By: Creamer Media

Notably, the Tembo gold project is immediately adjacent to Barrick Mining's Bulyanhulu mine.

The Ngula 1 deposit on site hosts about 56% of the project's inferred ounces and 63% of its indicated ounces and will be the initial focus of Lake Victoria Gold's planned close-spaced drilling programme for at least 4 000 m, resource conversion and future mine planning work.

The company continues to advance a toll-milling initiative with Nyati Resources as a potential capital-efficient route for processing near-surface material from Ngula 1.

"The maiden estimate transforms Tembo from a high-grade drill story into a defined resource on granted mining licences, with a pathway to growth and, potentially, near-term production. Together with its defined higher-grade component, secure tenure and next-stage programme already scoped at Ngula 1, and the potential Nyati toll-milling pathway, Tembo is positioned as Lake Victoria Gold's second defined gold asset alongside the Imwelo gold project, also in Tanzania" concludes chairperson and CFO Simon Benstead.