Lake Victoria Gold Ltd is pleased to provide an update on the Q2 2025 exploration activities conducted on the licenses LVG sold to Bulyanhulu Gold Mine Limited. Buly acquired six licences from LVG under an Asset Purchase Agreement in 2022. Buly is owned by Twiga Minerals Corporation, a joint venture between Barrick Mining Corporation (“Barrick”) and the Government of Tanzania.
Exploration during Q2 2025 was focussed on testing with reverse circulation (RC) drilling the granite-greenstone contact in the northwest, interpreted to be prospective, and developing and planning an aircore (AC) drilling plan aimed at testing prospective areas considered to have a similar stratigraphic sequence to Bulyanhulu Mine, and a RC drilling programme to test geochemical anomalies identified in previous AC drilling programmes.
The results to date reinforce the geological continuity between the Bulyanhulu Mine and the Tembo Project area, validating LVG’s long-standing interpretation of the belt’s broader potential.
Under the Asset Purchase Agreement executed in 2022, LVG may receive up to US $45 million in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on these licences.
Management comments
Simon Benstead, Executive Chairman & CFO, stated: “We are encouraged to see Barrick’s sustained exploration momentum and technical validation across the Tembo-area licences. Their work continues to confirm the fertility of this part of the Lake Victoria Goldfields, where LVG remains a significant stakeholder through both our adjacent 100%-owned Tembo Project and the contingent upside tied to future discoveries.”
Marc Cernovitch, President & CEO, added: “Barrick’s methodical exploration is confirming the geological architecture we’ve interpreted on our licence area. As they advance, LVG benefits from both the direct geological insights and the potential for substantial contingent payments-creating a rare opportunity of value addition through a combination of near-term potential production development at Imwelo and the Tembo project, and discovery leverage through the Buly exploration.”
Next steps
Barrick’s Q3 2025 programme is focusing on ranking and prioritizing follow-up drill targets along the most prospective structural corridors defined by the Q2 results and earlier geochemical anomalies.
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