LAKE VICTORIA GOLD LIMITED (TSXV: LVG; OTCCP: LVGLF; FSEW: E1K) Results of a geotechnical review and testing program completed at the fully permitted Imwelo gold project in northwest Tanzania, supporting the final pit design and enhancing ongoing engineering and mine planning as the company moves towards development readiness.
The geotechnical programme, completed by Luhlaza Advisory and Consulting Pty. Ltd. In collaboration with City Engineering Company Ltd., significant input into the design of the pit slope in Area C. The results confirm strong to very strong rocky conditions at depth while improving slope design parameters within the area subject to near-surface weathering. Based on the current engineering evaluation, the updated geotechnical parameters are expected to support efficient and optimized pit design, with the effect of more conservative slope angles in the near-surface oxide zone largely offset by favorable free-drilling characteristics and lower overall mining costs.
Highlights: Strong rock conditions support hole development at depth: Basalt, porphyritic basalt and granite units exhibit strong to very strong mechanical properties, with uniaxial compressive strength values up to approximately 166 MPa, supporting stable hole wall conditions and the potential for steeper dip formations in fresh rock, subject to detailed design.
Improved near-surface geotechnical parameters: The shallow (0 to 60 m) oxidized shale zone was identified as lower strength material, requiring more conservative slope design and local stability measures as part of the final pit configuration.
Favorable free-drilling properties support early mining: Near-surface oxide material is expected to be amenable to free-drilling without blasting, which supports lower mining costs during early-stage operations and helps offset the effect of flat slope angles.
Pit design update and integrated mine planning underway: The Company is developing a revised pit design for Area C that includes updated geotechnical inputs, along with continued resource modeling and mine planning as part of an integrated engineering work programme.
Engineering Development and Mine Planning: The geotechnical results represent an important step in improving the mine design at Imoilo and reducing technical uncertainty as the company moves towards development.
The company is actively incorporating these results into final pit optimization and mine scheduling; Detailed analysis of slope stability. Optimize waste movement and strip ratio assumptions; Mineral process design, flow sheet optimization, infrastructure planning and site development activities.
This work is progressing towards a build-ready mine plan that is consistent with the Company’s disciplined, capital-efficient development strategy.
The geotechnical program identifies a clear vertical weathering profile across the sediment, with a transition from oxidized rocks near the surface to fresh, competent rocks at depth.
The oxide zone is characterized by lower strength materials that require more conservative slope design while remaining amenable to low-cost mining and free drilling. In contrast, the underlying new rock units exhibit strong to very strong mechanical properties, supporting steeper slope configurations and long-term stable crater wall development.
This framework supports pit optimization by balancing near-surface mining efficiency with favorable slope conditions at depth and provides a basis for final mine design and scheduling. Ongoing engineering and pit optimization work is evaluating potential development scenarios, including incorporating mineralized zones into a unified pit design.
Mark Cernovich, President and CEO, commented: “These results advance Imoilo’s development and provide important input into the final pit design and mine layout. Confirmation of the strong rock conditions at depth, combined with a better understanding of near-surface materials, allows us to advance the engineering with increased confidence. As this work progresses alongside broader development planning, we continue to move Imoilo forward toward a build-ready project.”
The next steps include finalizing the design of the updated pit for Area C; Completion of the integrated mining plan and production schedule; c) Continue geotechnical and engineering analysis; Progress in site preparation and development activities and continued progress towards closing project financing.
The geotechnical program includes nine dedicated pits throughout the planned mining area, supported by detailed core logging, sampling and laboratory testing, including uniaxial compressive strength (UCS), triaxial compression testing, tensile strength analysis and density measurements.
The program also includes rock mass characterization and preliminary slope stability assessment, and is completed in accordance with recognized industry standards. The results provide a reliable data set to support ongoing engineering, mine design and optimization work.
Although Imwelo has been the subject of a JORC compliant PEA (Preliminary Economic Evaluation), PFS (Pre-Feasibility Study) and updated PFS work, these foreign code studies are not valid under NI 43-101 standards.
The Company has not completed a feasibility study on Imwelo that identifies mineral reserves that demonstrate economic and technical feasibility and does not treat JORC-based estimates or analyzes as current under the CIM definition criteria.
Lake Victoria Gold is primarily focused on growth and consolidation at the prospective Lake Victoria gold field in Tanzania.
The company has a 100% interest in the Tempo project, which comprises more than 50,000 meters of drilling and is located adjacent to Barrick’s Bulyanhulu mine. The company also has a 100% interest in the Imoilo Project, a fully licensed gold project west of AngloGold Ashanti’s Geeta Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, making it a near-term development opportunity.
Lake Victoria Gold has assembled an experienced team with a proven track record in developing, financing and operating mining projects in Africa, in which management, directors and partners own more than 60% of the shares.
Taifa Group has entered into an agreement with the Company to acquire an ownership stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly owned company of Tanzania) or other nominees. Taifa Mining will also carry out all mining and civil works for the Imwelo project.
Taifa Mining is the largest mining contractor in Tanzania with over 30 years of mining experience. Taifa has been the preferred contractor for most mines in Tanzania and has maintained long and successful relationships with companies such as Petra, De Beers, Barrick and AngloGold Ashanti. In addition, Taif also has the largest fleet of mining equipment in Tanzania.
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