Lake Victoria Gold Launches Major Drill Program at Imwelo Project as It Races Toward Production
Drilling campaign targets resource conversion, mine scheduling, and deeper gold zones near Barrick and AngloGold assets in Tanzania.
Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has officially kicked off a 7,750-metre multi-purpose drill campaign at Area C of its Imwelo Gold Project in northwestern Tanzania. With a firm eye on short-term production, the company aims to complete this aggressive program by the third quarter of 2025.
The campaign marks a pivotal step in LVG’s low-capex, open-pit mine plan. Located just 12 kilometers from AngloGold Ashanti’s (NYSE: AU) Geita Gold Mine and within striking distance of Barrick Gold’s (NYSE: B) (TSX: ABX) Bulyanhulu operation, the Imwelo project is in the heart of Tanzania’s prolific Lake Victoria Goldfields. It’s a neighborhood known for world-class gold discoveries, and LVG believes it may be next in line.
Three-Pronged Approach to Drilling
LVG has structured the program around three key goals: immediate mine readiness, deeper geological insight, and long-term growth potential.
The first phase, grade control drilling, will span 3,750 metres and follow a tight 10×10 metre reverse circulation (RC) grid to a vertical depth of 20 metres. This detailed approach will define the ore/waste boundary within the planned Area C open pit and feed critical data into the early mine plan and production schedule.
Next up: 2,500 metres of RC drilling aimed at strike extensions to the west of Area C. Previous drilling in the area identified faulting, suggesting that the mineralized zone may stretch further than currently defined. The company wants to confirm whether the high-grade resource envelope can expand, especially given strong historical intercepts like 6.8 metres at 14.6 grams per tonne (g/t) of gold and 2 metres at 7.5 g/t.
Finally, 1,500 metres of diamond drilling will test the ore zone at depth, 100 to 200 metres, far beyond the roughly 70-metre maximum reached in prior campaigns. These deeper targets could point to a potential underground development path in the future.
Marc Cernovitch, President & CEO of Lake Victoria Gold, stated:
We’ve designed this program to maximize Imwelo’s short-term production readiness while extending the upside case. The drill data will help us finalize early mine scheduling, validate pit design, and potentially unlock high-grade extensions.
Area C: The Launchpad for Production
Area C isn’t just another drill target; it’s the first production zone. With an average grade of 3.7 g/t gold, it stands out as one of the highest-grade portions of the project’s historical resource. The zone falls within the bounds of Mining Licence ML538/2015, which is fully permitted for construction and production.
The Imwelo project boasts a 10-year mining license and features a straightforward development plan. Metallurgical recoveries exceed 90%, and management believes that first gold could be achieved within 12 months of the start of construction.
To support that vision, select diamond holes from the current program will provide geotechnical data for pit slope stability assessments, and metallurgical samples will confirm recovery metrics. These are vital inputs for final engineering and commissioning decisions.
Seth Dickinson, P. Eng., Chief Operating Officer, emphasized the strategic layering of the drill program, stating:
We’ve optimized this program to deliver multiple layers of value-from detailed grade control to geotech validation and deeper exploration. The step-out and depth targets are especially compelling given the structural complexity we’ve seen to the west. The team is focused on accelerating toward a clean construction start with maximum technical confidence.
Unlocking the Resource Potential
According to the latest Historical Resource Estimate (May 2017), Imwelo contains 42,000 ounces of measured gold at 3.15 g/t, 95,700 ounces of indicated gold at 1.95 g/t, and 153,900 ounces inferred at 1.56 g/t. Altogether, that adds up to nearly 292,000 ounces.
While the company isn’t treating the Historical Resource as current under NI 43-101 standards, it serves as a critical base for exploration. Management intends to convert the historical estimate into a current mineral resource through additional drilling, assaying, and verification by a qualified person. If successful, it could unlock significant upside and lengthen mine life.
Most of the drilling to date has only gone down to 80 metres. With fresh eyes and modern tools, LVG sees a much bigger prize lurking deeper and further along strike, especially since some areas remain untested due to earlier access constraints.
Strategic Positioning in Tanzania’s Gold Belt
Lake Victoria Gold finds itself in elite company. Its Imwelo project lies in close proximity to two of Africa’s premier gold mines: AngloGold Ashanti’s Geita and Barrick Gold’s Bulyanhulu. The company also holds 100% of the Tembo project, adjacent to Bulyanhulu, with more than 50,000 metres of historic drilling.
LVG’s leadership believes its projects offer a rare blend of high-grade potential, near-term production, and geological upside. Management, directors, and partners own more than 60% of the company’s shares, aligning tightly with shareholder interests.
LVG has also earned the backing of industry giants. Barrick Gold has taken an equity stake, and the company recently entered into a strategic partnership with Taifa Group, further validation of the team’s long-term strategy and local expertise.
Eyes on the Prize
As the drill rigs turn at Imwelo, Lake Victoria Gold is marching toward a defining moment. The company isn’t just proving up a resource, it’s laying the groundwork to become Tanzania’s next gold producer.
The company expects the current drill campaign to wrap by Q3 2025. If the results hit their mark, the next phase of mine construction could begin shortly thereafter, setting the stage for first gold within a year.
With a fully permitted license, strong institutional support, and a drill bit chasing high-grade veins, Lake Victoria Gold appears to be moving full speed ahead.
As Marc Cernovitch put it: “With Area C now fully defined as our initial production zone, we’re making meaningful progress toward becoming Tanzania’s next gold producer.”
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