Lake Victoria Gold Confirms No Significant Mineralization in 23-Hole Clearance Drilling at Imwelo Gold Project in Tanzania

en.Wedoany.com Reported - Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) announced the completion of a clearance drilling program at its Imwelo Gold Project in the Geita region of Tanzania. The program confirmed the absence of significant gold mineralization within the proposed footprint of the processing plant and accommodation camp, enabling project construction to proceed without compromising potential resources. The project is held and operated by the company's wholly-owned subsidiary, Tempo Gold Ltd.

Clearance drilling is a standard step prior to mining infrastructure construction, aimed at ensuring that permanent infrastructure does not cover economically significant resources. A total of 23 holes were drilled for 1,136 meters to verify geological conditions in the construction area.

Key findings include: 12 holes (IMWST001-IMWST012) drilled beneath the proposed processing plant area and 11 holes (IMWST013-IMWST023) beneath the proposed accommodation camp area. No significant gold mineralization intersections were identified in either area, confirming that the facility locations will not interfere with economic mineralization. Additionally, drilling in the processing plant area revealed a continuous clay layer approximately 3 to 5 meters thick, providing geotechnical reference data for foundation and civil design. All results were integrated with regional Total Magnetic Intensity (TMI) data to ensure infrastructure siting is outside known mineralization trends.

Marc Cernovitch, President and CEO of Lake Victoria Gold, stated that completing clearance drilling for the processing plant and accommodation areas is a key step in de-risking the Imwelo project. Confirming that construction will not occur over potential mineralization provides confidence to advance related civil works, while the collected geotechnical data directly supports foundation and camp design.

Headquartered in British Columbia, Canada, Lake Victoria Gold primarily focuses on gold exploration projects in the Lake Victoria Goldfields of Tanzania. The company's June 23, 2026 news release also outlined near-term catalysts, including integrating clearance and geotechnical results into the final design of the plant and camp, continuing construction activities such as access road upgrades, site clearing, and camp installation, as well as advancing the EPCM framework and continuing procurement for Phase 1 infrastructure.

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