Lake Victoria completes geotechnical drilling at Imwelo

Executive Summary

• Lake Victoria Gold Ltd. has completed field data collection for geotechnical studies and specific gravity measurements at its Imwelo project in Tanzania, marking a key step toward final open-pit design and near-term production planning.
• The company completed two dedicated geotechnical drill holes (IMWDR016 and IMWDR019) and measured specific gravity on approximately 200 core samples from resource infill drilling to support pit-shell optimization and ore classification.
• Technical data supports the concept of a single, continuous open pit at Area C rather than multiple isolated pits, with final pit designs currently in progress to transition the project from technical studies into the development phase.

Key Details

• Geotechnical Drilling: Two dedicated holes, IMWDR016 and IMWDR019, were completed to depths of 150 metres and 163 metres, respectively. Geotechnical logging and data capture were completed, with samples submitted for rock strength characterization laboratory testing.
• Specific Gravity Measurements: Approximately 200 core samples from the resource infill drilling program were measured for specific gravity across different rock types, including laterite, saprolite, saprock, and fresh rock.
• Data Integration: The resource infill and geotechnical program utilized RC precollars with diamond core tails to maximize geological, geotechnical, metallurgical, and mineralogical data.
• Pit Design Implications: Current geological and geotechnical interpretations indicate the potential for optimization and consolidation of previously modelled pit designs. The data strongly supports a single, continuous open pit covering the full mineralized trend at Area C.
• Geotechnical Data Scope: Data capture included core from 21 completed resource infill drill holes.
• Ore Domain Delineation: Specific gravity measurements enabled accurate delineation of oxide, transitional (oxide ore), and fresh rock (sulphide ore) domains to support the updated mineral resource estimate and eventual ore classification.
• Project Status: The Imwelo project is fully permitted for mine construction and production, with a 2021 prefeasibility study completed. The company notes that while JORC-compliant studies exist, they are not current under NI 43-101, and no feasibility study establishing mineral reserves has been completed.

Notable Quotes

• Hendrick Mering, Exploration Manager: "With the benefit of the latest infill drilling, geotechnical logging and specific gravity measurements, the geological and structural picture at Area C has tightened up considerably. From an exploration and mine-planning perspective, the technical data strongly supports the concept of a single, continuous open pit covering the full mineralized trend, rather than multiple isolated pits."
• Marc Cernovitch, President and CEO: "Completing these programs marks another clear step toward production at Imwelo. As we finalize pit designs at Area C, the project continues to transition from technical studies into the development phase, aligning with our strategy of advancing high-quality assets toward cash flow."