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Tembo Gold Announces Transformative Acquisition and Landmark Investment from Tanzanian Strategic Investor
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Tembo Gold Corp. (TSXV: TEM) (...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Tembo Gold Announces Transformative Acquisition and Landmark Investment from Tanzanian Strategic InvestorVancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Tembo Gold Corp. (TSXV: TEM) (\"Tembo\", or the \"Company\") is pleased to announce that it has entered into a Licences Purchase Agreement dated August 9th, 2023 (the \"Agreement\") with Lake Victoria Gold Ltd. (\"LVG\"), a private Australian company, pursuant to which the Company will acquire (the \"Acquisition\"), indirectly through its wholly-owned subsidiary Tembo Gold Tanzania Limited, LVG's Imwelo Gold Project (the \"Project\") in Tanzania. Tembo has also entered into a binding letter of intent dated August 8th, 2023 for a C$11,520,000 financing with Taifa Mining and Civils Limited (\"Taifa\"), a prominent Tanzanian mining contracting firm.The ProjectThe Project is a gold project located in northern Tanzania immediately to the west of Geita Gold Mine of Anglogold Ashanti. The Project is held by LVG's Tanzanian subsidiary, Tanzoz Mineral Limited. An updated pre-feasibility study (\"PFS\") was completed in 2021 by Measured Group Pty Ltd of Australia, incorporating mine design, mine planning, scheduling, reserve estimation and costing. The Project is held under a Tanzanian mining licence ML538/2015 and includes a primary mining licence PML2637, over which LVG has a right to acquire through a purchase agreement. The ML is 3.85km2 and the PML is 8.5021ha. The Project is subject to a 2% royalty to a previous owner. The ML is fully permitted for mine construction and production to commence. The Project resource comprises seven mineralized locations that have been drilled and includes 42,000oz Au measured mineral resources at 3.15g/t, 95,700oz Au indicated mineral resources at 1.95g/t and 153,900oz inferred mineral resources at 1.53g/t for a total 291,600oz Au (the \"Historical Resource Estimate\"). Further information on the Historical Resource Estimate can be found below. The gold occurs as typical quartz vein shear hosted gold deposits suitable for open pit mining. The Project ML provides 'bluesky' potential. Drilling to date has only been down to 80m below surface. A number of areas were not drilled as they were not accessible at the time, and extensions to the known mineralisation remain untested, both along strike and certainly downdip. The Company anticipa...