Drill Rig to Complete Program by December
The current drilling program at Area C comprises a total of 24 drill holes with a planned total length of approximately 4,000 meters. Three drill holes have already been completed, the first two have been submitted for analysis, and results are expected next week.
With the deployment of a second drill rig, on-site work is now expected to progress significantly faster. The new rig will be commissioned in the coming days and is intended to ensure that the program can be completed by the second week of December.
According to company statements, the program aims to establish the geological and technical foundations for future mining operations. This includes improving resource confidence, expanding known gold zones, and collecting data for final pit geometry and metallurgy.
Objectives of the Drilling Program
Lake Victoria Gold is pursuing several specific objectives with the current drilling program:
- Final Pit Design and Geotechnical Analysis:
Oriented drill cores and rock mass data are being collected to precisely define pit slope angles, retaining walls, and ramp geometry. - Increase in Resource Confidence:
Targeted infill drilling aims to close gaps in the near-surface area to upgrade existing resources from the “Inferred” category to “Indicated” and partially to “Measured”. - Resource Growth:
Drilling will be conducted at depths of approximately 100 to 200 meters below the surface to extend mineralization at depth and along strike beyond the current pit boundaries. - Preparation for the Production Phase:
The data obtained will be used to plan a close-spaced grade control drilling program, enabling precise control of ore extraction during early mining. - Metallurgical Tests:
Additionally, representative drill cores will be taken for metallurgical investigations to verify recovery rates across different weathering zones and optimize the planning of early production phases.
Company Management Confident
Marc Cernovitch, President and CEO of Lake Victoria Gold, stated:
“The pace at Imwelo continues to accelerate. We have completed the first three drill holes, and results from the first two are expected shortly. With the second drill rig on site, we can now continuously deliver results throughout November and December as we refine the final pit geometry and prepare for the start of production.”
Exploration Manager Hendrick Mering also expressed satisfaction with the progress to date:
“Drilling at Area C is progressing very well, and the drill cores obtained so far show clear quartz veins and alteration zones consistent with our geological models. These visual observations make us optimistic, and we expect the upcoming assay results to confirm this.”
According to Lake Victoria Gold, the first laboratory results are expected to be published next week. The company plans to continuously communicate the progress of the drilling campaign.
Imwelo Project on Track for Production Readiness
The Imwelo Gold Project, located in the geologically rich Lake Victoria Greenstone Belt in Tanzania, is fully permitted and already holds the necessary mining licenses. Lake Victoria Gold is currently focused on expanding the resource base to solidify the economic foundation for future mining operations.
Area C, currently being drilled, is considered one of the most promising zones of the project, as previous investigations have demonstrated consistent gold mineralization in several vertical zones there. The goal of the current work is to define these structures more precisely and integrate them into a final mine design.
In the long term, the company plans to develop Imwelo into a modern, medium-sized gold mine with sustainable operations. In addition to geological aspects, environmental and social standards are therefore also a focus of project planning.
Conclusion
With the deployment of a second drill rig, Lake Victoria Gold underscores its focus on rapid project development and technical preparation at the Imwelo Gold Project. The coming weeks, during which initial assay data is expected, are likely to be crucial for further planning and progress towards production readiness.
