Author: Atrium Research August 27, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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LVG reported high-grade, near-surface drill results from Area C, its planned initial open-pit at the Imwelo Project, headlined by 28.71 g/t Au over 2.75m and 12.20 g/t Au over 4.5m.
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Both intercepts start shallow (21m and 32m) in weathered material, with individual vein samples up to 142.90 g/t and 124.83 g/t Au.
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Whole-core from the eight holes are undergoing weathered-ore metallurgical testwork to finalize the Area C flowsheet.
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The work feeds directly into pit design, grade control and plant configuration as Imwelo advances through construction.
This morning, Lake Victoria Gold (LVG:TSXV, LVGLF:OTCQB) reported high-grade, near-surface assay results from recent HQ diamond drilling at Area C, the planned initial open-pit mining area at its fully permitted Imwelo Gold Project in Tanzania. The standout intercepts of 28.71 g/t Au over 2.75m from 21.0m (IMWDR029) and 12.20 g/t Au over 4.5m from 32.0m (IMWDR028), reinforce the shallow, high-grade character of Area C which is the planned initial mining area. Alongside the assays, LVG has launched a targeted metallurgical program on the weathered ore to finalize the Area C process flowsheet ahead of final plant design. We are maintaining our BUY rating and target price of $0.65/share on Lake Victoria Gold.
Both headline hits are shallow and high-grade. The two intercepts sit within the highly weathered saprolitic and quartz-vein material that characterizes Area C, starting from just 21m and 32m downhole, with individual quartz-vein samples grading up to 142.90 g/t and 124.83 g/t Au. The eight HQ holes total 225m across ~240m of strike, and four of them (IMWDR025, -026, -027, and -030) intersected voids where historical artisanal miners had already removed the shallow mineralized zone.
Area C Drill Highlights:
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IMWDR029: 28.71 g/t Au over 2.75m from 21.0m, incl. 59.77 g/t over 1.3m and 142.90 g/t over 0.5m.
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IMWDR028: 12.20 g/t Au over 4.5m from 32.0m, incl. 27.94 g/t over 1.9m and 124.83 g/t over 0.4m.
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IMWDR031: 0.96 g/t Au over 2.5m from 21.9m, incl. 3.73 g/t over 0.4m.
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IMWDR024: 0.70 g/t Au over 1.0m from 13.0m.
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IMWDR025, IMWDR026, IMWDR027 and IMWDR030 intersected voids from historical artisanal mining.
Our Take Today’s release ticks another box on Imwelo’s path to production, pairing the confirmation of high-grade, shallow mineralization at the first planned area to be mined with the metallurgical work needed to finalize the plant’s front end. The met work removes one of the last major process unknowns ahead of final plant design and reflects the sequenced execution that has de-risked this low-capex build at every stage. With Phase 1 earthworks underway and these results feeding directly into the pit design and plant configuration, Imwelo remains on track to deliver its first gold in 2027, and we expect to continued progress to draw investor attention as LVG transitions from developer to producer.
Catalysts
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Tembo Project – Nyati Toll Milling Agreement & Drill Results – Q3/26
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Tembo Project – Barrick Progress & Drilling Results – Ongoing
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Imwelo Construction Commencement – Q3/26
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