Vancouver, British Columbia--(Newsfile Corp. - February 5, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce the completion of drilling and receipt of all analytical results from its recent drill program at the fully permitted Imwelo Gold Project in northern Tanzania's Lake Victoria Goldfield. With permitting in place and key technical work programs now completed, Imwelo Area C is being systematically advanced toward construction readiness and initial production.
The program successfully confirmed down-dip continuity of mineralization below the current pit design and, importantly, defined new mineralized extensions to both the west and east of the planned open pit. These results materially strengthen confidence in the geological model and represent a key step in advancing Imwelo Area C toward final pit optimization and development planning.
Selected Highlights
- IMWDR003: 3.56g/t Au over 1.21m from 83.04m, including 7.16g/t Au over 0.41m.
- IMWDR007: 6.96g/t Au over 2.56m from 132.80m, including 65.02g/t Au over 0.25m.
- IMWDR009: 11.88g/t Au over 1.33m from 169.75m, including 68.74g/t Au over 0.22m.
- IMWDR011: 8.55g/t Au over 1.30m from 93.34m, including 20.77g/t Au over 0.31m.
- IMWDR012: 2.49g/t Au over 2.56m from 79.20m, including 4.85g/t Au over 0.60m and 5.05g/t over 0.51m.
- IMWDR013: 9.31g/t Au over 2.45m from 130.00m, including, 21.65g/t over 0.96m.
- IMWDR016: 1.67g/t Au over 1.67m from 131.40m, including 2.15g/t over 0.55m.
- IMWDR017: 11.19g/t Au over 0.90m from 91.80m, including 32.84g/t over 0.30m and 2.97g/t Au over 3.01m from 100.52m.
Management Commentary
Marc Cernovitch, President & CEO, commented: "These results further validate Imwelo as a near-term production asset. We have now demonstrated continuity of mineralization beyond the current pit design, both at depth and laterally, which strengthens confidence in the geological model underpinning our development plans. Importantly, the drilling has delivered the technical data required to advance final pit design, resource conversion, and mine planning. With each program, Imwelo continues to move from definition toward execution."
Hendrik Meiring, Exploration Manager, added: "The geology is performing exactly as interpreted. We are seeing consistent mineralization, alteration, and structural continuity across multiple zones and to depth, including beyond 250 metres below surface. The confirmation of mineralization east and west of the current pit design further highlights the potential for resource growth and reinforces the robustness of the Area C mineralized system."
Key Technical Takeaways
Resource conversion potential
- Results mirror the grades and widths of holes that support the existing historical resource model, improving confidence in both Inferred-to-Indicated upgrades and the potential for increased Measured resource classification.
Depth extension:
- Drilling confirmed mineralization down-dip along the entire pit design, with geological continuity now demonstrated to over 250 m vertical depth, compared to historical resource limits of ~200 m.
- The completed holes provided and average vertical intersection depth of approximately 120m, more than double historical drilling intersection depth of approximately 50 m, providing new information below the previous modelled limits.
Lateral expansion (east and west):
- IMWDR018 confirmed mineralization beyond the current eastern pit margin.
- Drilling west of the interpreted NNE-trending structure has intersected new mineralization west of the fault zone, opening a new area for potential resource growth.
Footwall and hanging-wall zones:
- Additional mineralized intervals outside the primary lode suggest potential to add internal ounces within the current design envelope.
Underground optionality:
- Depth extensions and consistent structural continuity support ongoing evaluation of a potential underground development scenario beneath the planned shallow open pit.Twenty-one of the planned twenty-four holes were completed. Analysis was carried out by the MSA Laboratory in Geita and are summarized in Table 1 and illustrated in Figure 1, depicting drill locations relative to current pit designs.
Figure 1: Area C Current Pit Design and completed drilling with drill hole results viewed towards the North-East.
To view an enhanced version of this graphic, please visit:
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Program Objectives Accomplished
- Final pit design and geotechnical de-risking: Two dedicated geotechnical drill holes were completed, providing oriented core for detailed RQD logging and rock-mass characterization. The resulting data will support refinement of slope angles, wall support requirements, and ramp geometry, completing the in-pit geotechnical dataset required for final pit shell optimization.
- Resource confidence & conversion: Infill drilling successfully closed gaps within the near-surface resource model, improving confidence in grade continuity and geometry. The Company anticipates meaningful conversion of Inferred material to Indicated classification and an increase in Measured resources within and potentially beyond the current pit design.
- Resource growth: Step-out drilling at approximately 100 m and 200 m vertical depth, together with lateral extensions west of the interpreted north-northeast trending dyke/fault zone, intersected additional mineralization outside the current pit limits. These results highlight clear opportunities for future resource expansion.
- Grade control readiness: Shallow drill holes completed during the program provide key data to support detailed grade control planning ahead of pre-stripping and the establishment of a pre-production ore stockpile.
- Metallurgical validation: Representative samples of oxide, transitional, and fresh material have been selected for confirmatory metallurgical test work at a certified local laboratory. The results will be used to validate recoveries across material types and inform early mine sequencing and process optimization.
Collectively, the completion of these work programs materially advances Imwelo toward production readiness. Final pit design, geotechnical de-risking, grade control planning, and metallurgical validation are foundational inputs not only for mine construction, but also for project financing. The Company is advancing a funding strategy designed to minimize equity dilution and align capital with near-term cash flow generation, supported by the fully permitted status of the project and the strength of the underlying geology.
| BHID | X | Y | Z | Azimuth | Dip | EOH | Sample type | Core size | From | To | m | g/t |
| IMWDR_003 | 377707 | 9679044 | 1185 | 190 | -60 | 120.9 | DD | NQ | 73.40 | 73.85 | 0.45 | 0.72 |
| IMWDR_003 | 377707 | 9679044 | 1185 | 190 | -60 | 120.9 | DD | NQ | 78.15 | 78.45 | 0.30 | 0.41 |
| IMWDR_003 | 377707 | 9679044 | 1185 | 190 | -60 | 120.9 | DD | NQ | 83.04 | 84.25 | 1.21 | 3.56 |
| IMWDR_003 | 377707 | 9679044 | 1185 | 190 | -60 | 120.9 | Included above | 83.04 | 83.45 | 0.41 | 7.16 | |
| IMWDR_003 | 377707 | 9679044 | 1185 | 190 | -60 | 120.9 | DD | NQ | 93.09 | 93.40 | 0.31 | 0.31 |
| IMWDR_004 | 377979 | 9679090 | 1185 | 175 | -60 | 150.6 | DD | NQ | 72.77 | 74.05 | 1.28 | 0.66 |
| IMWDR_005 | 377979 | 9679150 | 1180 | 180 | -60 | 231.6 | DD | NQ | 129.10 | 130.45 | 1.35 | 0.46 |
| IMWDR_006 | 378460 | 9679017 | 1183 | 190 | -60 | 81.8 | RC | n/a | 50.00 | 52.00 | 2.00 | 0.73 |
| IMWDR_006 | 378460 | 9679017 | 1183 | 190 | -60 | 81.8 | RC | n/a | 57.00 | 58.00 | 1.00 | 0.49 |
| IMWDR_007 | 378051 | 9679125 | 1180 | 190 | -60 | 210.8 | DD | NQ | 132.80 | 135.36 | 2.56 | 6.96 |
| IMWDR_007 | 378051 | 9679125 | 1180 | 190 | -60 | 210.8 | Included above | 134.64 | 134.89 | 0.25 | 65.02 | |
| IMWDR_007 | 378051 | 9679125 | 1180 | 190 | -60 | 210.8 | DD | NQ | 150.80 | 153.55 | 2.75 | 1.96 |
| IMWDR_008 | 378051 | 9679175 | 1180 | 190 | -60 | 276.6 | DD | NQ | 228.85 | 230.40 | 1.55 | 1.41 |
| IMWDR_009 | 378123 | 9679140 | 1180 | 190 | -60 | 228.8 | DD | NQ | 136.70 | 143.00 | 6.30 | 0.62 |
| IMWDR_009 | 378123 | 9679140 | 1180 | 190 | -60 | 228.8 | DD | NQ | 169.75 | 171.08 | 1.33 | 11.88 |
| IMWDR_009 | 378123 | 9679140 | 1180 | 190 | -60 | 228.8 | Included above | 170.40 | 170.62 | 0.22 | 68.74 | |
| IMWDR_010 | 378084 | 9679145 | 1177 | 190 | -60 | 199.3 | DD | NQ | 172.93 | 173.54 | 0.61 | 0.80 |
| IMWDR_010 | 378084 | 9679145 | 1177 | 190 | -60 | 199.3 | DD | NQ | 174.50 | 175.30 | 0.80 | 1.19 |
| IMWDR_011 | 378190 | 9679115 | 1180 | 180 | -60 | 220.6 | DD | NQ | 93.34 | 93.65 | 0.31 | 20.77 |
| IMWDR_011 | 378190 | 9679115 | 1180 | 180 | -60 | 220.6 | DD | NQ | 113.85 | 115.10 | 1.25 | 0.94 |
| IMWDR_011 | 378190 | 9679115 | 1180 | 180 | -60 | 220.6 | DD | NQ | 131.10 | 134.63 | 3.53 | 3.40 |
| IMWDR_011 | 378190 | 9679115 | 1180 | 180 | -60 | 220.6 | Included above | 131.45 | 132.75 | 1.30 | 8.55 | |
| IMWDR_012 | 378464 | 9679039 | 1180 | 190 | -60 | 120.8 | DD | NQ | 74.50 | 76.05 | 1.55 | 1.60 |
| IMWDR_012 | 378464 | 9679039 | 1180 | 190 | -60 | 120.8 | DD | NQ | 79.20 | 81.76 | 2.56 | 2.49 |
| IMWDR_012 | 378464 | 9679039 | 1180 | 190 | -60 | 120.8 | Included above | 79.20 | 79.80 | 0.60 | 4.85 | |
| IMWDR_012 | 378464 | 9679039 | 1180 | 190 | -60 | 120.8 | Included above | 80.25 | 80.76 | 0.51 | 5.07 | |
| IMWDR_013 | 378272 | 9679100 | 1180 | 190 | -60 | 174.8 | DD | NQ | 113.72 | 114.33 | 0.61 | 0.88 |
| IMWDR_013 | 378272 | 9679100 | 1180 | 190 | -60 | 174.8 | DD | NQ | 130.00 | 132.45 | 2.45 | 9.31 |
| IMWDR_013 | 378272 | 9679100 | 1180 | 190 | -60 | 174.8 | Included above | 130.75 | 131.71 | 0.96 | 21.65 | |
| IMWDR_014 | 378197 | 9679057 | 1181 | 190 | -60 | 80.0 | DD | NQ | 34.00 | 35.00 | 1.00 | 0.37 |
| IMWDR_014 | 378197 | 9679057 | 1181 | 190 | -60 | 80.0 | DD | NQ | 39.00 | 40.00 | 0.62 | 0.62 |
| IMWDR_014 | 378197 | 9679057 | 1181 | 190 | -60 | 80.0 | DD | NQ | 46.00 | 47.00 | 0.36 | 0.36 |
| IMWDR_015 | 378362 | 9679130 | 1180 | 190 | -60 | 160.6 | DD | NQ | 116.51 | 116.85 | 0.34 | 1.64 |
| IMWDR_015 | 378362 | 9679130 | 1180 | 190 | -60 | 160.6 | DD | NQ | 118.23 | 118.60 | 0.37 | 1.25 |
| IMWDR_016 | 378352 | 9678926 | 1181 | 13 | -48 | 151.2 | DD | NQ | 128.60 | 130.00 | 1.40 | 0.97 |
| IMWDR_016 | 378352 | 9678926 | 1181 | 13 | -48 | 151.2 | DD | NQ | 131.40 | 133.07 | 1.67 | 1.67 |
| IMWDR_016 | 378352 | 9678926 | 1181 | 13 | -48 | 151.2 | Included above | 132.52 | 133.07 | 0.55 | 2.15 | |
| IMWDR_017 | 378432 | 9679065 | 1180 | 190 | -60 | 160.3 | DD | NQ | 91.80 | 92.70 | 0.90 | 11.19 |
| IMWDR_017 | 378432 | 9679065 | 1180 | 190 | -60 | 160.3 | Included above | 91.80 | 92.10 | 0.30 | 32.84 | |
| IMWDR_017 | 378432 | 9679065 | 1180 | 190 | -60 | 160.3 | DD | NQ | 100.52 | 103.53 | 3.01 | 2.97 |
| IMWDR_017 | 378432 | 9679065 | 1180 | 190 | -60 | 160.3 | DD | NQ | 121.30 | 122.30 | 1.00 | 0.55 |
| IMWDR_018 | 378432 | 9679115 | 1180 | 190 | -60 | 240.8 | DD | NQ | 145.00 | 145.67 | 0.67 | 0.71 |
| IMWDR_018 | 378432 | 9679115 | 1180 | 190 | -60 | 240.8 | DD | NQ | 173.60 | 174.80 | 1.20 | 1.05 |
| IMWDR_018 | 378432 | 9679115 | 1180 | 190 | -60 | 240.8 | DD | NQ | 175.21 | 175.83 | 0.62 | 0.30 |
| IMWDR_019 | 378064 | 9678985 | 1186 | 10 | -50 | 162.8 | DD | NQ | 100.00 | 100.70 | 0.70 | 0.81 |
| IMWDR_020 | 378209 | 9679092 | 1180 | 190 | -60 | 141.5 | DD | NQ | 85.70 | 86.50 | 0.80 | 0.88 |
| IMWDR_020 | 378209 | 9679092 | 1180 | 190 | -60 | 141.5 | DD | NQ | 97.00 | 98.00 | 1.00 | 0.31 |
| IMWDR_020 | 378209 | 9679092 | 1180 | 190 | -60 | 141.5 | DD | NQ | 100.00 | 100.50 | 0.50 | 1.04 |
| IMWDR_021 | 377660 | 9679053 | 1185 | 190 | -60 | 138.8 | DD | NQ | 69.50 | 70.20 | 0.70 | 0.31 |
| Total | 3252.60 | 1.32 | 2.58 | |||||||||
| Notes: | |
| Collar coordinates | Arc 1960 UTM 36S |
| Collar azimuth | Degrees – 0° is north |
| Collar dip | Degrees – negative is down |
| Sample type | DD – diamond drill |
| True thickness | True thickness is 0.66 of sample length |
| QAQC | Internal – every 20th sample is a Blank Sample, CRM & Duplicate sample. MSA Lab results all passed QAQC. |
| Sample core size | Split NQ core |
| Analytical procedure | MSA Laboratories (T) Limited – Geita, Chrysos PhotonAssay, International Standards ISO/IEC 17025 and ISO 9001 |
Cautionary Note on Production Decision
Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.
About Lake Victoria Gold (LVG):
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.
On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company's estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labor; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG's reputation; and other risks disclosed in the Company's public filings.
LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282736
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