Lake Victoria Gold Announces Imwelo Area C Drilling Underway: 4,000 m to Finalize Pit Design & Grow Ounces

Executive Summary

• Lake Victoria Gold Ltd. has commenced a 4,000‑metre multi‑purpose drilling campaign at the fully permitted Imwelo Gold Project in northwestern Tanzania.
• The first hole (IMWRD_005) has started in Area C, the planned location of the initial open pit, integrating RC pre‑collars with diamond‑core tails to gather geotechnical, resource and metallurgical data.
• The program targets 24 holes covering shallow infill, down‑dip extensions (~100–200 m), western step‑outs, and hanging‑wall/foot‑wall testing to improve pit design, upgrade resources and assess potential underground follow‑on mining.

Key Details

• Program Scope: ~4,000 m total depth across 24 planned holes at Imwelo Project.
• Drilling Technique: Reverse‑circulation (RC) pre‑collars combined with diamond‑core (DD) tails to reduce cost and cycle time while retaining core quality for geotechnical and metallurgical analysis.
• First Hole – IMWRD_005:
• RC pre‑collar to ~80 m, followed by ~150 m DD tail; projected final depth ≈230 m.
• Target intercept: Area C mineralization at ~120 m vertical depth (western end of zone).
• Hole Allocation:
• Shallow infill: 8 holes targeting gaps near eastern/western pit margins and central area; intersections planned at ~25 m and 50 m depth.
• Depth extensions: 13 holes on ~100 m spacing to test lodes at ~150 m and 200 m below surface for resource conversion and underground potential assessment.
• Western step‑outs: 3 holes west of a dyke‑filled fault truncating Area C, testing continuity across a 50–70 m offset.
• Hanging/foot wall: All holes drill through the modeled zone to evaluate additional lodes not included in current resource model.
• Historical Intercepts (Context for Area C):
• IMWRC‑037: 2.0 m @ 5.06 g/t Au from 15 m; 6.8 m @ 14.6 g/t Au from 33.2 m.
• IMWRC‑038: 2.0 m @ 7.5 g/t Au from 22 m.
• Program Objectives:
• Refine final pit design (slope angles, wall support, ramp geometry) with oriented core and rock‑mass data.
• Increase resource confidence, convert inferred to indicated resources, and grow measured inventory.
• Test down‑dip extensions and western step‑outs for potential pit expansion and underground phase feasibility.
• Generate grade‑control data for early mining and ROM stockpile development.
• Collect representative core for metallurgical testing across oxide‑transition‑fresh domains.
• Management Comments:
• Marc Cernovitch (President & CEO) emphasizes that drilling reduces risk, advances the project toward first production, and supports a low‑capex build plan.
• Seth Dickinson (COO) notes the campaign addresses key technical questions on slope design, ramp geometry, continuity, and cost‑effective data acquisition.
• Future Updates: Company will provide periodic progress reports and initial assay results once validated under LVG’s QA/QC protocols.

Notable Quotes

“Kicking off drilling at Area C is a tangible step toward first production at Imwelo… each metre drilled reduces risk and advances Imwelo along the development path.” – Marc Cernovitch, President & CEO

“We’ve engineered this campaign to answer the last technical questions: slope angles, ramp geometry, and continuity down‑dip and to the west.” – Seth Dickinson, COO

The release includes standard forward‑looking statements and a qualified person disclaimer; these have been omitted from the summary for brevity.