- Lake Victoria Gold (TSXV:LVG) is advancing its fully permitted Imwelo gold project in Tanzania towards construction, with drill rigs mobilizing to site for a 1,050-metre sterilization drilling program slated for next week.
- Besides Imwelo, the company is advancing its Tembo project adjacent to Barrick Mining’s more than 20-million-ounce Bulyanhulu mine.
- Lake Victoria Gold stock has added 33.33 per cent year-over-year.
Lake Victoria Gold (TSXV:LVG) is advancing its fully permitted Imwelo gold project in Tanzania towards construction, with drill rigs mobilizing to site for a 1,050-metre sterilization drilling program slated for next week.
Imwelo hosts a historical resource of 291,000 ounces of gold within the Geita Greenstone Belt, one of East Africa’s largest and longest-operating gold deposits. The project is located only 12 kilometres west of AngloGold Ashanti’s more than 9-milion-ounce Geita gold mine.
Results from the 21-day program will guide engineering design, development sequencing and final infrastructure placement, keeping Imwelo on track for near-term production.
Concurrently, Lake Victoria remains focused on near-surface material characterization, roadwork, final mine design and the closing of project financing initiatives, keen to make a disciplined transition from development to construction.
Leadership commentary
“Mobilizing drill rigs to site marks another important step as we advance Imwelo toward development and construction,” Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold, said in Wednesday’s news release. “This program is focused on de-risking the project at the infrastructure level, ensuring that key facilities are optimally located ahead of construction. With engineering work progressing in parallel, we continue to move Imwelo forward in a disciplined manner toward near-term production.”
About Lake Victoria Gold
Lake Victoria Gold is a mineral exploration and development company active in the prolific Lake Victoria Goldfield in Tanzania. Besides Imwelo, the company is advancing its Tembo project adjacent to Barrick Mining’s more than 20-million-ounce Bulyanhulu mine.
Lake Victoria Gold stock (TSXV:LVG) last traded at C$0.28 and has added 33.33 per cent year-over-year.
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