Lake Victoria Gold Ltd. has released a maiden National Instrument 43-101 mineral resource estimate for its Tembo Gold Project in northwestern Tanzania, establishing an initial inventory of 579,800 ounces of gold across three near-surface deposits adjacent to Barrick's Bulyanhulu Mine.

The maiden inventory comprises an inferred mineral resource of 13.33 million tonnes at 1.12 grams per tonne gold containing 480,100 ounces, alongside an indicated mineral resource of 2.69 million tonnes at 1.16 grams per tonne gold containing 99,700 ounces. The figures were calculated within conceptual open-pit shells using a 0.25 grams per tonne cut-off grade and a gold price assumption of US$2,400 per ounce.

The estimate transitions the asset from an exploratory drill stage into a defined resource on granted Mining Licences, backed by more than 50,000 metres of historical drilling across the broader property.

Ngula 1 anchors the inventory, hosting approximately 56% of the project’s inferred ounces and 63% of its indicated ounces. The deposit accounts for 8.12 million tonnes at 1.03 grams per tonne for 267,900 inferred ounces, and 1.78 million tonnes at 1.10 grams per tonne for 62,700 indicated ounces.

To improve geological confidence and support future mine planning, Lake Victoria Gold plans to execute a 4,000 to 5,000-metre close-spaced drilling program at Ngula 1 on an approximate 20-metre by 20-metre pattern. In parallel, the company continues to advance a previously announced toll-milling arrangement with Nyati Resources (T) Limited for a 500-tonne-per-day processing plant located on a Tembo licence.

The Tembo project forms part of the company's broader Tanzanian portfolio alongside the 100%-owned Imwelo Gold Project, a fully permitted asset located west of AngloGold Ashanti's Geita Gold Mine.

“This maiden resource gives Tembo a defined foundation and a clear next step. The meaningful higher-grade component and concentration of Indicated ounces at Ngula 1 allow us to focus drilling where it can most directly improve geological confidence and support future mine planning, while the broader licence package provides substantial additional exploration opportunity. With Imwelo advancing as our near-term development priority and Tembo now supported by a maiden NI 43-101 resource, LVG is building the disciplined, multi-asset Tanzanian gold company we set out to create.”

— Simon Benstead, Executive Chairman & CFO

Read the full announcement: Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine