#Vancouver #Tanzania #Lake Victoria Gold #gold drilling #Imwelo Project

Lake Victoria Gold Reports Exceptional Drilling Results at Imwelo

Lake Victoria Gold Ltd., a prominent player in the Tanzanian gold mining sector, has unveiled impressive assay results from its recent diamond drilling campaign at the fully permitted Imwelo Gold Project. The company has disclosed high-grade gold intersections, notably including 28.71 grams per tonne (g/t) over 2.75 meters in hole IMWDR029 and 12.20 g/t over 4.50 meters in hole IMWDR028. These results not only highlight the project's potential but also pave the way for further development and detailed planning.

Overview of the Assay Results

The most significant findings from the drill campaign are worth mentioning. The two highlighted holes of the drilling program show extraordinary grade averages.

• - Hole IMWDR029: Intersected 28.71 g/t Au over 2.75 meters, with the interval containing a notable segment of 59.77 g/t Au over 1.30 meters.
• - Hole IMWDR028: Presented 12.20 g/t Au over 4.50 meters, featuring 27.94 g/t Au over 1.90 meters, including an impressive 124.83 g/t Au within a quartz-vein sample.

The reported grades occur within a highly weathered mineralized zone located in Area C, which is designated as the initial open-pit mining area for the project.

Implications for the Mining Plan

These high-grade findings bolster the technical feasibility of the project, with both immediate implications for mine planning and the overall economic outlook. The intersections occur relatively shallow, beginning at depths of just 21 meters and 32 meters, which is key for open-pit mining operations. Such promising grades are expected to facilitate significant enhancements in mine planning and production efficiency.

Metallurgical assessments are also underway, targeting the weathered ore to understand how it may behave during processing. Core samples from the drillings have been sent to Nesch Mintech Tanzania Limited, where comprehensive evaluation of the ore's metallurgical properties will be carried out. This includes testing to determine the necessity for clay removal processes which could be critical in optimizing recovery rates and processing effectiveness.

Management Perspectives

Marc Cernovitch, President and CEO of Lake Victoria Gold, emphasized the significance of these results, stating, "These results reaffirm the high grade, near-surface character of Area C and signify the integral nature of our metallurgical program in defining our processing flowsheet. Understanding the clay content and its impact on recovery will be essential for our project development moving forward."

Advancing Development Initiatives

Complementing the drilling operations, Lake Victoria Gold is engaged in a multifaceted development strategy at the Imwelo site. This includes detailed pit design, grade control, and optimization of the processing strategy. Currently, groundwork activities are in progress, focusing on access road improvements and establishing the fundamentals of the processing plant.
Additionally, the company aims to conduct further grade-control drilling, refine the pit design, and develop a comprehensive production schedule at the Imwelo site.

Future Steps

As the weathered ore metallurgical testwork concludes, Lake Victoria Gold plans to identify the best treatment options for the mined materials. This will play a crucial role in shaping the upcoming phases of development at the Imwelo Gold Project, with the aim of maximizing resource recovery and ensuring effective project management.

In summary, the recent successful assay results from the drilling campaign at Lake Victoria Gold's Imwelo Project stand as a testament to the robust mining potential of the region, setting the stage for promising future developments in one of Tanzania's most prospective goldfields.