#Vancouver #Tanzania #Lake Victoria Gold #Imwelo Project

Lake Victoria Gold Begins 6,500-Metre Drilling at Imwelo

Lake Victoria Gold Ltd., traded on TSX Venture Exchange as LVG, has recently announced an exciting development for its fully permitted Imwelo Gold Project located in Tanzania. As of November 4, 2026, the company has kicked off an estimated 6,500-meter reverse circulation grade control drilling program aimed at the initial open-pit mining area, designated as Area C. This initiative marks a pivotal shift from merely defining resources to focusing on strategic mine planning oriented towards mineral production.

Transitioning to Production-Oriented Operations

The commencement of this drilling program is part of a larger strategy to gather precise geological data essential for delineating the boundaries between economically viable mineralization and non-viable host rock. By obtaining this critical information, Lake Victoria Gold expects to efficiently manage ore dilution while optimizing grade control. Moreover, the initiative will lay the groundwork for planning the sequence of initial mining activities and the management of pre-production mineral stockpiles.

Key Highlights of the Program

The program utilizes a staggered drilling grid of 10 meters by 10 meters to gather data specifically from the upper 20 meters of the planned Area C open pit. With a second drilling rig soon to be mobilized, the expected completion date for the program is set for February 2027. This drilling effort is expected to provide essential geological insights that will support:

• - Final pit design and optimization.
• - Grade control measures.
• - Mining schedules.
• - Establishing a mineralized material stockpile.

Building on Previous High-Grade Results

Recent drilling activities in late 2025 and early 2026 indicated promising high-grade results, including significant gold concentrations—28.71 g/t Au over 2.75 meters and 12.20 g/t Au over 4.50 meters. These results underscore the existence of high-grade gold mineralization within the accessible weathered rock layers. Such positive findings not only validate the geological potential of Area C but also enhance the feasibility of future expansions and resource growth through further exploration.

Enhancing Mine Readiness

The current grade control drilling project is distinctly focused on the initial stages of mining and aims to provide detailed guidance for mining operations. Unlike previous exploration efforts, this drilling is designed to deliver finely detailed insights that will streamline mining planning and execution, ensuring accurate delineation of or within waste rock.

Progressing With Development

In conjunction with the ongoing drilling, various aspects of site development are also progressing. Initial access road repairs have been successfully completed, and significant work on the construction camp is nearing completion. The clearing and earthworks across the site are actively ongoing, poised to enhance the project's operational efficiency.

Management Insights

Lake Victoria Gold's President and CEO, Marc Cernovitch, remarked on this development: "Starting our grade control drilling marks a significant milestone for Imwelo as we move closer to production readiness. This shift in focus from mineralization assessments to detailed preparations for the first mining areas is vital for establishing effective mining operations. The data we gather will critically inform how we manage grade and dilution control while adhering to our mining plan."

Cautionary Considerations

While Lake Victoria Gold is progressing toward mining operations, it is essential to note that the Imwelo project has not yet undergone a comprehensive feasibility study under NI 43-101 standards. The potential for economic viability remains uncertain, influenced by various risks including geological anomalies, cost fluctuations, and operational challenges. The company emphasizes due diligence as it navigates these complexities while striving to bring the Imwelo project into production.

Conclusion

As Lake Victoria Gold embarks on this ambitious drilling program at the Imwelo project, it positions itself favorably in the highly lucrative gold market. The upcoming months will prove crucial in determining the viability and profitability of this endeavor, as stakeholders and investors alike watch closely for developments in this promising venture.