Lake Victoria’s Tembo Holds 600K Oz. Gold Near Barrick

Approximately 500,000 Ounces Was Just Put On the Map Next Door to Bulyanhulu

A maiden NI 43-101 Mineral Resource Estimate of 480,100 Inferred and 99,700 Indicated ounces transforms the Tembo Gold Project from a collection of high-grade drill intercepts into a defined resource on granted Mining Licences, with a higher-grade core, a focused…

Lake Victoria’s Tembo holds 600K oz. gold near Barrick

An initial resource for Lake Victoria Gold’s (TSXV: LVG) Tembo project in Tanzania shows the deposit contains almost 600,000 oz. gold next to Barrick Mining’s (TSX: ABX; NYSE: B) Bulyanhulu... The post Lake Victoria’s Tembo holds 600K oz. gold near Barrick appeared first on The Northern Miner.

Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine

Higher-grade component includes 331,700 Inferred ounces at 2.15 g/t and 68,600 Indicated ounces at 2.00 g/t at a 1.00 g/t cut-off; Ngula 1 prioritized for close-spaced drilling and future mine planning

Lake Victoria Gold Ltd. (TSXV:LVG) - Maiden Tembo MRE Sets the Stage for Near-Term Cash Flow - Research Portal

Lake Victoria Gold (LVG) released a maiden MRE for the Tembo gold project in NW Tanzania. The MRE stands at 580k oz of contained gold (16.0Mt of ore at 1.13 g/t Au). While this is a small and low-grade resource by Tanzanian standards, where orogenic peers typically run at 2.5-3 g/t Au, Tembo now has its first formal resource crystalizing the asset and putting ounces on the board. In our view, the two things that keep Tembo interesting are: 1) near-term production potential via a toll-milling agreement with Nyati Resources (Private), for which an LOI has been signed, and 2) exploration upside at the Ngula 1 target. Of all the targets at Tembo, Ngula 1 could be a analog of Barrick’s (TSX:ABX, Not Rated) 20M oz Bulyanhulu mine next door, where grades could improve down-dip if the system behaves like its neighbour. However, this is still hypothesis and needs to be tested further via the drill bit. A Nyati toll-milling option, if converted to a binding deal, could help fund exploration at Tembo to chase that blue-sky potential at depth. Although today’s announcement is a step in the right direction for Tembo and de-risks the company’s secondary asset, our attention remains on its flagship Imwelo project. Site development, earthworks, the camp and appointment of an EPCM contractor, are all advancing, but we note the US$25M Monetary Metals (Private) gold loan announced in April intended to cover the US$15M build, has not yet closed. It is grinding through the Bank of Tanzania's regulatory process and closing of this loan remains the key catalyst to watch.

Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick’s Bulyanhulu Mine - Lake Victoria Gold

Vancouver, British Columbia - August 11, 2026 - Lake Victoria Gold is pleased to announce the maiden National Instrument 43-101 ("NI 43-101") Mineral Resource Estimate ("MRE") for its 100%-owned Tembo Gold Project ("Tembo" or the "Project") in northwestern Tanzania, immediately adjacent to Barrick's Bulyanhulu Mine. The post Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to…