Lake Victoria continues drill program at Imwelo

Executive Summary

• Lake Victoria Gold has commenced a 4,000‑metre multi‑purpose drilling campaign at the Imwelo Area C, the site of its planned initial open pit.
• The program combines reverse‑circulation precollars with diamond‑core tails to gather geotechnical, geological and metallurgical data needed for final pit design, resource conversion and grade‑control planning.
• First hole (IMWRD_005) is underway, targeting mineralization at ~120 m depth; historic intercepts in the area include 2.0 m @ 5.06 g/t Au and 6.8 m @ 14.6 g/t Au.

Key Details

• Program Scope: Approximately 24 holes totaling ~4,000 m; includes 8 shallow infill holes, 13 down‑dip extension holes (≈150–200 m depth), 3 western stepout holes, and additional hanging‑wall/foot‑wall targets.
• Drilling Methodology: RC precollar (~80 m) followed by DD tail (~150 m) for each hole to reduce cost while preserving core quality.
• First Hole – IMWRD_005:
• RC precollar to ~80 m, then DD tail to a projected total depth of ~230 m.
• Designed to intersect Area C mineralization at ≈120 m vertical depth near the western end of the zone.
• Historical Results (Area C, western end):
• 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).
• Convert inferred resources to indicated/measured where supported by assay results.
• Test down‑dip extensions (~100 m and ~200 m) and western stepouts for resource growth and potential underground phase.
• Generate data for close‑spaced grade‑control drilling and early ROM stockpile development.
• Collect representative core for metallurgical testing across oxide, transition and fresh domains.
• Management Comments:
• CEO Marc Cernovitch emphasizes that the campaign “tightens our final pit design, converts ounces where appropriate and sets up grade control” to enable rapid pre‑strip and stockpiling once construction begins.
• COO Seth Dickinson notes the engineering focus on answering remaining technical questions (slope angles, ramp geometry, continuity) while keeping costs low.
• Future Updates: Company will provide periodic drilling progress reports and initial assay results after QA/QC validation.

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 risk disclosures and a qualified person statement (David Scott, PrSciNat).