Continued Exploration Success At Tembo-Area Licences

VANCOUVER – Lake Victoria Gold Ltd. reported on exploration activities conducted on the licenses LVG sold to Bulyanhulu Gold Mine Limited (Buly). Buly acquired six licences from LVG under an Asset Purchase Agreement in 2022. Buly is owned by Twiga Minerals Corporation, a joint venture between Barrick Mining Corporation and the Government of Tanzania.
Exploration during Q2 2025 was focussed on testing with reverse circulation (RC) drilling the granite-greenstone contact in the northwest, interpreted to be prospective, and developing and planning an aircore (AC) drilling plan aimed at testing prospective areas considered to have a similar stratigraphic sequence to Bulyanhulu Mine, and a RC drilling program to test geochemical anomalies identified in previous AC drilling programs.
12 reverse-circulation (RC) holes drilled totaling 1,380 metres. Drilling tested the granite greenstone contact which had been identified in the previous AC drilling and was considered to be structurally favorable with possible dilation zones, and which returned anomalous Au in associated favorable geology. Favourable geology confirmed – The drilling along the northwest trending contact intersected mafic metavolcanics (greenstone) and quartz porphyry dykes, which display weak to moderate deformation and have associated silica-sericite alteration, and localized disseminated pyrite and quartz veining, promising for gold mineralization.
Rock-chip samples from artisanal workings near zones of strong chlorite-sericite alteration, indicate the presence of potentially mineralized structures. The results to date reinforce the geological continuity between the Bulyanhulu Mine and the Tembo Project area, validating LVG’s long-standing interpretation of the belt’s broader potential.
Simon Benstead, Executive Chairman & CFO, said, “We are encouraged to see Barrick’s sustained exploration momentum and technical validation across the Tembo-area licences. Their work continues to confirm the fertility of this part of the Lake Victoria Goldfields, where LVG remains a significant stakeholder through both our adjacent 100%-owned Tembo Project and the contingent upside tied to future discoveries.”