Lake Victoria Gold has begun an approximately 6,500-metre drilling programme at its Imwelo Gold Project in Tanzania, advancing the detailed geological work needed to prepare its planned first open pit for mining.

In a statement released on November 11, the company said reverse circulation grade-control drilling began on November 4 at Area C. The programme targets the upper 20 metres of the proposed pit, using a staggered grid with holes spaced 10 metres apart. Completion is targeted for February 2027.

Lake Victoria Gold trades on the TSX Venture Exchange under the symbol LVG. The announcement concerns preparation for initial mining; it does not announce the start of commercial gold production.

A closer look at the first mining benches

The programme is intended to give engineers a more detailed picture of the material expected to be mined first. Its findings will support the separation of mineralised material from waste, mining schedules and preparation of an initial stockpile.

For Imwelo, the immediate task is to translate geological information into practical excavation decisions: where mining should begin, which material should be stockpiled and how the opening sequence should be organised.

Source: Lake Victoria Gold, November 11, 2026 announcement, distributed through CNW: Read original company disclosure ↗

Earlier drilling found high-grade shallow intervals

The new campaign follows results announced on August 27 from shallow diamond drilling at Area C. Two reported intersections stood out:

The company stated that true widths had not yet been determined. These are individual drill intersections, rather than average grades for the proposed mine.

The same eight-hole campaign encountered voids from historical artisanal mining in four holes. That finding adds another practical consideration for development: the geological model must account for material already removed and underground openings within the shallow sequence.

Together, the results show why a high-grade headline is only one part of mine preparation. Detailed information about continuity, mined-out ground and material distribution remains necessary for planning.

Source: Lake Victoria Gold, August 27, 2026 drilling results: Read original company disclosure ↗

Processing clay-rich material is another priority

Lake Victoria Gold has also been testing how to process the weathered, clay-rich material expected early in the Area C mining sequence.

In September, the company identified attrition scrubbing followed by desliming as its preferred pretreatment route for further optimisation. In practical terms, the approach breaks down clay aggregates and separates fine material ahead of subsequent processing.

Laboratory results showed 24-hour gold extraction increasing from 49.99% on untreated material to 84.54% on the scrubbed and deslimed fraction. The work was undertaken by Nesch Mintech Tanzania Limited in Mwanza.

Those percentages require careful interpretation. The improved result applies to a pretreated fraction and does not establish overall recovery for a full-scale plant. The company said further work must determine the mass and gold balance across the desliming circuit.

The distinction matters because separating fines can change both the quantity of material entering a process and the amount of gold retained in that stream. A successful treatment design must account for gold throughout the circuit.

Source: Lake Victoria Gold, September 24, 2026 metallurgical update: Read original company disclosure ↗

Financing and land compensation remain central

In an October 30 update, Lake Victoria Gold outlined plans to advance a shareholder offering of up to C$5 million separately from a proposed strategic investment of approximately C$27 million involving HOB Energy FZCO.

The company identified Phase 3 land compensation, Area C grade-control drilling and working capital among the intended uses of the shareholder offering. At the time of that update, financing remained subject to approvals and closing conditions; the proposals should not be described as completed fundraising.

The company also disclosed that its production plans are not supported by a current NI 43-101 feasibility study establishing mineral reserves and demonstrating economic and technical viability. It said there were no current mineral reserves at Imwelo and no certainty that production would occur.

Source: Lake Victoria Gold, October 30, 2026 financing update: Read original company disclosure ↗

Pan-African analysis: measure development beyond drill results

For Panafrican.email, Imwelo raises a wider development question: how should progress at an African gold project be measured?

Drilling metres and assay grades provide useful technical information. A broader assessment should also examine compensation outcomes, opportunities for domestic suppliers, worker training, environmental management and the durability of local technical capacity.

These are questions for continued reporting, rather than benefits established by the latest drilling announcement. Claims about employment, public revenue or community prosperity should be measured against disclosed commitments and actual outcomes.

What to watch next

The next reporting milestones include drilling progress, assay results, changes to the opening mining plan, further processing tests and financing completion. Land compensation and infrastructure updates will also help readers assess how technical preparation aligns with development on the ground.

The start of grade-control drilling is a concrete operational step. Whether that work translates into a viable producing mine will depend on the results, engineering, funding and execution that follow.

Reporting note: Project-specific information is attributed to company disclosures. The development assessment is Panafrican.email analysis.