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Lake Victoria Gold Ltd. Advances Towards Becoming Tanzania's Next Gold Producer

Strategic Insights

— 1 min read

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is making significant progress in its goal to become Tanzania's next gold producer. The company has advanced the construction of a 120 tonne-per-day carbon-in-pulp (CIP) circuit at its Nyati Resources' processing plant, with commissioning expected to begin within the next four to six weeks. The facility will play a key role in enabling the company's development strategy at Tembo and beyond.

Key Takeaways:

  • Lake Victoria Gold has advanced the construction of a 120 tonne-per-day carbon-in-pulp (CIP) circuit at its Nyati Resources' processing plant.
  • Commissioning of the facility is expected to begin within the next four to six weeks.
  • The facility will be a key part of the company's development strategy at Tembo and beyond.
  • The company is also advancing a program of 3,750m of infill drilling for mine planning and 4,000m of step-outs to test mineralized extensions at the Imwelo Gold Project.
  • The company has also reported several positive drilling results at the Tembo Project, including 28.57 g/t over 3m from 54m and 17.23 g/t over 4m from 19m.
  • Lake Victoria Gold has a non-brokered LIFE private placement of up to C$6 million, with an additional concurrent placement of up to C$1.5 million.
  • The company is advancing towards becoming a gold producer in a rising gold market.

Statistics:

  • Gold production from the Nyati facility is expected to begin within the next four to six weeks.
  • The facility will have a capacity of 120 tonnes per day.
  • The program of 3,750m of infill drilling and 4,000m of step-outs at the Imwelo Gold Project has been completed.
  • The company has reported several positive drilling results at the Tembo Project, including 28.57 g/t over 3m from 54m and 17.23 g/t over 4m from 19m.
  • The company has a non-brokered LIFE private placement of up to C$6 million and an additional concurrent placement of up to C$1.5 million.

Sources:

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  • Lake Victoria Gold Ltd. - News Release
  • Sprott Gold Miners ETF (SGDM) - Website
  • B2Gold Corp. - News Release
  • Jaguar Mining Inc. - News Release
  • Contango Ore, Inc. - News Release
  • Orla Mining Ltd. - News Release

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