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Lake Victoria Gold Ltd. Publishes Maiden Ni 43-101 Mineral Resource Estimate for Tembo Gold Project
Lake Victoria Gold Ltd. published a maiden NI 43-101 Mineral Resource Estimate of 480,100 Inferred ounces at 1.12 g/t gold and 99,700 Indicated ounces at 1.16 g/t gold across three near-surface deposits on granted Mining Licences, with an effective date of May 29, 2026. At a 1.00 g/t cut-off, the resource retains 331,700 Inferred ounces at 2.15 g/t and 68,600 Indicated ounces at 2.00 g/t. At 1.50 g/t cut-off, 232,100 Inferred ounces at 3.18 g/t and 48,500 Indicated at 2.68 g/t. Ngula 1 is the development focus, hosting 56% of Inferred ounces and 63% of Indicated ounces, and will be the target of an approximately 4,000-5,000 metre close-spaced drilling program on a 20m by 20m pattern, designed to improve geological confidence and support future mine planning. LVG is advancing a toll-milling arrangement with Nyati Resources, using a 500-tonne-per-day processing plant located on a Tembo licence adjacent to Bulyanhulu, subject to confirmatory drilling, permitting, financing, and a definitive agreement. Only three of 39 targets covered. The maiden MRE covers three deposit areas on a 34 km2 property where GoldSpot Discoveries identified and ranked 39 exploration targets in 2020. The Buly Trend and Iyenze targets lie directly against the Bulyanhulu boundary and have not yet been drilled. The maiden MRE, prepared by independent Qualified Persons Noleen D. Pauls and Dean Richards of Obsidian Consulting Services, reports an Inferred Mineral Resource of 13.33 million tonnes at 1.12 g/t gold containing 480,100 ounces and an Indicated Mineral Resource of 2.69 million tonnes at 1.16 g/t gold containing 99,700 ounces, all within conceptual open-pit shells at a 0.25 g/t cut-off. As the reporting cut-off increases from 0.25 g/t to 1.00 g/t, the retained Inferred resource moves from 13.33 million tonnes at 1.12 g/t to 4.79 million tonnes at 2.15 g/t. The contained ounces in the Inferred category decline from 480,100 to 331,700, but the grade almost doubles. At a 1.50 g/t cut-off, 2.27 million tonnes at 3.18 g/t retains 232,100 Inferred ounces. This grade-escalation behaviour is the fingerprint of a robust higher-grade core embedded within a broader mineralized envelope, and it was specifically captured using multiple-indicator kriging. At Ngula 1, the higher-grade behaviour is even more pronounced. At a 1.00 g/t cut-off, Ngula 1's Inferred resource is 2.28 Mt at 2.33 g/t for 170,700 ounces and its Indicated resource is 0.66 Mt at 1.96 g/t for 41,400 ounces. Historical drilling has confirmed both wide, near-surface mineralization and the continuity of the higher-grade core to depth: TDD0041 returned 22.81 g/t gold over 15.00 metres from 299.00 metres, TDD0004 returned 3.13 g/t gold over 25.89 metres from 41.00 metres including 9.38 g/t over 6.30 metres, and TDD0054 returned 8.17 g/t gold over 11.05 metres from 116.96 metres. Ngula 1 hosts an Inferred Mineral Resource of 8.12 Mt at 1.03 g/t for 267,900 ounces and an Indicated Mineral Resource of 1.78 Mt at 1.10 g/t for 62,700 ounces. The deposit remains open along strike and at depth. The independent Qualified Persons recommend approximately 5,000 metres of close-spaced drilling on a 20m by 20m pattern. The program is intended to improve confidence in the continuity and geometry of near-surface mineralization, support resource conversion from Inferred to Indicated, and provide the geological information required for future mine planning. Much of Nyakagwe Village and Nyakagwe East remains Inferred largely because of wider drill spacing. LVG is advancing a toll-milling arrangement with Nyati Resources using a 500-tonne-per-day processing plant located on a Tembo licence adjacent to Bulyanhulu. The proposed arrangement is designed to provide a capital-efficient route to process near-surface material from Ngula 1 without requiring LVG to build its own processing infrastructure at Tembo. The arrangement remains subject to confirmatory drilling, permitting, financing, and the negotiation and execution of a definitive agreement. The geological and strategic significance of Tembo's position adjacent to Barrick's Bulyanhulu Mine is central to it. Bulyanhulu is one of Africa's most significant high-grade gold mines, with a 12-million-ounce resource and a production history extending back to 2001. The northwest-trending shear structures that host Bulyanhulu's Reef 1 and Reef 2 are interpreted to continue onto the Tembo licences, and LVG has used the Bulyanhulu deposit model to guide its targeting along this structural corridor. Barrick acquired six of LVG's non-core licences for USD 6 million in cash plus up to USD 45 million in ounce-based contingent payments. Following that sale, the Tembo project is now effectively surrounded by Bulyanhulu ground. Two of Tembo's remaining untested targets, the Buly Trend and Iyenze, lie directly against the Bulyanhulu boundary and are interpreted as the northwestern continuation of the structural corridor that hosts Bulyanhulu's Reef 1 and Reef 2. The maiden MRE does not include those targets. The 2020 GoldSpot Discoveries study identified and ranked 39 exploration targets across the Tembo licence package. The maiden MRE covers three of them. Surface sampling reported in December 2025 returned high-grade results across several artisanal workings beyond the three defined deposits: Ngula 2 returned up to 35.21 g/t gold, Nyangomango returned 8.50 g/t and 7.86 g/t gold from newly identified workings, and Mgusu returned 5.90 g/t gold at an under-drilled target. LVG now has two defined gold assets in Tanzania: the fully permitted Imwelo Gold Project, which is advancing toward construction with Phase 1 earthworks commenced, Phase 3 land compensation underway, a Tanzanian-led EPCM team in place, and a gold loan facility advancing through regulatory channels; and the Tembo Gold Project, which has just moved from drill story to defined resource. Barrick's equity investment in LVG and the strategic partnership with Taifa Group, Tanzania's largest mining contractor, provide institutional validation and operational infrastructure. Management, directors, and strategic partners together own more than 60% of shares outstanding.