Lake Victoria Gold Defines Maiden Resource at Tanzanian Tembo Project
Located adjacent to Barrick’s Bulyanhulu Mine, Lake Victoria Gold’s Tembo project now holds an estimated 480,100 ounces of inferred and 99,700 ounces of indicated gold. This maiden resource estimate marks a transition for the Vancouver-based miner from early-stage exploration to a defined asset with a potential path toward production.
The estimate covers three near-surface deposits—Ngula 1, Nyakagwe Village, and Nyakagwe East—within the company’s 100%-owned Tanzanian property. Ngula 1 stands out as the primary development focus, holding roughly 63% of the project’s indicated ounces. Lake Victoria Gold plans to initiate a 4,000 to 5,000-metre close-spaced drilling program at the site to improve geological confidence and assist in future mine planning.
Beyond drilling, the company is moving forward with a toll-milling initiative alongside Nyati Resources (T) Limited. This strategy aims to create a capital-efficient processing route for material extracted from Ngula 1. While the project remains in the resource-definition stage, management views the concentration of higher-grade material as a critical foundation for its multi-asset growth strategy in the region. The company has identified 39 exploration targets across the property, suggesting significant potential for expansion beyond the currently defined zones.
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