Canada-listed Lake Victoria Gold has begun a 6,500-metre drilling programme at its Imwelo gold project in Tanzania, marking a shift from exploration towards operational planning as the company prepares for initial open-pit mining.
The programme, which started on November 4, targets Area C, the planned first mining zone at the fully permitted project, located near AngloGold Ashanti’s Geita gold mine in northwestern Tanzania.
In a statement released on Wednesday, November 11, Lake Victoria Gold said the reverse circulation drilling would provide detailed geological data to guide pit design, identify economically recoverable mineralisation and minimise waste extraction during the early stages of mining.
The company is drilling on a staggered 10-metre by 10-metre grid across the upper 20 metres of the proposed open pit. A second drilling rig is being mobilised, with completion scheduled for February 2027.
The programme represents a significant operational step for the TSX Venture Exchange-listed company, which is seeking to develop Imwelo into a producing gold asset within Tanzania’s established Lake Victoria goldfields.
Earlier drilling at Area C returned high-grade intersections, including 28.71 grammes of gold per tonne over 2.75 metres and 12.20 grammes per tonne over 4.5 metres.
Exploration work conducted between late 2025 and early 2026 also identified mineralisation extending more than 250 metres below the surface, beyond the current pit design, suggesting potential for future resource expansion.
The latest drilling campaign is intended to improve the accuracy of ore and waste separation, reduce dilution and refine mining schedules — factors that can materially influence operating costs and profitability.
“Commencing grade control drilling is an important milestone in Imwelo’s progression toward production,” said Marc Cernovitch, president and chief executive of Lake Victoria Gold.
“We are moving beyond defining mineralization and into the detailed preparation of the first mining benches.”
The company has also made progress on metallurgical testing, an important consideration for the project’s commercial viability.
Tests on transitional and fresh mineralisation achieved gold recoveries of approximately 96 to 97 per cent. Separate work on shallow, clay-rich material found that pretreatment increased 24-hour gold extraction from about 50 per cent to 84.5 per cent.
However, the company cautioned that these results do not represent overall plant recovery rates and that further optimisation remains necessary.
Infrastructure development is proceeding alongside drilling. Initial access-road repairs have been completed, construction of the site camp is substantially finished, and earthworks are continuing across planned mining facilities.
Lake Victoria Gold is developing Imwelo with support from Tanzania’s Taifa Group, whose subsidiary Taifa Mining is expected to undertake contract mining and civil works.
The involvement of the Tanzanian contractor provides the project with access to established local mining expertise and equipment as development advances.
Lake Victoria Gold also owns the nearby Tembo project, adjacent to Barrick’s Bulyanhulu mine, strengthening its exposure to one of Africa’s established gold-producing regions.
The company’s development plans nevertheless carry significant financial and technical risks.
Although Imwelo has previously undergone preliminary economic and pre-feasibility assessments under international reporting standards, Lake Victoria Gold said it has not completed a current feasibility study establishing mineral reserves under Canadian reporting requirements.
Consequently, any decision to begin production would carry greater uncertainty over economic viability, operating costs, metallurgical performance and funding requirements.
The company has not announced a definitive date for commercial production.
For Tanzania, the project’s progress adds to development activity in the country’s gold sector, although its eventual contribution to output, employment and investment will depend on successful mine commissioning and sustained commercial operations.
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