Newly acquired gold project 12km west of Anglogold Ashanti’s +9M oz Au Geita Gold Mine
LOCATION:
Tanzania, East Africa
COMMODITY:
GOLD
OVERVIEW
The Imwelo Gold Project is located in the Lake Victoria Goldfields within the Geita Greenstone belt (one of the largest and longest operating gold deposits in East Africa). Just 12km east, is Anglogold Ashanti’s +9M oz Au Geita Gold Mine.
EXPLORATION SUMMARY
- Total of 28,000m drilled to date
- LVG has spent AUD12M since 2012
- Geological mapping, pitting and data validation
- Geophysical Surveys – magnetic and IP
- Three Metallurgical tests completed – 90% recovery
- Two previous sets of JORC (2012) resource estimates and prefeasibility studies 2015 and 2017, updated 2021
- Environmental studies and certification completed, and ML granted
- Completed Land compensation for initial Mining area
- Detailed design and costs of tailings dam, process plant, infrastructure and access updated mid-2022
HISTORICAL RESOURCE
The Project resource comprises seven mineralized locations that have been drilled and includes:
See below for Information Regarding Historical Resource Estimate
Information Regarding Historical Resource Estimate
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
LOCATION
TRANSITION TO PRODUCTION
Processing Plant
Detailed design and costing is being finalized
Mine Layout
Open cut mine layout for first 10 years is complete
Licenced and Permitted
Mining Licence granted & the project is permitted and ready for construction
TECHNICAL INFORMATION
PROJECT RESOURCE
The Project resource comprises seven mineralized locations that have been drilled and includes:
| wdt_ID | Classification | Cuttof Grade Au g/t | Tonnes | Gold Grade | Ounces Gold |
|---|---|---|---|---|---|
| 1 | Measured | 0.50g/t | 414,000 | 3.15 | 42,000.00 |
| 2 | Indicated | 0.50g/t | 1,530,300 | 1.95 | 95,700.00 |
| 3 | Inferred | 0.50g/t | 2,781,500 | 1.56 | 153,900.00 |
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
GEOLOGICAL SETTING & MINERALISATION
A large portion of the Project area is under a thick lateritic and saprolitic weathered horizon up to 50 m metres in vertical depth. Little outcrop is present on the property limiting the amount of local bedrock mapping to artisanal pits (where deep enough). Based on the drilling results and mapping done in artisanal pits, the felsic and mafic volcanic units of the Lower Nyanzian stratigraphy constitute the lithologies of the license area Quartz veins cross cut the lithologies and generally contain gold only within shear zones that have developed on lithological contacts. Mineralisation is pronounced when veins are associated with sulphide minerals (i.e. FeS2).’
Gold at Imwelo occurs in three main forms:
- Auriferous quartz veins – Significant intersections announced by Mincor as well those from Barrick’s RAB and RC programs are associated with quartz veins.
- Alluvial gold – Near-surface, artisanal workings are found in the north-western area of the tenement.
- Fine disseminated gold within laterite – Commonly associated with strongly fractured and weathered quartz, suspended in the laterite matrix. This is the main material which villagers are recovering gold currently.
Drilling confirms the presence of gold within quartz veins, but further notes that not all veins are auriferous and the presence of shearing is regarded as a prerequisite. Gold is also not associated with vein only and the country rock (i.e. hanging and footwall) also hosts mineralization (also to a lesser grade) at least 0.5 m into country rock from the quartz vein.
DRILL HOLE HIGHLIGHTS
IMWDD-003 14.7g/t over 5m from 49m down hole
IMWRC-009 6.8 g/t over 4m from 62m down hole
IMWRC-018 3.5 g/t over 5m from 37m down hole
IMWRC-037 14.2g/t over 7m from 33m down hole
IMWRC-038 4.2 g/t over 4m from 20m down hole
IMWRC-041 6.0 g/t over 3m from 15m down hole
IMWRC-047 5.2 g/t over 3m from 43m down hole
IMWRC-067 3.6 g/t over 6m from 21m down hole
IMRAB296 20.8g/t over 3m from 11m down hole
2BH-004 5.9 g/t over 5m from 40m down hole
7BH-002 13.0g/t over 3m from 22m down hole
THE DORA GOLD PROJECT - ADJOINING PROSPECTING LICENCE
Prospective geology with gold mineralization
The Project (PL11953/2022 of 19km2) borders the Imwelo Mining License to the west, east and south. Exploration drilling by previous operators has identified a historical resource estimate containing indicated mineral resources of 90,800oz Au at a grade of 1.19 g/t and an inferred mineral resources of 424,310oz Au gold at a grade of 1.43 g/t, located in two zones.
A number of targets remain to be tested. The Historical Resource Estimate is derived from a report entitled “Independent Competent Person’s Report on the Imwelu Gold Project, Tanzania – Mineral Resource Report” dated March 10, 2017 (the “Report“) prepared by Minxcon (Pty) Ltd of South Africa.
The Historical Resource Estimate presented in the Report was carried out in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 Edition) prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. The Historical Resource Estimate was based on a preliminary economic assessment completed in 2014 on the Project, which utilised a cut-off grade of 0.4 g/t, for an open pit scenario. A gold price of USD$1,469/oz, and a 90% plant recovery factor were applied in the calculation of the cut-off, with a 0% dilution factor. The Report includes the following Historical Resource Estimate:
HISTORICAL RESOURCE
The Project resource comprises two mineralized locations (additional targets remain to be tested) that have been drilled and includes:
See below for Information Regarding Historical Resource Estimate
Information Regarding Historical Resource Estimate
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
LOCATION
THE DORA GOLD PROJECT TECHNICAL INFORMATION
PROJECT RESOURCE
Combined Imweru Mineral Resources Declared as at 10 March 2017
| Area | Material | Mineral Resource Category | Tonnes | Density | Au | Au | Au |
| Total | Mt | t/m3 | g/t | kg | koz | ||
| Central | Laterite | Indicated | – | – | – | – | – |
| Saprolite | Indicated | 0.654 | 2.50 | 1.62 | 1 060 | 34.09 | |
| Sulphide | Indicated | 1.713 | 2.89 | 1.03 | 1,764 | 56.71 | |
| East | Sulphide | Indicated | – | – | – | – | – |
| Total Indicated | 2.367 | 2.70 | 1.19 | 2,824 | 90.80 | ||
| Central | Laterite | Inferred | 0.413 | 2.50 | 2.90 | 1,199 | 38.54 |
| Saprolite | Inferred | 0.560 | 2.50 | 1.68 | 942 | 30.27 | |
| Sulphide | Inferred | 7.615 | 2.89 | 1.18 | 8,952 | 287.83 | |
| East | Sulphide | Inferred | 0.652 | 2.70 | 3.23 | 2,105 | 67.66 |
| Total Inferred | 9.240 | 2.72 | 1.43 | 13,197 | 424.31 | ||
Notes:
1. Gold content conversion: 1 kg = 32.15076 oz.
2. Columns may not add up due to rounding.
3. Pay limit 0.4 g/t and Pay limit 1.3 g/t.
4. Geological loss of 5 % has been applied.
5. All figures are in metric tonnes.
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
IMWERU SIGNIFICANT DRILL INTERCEPTS (>5 ppm Au)
| BHID | From | To | Width | Gold | Company |
| m | m | m | ppm | ||
| IDD001 | 232.85 | 233.85 | 1.00 | 24.00 | Kibo |
| IDD003 | 196.99 | 197.99 | 1.00 | 9.69 | Kibo |
| IMRAB457 | 23.04 | 26.04 | 3.00 | 6.34 | Barrick |
| IMRAB880 | 30.00 | 33.00 | 3.00 | 10.10 | Barrick |
| IMRAB880 | 42.00 | 45.00 | 3.00 | 23.20 | Barrick |
| IRAB-026 | 6.00 | 9.00 | 3.00 | 16.25 | Barrick |
| IRAB-027 | 29.00 | 30.00 | 1.00 | 12.07 | Barrick |
| IRAB-062E | 5.00 | 6.00 | 1.00 | 39.20 | Barrick |
| IRAB-062E | 8.00 | 11.00 | 3.00 | 56.74 | Barrick |
| IRC017 | 124.00 | 125.00 | 1.00 | 5.41 | Kibo |
| IRC021 | 131.00 | 132.00 | 1.00 | 6.19 | Kibo |
| IRC022 | 156.00 | 158.00 | 2.00 | 8.20 | Kibo |
| IRC023 | 108.00 | 110.00 | 2.00 | 108.42 | Kibo |
| IRC023 | 122.00 | 123.00 | 1.00 | 46.20 | Kibo |
| IRC024 | 138.00 | 139.00 | 1.00 | 5.36 | Kibo |
| IRC025 | 66.00 | 67.00 | 1.00 | 6.10 | Kibo |
| IRC026 | 37.25 | 38.25 | 1.00 | 5.56 | Kibo |
| IRC027 | 41.00 | 42.00 | 1.00 | 6.89 | Kibo |
| IRC027 | 97.00 | 98.00 | 1.00 | 8.74 | Kibo |
Note: Measured as downhole length, true widths have not been measured or calculated.
IMWERU CENTRAL ZONE WITH THE DRILLING
