Lake Victoria Gold, an emerging gold developer in East Africa, provided an update regarding its Tembo Project in Tanzania. The company has successfully converted its exploration license into mining licenses, which opens new avenues for development.
Overview of the Tembo Project
Lake Victoria Gold (TSXV: LVG) announced a significant step forward in the Tembo Project by securing four mining licenses following the conversion from an exploration license. These licenses grant the company the right to develop and extract gold for ten years with the option of renewal.
Drilling Results and Their Significance
Extensive drilling has already been conducted at the Tembo site, with over $28 million invested. The drilling has revealed three high-priority areas with impressive gold grades. Notably, at Ngula 1, results included values reaching 22.18 grams per tonne (g/t) of gold, with similar high readings reported from other locations such as Nyakagwe Village.
Future Prospects and Action Plans
With the acquisition of mining licenses, Lake Victoria Gold is evaluating various options to advance the Tembo Project. These include the potential for near-term production through open-pit mining and collaboration with nearby facilities. A new drilling program is also planned to identify additional resources.
The status updates on licenses and drilling results pave the way for Lake Victoria Gold, potentially leading to significant advancements in the Tembo Project and attracting investor interest.
