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Barrick Mining|Lake Victoria Gold|Nyati Resources|Tanzania|Bulyanhulu Mine|Imwelo Gold Project|Tembo Gold Project|Gold Mining|Simon Benstead
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barrick-mining|lake-victoria-gold|nyati-resources|tanzania|bulyanhulu-mine|imwelo-gold-project|tembo-gold-project|gold-mining|simon-benstead

Canadian gold developer declares maiden resources for second Tanzanian project

Lake Victoria Gold drilling in Tanzania

Lake Victoria Gold drilling in Tanzania

12th August 2026

By: Marleny Arnoldi

Online News Editor

     

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TSX-V-listed Lake Victoria Gold has declared a maiden mineral resource estimate for the Tembo gold project in Tanzania, with 13.3-million tones of inferred mineral resources grading 1.12 g/t gold for 480 100 contained ounces and 2.69-million tonnes of indicated mineral resources grading 1.16 g/t for 99 700 contained ounces across three near-surface deposits.

Notably, the Tembo gold project is immediately adjacent to Barrick Mining's Bulyanhulu mine.

The Ngula 1 deposit on site hosts about 56% of the project's inferred ounces and 63% of its indicated ounces and will be the initial focus of Lake Victoria Gold's planned close-spaced drilling programme for at least 4 000 m, resource conversion and future mine planning work.

The company continues to advance a toll-milling initiative with Nyati Resources as a potential capital-efficient route for processing near-surface material from Ngula 1.

"The maiden estimate transforms Tembo from a high-grade drill story into a defined resource on granted mining licences, with a pathway to growth and, potentially, near-term production. Together with its defined higher-grade component, secure tenure and next-stage programme already scoped at Ngula 1, and the potential Nyati toll-milling pathway, Tembo is positioned as Lake Victoria Gold's second defined gold asset alongside the Imwelo gold project, also in Tanzania" concludes chairperson and CFO Simon Benstead.

Edited by Creamer Media Reporter

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