Canadian gold developer declares maiden resources for second Tanzanian project
TSX-V-listed Lake Victoria Gold has declared a maiden mineral resource estimate for the Tembo gold project in Tanzania, with 13.3-million tones of inferred mineral resources grading 1.12 g/t gold for 480 100 contained ounces and 2.69-million tonnes of indicated mineral resources grading 1.16 g/t for 99 700 contained ounces across three near-surface deposits.
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.
