Tembo gold1/13/2024 ![]() The above noted Historical Resource Estimate dated is the last historical mineral resource estimate on the Project and no more recent data is available to the Company. (Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report - Imwelo Project, Tanzania, Lake Victoria Gold Limited, May 2017) The Company anticipates it may define a current mineral resource on the Project and, eventually, mineral reserves that will allow expansion of production and extension of the mine life however, there is no assurance that further exploration will result in the definition of current mineral resources or mineral reserves. A number of areas were not drilled as they were not accessible at the time, and extensions to the known mineralisation remain untested, both along strike and certainly downdip. ![]() Drilling to date has only been down to 80m below surface. The Project ML provides 'bluesky' potential. The gold occurs as typical quartz vein shear hosted gold deposits suitable for open pit mining. Further information on the Historical Resource Estimate can be found below. The Project resource comprises seven mineralized locations that have been drilled and includes 42,000oz Au measured mineral resources at 3.15g/t, 95,700oz Au indicated mineral resources at 1.95g/t and 153,900oz inferred mineral resources at 1.53g/t for a total 291,600oz Au (the " Historical Resource Estimate"). The ML is fully permitted for mine construction and production to commence. ![]() The Project is subject to a 2% royalty to a previous owner. The ML is 3.85km 2 and the PML is 8.5021ha. The Project is held under a Tanzanian mining licence ML538/2015 and includes a primary mining licence PML2637, over which LVG has a right to acquire through a purchase agreement. An updated pre-feasibility study (" PFS") was completed in 2021 by Measured Group Pty Ltd of Australia, incorporating mine design, mine planning, scheduling, reserve estimation and costing. The Project is held by LVG's Tanzanian subsidiary, Tanzoz Mineral Limited. The Project is a gold project located in northern Tanzania immediately to the west of Geita Gold Mine of Anglogold Ashanti. Tembo has also entered into a binding letter of intent dated August 8 th, 2023 for a C$11,520,000 financing with Taifa Mining and Civils Limited (" Taifa"), a prominent Tanzanian mining contracting firm. (" LVG"), a private Australian company, pursuant to which the Company will acquire (the " Acquisition"), indirectly through its wholly-owned subsidiary Tembo Gold Tanzania Limited, LVG's Imwelo Gold Project (the " Project") in Tanzania. (TSXV: TEM) ("Tembo", or the "Company") is pleased to announce that it has entered into a Licences Purchase Agreement dated August 9th, 2023 (the " Agreement") with Lake Victoria Gold Ltd. Vancouver, British Columbia-(Newsfile Corp.
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