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Lake Victoria Gold outlines nearly 600,000 oz at Tembo gold project
The initial resource for Tembo includes 2.69 million indicated tonnes at 1.16 g/t gold, plus 13.33 million inferred tonnes at 1.12 g/t.
Lake Victoria Gold has released an initial resource estimate for its Tembo gold project in Tanzania that totals almost 600,000 ounces of gold, based on deposits described as near-surface and contained within conceptual pit shells.
The estimate, issued by the company, covers three near-surface deposits, Ngula 1, Nyakagwe Village and Nyakagwe East. Tembo hosts 2.69 million indicated tonnes grading 1.16 grams gold per tonne for contained metal of 99,700 oz., and 13.33 million inferred tonnes grading 1.12 g/t for 480,100 oz. of contained metal, with the deposits remaining open along strike and at depth.
Tembo sits about 600 km north-northwest of Dodoma. Lake Victoria said all three deposits are within conceptual pit shells, and that the resource update comes as Tembo is advanced alongside its Imwelo project, which is described as shovel-ready and located west of AngloGold Ashanti’s Geita mine.
Mining analyst Ben Pirie at Atrium Research said the update marks a shift for Lake Victoria Gold, moving Tembo from a project described as previously waiting on Barrick to explore surrounding licences to an active development project with an up-to-date resource and potential toll milling opportunities. The company also reported that shares rose 8.9% to about 31 cents in Toronto, valuing Lake Victoria Gold at about $62 million (US$44 million).
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