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Yahoo
29-05-2025
- Business
- Yahoo
Lake Victoria Gold Plans Strategic Resource Drilling Campaign at Ngula 1 to Support Processing JV
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce that will undertake a 3,000m reverse circulation (RC) drilling program within a recently granted mining licence (April 9, 2025) at Ngula 1, to delineate and evaluate a shallow resource. The goal is to establish sufficient resource to provide mineralized material to feed the recently announced (May 1, 2025) opportunity to process near-surface material in a third party processing facility located within 3.5km of this prospect. Ngula 1 has returned numerous promising gold intersections in several previous drilling campaigns (January 31, 2023). Selected shallow intersections include*: TDD0004: 3.13g/t Au over 25.89m from 41.00m, including 4.46g/t Au over 2.60m, 5.05g/t Au over 0.50m, 2.02g/t Au over 0.50m, and 9.38g/t Au over 6.30m. TRC0013: 17.23g/t Au over 4.00m from 19.00m. TRC0003: 3.76g/t Au over 2.00m from 21.00m; 28.57g/t Au over 3.00m from 54.00m; and 5.28g/t Au over 4.00m from 72.00m. TDD0160: 5.22g/t Au over 1.93m from 107.18m and 2.73g/t Au over 1.54m from 116.39m. TRC0001: 2.87 g/t Au over 3.00m from 27.00m, 1.76 g/t Au over 3.00m from 46.00m, and 12.87 g/t Au over 3.00m from 84.00m TDD0133: 2.37g/t Au over 1.00m from 35.00m. TDD0161: 1.64g/t Au over 3.07m from 54.43m. TRC0002: 2.58g/t Au over 2.00m from 8.00m; 2.74g/t Au over 1.00m from 36.00m; and 1.29g/t Au over 5.00m from 52.00m. TDD0158: 17.60g/t Au over 1.48m from 31.12m. TDD0126: 1.80g/t Au over 6.46m from 25.00m. TDD0157: 1.59g/t Au over 1.15m from 40.34m. TRC0014: 1.62g/t Au over 1.00m from 52.00m. David Scott, Pr. Sci. Nat., Managing Director Tanzania & Director of Lake Victoria Gold: "Ngula 1 demonstrates strong geological continuity and consistent high-grade mineralization over multiple campaigns. The structural complexity, folding patterns, and repeated shear-hosted zones are exactly the kind of setting we associate with significant gold systems in the Lake Victoria Goldfield. This close-spaced RC program will give us the data density needed to move from exploration success toward a resource, and potentially, production." Strategic Context While the proposed small-scale mining joint venture at Tembo offers a near-term opportunity to generate cash flow, it is best viewed as a steppingstone rather than the end goal. The true value of Tembo lies in its significant exploration potential, given its strategic location immediately adjacent to Barrick's Bulyanhulu Mine and the geological continuity observed between the two properties. To date, over 50,000 meters of drilling have been completed, testing less than 15% of the known structural targets across the 32 km² project area. Multiple high-grade intercepts have been returned, and the structural setting remains highly prospective for the discovery of a large-scale, high-grade gold system. The interim JV strategy could allow LVG to bridge its operational and exploration budgets in a non-dilutive manner, while continuing to advance Tembo toward what the Company believes could be a district-scale gold resource. Simon Benstead, Executive Director of Lake Victoria Gold, commented: "This drilling campaign is part of our broader strategy to unlock the long-term value at Tembo. While the near-surface potential at Ngula 1 presents an exciting opportunity for near-term production and cash flow, it also serves a larger purpose-supporting a non-dilutive path toward what we believe is a district-scale gold system. We're leveraging strategic infrastructure and partnerships to advance exploration while staying disciplined on capital allocation." Ngula 1 The Ngula 1 belt of deformed and metamorphosed basaltic extrusive lithologies with a known 800m strike across a width of 100-150m, hosts multiple sub-parallel east-west trending gold-bearing shear structures. These are interpreted as the northern and southern limbs of a tight isoclinal fold structure. The upcoming drilling program will focus on a 300-metre strike length of the southern zone, where previous disclosed RC and diamond drilling (DD) returned significant gold values. The program will target the southern structural zone using a grid of drill holes spaced 20 meters apart along strike and downdip, with alternating tiers offset by 10 meters. Drilling will test depths of 10 m, 30 m, and 50 m below surface across 45 holes, covering a 300-metre strike. Each hole will be extended a minimum of 25 meters beyond the first structural intersection. Total planned drilling is approximately 3,000 meters. Upon completion of the program and receipt of analytical results, appropriately blended composite samples will be submitted for gold deportment and metallurgical testing, including leach diagnostics and gravity recovery. A proposal for this test work is pending. Preliminary discussions with drilling contractors are underway. *Note: Widths represent drill intersection widths not corrected for borehole inclination and dip of the geological zone. True widths have not been determined. The borehole inclination of 60deg and sub vertical dip of the structures suggests that the true width will be approximately 86% of the intersected width. No capping of high-grade values has been applied to the assay results. The scientific and technical content of this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a Director and Officer of the Company. About Lake Victoria Gold (LVG): Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick Gold and recent strategic partnership with Taifa Group. Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business. On Behalf of the Board of Directors of the Company,Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316Email: sbenstead@ For more information please contact: Simon BensteadExecutive Chairman & CFOPhone:+ 1 604-685-9316Email: sbenstead@ Marc CernovitchCEO & DirectorPhone: +1 604-685-9316Email: mcernovitch@ NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. Cautionary Statement Regarding Forward-Looking Information This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company's estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG's reputation; and other risks disclosed in the Company's public filings. LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. 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Cision Canada
14-05-2025
- Business
- Cision Canada
With Forecasts Hitting $4,000 to $6,000, Gold Mining Sector Sees Renewed Investor Focus
Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, May 14, 2025 /CNW/ -- After a (very) short honeymoon period that followed the latest US-China trade agreement, the price of gold recovered as quickly as euphoria over the trade deal faded. According to DoubleLine Capital CEO Jeff Gundlach (better known as "Bond King"), ongoing gold price rally isn't over, as the precious metal could climb as high as $4,000 per ounce. Now with the current gold price creating a new normal, gold miners are managed to bridge the discount gap to bullion, and overcome rising production costs. Several miners and developers have been providing updates worthy of extra market attention, including from Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF), AngloGold Ashanti plc (NYSE: AU), G Mining Ventures (TSX: GMIN) (OTCQX: GMINF), and Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF). JPMorgan analysts recently made waves with a bold outlook, suggesting that if just 0.5% of U.S.-held foreign assets shifted into gold, prices could climb as high as $6,000 per ounce by 2029. At the same time, jewelry retailers across the U.S. are reporting a sharp rise in gold buying, showing that retail demand is starting to catch up with Wall Street sentiment. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), a junior gold developer focused on East Africa, is making steady progress on its near-term development plans in Tanzania. The company has brought in Nesch Mintech Tanzania, a third-party auditor, to support the upcoming commissioning of Nyati Resources' gold processing plant, anticipated to begin in June. This move follows a non-binding Letter of Intent between LVG and Nyati, exploring the potential for a small-scale development partnership. Nesch will evaluate the plant's operational readiness, review projected recovery rates, and identify areas for optimization as Nyati prepares to activate a second processing circuit. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." Under the proposed partnership, LVG would send mineralized material from its 100%-owned Mining Licences to be processed at Nyati's existing 120 tpd plant and a new 500 tpd facility now nearing completion. This expansion would establish the foundation for a centralized gold processing hub under the proposed joint venture between LVG and Nyati. "This audit is an important milestone as we advance this most compelling near-term gold development opportunity," said Simon Benstead, Executive Director of Lake Victoria Gold. "By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution." While this concept remains at an early stage and is not supported by a current mineral resource estimate or Feasibility Study, any potential small-scale development is speculative and subject to key risks, including grade continuity, metallurgy, permitting, and financing. That said, the initiative offers Lake Victoria Gold (LVG) an opportunity to test its geological model directly in the field. If successful, this low-capex approach could generate early cash flow and support ongoing LOI with Nyati follows LVG's previous disclosure that it was evaluating small-scale development at its Tembo Project, located beside Barrick's high-grade Bulyanhulu Mine. Tembo has already seen more than US$28 million in exploration and over 50,000 metres of drilling. Key targets—such as Ngula 1, Nyakagwe Village, and Nyakagwe East—remain open along strike and at depth, highlighting the project's strong upside potential. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration." LVG continues to align capital and strategic partnerships as it moves closer to construction. While Tembo offers long-term exploration upside, LVG's Imwelo Project (acquired earlier this year) currently stands as its most advanced asset, backed by a 2021 pre-feasibility study and full permitting. Located near AngloGold Ashanti's (NYSE: AU) Geita Mine, Imwelo is well positioned for streamlined development. To support this, the company signed a non-binding gold prepay term sheet with Monetary Metals in late 2024. The deal offers upfront capital in exchange for a share of future gold production at a discount—providing non-dilutive financing aligned with the project's production schedule. The term sheet outlines access to the value of up to 7,000 ounces of gold, earmarked for construction and development. In February 2025, LVG also secured a C$3.52 million investment tranche from Taifa Group at C$0.22 per share, which was part of a larger C$11.52 million three-tranche financing. As part of the deal, former Taifa CEO Richard Reynolds joined the company's board. Additional upside remains through a US$45 million milestone-based agreement with Barrick tied to future success at Tembo. With commissioning audits underway, a potential joint venture in due diligence, and a growing financial runway, Lake Victoria Gold is steadily positioning itself as a leading junior developer in East Africa. In other industry developments and happenings in the market include: K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) delivered record Q1 2025 results, reporting its highest-ever revenue, net income, cash flow, and EBITDA, driven by strong gold grades and favorable recoveries. The company produced 47,817 ounces of gold equivalent at an all-in sustaining cost of $1,010 per ounce and ended the quarter with a record net cash position of $123 million. Construction on its Stage 3 expansion plant is nearing completion, with commissioning expected in Q2, while exploration ramped up at Arakompa with several high-grade intercepts. " K92 has delivered a strong start to 2025, continuing the positive momentum from the second half of 2024, with robust operational and financial results across the board," said John Lewins, CEO and Director of K92. "Q1 marked our second-highest production quarter. Combined with the record gold price environment, it resulted in record revenue, net income, EBITDA, and operating cash flow." AngloGold Ashanti plc (NYSE: AU) also reported a powerful first quarter in 2025, with gold production rising 22% year over year and free cash flow surging 607% to $403 million. Headline earnings jumped 671% to $447 million, driven by stronger gold prices, the integration of the Sukari mine, and improved performance at key operations like Siguiri and Tropicana. "This is a very strong start to the year, particularly at our managed operations," said Alberto Calderon, CEO of AngloGold Ashanti. "We've seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price." G Mining Ventures (TSX: GMIN) (OTCQX: GMINF) recently released a robust feasibility study for its high-grade Oko West Gold Project in Guyana, outlining a 12.3-year mine life with average annual production of 350,000 ounces at an all-in sustaining cost (AISC) of $1,123 per ounce. At a base case gold price of $2,500 per ounce, the project delivers an after-tax NPV5% of $2.2 billion and an IRR of 27%, with payback in just under three years. Early construction is already underway following the receipt of an interim environmental permit, with a final construction decision expected in the second half of 2025. "The Oko West Feasibility Study marks a major milestone in realizing the value of what we consider one of the world's most exciting undeveloped gold projects," said Louis-Pierre Gignac, President and CEO of G Mining. "It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure." Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) recently made multiple new high-grade ore shoot discoveries at its Tahuehueto gold-silver mine in Durango, Mexico, following results from nine new underground drill holes. Highlights include intercepts of 9.4 meters grading 5.21 g/t gold equivalent and 4.8 meters at 5.62 g/t AuEq, confirming new mineralized zones near existing mine workings. "The discovery of multiple new high-grade ore shoots so quickly into this new exploration program confirms the robust nature of the Tahuehueto epithermal vein system and the potential to add immediate value to this asset," said Paul D. Gray, VP Exploration of Luca. "The fact that the current drilling program has consistently intersected well-mineralized veins in previously untested areas also confirms the Company's exploration approach and moreover speaks to the larger potential of the Tahuehueto mineralized system." The results are expected to expand near-term resources and inform updated mine plans, with a second 5,000-meter drilling phase and surface exploration at the Santiago Deposit now underway. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Cision Canada
08-05-2025
- Business
- Cision Canada
Fresh Cash, Scalable Projects, and New Discoveries: What the Smart Money Is Watching in Gold
Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, May 8, 2025 /CNW/ -- Equity Insider News Commentary – So far in 2025, gold has twice touched the remarkable $3,400 per ounce mark— first in April and again this week —raising the question of just how far this rally could go. Bloomberg Intelligence's Senior Commodity Strategist Mike McGlone suggests the widening gap between oil and gold prices signals not only recessionary pressure, but also a potential surge to $4,000 gold. Meanwhile, industry veteran Rob McEwen believes investor momentum could carry gold even higher, forecasting a rush back into mining equities and a possible run to $5,000 per ounce. Against this backdrop, several gold companies have issued timely updates, including Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Kinross Gold Corporation (NYSE: KGC) (TSX: K), SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM), Dundee Precious Metals Inc. (TSX: DPM) (OTCPK: DPMLF), and New Found Gold Corp. (NYSE-American: NFGC) (TSXV: NFG). Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), a junior gold developer focused on East Africa, continues to advance its near-term development strategy in Tanzania. A third-party commissioning auditor, Nesch Mintech Tanzania, has been formally retained and will participate in the commissioning process at Nyati Resources' gold processing plant expected in June. This follows the signing of a non-binding Letter of Intent between LVG and Nyati for a potential small-scale development partnership. Nesch has been engaged to assess plant readiness, recovery rates, and potential optimization opportunities as Nyati prepares to bring a second processing unit online. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." Combined with the existing 120 tpd facility, the expansion is expected to deliver a total capacity of 620 tpd—laying the groundwork for a centralized gold processing hub under the proposed joint venture with LVG and MIPCCL. "This audit is an important milestone as we advance this most compelling near-term gold development opportunity," said Simon Benstead, Executive Director of Lake Victoria Gold. "By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution." Under the proposed partnership plan, mineralized material from LVG's 100%-owned Mining Licences would be processed through Nyati's 120 tpd facility and a second 500 tpd expansion plant currently being finalized—creating a centralized processing hub. The audit by Nesch Mintech is a critical next step in validating that vision. The company notes that it is not underpinned by a current mineral resource estimate or Feasibility Study and remains subject to meaningful technical and economic risks. This collaboration offers LVG a chance to test key assumptions in the field and potentially self-fund continued exploration. The Nyati LOI builds on LVG's earlier disclosure that it was exploring small-scale development opportunities at its Tembo Project, within the company's four Mining Licences. Located adjacent to Barrick's Bulyanhulu Mine, Tembo has already seen more than US$28 million in historical exploration, including over 50,000 metres of drilling. Targets like Ngula 1, Nyakagwe Village, and Nyakagwe East remain open at depth and along strike—underscoring the project's long-term discovery potential. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration. We believe this approach aligns well with our disciplined strategy and our commitment to responsible, phased development in Tanzania." While Tembo provides strategic upside, LVG's Imwelo Project (acquired earlier this year) remains more advanced of the company's asset portfolio. Fully permitted and supported by a 2021 pre-feasibility study, Imwelo is positioned for streamlined development near AngloGold Ashanti's Geita Mine. The company continues to align capital and partnerships to advance toward construction. To that end, LVG secured a non-binding gold prepay term sheet with Monetary Metals in late 2024. The arrangement provides upfront capital now, in exchange for delivering a portion of future gold production at a modest discount. This non-dilutive structure aligns repayment with LVG's production timeline and outlines access to the value of up to 7,000 ounces of gold—helping fund construction and development at the Imwelo Project. In February 2025, the company also completed a C$3.52 million investment tranche with Taifa Group at C$0.22 per share as part of a greater three-tranche C$11.52 million financing. Along with the deal, it brough in former Taifa CEO Richard Reynolds onto LVG's board. Further upside remains through a 2021 agreement with Barrick, which outlines up to US$45 million in milestone-based payments tied to success at Tembo. With commissioning audits scheduled, a potential joint venture moving through due diligence, and potential funding agreements in place, Lake Victoria Gold continues to build momentum as one of East Africa's most dynamic emerging gold developers. In other industry developments and happenings in the market include: Kinross Gold Corporation (NYSE: KGC) (TSX: K) kicked off 2025 with strong results, more than doubling its free cash flow year-over-year to $370.8 million and boosting margins by 67% to $1,814 per ounce sold. The company reaffirmed full-year guidance and ramped up shareholder returns, targeting $650 million in buybacks and dividends. With $2.3 billion in total liquidity, Kinross is advancing key projects like Great Bear and Round Mountain Phase X while maintaining a strong balance sheet. "Our culture of technical excellence and financial discipline, complemented by our consistent operating performance, continues to drive strong margins and cash flow, all of which underpin our capital allocation strategy," said J. Paul Rollinson, CEO of Kinross. "We continue to advance our pipeline of high-quality development projects and exploration opportunities across our broader portfolio with a focus on driving value for our shareholders through this decade and beyond." SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) recently delivered first-quarter 2025 production of 103,805 gold equivalent ounces and generated $84.8 million in operating cash flow, with adjusted net income reaching $61.6 million or $0.29 per share. The company officially added Cripple Creek & Victor (CC&V) to its portfolio in late February, contributing to a seamless quarter despite Çöpler remaining offline. "We are well on track for full-year consolidated production and cost guidance, and are positioned to generate strong free cash flows through the remainder of the year," said Rod Antal, Executive Chairman of SSR Mining. "In Türkiye, initial development activities continued at Hod Maden in the quarter, while efforts at Çöpler remain focused on advancing the operation towards a potential restart." SSR ended the quarter with $319.6 million in cash and $819.6 million in total liquidity. Dundee Precious Metals Inc. (TSX: DPM) (OTCPK: DPMLF) generated $79.1 million in free cash flow in Q1 2025 and returned a record $90.4 million to shareholders through dividends and share repurchases. The company produced nearly 50,000 ounces of gold and 5.9 million pounds of copper, reaffirming guidance for the year. With $763 million in cash and no debt, Dundee is advancing feasibility work on Čoka Rakita in Serbia and Loma Larga in Ecuador. "Our 55,000-metre drilling program focused on testing high priority targets proximal to our Čoka Rakita project is advancing well, with 14 drill rigs currently in operation," said David Rae, President and CEO of Dundee. "The drilling program continues to expand the copper-gold Dumitru Potok discovery, and we have yet to define its limits as it remains open in multiple directions and at depth." New Found Gold Corp. (NYSE-American: NFGC) (TSXV: NFG) continues to demonstrate the depth potential of its Queensway Gold Project, with standout intercepts including 38.7 g/t Au over 6.55 m at Dome and 10.3 g/t Au over 8.20 m at Keats South Deep. These new results lie outside the project's initial mineral resource estimate and show growing scale at depth, with visible gold present in multiple deep holes. "At Dome we are finding new high-grade gold mineralization within 250 m of surface," said Melissa Render, President of New Found Gold. "The Phase I deep drilling at KSD and Keats-AFZ Deep, located well below the initial mineral resource, has begun to define new zones more than a kilometre below surface, pointing to the depth potential at Queensway." With Phase I deep drilling now complete, New Found Gold is planning its 2025 program focused on near-surface resource conversion and expansion around recent discoveries. CONTACT: Equity Insider [email protected] (604) 265-2873 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Yahoo
07-05-2025
- Business
- Yahoo
Lake Victoria Gold Announces Results of the Annual and Special Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) ("Lake Victoria Gold" or the "Company") is pleased to report that at the Annual and Special Meeting of Shareholders of the Company (the "Meeting") held on May 7, 2025, the shareholders elected Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, Seth Dickinson, Dean Comand and Richard Reynolds as directors of the Company. Shareholders also passed ordinary resolutions to appoint D&H Group LLP, Chartered Professional Accountants, as auditor of the Company, and approve a new 10% rolling omnibus equity incentive plan (the "Equity Incentive Plan"). The Equity Incentive Plan, which is subject to final acceptance by the TSX Venture Exchange, allows for the issuance of incentive stock options, deferred share units, performance share units, restricted share units, stock appreciation rights and stock purchase rights (collectively the "Awards"). The maximum number of shares reserved for issuance on exercise of all the Awards granted under the Equity Incentive Plan shall not exceed 10% of the issued and outstanding common shares as at the date of grant of any Award. Following the Meeting, the directors appointed Marc Cernovitch as Chief Executive Officer of the Company, Simon Benstead as Executive Chairman and Chief Financial Officer, David Scott as Managing Director Tanzania, Seth Dickinson as Chief Operating Officer and Nick DeMare as Corporate Secretary. About Lake Victoria Gold (LVG): Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick Gold and recent strategic partnership with Taifa Group.
Cision Canada
07-05-2025
- Business
- Cision Canada
Gold's Return to $3,400 Spurs Sector Gains Amid $4,000 Forecasts
Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, May 7, 2025 /CNW/ -- Equity Insider News Commentary – After surpassing $3,500 at the tail end of April, multiple institutions revised their forecasts for gold prices upward, with Deutsche Bank predicting $3,700-per-ounce gold as early as next year. Billionaire hedge fund manager John Paulson went further, predicting near-$5,000 gold by 2028. Following a short sluggish performance period, the gold price returned to $3,300, leading to gold mining stocks collectively strengthening again. On the ground, several gold miners are putting out solid news, with recent developments coming from Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Galiano Gold Inc. (NYSE-American: GAU) (TSX: GAU), Centerra Gold Inc. (NYSE: CGAU) (TSX: CG), Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), and i-80 Gold Corp. (NYSE-American: IAUX) (TSX: IAU). After the world's biggest gold-buying market (China) returned from a holiday break, the price of gold has rallied, and fuelling gold miner stocks with it. As analysts see $4,000 gold in the near future, including JP Morgan projecting this as early as Q2 2026, Ed Yardeni at Yardeni Research is calling for this level by the end of the year. Canadian mining industry veteran Rob McEwen joins Paulson in believing gold will surge to $5,000 an ounce in the next 2-3 years, and fuelling a gold mining stocks boom along the way. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), a junior gold developer focused on East Africa, has just taken a meaningful step toward a potential near-term production opportunity. The company recently signed a non-binding Letter of Intent with Nyati Resources to evaluate a potential small-scale development partnership at its Tembo Project in Tanzania. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "This proposed partnership aligns with our strategy of unlocking near-term value while continuing to advance our core exploration assets." The partnership under evaluation would bring together mineralized material from LVG's 100%-owned Mining Licences with Nyati's existing 120 tpd processing plant, plus a second 500 tpd facility now under construction. The plan envisions a dedicated operating company structured to meet the Tanzanian Government's 16% free carried interest framework. Both parties have entered a 60-day exclusivity window to complete due diligence and finalize terms. This LOI builds on LVG's earlier disclosure that it was exploring small-scale development opportunities at Tembo, within the company's four Mining Licences. While still in the early stages, this initiative is part of a broader strategy to assess near-term development options. The company notes that it is not underpinned by a current mineral resource estimate or Feasibility Study, and remains subject to meaningful technical and economic risks. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Simon Benstead, Chairman and CFO of Lake Victoria Gold. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration. We believe this approach aligns well with our disciplined strategy and our commitment to responsible, phased development in Tanzania." Bordering the prolific Bulyanhulu Mine operated by Barrick, the Tembo Project has benefited from over US$28 million in historical exploration, including more than 50,000 meters of drilling. Targets like Ngula 1, Nyakagwe Village, and Nyakagwe East remain open along strike and at depth, continuing to demonstrate strong geological potential. While Tembo represents the company's long-term growth anchor, the Imwelo Project is positioned to be the first mover in LVG's portfolio. Acquired earlier this year, Imwelo is fully permitted and strategically located near AngloGold Ashanti's Geita Gold Mine. A 2021 pre-feasibility study and existing approvals suggest a potentially streamlined path toward construction. To support its next phase of growth without issuing more shares, Lake Victoria Gold signed a non-binding gold prepay term sheet in late 2024 with Monetary Metals. The arrangement provides upfront capital now, in exchange for delivering a portion of future gold production at a modest discount. This non-dilutive structure aligns repayment with LVG's production timeline and outlines access to the value of up to 7,000 ounces of gold—helping fund construction and development at the Imwelo Project. More recently, in February 2025, the company completed the initial tranche of a strategic, three-stage investment agreement with Taifa Group, raising C$3.52 million at C$0.22 per share. As part of the evolving partnership, Taifa's former CEO, Richard Reynolds, has joined the board of LVG. LVG also retains exposure to long-term upside through its 2021 agreement with Barrick, which outlines up to US$45 million in potential milestone-based payments. Backed by development momentum at Imwelo, near-term optionality at Tembo, and strategic partnerships, the company is steadily positioning itself as a noteworthy player among East Africa's emerging gold developers. With multiple growth levers in motion—from exploration and joint ventures to funding agreements and project advancement— Lake Victoria Gold continues to build momentum in one of Africa's most prospective gold regions. In other industry developments and happenings in the market include: Galiano Gold Inc. (NYSE-American: GAU) (TSX: GAU) has uncovered a new high-grade zone at its Abore deposit, with drill results showing 50 metres at 3.15 g/t gold beneath the current pit design. Additional intercepts at Abore South confirmed strong grades and continuity, including 34m at 12.0 g/t and 27m at 6.7 g/t. "The identification of a new high-grade zone beneath Abore Main and the extensions that have grown the Abore South high-grade zone from 90 meters to 180 meters long, underscore the substantial growth potential at Abore," said Chris Pettman, Galiano's Vice President of Exploration. "Mineralization remains open at depth throughout the entire 1,600m strike length, with these latest findings suggesting the Abore mineralizing system may be considerably more extensive than previously understood." These results not only strengthen confidence in the current reserve model, but also point to the potential for future underground development. Galiano says establishing its first underground resource is a top priority in 2025. Centerra Gold Inc. (NYSE: CGAU) (TSX: CG) recently updated the mineral resource at its Kemess project in British Columbia, now holding 2.7 million ounces of indicated gold and 971 million pounds of indicated copper. The 2024 drilling campaign has improved geological confidence and supported a shift to a longhole open stoping plan, replacing the previous block cave model. With existing infrastructure already in place, including a 50,000 tpd plant and 380km power line, Kemess could see reduced execution risk compared to greenfield projects. "The updated mineral resource published today demonstrates robust mineralization in the highly prospective Toodoggone district in the northern interior of British Columbia," said Paul Tomory, President and CEO of Centerra Gold. "We are moving forward with a Preliminary Economic Assessment on Kemess, using an open pit and longhole open stoping underground mining concept, which is expected to be completed by the end of 2025." At the end of March, Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) reported multiple high-grade intercepts from its Wenot deposit in Guyana, including 10.40 g/t gold over 10.5m (capped), 2.13 g/t over 48.5m, and 3.83 g/t over 18.8m in hole 25ODD-101. "These new Wenot results provide strong additions to our 2025 drill program focused on resource expansion," said Elaine Ellingham, President and CEO of Omai. "We believe the potential for value creation through the drill bit continues to be strong." These latest results extend mineralization well below the 2024 resource and PEA pit shell. The company has expanded its 2025 drill program from 10,000m to at least 15,000m and is fully funded with C$30 million in the treasury. i-80 Gold Corp. (NYSE-American: IAUX) (TSX: IAU) recently delivered a 67% year-over-year revenue increase in Q1 2025, selling nearly 5,000 ounces of gold at a record average price of $2,825/oz. "At Granite Creek Underground, i-80 Gold's first gold project to ramp up, we are making good progress in our dewatering efforts, addressing groundwater inflows by enhancing our pumping capacity and upgrading the water treatment infrastructure," said Richard Young, President and CEO of i-80. "These improvements should allow us to ramp-up to steady state of gold output in the second half of 2025." Development at Granite Creek advanced with improved dewatering infrastructure, while permitting progressed at Archimedes (Ruby Hill) and Cove. The company finalized PEAs for all five core projects, which collectively carry an after-tax NPV of $1.6 billion at $2,175 gold. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
