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Lake Victoria Gold Announces Maiden Resource Estimate For Tembo Project in Tanzania

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Lake Victoria Gold (LVG.V) said Tuesday that the maiden resource estimate (MRE) of its Tembo project in Tanzania calculated an indicated resource of 1.07 tonnes at 2.00 grams-per-tonne (g/t) of gold containing 68,600 ounces of the precious metal.

The MRE also indicated 2.69 tonnes at 1.16 g/t gold containing 99,700 ounces of gold, a statement added.

Tembo's Ngula 1 deposit hosts 63% of the indicated ounces and will be the initial focus of close-spaced drilling, resource conversion and future mine-planning work.

"This maiden resource gives Tembo a defined foundation and a clear next step. The meaningful higher-grade component and concentration of Indicated ounces at Ngula 1 allow us to focus drilling where it can most directly improve geological confidence and support future mine planning, while the broader licence package provides substantial additional exploration opportunity," the company said in a news release.

The Tembo project is immediately adjacent to Barrick's (ABX.TO) Bulyanhulu Mine.

Lake Victoria Gold shares were last seen up C$0.01 at C$0.29 on the TSX Venture Exchange.

Price: $0.30, Change: $+0.02, Percent Change: +7.14%

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