Lake Victoria starts 4,000 m drill campaign at Imwelo

Executive Summary

• Lake Victoria Gold Ltd. has begun a 4,000‑metre multi‑purpose drilling program at the Area C zone of its fully permitted Imwelo gold project in north‑western Tanzania, with first spudding scheduled for 6 Oct 2025.
• The campaign is intended to support short‑term production readiness, expand and convert resources, and optimise final open‑pit design; a second drill rig has been ordered to accelerate the work.
• Area C hosts an average grade of 3.7 g/t Au with historic intercepts up to 6.8 g/t Au, and the new program will test extensions both laterally (westward step‑outs) and at depth (to ~200 m), as well as collect geotechnical and metallurgical data for pit design.

Key Details

• Program Scope: 4,000 m of drilling across multiple holes targeting strike extensions, depth extensions, geotechnical logging, and metallurgical sampling.
• Start Date: Mobilisation of the first rig underway; drilling to commence 6 Oct 2025.
• Second Rig: Ordered and expected to mobilise within weeks to increase drill rate.
• Area C Grade Context: Average historic grade 3.7 g/t Au; key historic intercepts include:
• 2 m @ 5.06 g/t Au from 15 m (IMWRC‑037)
• 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC‑037)
• 7 m @ 3.22 g/t Au from 27 m (IMRC‑014)
• 2 m @ 7.5 g/t Au from 22 m (IMWRC‑038)
• Strike Extensions: Westward step‑outs will test continuity across a interpreted fault; geophysics suggest mineralisation may be offset rather than terminated beyond current pit limits.
• Depth Extensions: Planned holes aim to intersect mineralisation at ~100 m and ~200 m down‑dip (historical drilling averaged ~45 m). Successful results could bolster confidence for resource expansion and future underground targeting.
• Geotechnical Work: Selected diamond holes will be oriented for structural logging to refine geotechnical domains and slope designs for the final pit shell.
• Metallurgical Work: Representative core will be composited for confirmatory testing, focusing on transition horizons to validate recovery assumptions and early‑stage mine scheduling.
• Leadership Comments:
• Marc Cernovitch (President & CEO) – “By mobilizing now and adding a second rig, we're advancing Imwelo on two fronts — short‑term production readiness and resource growth potential….”
• Seth Dickinson (COO) – “This program is about turning plans into mine‑ready decisions … we expect steady results that support a disciplined transition toward production at Imwelo.”
• Qualified Person: Technical review approved by David Scott, PrSciNat (qualified person under NI 43‑101).

Notable Quotes

“By mobilizing now and adding a second rig, we're advancing Imwelo on two fronts — short‑term production readiness and resource growth potential. This drill program is designed to tighten mine scheduling, validate pit and slope design, and test down‑dip and western extensions at Area C.” – Marc Cernovitch, President & CEO

“This program is about turning plans into mine‑ready decisions — validated pit design and targeted stepouts for potential growth. With two rigs, we expect steady results that support a disciplined transition toward production at Imwelo.” – Seth Dickinson, PEng, COO