Lake Victoria Gold Extends Mineralization Below Pit Shell at Imwelo; First Results Confirm Continuity to >250 m Depth
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The November 26, 2025, news release provides the first analytical results from the ongoing 4,000-metre drill program at the Imwelo Gold Project in Tanzania. The company has completed 1,319 meters across five holes. The results confirm that gold mineralization extends below the current pit shell design to a depth of over 250 meters.
Key intercepts include: - IMWDR_009: 1.33 meters grading 11.88 g/t Au in the main mineralized zone. - IMWDR_007: 2.56 meters grading 6.96 g/t Au in the main mineralized zone. - IMWDR_011: 3.53 meters grading 3.40 g/t Au in the main mineralized zone.
Management stated that these results are "exactly what we hoped to see" and validate their geological model, confirming the resource remains open at depth and that additional mineralized lodes are emerging.
The news is materially positive as it represents the successful initial execution of a key catalyst. The 4,000-metre drill program, announced on October 1 and 9, 2025, was designed to de-risk the Imwelo project by finalizing the pit design, converting inferred resources, and testing for extensions at depth.
- Confirmation of Thesis: These initial results confirm the geological model and demonstrate the continuity of mineralization at depth, which is a critical step in advancing the project towards a production decision. The high-grade intercepts (11.88 g/t and 6.96 g/t Au) are particularly encouraging and support the historical data suggesting Area C is a high-grade zone.
- De-risking Event: For a development-stage company, confirming that the deposit extends beyond the current mine plan reduces geological risk and enhances the project's economic potential. This supports the company's stated plan for a low-capex starter pit with potential for a future underground phase.
- Alignment with Projections: On October 31, 2025, the company announced the mobilization of a second rig and stated that assays for the first two holes were expected "next week." While the results arrived a few weeks later, they align with the positive visual indicators mentioned in that release.
The results are not a "game-changer" in that they don't announce a brand-new discovery, but they are a fundamentally important and positive step in the methodical process of moving a known deposit toward production. This progress should be well-received by the market as it validates the use of the C$8 million recently raised and moves the company closer to construction.
Lake Victoria Gold is a Canadian-based gold exploration and development company with a focus on its assets in Tanzania. - Flagship Project: Imwelo Gold Project. Acquired in February 2025, Imwelo is a fully permitted project located near AngloGold Ashanti's Geita Gold Mine. The company is focused on a low-capital-expenditure starter open-pit mine at the "Area C" zone. The current 4,000-metre drill program is designed to finalize the pit design and de-risk the project for a near-term production decision. The project is subject to a 2% royalty to a previous owner and a 16% free-carried interest to the Government of Tanzania. - Secondary Asset: Tembo Project. This project is adjacent to Barrick's Bulyanhulu mine. In April 2025, the prospecting license was converted into four 10-year mining licenses. The company is evaluating a small-scale mining joint venture with a local processing plant owner (Nyati Resources) to potentially generate near-term, non-dilutive cash flow. - Barrick Contingent Payments: LVG sold non-core licenses to a Barrick subsidiary in 2022 and is entitled to receive up to US$45 million in contingent payments based on future resource discoveries by Barrick on that ground, providing exploration upside at no cost.