Gold Explorer Accelerates Drilling at Tanzania Project With Second Rig

1. Lake Victoria Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Lake Victoria Gold Ltd. and Barrick Mining Corp.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) announced the deployment of a second multipurpose drill rig to expedite drilling activities at the company’s fully authorized Imwelo Gold Project in northwestern Tanzania, according to an October 31 release.

After successfully finishing the initial three drill holes of the intended 24-hole, 4,000-meter initiative at the Area C zone, the first two holes have been sent for analysis, with outcomes anticipated next week, the company said.

The second multipurpose rig is currently being deployed and will begin drilling shortly. This additional rig will hasten the process and allow LVG to finalize the current program by the second week of December 2025.

"Momentum continues to build at Imwelo," said Lake Victoria Gold President and Chief Executive Officer Marc Cernovitch. "We've completed three holes with assays pending on the first two, and with a second rig now on site, we’re moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness."

Co. 'Encouraged' By Results So Far

As detailed in an earlier announcement, the company said the Area C drilling initiative aims to:

• Final pit design and geotechnical analysis: Gather oriented core samples and rock-mass data to refine slope angles, determine wall-support needs, and optimize ramp geometry; complete in-pit geotechnical domains for final pit outlines.
• Resource confidence and conversion: Fill in shallow gaps to enhance confidence in near-surface mineralization and, where results support, upgrade Inferred resources to Indicated status, increasing the Measured inventory in areas with limited data.
• Resource expansion: Explore down-dip extensions at approximately 100 meters and 200 meters vertical depths and conduct step-out drilling along the strike to the west beyond current pit boundaries.
• Grade-control preparation: Generate data to plan close-spaced, shallow grade-control drilling to support early mining operations and ROM stockpile development.
• Metallurgical testing: Collect representative core samples for confirmatory testing across oxide-transition-fresh domains to validate recovery rates and inform early mine sequencing.

"Drilling at Area C is progressing well, and we’re very encouraged by what we’re seeing in the core to date," said Hendrick Mering, exploration manager for Lake Victoria Gold. "The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons. These early visual observations align well with expectations, and we look forward to confirming them through assay results next week."

One possible catalyst is that assay results from the initial holes are anticipated to be released the week of November 10. The company said it will continue to provide updates as the drilling advances.

Possible Payments From Bulyanhulu

According to an AI-generated summary of the company's news on Stock Titan, Lake Victoria Gold recently shared a Q2 2025 update on exploration activities carried out by Bulyanhulu Gold Mine, a joint venture between Barrick Mining Corp. (ABX:TSX; B:NYSE) and the Tanzanian government, on six licenses transferred to Bulyanhulu in 2022.

"Q2 work included 12 reverse-circulation holes totaling 1,380 meters testing the granite–greenstone contact and planning aircore and RC programs to follow up geochemical anomalies," the summary said.

The drilling encountered mafic metavolcanics, quartz porphyry dykes, silica sericite alteration, localized pyrite, and quartz veining; rock samples from artisanal mining sites indicate potentially mineralized structures. As part of the 2022 asset sale agreement, LVG could receive up to US$45 million in contingent payments based on future discoveries or resource milestones. Barrick is set to prioritize follow-up targets in Q3 2025.

Bulls Manage to Stabilize Gold Market

Gold and silver prices have seen a modest rise in early U.S. trading on Monday, as the bulls have managed to stabilize the markets, creating a favorable environment for both metals, according to a report by Jim Wyckoff for Kitco News on November 3.

Traders in the precious metals sector are on the lookout for a new fundamental catalyst to spark a trending price movement. December gold has increased by US$19.80, reaching US$4,016.60.

In overnight developments, China is ending a long-standing gold tax incentive, which previously allowed retailers to offset a value-added tax when selling gold. This change affects both investment products, like high-purity gold bars and ingots, and non-investment items such as jewelry and industrial materials. The move is anticipated to boost government revenue but will likely raise the cost of gold for Chinese buyers.

Most leading banks continue to hold a positive view on gold's prospects. JP Morgan analysts have reiterated their optimistic forecast for gold, predicting that prices could average US$5,055 per ounce by the fourth quarter of 2026, according to a Reuters report on October 23. Additionally, Bank of America has maintained a long position with a target price of US$6,000 per ounce by mid-2026, as noted in Ali's article.

Meanwhile, Technavio projects that the tellurium market will expand by US$315 million, with a compound annual growth rate (CAGR) of 9.84% from 2023 to 2028. The growing demand from the consumer electronics sector is expected to drive this market forward. The tellurium market is experiencing significant growth, largely driven by the rising demand from core technologies and applications within the consumer electronics industry. This growth is anticipated to persist throughout the forecast period, supported by the influence of green bonds and the ongoing shift towards sustainable energy solutions. Nonetheless, the market faces challenges, including strict environmental and safety regulations on tellurium production and usage, which pose significant hurdles for major companies.

Ownership and Share Structure¹

About 28% is owned by management and insiders, institutions own 15%, shares issued for the acquisition of Imwelo include 12.3%, the TAIFA Group owns 8.2%, and Barrick owns 3%. The rest is retail.

Top shareholders include AIMS Asset Management with 8.76%, Rostam Aziz with 8.2%, Simon Charles Benstead with 7.47%, Concept Capital Management Ltd. with 5.83%, and Walter David Scott with 3.08%.

Its market cap is CA$34.21 million. It has 195 million shares outstanding, according to the company, and trades in a 52-week range of CA$0.13 and CA$0.25.