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Lake Victoria Gold Evaluates Small-Scale Development Concept at Tembo Project
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Lake Victoria Gold (TSXV: LVG) ...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Lake Victoria Gold Evaluates Small-Scale Development Concept at Tembo ProjectVancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (\"LVG\", or the \"Company\") is pleased to provide an update on its wholly owned Tembo Project in northern Tanzania, where the Company is evaluating a small-scale mining and processing opportunity aimed at generating early cash flow to support its broader exploration strategy. The initiative involves assessing the potential to extract and process near-surface material using existing local infrastructure. The Company cautions that this initiative is at a preliminary stage and is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As such, there is increased uncertainty and a higher risk of economic or technical failure associated with this process.Project Overview and Opportunity:The Tembo Project hosts multiple high-potential targets, with significant near-surface gold intersections already confirmed at Ngula 1, Nyakagwe East, and Nyakagwe Village.Extensive artisanal mining historically occurred across the property, including shallow open-pit and underground workings, as well as surface eluvial gold extraction. The Company cautions that such historical work is not NI 43-101 compliant and has not been verified by a Qualified Person.A privately operated Carbon-in-Pulp (CIP) plant has recently been commissioned in the area, with a second unit under construction. Once operational, combined capacity is expected to reach up to 620 tonnes per day (~30 tph). This facility is situated on a Processing Licence (PCL) located within one of Tembo's MLs.LVG, through its local subsidiary, MIPCCL, holds a Joint Venture interest in 20 Primary Mining Licences (PMLs) adjacent to its MLs, offering multiple potential ore sources.The owner of the PCL has expressed an interest in forming a joint venture with MIPCCL to mine and process material from both the MLs and PMLs. A non-binding Letter of Intent is currently being prepared to guide ongoing discussions.Management Commentary\"This potential partnership could represent a unique opportunity to establish early, low-capital-cost production from Tembo while continuing to unlock the district's exploration upside,\" said Marc Cernovitch, President and CEO of Lake Victoria...