Lake Victoria Gold has announced a maiden mineral resource estimate at its wholly owned Tembo Gold Project in northwestern Tanzania, located next to Barrick’s Bulyanhulu mine.
The estimate, prepared in accordance with National Instrument 43-101, details an inferred mineral resource of 13.33mt at 1.12g/t gold, containing 480,100oz, and an indicated resource of 2.69mt at 1.16g/t gold, equating to 99,700oz.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The resource statement covers three near-surface deposits identified within conceptual open-pit shells.
Lake Victoria Gold noted that a significant higher-grade portion exists.
At a 1g/t cut-off, the inferred category totals 4.79mt at 2.15g/t, amounting to 331,700oz, while the indicated resource includes 1.07mt at 2g/t, or 68,600oz.
Lake Victoria Gold indicated that Ngula 1 contains 56% of the inferred ounces and 63% of the indicated ounces in the project and will be the initial target for further close-spaced drilling and mine planning.
A 4,000-5,000m programme is planned at Ngula 1 to improve geological confidence.
Lake Victoria Gold is also advancing a toll-milling initiative with Nyati Resources (T) for a potential 500-tonne-per-day processing route for near-surface material from Ngula 1.
The arrangement remains subject to confirmatory drilling, permits, financing, and a definitive agreement.
Historical drilling at Ngula 1 has demonstrated both wide, near-surface mineralisation and continuous higher-grade zones at depth, including results such as 22.81g/t gold over 15m and 3.13g/t over 25.89m.
The Tembo property sits within the Lake Victoria Goldfield, a district with established mining operations.
The resource estimate addresses only a section of the 34km² licence area where 39 exploration targets have been identified.
Last month, the company began the phase three land valuation and compensation programme at the Imwelo Gold Project, part of its efforts to facilitate future construction at the Tanzanian site.
