Lake Victoria Gold reports maiden resource estimate for Tembo Project

Lake Victoria Gold has announced its maiden NI 43-101 mineral resource estimate for the 100%-owned Tembo Gold Project in northwestern Tanzania. The project is located adjacent to Barrick’s Bulyanhulu Mine.

The initial resource estimate includes 480,100 inferred ounces of gold at 1.12 g/t and 99,700 indicated ounces at 1.16 g/t within conceptual open-pit shells. A higher-grade component within the project contains 331,700 inferred ounces at 2.15 g/t and 68,600 indicated ounces at 2.00 g/t at a 1.00 g/t cut-off.

To advance the project, the company plans a 4,000–5,000 meter close-spaced drilling program at the Ngula 1 zone to support resource conversion and mine planning. Additionally, Lake Victoria Gold is exploring a potential toll-milling pathway via Nyati Resources’ 500 tpd plant to provide a capital-efficient processing option, subject to a definitive agreement.