Lake Victoria Gold Unveils Maiden 580,000-Ounce Resource at Tembo Project in Tanzania

Lake Victoria Gold Unveils Maiden 580,000-Ounce Resource at Tembo Project in Tanzania

Tue, August 11, 2026 at 7:13 PM GMT+3 5 min read

Lake Victoria Gold Ltd. (TSXV:LVG) (OTCQB:LVGLF) (FSE:E1K) has released the maiden National Instrument 43-101 (NI 43-101) Mineral Resource Estimate for its wholly owned Tembo Gold Project in northwestern Tanzania, outlining an initial resource of nearly 580,000 ounces of gold across three deposits.Lake Victoria Gold Ltd. has outlined its first NI 43-101 compliant mineral resource at the Tembo Gold Project in Tanzania, establishing nearly 580,000 ounces of contained gold and giving the company a second defined development asset alongside its fully permitted Imwelo project.The resource is centered on the Ngula 1, Nyakagwe Village, and Nyakagwe East deposits, all located on four granted mining licences covering approximately 34 square kilometers within the Lake Victoria Goldfield. The project borders Barrick Gold's Bulyanhulu Mine, one of Tanzania's largest underground gold operations, although mineralization on adjacent properties is not necessarily indicative of mineralization at Tembo.

Gold bars. Photo by Zlaťáky.cz on PexelsAmong the three deposits, Ngula 1 represents the most advanced target, accounting for approximately 331,000 ounces, or roughly 57% of the project's total resource and nearly two-thirds of the Indicated ounces. According to the company, the deposit extends for approximately 600 metres along strike, remains open at depth and along strike, and will serve as the focus of a planned 5,000-metre infill drilling program designed to improve geological confidence and support future mine planning.Beyond the headline resource estimate, the company highlighted the presence of a higher-grade component within the deposit. Using progressively higher cut-off grades, the resource estimate outlines 400,400 ounces grading 2.13 grams per tonne at a 1.0 g/t cut-off and 280,500 ounces grading 3.08 g/t at a 1.5 g/t cut-off. These figures are reported as grade-tonnage sensitivities within the same conceptual open-pit shells as the mineral resource estimate and do not represent separate mineral resources or mineral reserves.Lake Victoria Gold said much of the current resource remains classified as Inferred because of drill spacing, particularly at the Nyakagwe Village and Nyakagwe East deposits. Planned infill drilling is intended to improve confidence in the geological model and support future resource conversion, although there is no assurance that additional drilling will upgrade existing resources.The company also continues to advance a previously announced toll-milling initiative with Nyati Resources (T) Limited involving a proposed 500-tonne-per-day processing plant located on a Tembo mining licence. The proposed arrangement is intended to provide a processing option for potential near-surface material from Ngula 1, subject to additional drilling, permitting, financing, and the negotiation and execution of definitive agreements.Tembo represents Lake Victoria Gold's second principal development asset alongside its fully permitted Imwelo Gold Project. While Imwelo remains the company's more advanced project, management said the maiden resource provides a defined foundation for continued exploration and development activities at Tembo.Tembo sits within the Lake Victoria Goldfield, one of Africa's best-known gold districts, immediately adjacent to Barrick Gold's Bulyanhulu Mine. While mineralization on neighboring properties is not necessarily indicative of mineralization at Tembo, the project occupies the same regional structural corridor that has produced several multimillion-ounce gold deposits across northwestern Tanzania.The maiden resource covers only three of 39 exploration targets previously identified across the broader property through an integrated targeting study completed in 2020. In addition to the defined deposits, the company cited multiple exploration targets where historical drilling and surface sampling have returned elevated gold values. It also noted that most historical drilling across the property has tested depths of less than 200 metres, leaving additional exploration potential both along strike and at depth. Surface sampling results and historical drill intercepts, however, are not necessarily indicative of the mineral resource reported at Tembo.Over the coming months, Lake Victoria Gold plans to complete its close-spaced drilling program at Ngula 1, incorporate the results into updated geological models, and continue advancing studies related to future mine planning. The company also expects to advance work associated with the proposed Nyati toll-milling arrangement while prioritizing additional drilling across several exploration targets throughout the property. A supporting NI 43-101 technical report is expected to be filed on SEDAR+ within 45 days of the resource estimate.The mineral resource estimate was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards by independent Qualified Persons from Obsidian Consulting Services. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources carry a lower level of confidence than Indicated Mineral Resources, and there is no certainty that additional exploration will result in their conversion to higher confidence categories.Lake Victoria Gold said future development of the Tembo Project, including any potential production scenario, remains subject to additional exploration, engineering studies, permitting, financing, and regulatory approvals. Any production decision would involve additional technical and economic considerations, and the company has not completed a preliminary economic assessment, pre-feasibility study, or feasibility study for the project.Hedge Funds' Top Gold StocksLVG is a tiny company with zero hedge fund ownership at the moment. According to Insider Monkey's proprietary database, hedge funds' favorite gold stock at the end of the first quarter was Newmont Mining (NEM). Newmont is the world's largest gold mining corporation. 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