Vancouver, British Columbia– December 15, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to announce further assay results from the ongoing 4,000-meter drill program at the fully permitted Imwelo Gold Project in the Lake Victoria Goldfield in northern Tanzania. Assay results from nine new drill holes re-confirm the down-dip continuation of the primary mineralized zone below the current pit design and, importantly, define extensions to the west and east that had not previously been drill tested.
The program utilizes RC pre-collars with diamond core tails to maximize the geological, geotechnical, metallurgical, and mineralogical data for final pit design optimization, processing plant design, and assessment of future underground potential.
Highlights
- IMWDR003: 3.56 g/t Au over 1.21 m from 83.04 m, including 7.16 g/t Au over 0.41 m;
- IMWDR011: 8.55 g/t Au over 1.30 m from 93.34 m, including 20.77 g/t Au over 0.31 m
- IMWDR012: 2.49 g/t Au over 2.56 m from 79.20 m;
- IMWDR013: 9.31 g/t Au over 2.45 m from 130.00 m, including 21.65 g/t over 0.96 m;
- IMWDR017: 11.19 g/t Au over 0.90 m from 91.8 m, including 32.84 g/t over 0.30 m and 2.97 g/t Au over 3.01 m from 100.52 m;
Key Technical Observations
Depth Extension:
- Drilling continues to confirm mineralization along the entire pit design, with geological continuity now demonstrated to a vertical depth of over 250m, compared to historical resource limits of ~200m. Current drill holes average ~120m in depth, more than double historical drilling (~50m), providing new information below previously modeled limits.
Lateral Extension (East and West):
- IMWDR012 confirms mineralization beyond the eastern pit edge.
- Drilling west of the interpreted NNE trending structure has intersected new mineralization west of the fault zone, opening up a new area for potential resource growth.
Stockwork and Hanging Wall Zones: Additional mineralized intercepts outside of the primary vein suggest opportunities to increase internal ounce content within the current design framework.
Resource Conversion Potential: Results mirror grades and thicknesses of drill holes supporting the existing historical resource model, strengthening confidence in both upgrading inferred to indicated resources and the potential for increasing measured resource classification.
Underground Optionality: Depth extensions and consistent structural continuity support ongoing evaluation of a potential underground development scenario below the planned shallow open pit.
To date, 16 of the 24 planned drill holes have been completed. Assay results have been submitted by MSA Laboratory (Geita) and are summarized in Table 1 (below) and Figure 1, which illustrates drill locations relative to current pit designs.
The latest results confirm that mineralization extends over 250m vertically – well below the historical limit of 200m – and demonstrate lateral continuity both east and west of the current pit design. Additional intersections in the footwall and hanging wall further support resource growth and strengthen confidence in the geological model, indicating the potential to expand the open pit shell and evaluate options for future underground mining ( ).
Table 1 Summary of Assay Results Received
An enhanced version of this graphic can be found at:
https://images.newsfilecorp.com/files/2214/277967_5df3a171647d7965_001full.jpg
| Notes: | |
| Collar Coordinates | Arc 1960 UTM 36S |
| Collar Azimuth | Degrees – 0° is North |
| Collar Dip | Degrees – negative is down |
| Sample Type | DD – Diamond Drill |
| True Thickness | Actual thickness is 0.66 of sample length |
| QAQC | Internal – every 20th sample is a blank, CRM and duplicate sample. All MSA lab results have passed QAQC. |
| Sample Core Size | Split NQ Core |
| Analytical Procedure | MSA Labaratories (T) Limited – Geita, Chrysos PhotonAssay, international standards ISO/IEC 17025 and ISO 9001 |
Figure 1:
Current pit designs for Area C, current drilling with drill hole results trending northeast.
An enhanced version of this graphic can be found at:
https://images.newsfilecorp.com/files/2214/277967_f509664e34e59805_002full.jpg
Management Commentary
Marc Cernovitch, President and CEO, stated: “These results continue to validate our thesis for Imwelo. We are seeing significant extensions of mineralization both at depth and laterally beyond the current pit concept, which strengthens our confidence in the geological model and the long-term potential of Area C. Each new drill hole brings us closer to a more robust development plan and reinforces the opportunity we see for Imwelo to evolve into a scalable gold operation.”
Hendrick Mering, Exploration Manager, added: “The geological investigations confirm our interpretations. We are observing strong quartz veining, alteration, and structural continuity across multiple zones along the known mineralized structures and at depth. The additional assay results confirm our observations in the core and confirm that the resource remains open at depth. The potential below 250 meters and the continuation of mineralization in Area C west and east of the current pit designs are particularly encouraging.”
Program Objectives
- Final Pit Planning and Geotechnical: Acquire oriented core and rock mass data to refine slope angles, wall support requirements, and ramp geometry; complete geotechnical domains within the pit for final pit walls.
- Resource Confidence and Conversion: Infill small gaps to improve confidence in near-surface mineralization and, results permitting, upgrade inferred to indicated categories and increase measured inventory in areas of low coverage.
- Resource Growth: Test down-dip extensions at vertical depths of ~100m and ~200m and step-outs along strike to the west beyond current pit limits.
- Grade Control Readiness: Generate data to plan closely spaced, shallow grade control drilling to support early mining and ROM stockpile development.
- Metallurgy: Extract representative core for confirmation studies in oxide, transition, and fresh domains to validate recoveries and inform early mining sequence.
To support continuous updates, additional assay results from ongoing drilling are pending and will be released as they become available.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat ., a Qualified Person under 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 adjacent 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 pre-feasibility study from 2021, 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 regarding 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, 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 associated with or in relation to: the completion of the acquisition of the Imwelo Project, the concurrent financing and related transactions, including the receipt of all regulatory and third-party approvals and consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the hazards associated with exploration, development and mining activities; the uncertainty of reserve and resource estimates; failure to achieve 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 all necessary 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 financing; financing and debt activities; operating in foreign and developing countries and compliance with foreign laws, including those relating to operating in Tanzania, and risks relating to changes in foreign laws and changing policies relating to mining and local ownership requirements 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 necessary for mining; shortages or cost increases in necessary equipment, supplies and labor; regulatory, political and country risks, including local instability or acts of terrorism and their effects; reliance on contractors, third parties and joint venture partners; challenges regarding title or surface rights; dependence on key personnel and the ability to attract and retain qualified personnel; the risk of uninsurable or uninsured loss; adverse climate and weather conditions; process risks; competition with other mining companies; support for LVG’s activities by the population, including risks related to strikes and the intermittent cessation 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 in accordance with legal requirements; 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 the opinions and estimates of management 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 these forward-looking statements. Accordingly, no assurance can be given that the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits or disadvantages will result.
This is a translation of the original English press release. Only the English press release is binding. No liability is assumed for the accuracy of the translation.
