- Lake Victoria Gold (LVGLF, Financial) is evaluating a small-scale mining opportunity at its Tembo Project in northern Tanzania focused on early cash flow generation.
- Key targets within the project include Ngula 1, Nyakagwe East, and Nyakagwe Village, with significant near-surface gold intersections.
- A Carbon-in-Pulp (CIP) plant nearby is being upgraded to handle 620 tonnes per day, enhancing local processing capacity.
Lake Victoria Gold (LVGLF) is exploring a promising small-scale mining and processing venture at its wholly owned Tembo Project in northern Tanzania. This initiative aims to generate early cash flow by leveraging existing local infrastructure to extract and process near-surface material. However, it is important to note that this initiative is still in its preliminary stages and is not supported by a feasibility study, introducing higher economic and technical risks.
The Tembo Project features several high-potential gold targets, including Ngula 1, Nyakagwe East, and Nyakagwe Village, with confirmed near-surface gold intersections. A nearby, privately operated Carbon-in-Pulp (CIP) plant has been commissioned, with an additional unit under construction, set to expand the combined processing capacity to approximately 620 tonnes per day.
Lake Victoria Gold, through its local subsidiary MIPCCL, holds a joint venture interest in 20 Primary Mining Licences adjacent to its Mining Licences (MLs). The company is working on a non-binding Letter of Intent aiming for a joint venture with the Processing Licence owner to mine and process materials from both Mining Licences (MLs) and Primary Mining Licences (PMLs).
Despite the potential early cash flow benefits, the company emphasizes the preliminary nature of the initiative, which comes without a thorough feasibility study. Consequently, significant technical and economic uncertainties remain, and this initiative should not be interpreted as a verified economic case for mining activity at the Tembo Project.
