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Permitted, Funded, and Drilling: A Tanzanian Gold Developer Crosses the Pre-Construction Threshold
Permitted, Funded, and Drilling: A Tanzanian Gold Developer Crosses the Pre-Construction Threshol...
About this update from I-80 Gold Corp
Permitted, Funded, and Drilling: A Tanzanian Gold Developer Crosses the Pre-Construction Threshold /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire Issued on behalf of Lake Victoria Gold Ltd.Sterilization drilling underway at fully-permitted Imwelo Gold Project as construction-stage juniors capture spotlight in a $4,700 gold tapeEquity Insider News Commentary VANCOUVER, BC, May 13, 2026 /CNW/ -- The narrowing cohort of development-stage gold companies with permits in hand, funding committed, and drill rigs already turning is one of the most-watched segments of the precious metals complex right now. With gold trading near multi-year highs and forecasters projecting further appreciation through 2026, the operating leverage of a near-term producer with construction visibility has rarely looked more compelling. Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has just confirmed mobilization of reverse circulation ("RC") drill rigs to its Imwelo Gold Project in Tanzania, with a ~21-day sterilization drilling program scheduled to commence mid-May.[1] The program represents a defined pre-construction workstream rather than a discovery-oriented campaign — sized to support final infrastructure placement across planned plant and site facilities — and tightens an already concentrated catalyst calendar through Q3 2026.A Construction Pathway Anchored by Permits and CapitalImwelo is fully permitted for mine construction and production, placing LVG in a small cohort of development-stage gold names that have cleared the principal regulatory variable.[2] On the funding side, the Company in April 2026 secured a binding term sheet for a gold loan facility of up to US$25 million from Monetary Metals — backed by up to 6,000 ounces of gold and repayable in gold rather than cash — alongside a fully committed C$3.8 million convertible debenture financing that closed its first tranche of $3,534,200 on May 11, 2026.[3] The convertible carries a 5.0% annual coupon and converts at $0.30 per share.[3]The current ~1,050 metre RC sterilization program comprises approximately 500 metres across the proposed p...