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Lake Victoria Gold sets maiden 580,000-ounce resource at Tembo
The initial NI 43-101 estimate centers on the Ngula 1, Nyakagwe Village, and Nyakagwe East deposits, with 331,000 ounces tied to Ngula 1 and 57% of the total resource.
Lake Victoria Gold Ltd. has released a maiden NI 43-101 Mineral Resource Estimate for its wholly owned Tembo Gold Project in northwestern Tanzania, outlining nearly 580,000 ounces of contained gold across three deposits, according to Yahoo Finance.
The resource is centered on the Ngula 1, Nyakagwe Village, and Nyakagwe East deposits, located on four granted mining licences covering about 34 square kilometers within the Lake Victoria Goldfield, and the project borders Barrick Gold's Bulyanhulu Mine.
Ngula 1 is the most advanced target, contributing about 331,000 ounces, or roughly 57% of the project's total resource, and represents nearly two-thirds of the Indicated ounces. The company said Ngula 1 extends approximately 600 metres along strike, remains open at depth and along strike, and will be the focus of a planned 5,000-metre infill drilling program.
Lake Victoria Gold also described a higher-grade component within Ngula 1, including 400,400 ounces at 2.13 grams per tonne at a 1.0 g/t cut-off and 280,500 ounces at 3.08 grams per tonne at a 1.5 g/t cut-off. It said much of the resource remains classified as Inferred due to drill spacing, particularly at the Nyakagwe Village and Nyakagwe East deposits.
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