Vancouver, British Columbia – (January 26, 2026) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to announce the completion of field data collection for geotechnical studies supporting final pit designs for the Company’s Imwelo Project. In addition, specific gravity measurements were taken on select boreholes covering the strike extent of the planned initial production area in Area C. These studies represent an important step towards near-term production planning in the Company’s first mining area.
Two dedicated geotechnical boreholes, IMWDR016 and IMWDR019, have been completed. Specific gravity measurements were taken on multiple lithologies from drill core collected during the resource drilling campaign to support the initial open pit in Area C.
The resource infill and geotechnical program utilizes RC pre-collars with diamond core tails to maximize geological, geotechnical, metallurgical, and mineralogical data to support final pit shape optimization, processing plant design, and assessment of future underground potential.
Highlights
- IMWDR016 and IMWDR019: Drilling was completed to depths of 150m and 163m, respectively. Geotechnical logging and data collection has been completed, and samples have been submitted for laboratory testing for rock strength characterization.
- The results will feed into final pit designs for production start-up.
- Approximately 200 core samples from the infill drilling program have been measured for specific gravity, including various lithologies such as laterite, saprolite, saprock, and fresh rock.
Hendrick Mering, Exploration Manager, commented: “Thanks to the latest infill drilling, geotechnical logging, and specific gravity measurements, the geological and structural picture in Area C has improved significantly. From an exploration and mine planning perspective, the technical data strongly supports the concept of a single, continuous open pit covering the entire mineralized trend, rather than multiple isolated pits.”
Key Technical Observations
- The drill core data has been logged and the core samples have been sent to a laboratory for rock property testing.
- Final pit designs are in progress, and current geological and geotechnical evaluations suggest that the previously modeled pit designs can be optimized and consolidated, subject to ongoing technical work.
- Geotechnical data collection included drill core from 21 completed infill boreholes.
- Specific gravity measurements allowed for accurate delineation of oxide, transition (oxide ore), and fresh rock (sulfide ore) domains to support the updated mineral resource estimate and subsequent ore classification during mining.
Marc Cernovitch, President and CEO, commented: “The completion of these programs is another clear step towards production at Imwelo. As we finalize pit designs for Area C, the project continues to advance from the technical studies phase into the development phase, which is consistent with our strategy of advancing high-quality assets towards cash flow.”
Figure 1: Looking northeast at current Area C pit designs, completed resource drilling with two dedicated geotechnical boreholes (IMWDR016 & IMWDR019).
An enhanced version of this graphic can be found at:
https://images.newsfilecorp.com/files/2214/281457_93f685e8542a4a4c_001full.jpg
Figure 2 Longitudinal section looking north, Area C with delineated ore boundaries confirmed by specific gravity measurements and lithological logging.
An enhanced version of this graphic can be found at:
https://images.newsfilecorp.com/files/2214/281457_93f685e8542a4a4c_002full.jpg
Cautionary Note Regarding Production Decision
Although Imwelo has been the subject of a JORC-compliant PEA, PFS and updated PFS, these studies are not current under NI 43-101 under foreign regulations. The Company has not completed a “feasibility study” on Imwelo demonstrating mineral reserves that demonstrate economic and technical viability and does not treat the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open pit will be economically viable or that production will occur as expected. Risks include, but are not limited to, variations in grade and recovery rates, unexpected geotechnical or metallurgical challenges, cost overruns, availability of financing, and operational, regulatory or permitting risks.
Qualified Person
The scientific and technical information in this press release has been reviewed and approved by David Scott, Pr. Sci. Nat. , 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. The Company leverages its unique position and experience, primarily focusing on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company holds a 100% interest in the Tembo Project, which includes over fifty thousand meters of drilling and is located in close proximity to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project has all the necessary permits for mine construction and production, making it 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 holding over 60% of the shares. The Company is particularly grateful for the validation expressed through the support and equity participation of Barrick, as well as the recently concluded strategic partnership with the Taifa Group.
The Taifa Group (a diversified group of companies with interests in, among other things, mining, telecommunications, oil and gas, agriculture, pharmaceuticals, and leather) has entered into an agreement with the Company to acquire an interest in the Company through its wholly owned subsidiary, Taifa Mining (a wholly Tanzanian-owned company) or other nominees. Taifa Mining will also carry out all mining and construction work for the Imwelo Project. Taifa Mining is the largest mining contractor in Tanzania with over 30 years of experience in the mining industry. Taifa is the preferred contractor for most mines in Tanzania and maintains long-standing and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to applying and adhering to the latest internationally recognized standards in all areas of its operations.
On behalf of the Board of Directors of the Company
Simon Benstead
Chairman and CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com
For further information, please contact:
Simon Benstead
Chairman and CFO
Phone: + 1 604-685-9316
Email: sbenstead@lakevictoriagold.com
Marc Cernovitch
CEO and Director
Phone: +1 604-685-9316
Email mcernovitch@lakevictoriagold.com
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 RELEASE.
Cautionary Note Regarding Forward-Looking Information
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws, including: future exploration and development plans with respect to the Imwelo Project, contract work by Taifa Mining under the Imwelo Project, securing additional funding for the development costs of the Imwelo Project, the completion of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions contained therein, and the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this press release that relate to 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, but not always, identified by words such as “expect”, “plan”, “anticipate”, “forecast”, “seek”, “potential”, “schedule”, “predict”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or state that events or conditions “will”, “would”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management at the time such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, some of which are beyond LVG’s control, including risks relating to or relating to: the completion of the acquisition of the Imwelo Project, the concurrent financing and related transactions, including obtaining all regulatory and third party approvals and consents, the volatility of metal prices and LVG common shares; changes in tax laws; the hazards associated with exploration, development and mining activities; the uncertainty of reserve and resource estimates; the failure to achieve development or production, cost or other estimates; actual exploration or development plans and costs that differ materially from the Company’s estimates; the ability to obtain and maintain all permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations relating to mining activities; climate change and climate change regulations; exchange rate fluctuations; availability of funding; financing and debt activities; doing business in foreign and developing countries and compliance with foreign laws, including those relating to doing business in Tanzania, and risks relating to changes in foreign laws and changing policies regarding mining and local ownership regulations or the nationalization of resources in general, including in response to the outbreak of COVID-19; remote operations and availability of adequate infrastructure; fluctuations in the prices and availability of energy and other inputs required for mining; shortages or cost increases in necessary equipment, supplies and labor; regulatory, political and country risks, including local instability or terrorist acts and their impact; reliance on contractors, third parties and joint venture partners; challenges to title or surface rights; reliance on key personnel and the ability to attract and retain qualified personnel; the risk of an uninsurable or uninsured loss; adverse climatic and weather conditions; process risks; competition with other mining companies; support for LVG activities by the population, including risks related to strikes and the temporary suspension of such activities; conflicts with artisanal 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 similar measures; social media and the reputation of LVG; and other risks disclosed in the Company’s public filings.
LVG’s forward-looking statements are based on management’s opinions and estimates and reflect its current expectations regarding future events and operating results. They apply only as of the date of their publication. LVG assumes no obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions change, unless required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements may differ materially from those expressed or implied in such forward-looking statements. Accordingly, no assurance can be given that the events anticipated in the forward-looking statements will occur or, if they do occur, what benefits or disadvantages will result for LVG. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
