Lake Victoria Gold Completes Imwelo Area C Drill Program, Confirming Pit Expansion Potential and Advancing Project Toward Near Term Production
Executive Summary
- Lake Victoria Gold completed its Imwelo Area C drill program (21 of 24 planned holes) and released full analytical results, confirming down‑dip continuity and lateral extensions of mineralization beyond the current pit design.
- Multiple high‑grade intercepts were reported, e.g., 11.88 g/t Au over 1.33 m (IMWDR009) and 6.96 g/t Au over 2.56 m (IMWDR007), strengthening confidence in the geological model and supporting resource conversion and pit optimization.
- The data underpin final pit design, geotechnical de‑risking, grade‑control planning, metallurgical validation, and a forthcoming low‑dilution financing strategy for near‑term production.
Key Details
- Drill Intercepts (selected highlights):
- IMWDR003 – 3.56 g/t Au over 1.21 m (incl. 7.16 g/t Au over 0.41 m)
- IMWDR007 – 6.96 g/t Au over 2.56 m (incl. 65.02 g/t Au over 0.25 m)
- IMWDR009 – 11.88 g/t Au over 1.33 m (incl. 68.74 g/t Au over 0.22 m)
- IMWDR011 – 8.55 g/t Au over 1.30 m (incl. 20.77 g/t Au over 0.31 m)
- IMWDR013 – 9.31 g/t Au over 2.45 m (incl. 21.65 g/t Au over 0.96 m)
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IMWDR017 – 11.19 g/t Au over 0.90 m (incl. 32.84 g/t Au over 0.30 m)
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Depth & Lateral Extensions:
- Mineralization confirmed to >250 m vertical depth (historical limit ~200 m).
- Average vertical intersection depth ≈120 m, more than double historic average (~50 m).
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New mineralized zones identified east (IMWDR018) and west of the current pit margin.
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Resource Conversion Potential:
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Intercepts mirror grades/widths of historical resource holes, supporting Inferred‑to‑Indicated upgrades and possible Measured increases.
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Geotechnical Work:
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Two oriented core geotech holes completed for RQD logging, rock‑mass characterization, slope angle refinement, and ramp geometry design.
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Grade‑Control & Metallurgical Validation:
- Shallow holes provide data for pre‑stripping grade‑control plans.
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Oxide, transitional, and fresh samples selected for confirmatory metallurgical testing.
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Funding Strategy:
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Results feed into a financing plan aimed at minimizing equity dilution while aligning capital with near‑term cash flow generation.
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Management Commentary:
- CEO Marc Cernovitch emphasized that the results “further validate Imwelo as a near‑term production asset” and provide the technical data needed for final pit design, resource conversion, and mine planning.
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Exploration Manager Hendrik Meiring highlighted consistent mineralization, alteration, and structural continuity across zones to >250 m depth.
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Qualified Person: David Scott, Pr. Sci. Nat., reviewed and approved all scientific and technical information (NI 43‑101).
Notable Quotes
“These results further validate Imwelo as a near‑term production asset… we have now demonstrated continuity of mineralization beyond the current pit design, both at depth and laterally…” – Marc Cernovitch, President & CEO
“The geology is performing exactly as interpreted… confirming mineralization east and west of the current pit design further highlights the potential for resource growth.” – Hendrik Meiring, Exploration Manager