Tanzania, East Africa
LAKE VICTORIA GOLD (100%)
The Tembo Project is adjacent to one of the giant gold deposits in the Sukumaland Greenstone Belt, Bulyanhulu Mine (operated by Barrick), that has a total resource of > 20 million ounces of gold (including historical mined, current reserve and resource). The inner arc of this greenstone belt is also host to the Buck Reef Mine of TRX Gold Corporation and the Tuluwaka Gold Mine, formerly a Barrick operation.
The Tembo Project consists of one prospecting licence covering an area of ~32sq.km.
A total of US$28mm has been spent to date on exploration on the Tembo Project. From the substantial and comprehensive body of work that has been developed, the Company has focused on three targets Ngula 1, Nyakagwe Village and Nyakagwe East. All three targets have shown to comprise multiple (up to eight), subparallel shear structures hosting gold mineralization within broad shear zones up to 250m wide, interpreted as interconnecting, anastomosing shears. The structures are noted to persist along strike and dip but gold grades and widths are noted to fluctuate due to pinch and swell of the gold-bearing veins.
Prior exploration data acquired over a period of more than ten years has recently been re-processed; and reinterpreted to identify and prioritize compelling targets warranting further focused follow-up including drilling, and required follow-up drilling to develop resources on existing drill targets. See section ‘Gold Exploration Leveraging State-Of-The-Art Machine Learning & AI Technology‘
NI 43-101 TECHNICAL REPORT ON THE TEMBO GOLD PROJECT, THE UNITED REPUBLIC OF TANZANIA
Prepared for: Lake Victoria Gold (formally Tembo Gold Corp.)
Prepared by: Noleen Pauls – MSc, Pr.Sci.Nat, FGSSA & Alan Goldsmith – MSc, Pr.Sci.Nat, ACSM
Effective Date: 30 June 2022
The detailed review of the historical drill database, reinforced by the new information generated by the most recent drill campaign, has now positioned the Company to undertake its first resource estimation with a high degree of confidence. (See NR May 25, 2023) In-house interpretation of the host-rock and structural controls of gold distribution within the mineralized shear zones has been undertaken and preliminary wireframes have been created.
The next steps will then be to implement the drill programs to upgrade the confidence levels of these resources in terms of being 43-101-compliant and then if warranted undertake a preliminary economic assessment, leading to prefeasibility and feasibility studies, and ultimately to mining license applications.
On December 7, 2021, the Company announced that it had entered into a binding agreement with Barrick Gold Corporation, Bulyanhulu Gold Mine Limited, a subsidiary of Barrick, agreeing to sell to Buly a 100% ownership interest in six non-core prospecting licences.
The Company is using multidisciplinary data driven science, artificial intelligence and machine learning technology by Goldspot Discoveries Corp.
Exploration of the Tembo Gold Project area prior to the 2011-2014 drilling campaigns progressed from broad soil sampling campaigns and a high resolution airborne magnetic and radiometric survey designed to test the gold potential of the whole of the license areas and assist in the interpretation of potentially favorable underlying geology, to more detailed follow-up programs, including limited drill testing of gold and structural anomalies generated by those programs.
Tembo Gold Corp reviewed and assessed all the historic exploration data and determined that the gold potential in the Tembo Project was considerable but untested.
THE DETAILED TECHNICAL REVIEW AND GROUND FOLLOW-UP DEFINED AN INITIAL SEVEN GOLD TARGETS WARRANTING IMMEDIATE DRILL TESTING.
These included the interpreted extension of the northwest trending magnetic lineament (Buly Trend) which is host to the adjacent Bulyanhulu Gold Mine Reef 1 orebody, and several areas of concentrated artisanal mining along numerous similar sub-parallel structures containing very similar mineralization as evidenced by the material being mined and treated locally. A LIDAR survey flown during the latter half of 2012 provided a detailed DTM and high resolution color ortho-rectified photographic image which clearly delineated the extent and location of artisanal mining to further assist in drill targeting.
LIDAR DEM-ORTHOPHOTO SURVEY
In contrast, a LIDAR DEM-orthophoto survey has revealed that the Tembo Project has in excess of 13km of artisanal workings along northwest-southeast (the Buly trend), northeast-southwest and east-west trending linear structures, all of which coincide with airborne magnetic lineaments, highlighting the significant potential hidden and untested beneath the transported alluvium cover prevalent in the Tembo area.
The focus of work to date at Tembo has been restricted to principally three targets within a 10km2 area, the locus of the most intense artisanal activity.
The presence of magnetic lineaments of similar orientation throughout the greenstone fragment to the north for some 10km and west-southwest for 3km highlights the regional potential and will be the focus of the initial re-interpretation and target generation through the recently announced arrangement with GoldSpot.