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Building the Starter Pit: Lake Victoria Gold Mobilizes Drill Rig at Imwelo's Area C
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2025) - Lake Victoria Gold Ltd. (TSXV:...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Building the Starter Pit: Lake Victoria Gold Mobilizes Drill Rig at Imwelo's Area CVancouver, British Columbia--(Newsfile Corp. - October 1, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (\"LVG\" or the \"Company\") is pleased to announce the commencement of a 4,000-metre, multi-purpose drilling campaign at the Area C zone of its fully permitted Imwelo Gold Project in northwestern Tanzania. The program is designed to support short-term production readiness, resource expansion and conversion, and final pit design optimization. This campaign forms a key component of LVG's strategy to initiate a low-capex open-pit operation at Imwelo, with future underground development to be evaluated as part of ongoing high-grade exploration and resource growth.Mobilization of the first rig is underway this week, with drilling scheduled to commence October 6, 2025. A second rig has been ordered to accelerate the program and is expected to mobilize in the coming weeks.Strategic ContextThe Imwelo Project, located just 12 km from AngloGold Ashanti's Geita Gold Mine, is fully permitted under a 10-year mining license. Backed by a simple development plan and metallurgical recoveries >90%, the Company is targeting first gold within 12 months of commencement of construction.Area C is the first zone planned for production and has an average grade of 3.7 g/t Au. It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Previous intercepts include:2 m @ 5.06 g/t Au from 15 m and 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC-037)7 m @ 3.22 g/t Au from 27 m (IMRC-014)2 m @ 7.5 g/t Au from 22 m (IMWRC-038)Reported intercepts are down-hole lengths; true widths are unknown. (Source: Measured Group Pty Ltd., Geology and Resource Estimate Report — Imwelo Project, Tanzania, May 2017.)Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: \"By mobilizing now and adding a second rig, we're advancing Imwelo on two fronts—short-term production readiness and resource growth potential. This drill program is designed to tighten mine scheduling, validate pit and slope design, and test down-dip and western extensions at Area C.\"Program HighlightsStrike extensions. Step-outs to the west will test continuity across the interpreted fault. Geophysics and mapping indicate mineralization ma...