Lake Victoria Gold Completes Imwelo Area C Drill Program, Confirming Pit Expansion Potential and Advancing Project Toward Near Term Production

Core Insights - Lake Victoria Gold Ltd. has completed drilling and received analytical results from its Imwelo Gold Project in Tanzania, advancing it towards construction readiness and initial production [1][3][13] Drilling Results - The drilling program confirmed down-dip continuity of mineralization below the current pit design and identified new mineralized extensions to the west and east of the planned open pit, enhancing confidence in the geological model [2][10] - Significant drill results include intersections such as 11.88g/t Au over 1.33m and 6.96g/t Au over 2.56m, indicating strong mineralization [9][10] Management Commentary - The President & CEO emphasized that the results validate Imwelo as a near-term production asset, demonstrating continuity of mineralization beyond the current pit design [3] - The Exploration Manager noted consistent mineralization and structural continuity across multiple zones, reinforcing the potential for resource growth [3] Technical Highlights - The results support the existing historical resource model, improving confidence in resource classification upgrades [4] - Depth extensions and lateral expansions indicate potential for additional internal ounces within the current design envelope [5][16] Resource Growth Potential - Step-out drilling has intersected additional mineralization outside current pit limits, highlighting opportunities for future resource expansion [16] - The company anticipates meaningful conversion of Inferred material to Indicated classification and an increase in Measured resources [11][12] Project Development - The completion of geotechnical drill holes will support final pit design and optimization, essential for mine construction and project financing [11][13] - The company is advancing a funding strategy aimed at minimizing equity dilution while aligning capital with near-term cash flow generation [13] Strategic Partnerships - The company has formed a strategic partnership with Taifa Group, which will conduct contract mining and civil works for the Imwelo project, leveraging their extensive experience in Tanzania [22][21]