Lake Victoria Gold talks Imwelo metallurgical testing

Executive Summary

• Lake Victoria Gold Ltd. confirmed metallurgical test results for the Imwelo Gold Project in Tanzania, demonstrating gold recoveries of up to approximately 97% using conventional gravity concentration and cyanide leaching.
• The mineralization is classified as largely free-milling, with approximately 84% of gold directly cyanide leachable and a strong gravity recoverable gold component (42-47%), which derisks the processing pathway and supports a simple gravity-CIL flow sheet.
• These results are consistent with historical test work from 2013, 2014, and 2017, reinforcing the technical foundation for final plant design and advancing the project toward near-term gold production.

Key Details

• Gold Recovery: Laboratory results demonstrated gold recoveries of up to approximately 96-97% using bottle-roll cyanide leaching tests.
• Gravity Recovery: Strong gravity recoverable gold component confirmed at approximately 42-47% across multiple test programs.
• Free-Milling Character: Approximately 84% of gold is directly cyanide leachable, confirming the deposit is largely non-refractory.
• Downstream Recovery: Approximately 95% recovery achieved from gravity tails cyanidation.
• Processing Route: Results support a conventional gravity and carbon-in-leach (CIL) circuit, including primary crushing, grinding to P80 75 micrometres, gravity concentration via centrifugal concentrators, and cyanide leaching of gravity tails.
• Ore Hardness: Bond Work Index testing returned a value of approximately 22.9 kWh/t, indicating relatively hard rock typical of Archean greenstone deposits, requiring moderate grinding energy.
• Historical Consistency: Results align closely with earlier metallurgical programs completed in 2013, 2014, and 2017, including strong recoveries from fresh mineralization at Area C.
• Project Status: Imwelo is a fully permitted project located in the Lake Victoria goldfield, approximately 12 km west of AngloGold Ashanti's Geita gold mine. The company is integrating these results into final mine planning, process plant design optimization, and production scheduling.
• Strategic Partnership: Taifa Group has entered an agreement to obtain an equity stake and its subsidiary, Taifa Mining, will conduct contract mining and civil works for the Imwelo project.

Notable Quotes

• "These metallurgical results represent an important milestone in advancing Imwelo toward production. The test work confirms that the mineralization is largely free milling, with a strong gravity recoverable gold component and excellent cyanide recoveries of up to approximately 97 per cent." — Marc Cernovitch, President and CEO