Lake Victoria Gold Announces Q3-2025 Exploration Update from Barrick on Tembo Area Licenses

Core Insights - Lake Victoria Gold Ltd. (LVG) provided an update on Q3 2025 exploration activities conducted on licenses sold to Bulyanhulu Gold Mine Limited, a joint venture between Barrick Mining Corporation and the Government of Tanzania [1][2] Exploration Activities - Bulyanhulu advanced its exploration program to refine geological models and evaluate the potential for discovering new mineralized systems within the Tembo Inlier portfolio [2] - Key activities included the completion of a GAIP geophysical survey and the initiation of aircore drilling [3] Financial Overview - As of September 30, 2025, cumulative project expenditures reached US$6,659,397 out of a proposed US$9,000,000 under the Asset Purchase Agreement (APA) [4] Drilling Progress - Bulyanhulu completed 94 line-km of GAIP surveying, with results being integrated into updated structural interpretations [5] - A geochemical aircore drilling program commenced at the Enze target, with 19 holes totaling 419m completed out of a planned 945-hole, 30,750m program [5] - Planning for diamond and RC drilling along the Itetemia trend is underway, focusing on identifying potential repetitions of the Reef 1 and Reef 2 horizons [5] Strategic Context - Under the APA, LVG may receive up to US$45 million in contingent payments from Barrick, contingent on future discoveries or resource thresholds on the licenses [6] Management Insights - Management expressed confidence in the systematic approach taken by Barrick to unlock the Tembo geology, highlighting the potential for significant discoveries [7] - The ongoing progress at Tembo is seen as reinforcing the long-term potential of this strategic asset [7] Future Plans - Bulyanhulu plans to continue aircore drilling through Q4 2025, with diamond and RC drilling programs expected to be completed in the same quarter [10]