Lake Victoria Gold: Accelerated Imwelo Area C Drilling with Second Rig Mobilization

10/31/2025 – 03:01 AM

Vancouver, British Columbia – Lake Victoria Gold (TSXV: LVG, OTCQB: LVGLF), a company focused on gold exploration and development in Tanzania, announced it is accelerating its drilling program at the fully-permitted Imwelo Gold Project. The Vancouver-based company has mobilized a second multipurpose drill rig to the site in northwestern Tanzania, signaling an increased commitment to the project.

The addition of the second rig aims to expedite the 24-hole, 4,000-meter drilling program currently underway at the Area C zone. Lake Victoria Gold (LVG) confirmed that the first three holes have been completed, and the initial two core samples have been submitted for assay. Results are anticipated to be released next week, providing early indications of the project’s potential.

LVG projects that the dual-rig setup will enable the completion of the drilling program by the second week of December 2025. This accelerated timeline reflects the company’s ambition to quickly advance Imwelo toward production readiness.

The drilling program targets several key objectives that are crucial for the future development of the Imwelo Gold Project:

• Geotechnical and Pit Design: The program focuses on gathering critical geotechnical data from oriented core samples, which will be utilized to optimize the final pit design, including slope angles and wall support requirements. This is particularly important for ensuring the safe and efficient extraction of ore.
• Resource Conversion and Confidence Building: Infill drilling will target shallow gaps within the deposit with the intention of converting Inferred Resources to the Indicated and Measured categories. This conversion is a key step in de-risking the project and improving the accuracy of economic models.
• Exploration and Expansions: Drilling will test down-dip extensions of the orebody at approximately 100 and 200-meter depths, as well as step-out drilling along strike to the west, outside of the current pit boundary. This exploration component represents the potential to materially increase the project’s resource base.
• Grade Control: The drill program will provide the necessary data to plan close-spaced, shallow grade-control drilling to support early mining operations and ROM stockpile development. This grade control data is critical for maximizing the economic value of the early stages of the mine life.
• Metallurgical Analysis: The program includes core collection across various mineralization zones (oxide-transition-fresh) for confirmatory metallurgical testing. This testing will validate recoveries based on ore type and inform early mine sequencing to optimize throughput.

Marc Cernovitch, President & CEO of Lake Victoria Gold, emphasized the company’s momentum, stating, “Momentum continues to build at Imwelo. We’ve completed three holes with assays pending on the first two, and with a second rig now on site, we’re moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness.” The move, say analysts, is a signal of confidence in the geological models underlying the exploration work.

Hendrick Mering, Exploration Manager for Lake Victoria Gold, added, “Drilling at Area C is progressing well, and we’re very encouraged by what we’re seeing in the core to date. The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons. These early visual observations align well with expectations, and we look forward to confirming them through assay results next week.” Early indications suggest the drilling campaign is following the initial projections established by the research team.

The Imwelo Gold Project’s location in the Lake Victoria Goldfield presents both opportunities and challenges. This prolific region already hosts several large-scale gold mines, suggesting significant geological potential. However, access to infrastructure and managing community relations are crucial for success. LVG has taken steps to address these issues through strategic partnerships.

The assay results from the first drill holes are expected to provide further insights into the grade and continuity of the gold mineralization at Imwelo. Investors will be closely watching these results as they represent a critical milestone in the development of the project. Lake Victoria Gold plans to issue regular updates as the drilling program progresses.

Qualified Person

David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information provided.

About Lake Victoria Gold (LVG):

Lake Victoria Gold is focused on gold exploration and development within the Lake Victoria Goldfield in Tanzania. The company holds a 100% interest in the Tembo project and the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine.

With a historical resource estimate and a 2021 pre-feasibility study, the Imwelo Project is fully permitted for mine construction and production, offering a near-term development opportunity. Barrick Gold previously invested in Lake Victoria Gold, and the company established a strategic partnership with the Taifa Group.

The Board of Directors of the Company acknowledges responsibility for the content within.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking information. These statements address expectiations for future events including drill programs and resource development. Forward-looking statements are statements that are historical facts and are generally identified by words such as “expect,” “plan,” “anticipate,” “project,” “target,” “potential,” and similar expressions. Forward-looking statements involve assumptions, risks, and uncertainties beyond LVG’s control.

LVG’s forward-looking statements are based on estimates made as of the statement date. LVG does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations, or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance, or achievements could differ materially from those expressed in or implied by these forward-looking statements. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.