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Lake Victoria Gold Update on Exploration of Licences Adjacent to the Tembo Project Acquired by Barrick Gold
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Lake Victoria Gold (TSXV: LVG) ("LVG", or the "Company") is pleased to provide an update on
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Lake Victoria Gold (TSXV: LVG) (\"LVG\", or the \"Company\") is pleased to provide an update on the Q1 and Q2 2024 exploration activities conducted by Bulyanhulu Gold Mine Limited (\"Buly\"), a partnership between Barrick Gold Corporation (\"Barrick\") and the Government of Tanzania, on the licenses LVG sold to Buly in 2022. Q1-Q2 Exploration Highlights: Rainy Season Impacts: The first quarter was significantly hampered by an exceptionally wet season, delaying field operations. Despite this, multi-element assay results from the previous Q4 RAB drilling campaign were received and a partial review was completed. These preliminary results showed promising anomalous gold values along geophysical linear features, which are believed to be geological contacts. Associated smokey quartz veining suggests a geological setting similar to that of Bulyanhulu, indicating gold mineralization potential. Resumption of Fieldwork: Fieldwork resumed in Q2 with the deployment of two drill rigs to the northwest area of the licenses. The focus was on the Kalemero prospect area, targeting potential extensions of the Bulyanhulu mineralized system under transported regolith. Early results from this drilling confirm the presence of basalt, tuff, argillite, and quartz feldspar porphyry. Notable findings include localized moderate to strong shearing, quartz veining, and minor pyrite sulphide mineralization, which align with interpreted geological linear features. This drilling phase is crucial in validating the geological settings and identifying targets for potential satellite orebodies. Future Drilling Plans: Additional RC drilling is scheduled for Q3 to further assess potential mineralization within the Ngula prospect area Expenditures to date: Date From Date To Expenditure Proposed Expenditure Actual Year 1 22 April 2022 21 April 2023 $1,000,000 $687,500 Year 2 22 April 2023 21 April 2024 $2,000,000 $960,226 Year 3 22 April 2024 21 April 2025 $3,000,000 $451,418 Year 4 22 April 2025 21 April 2026 $3,000,000 Total $9,000,000 $2,099,144 David Scott, Managing Director Tanzania and Geological Advisor stated: \"The geological structures encountered in Buly's current drilling phase are promising and show similarities to those found in productive areas of the Bulya...