Lake Victoria Gold Advances Ngula 1 Drilling and Tembo Development Strategy Amid Surge in Tanzanian Gold Activity
New drilling campaign at Ngula 1 aligns with Lake Victoria Gold’s plan to fast-track near-term production and long-term discovery alongside Barrick and AngloGold.
Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has kicked off a strategic drilling campaign at its Ngula 1 prospect in Tanzania, signaling the next phase in a focused push toward early gold production and broader resource development across its Tembo Project. The 3,000-meter reverse circulation (RC) program targets a shallow, high-grade resource that could feed into an emerging joint venture with third-party processing partners.
This aggressive move reflects the company’s dual strategy: unlock near-surface gold for cash flow while simultaneously advancing a district-scale discovery adjacent to majors like Barrick Gold (TSX: ABX) (NYSE: B) and AngloGold Ashanti (NYSE: AU).
Drilling to Unlock Near-Term Cash Flow
The new RC campaign zeroes in on a 300-meter stretch of the southern structural zone at Ngula 1, where earlier drilling yielded standout intercepts. Highlights include 17.23 g/t gold over 4 meters from 19 meters depth and 28.57 g/t gold over 3 meters from 54 meters. By spacing holes every 20 meters and testing depths down to 50 meters, Lake Victoria Gold aims to build a robust, near-surface resource that supports its partnership with a nearby processing facility just 3.5 kilometers from the site.
David Scott, Managing Director, Tanzania & Director of Lake Victoria Gold, stated:
Ngula 1 demonstrates strong geological continuity and consistent high-grade mineralization over multiple campaigns. The structural complexity, folding patterns, and repeated shear-hosted zones are exactly the kind of setting we associate with significant gold systems in the Lake Victoria Goldfield. This close-spaced RC program will give us the data density needed to move from exploration success toward a resource, and potentially, production.
Strategic JV Ties Ngula 1 to Broader Development Vision
The new drilling campaign is not an isolated effort. It directly supports a proposed small-scale mining joint venture with Nyati Resources, designed to monetize mineralized material from the Tembo Project’s mining licenses (MLs) and nearby Primary Mining Licences (PMLs). Under the current Letter of Intent (LOI), Nyati would contribute two processing plants—one operational and one under construction—while Lake Victoria Gold provides feedstock from its extensive license holdings.
Simon Benstead, Executive Director of Lake Victoria Gold, commented:
This drilling campaign is part of our broader strategy to unlock the long-term value at Tembo. While the near-surface potential at Ngula 1 presents an exciting opportunity for near-term production and cash flow, it also serves a larger purpose-supporting a non-dilutive path toward what we believe is a district-scale gold system. We’re leveraging strategic infrastructure and partnerships to advance exploration while staying disciplined on capital allocation.
The proposed JV also aligns with recent infrastructure growth in the region. A privately operated Carbon-in-Pulp (CIP) plant, with a second under development, adds processing capacity of up to 620 tonnes per day. The initiative provides Lake Victoria Gold with a real-world opportunity to validate its models, gather operating data, and generate revenue without compromising its larger exploration focus.
Also Read: The Small Cap Gold Market is Breaking Out Hard – Here’s What to Do
From Permits to Production: The Tembo Transformation
This operational pivot comes just weeks after a pivotal regulatory win. On April 9, Lake Victoria Gold successfully converted its Tembo Project’s Prospecting License into four 10-year Mining Licenses. This legal advancement cleared the path for formal development and greatly de-risked the project for partners and investors.
“The approval of our Mining Licenses is a pivotal step forward for the Tembo Project,” said Marc Cernovitch, Lake Victoria Gold President & CEO. “We have always believed in the district-scale potential of this asset. With tenure now secured for the next 10 years, we can focus on evaluating the most efficient development options to unlock maximum shareholder value. This is a transformational moment for the company and its stakeholders.”
The Tembo Project has seen more than $28 million in exploration investment, including 50,000 meters of diamond and RC drilling. Three high-priority zones—Ngula 1, Nyakagwe Village, and Nyakagwe East—have all returned strong grades. Notably, historical results from Nyakagwe Village include 78.1 g/t gold over 1 meter and 27.88 g/t over 3.88 meters, while Nyakagwe East has delivered 19.1 g/t over 3 meters and 10.25 g/t over 3.5 meters.
Barrick and AngloGold Loom Large
Lake Victoria Gold’s real estate lies at the heart of Tanzania’s most productive gold belt—just next door to Barrick Gold’s Bulyanhulu Mine and west of AngloGold Ashanti’s Geita Gold Mine. That strategic proximity has already translated into capital. In 2021, LVG sold six non-core prospecting licenses near Bulyanhulu to Barrick for $6 million upfront and up to $45 million in discovery-based milestone payments. Barrick has also taken an equity position in LVG, further underscoring the gold mining behemoth’s belief in the region.
Those funds helped LVG build its current drilling momentum and avoid shareholder dilution—an uncommon feat for a junior miner. The company’s leadership, with decades of African mining experience, retains over 60% ownership, underscoring a deep alignment with shareholder interests.
Lake Victoria Gold also secured an equity investment and operational partnership with Taifa Group, Tanzania’s largest mining contractor. Through Taifa Mining, the company will access decades of Tanzanian mining expertise and the country’s largest fleet of equipment, reducing execution risk across both exploration and development.
The Road Ahead
Lake Victoria Gold has now positioned itself at a strategic crossroads—leveraging shallow gold potential to finance deep exploration upside. The Ngula 1 drilling campaign marks a key inflection point, not only in delivering early cash flow but also in strengthening the foundation for a much larger discovery narrative.
As LVG President & CEO Marc Cernovitch put it:
We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania. This proposed partnership aligns with our strategy of unlocking near-term value while continuing to advance our core exploration assets.
With a fresh drilling program underway, regulatory approvals in hand, and high-powered partners by its side, Lake Victoria Gold appears ready to carve out its place among Africa’s next generation of gold producers.
Read Next: Gold’s Breaking Out to New Highs; Here’s the 3 Best Stocks to Play It
Join the Discussion in the WVC Facebook Investor Group
Do you have a stock tip or news story suggestion? Please email us at Invest@WealthyVC.com.
This report/release/profile is a commercial advertisement and is for general information purposes only. We are engaged in the business of marketing and advertising companies for monetary compensation unless otherwise stated below.
Wealthy VC and its employees are not Registered Investment Advisors, Broker-Dealers or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Wealthy VC encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled through their website, news releases, and corporate filings, or is available from public sources and Wealthy VC makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. Our website and newsletter are for entertainment purposes only. This website is NOT a source of unbiased information. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment.
Release of Liability: Through the use of this email and/or website advertisement, by viewing or using it, you agree to hold Wealthy VC, its operators, owners and employees harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur. Wealthy VC-sponsored advertisements do not purport to provide an analysis of any company’s financial position, operations or prospects and this is not to be construed as a recommendation by Wealthy VC or an offer or solicitation to buy or sell any security. WealthyVC and our controlling entity 1000724287 Ontario Ltd. have been compensated CDN $50,000 for three months for investor relations by Lake Victoria Gold Ltd.
None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provided herein. Instead, Wealthy VC strongly urges you to conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D and all reports published on SEDAR if the company featured is Canadian. Wealthy VC further urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies profiled.
The Private Securities Litigation Reform Act of 1995 provides investors with a ‘safe harbor’ in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as “projects”, “foresee”, “expects”, “will”, “anticipates”, “estimates”, “believes”, “understands”, or that by statements indicating certain actions “may”, “could”, or “might” occur. Understand there is no guarantee past performance will be indicative of future results. Past Performance is based on the security’s previous day’s closing price and the high of-day price during our promotional coverage.
In preparing this publication, Wealthy VC has relied upon information supplied by various public sources and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this email and website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies. The advertisements in this email and website are believed to be reliable, however, Wealthy VC and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim any liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of material facts from such advertisement. Wealthy VC is not responsible for any claims made by the companies advertised herein, nor is Wealthy VC responsible for any other promotional firm, its program or its structure.
