Lake Victoria Gold (LVG.V) has announced the results of its maiden resource calculation on the flagship Tembo gold project in Tanzania. The current resource stands at just under 100,000 ounces gold in the indicated category (2.69 million tonnes at an average grade of 1.16 g/t gold) while the majority of the resource is still inferred. The inferred resource contains 13.3 million tonnes at an average grade of 1.12 g/t gold for a total of 480,000 ounces. This initial resource of almost 600,000 ounces of gold across all categories is based on just three of the 39 exploration targets on the four mining licenses.
This will start to underpin the company’s valuation, and it will allow Lake Victoria to move forward with its Nyati toll milling plans. Additionally, Lake Victoria plans to complete 4-5,000 meters of close-spaced drilling at the Ngula 1 zone to improve the geological confidence and to help support future mine planning.
Disclosure: The author has no position in Lake Victoria. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
