Issued on behalf of Lake Victoria Gold Ltd.
VANCOUVER – USA News Group News Commentary – African gold producers posted surging output in the first half of 2025, driven by strong commodity prices and expanded capacity across multiple jurisdictions[1]. Ghana increased gold production to secure its position as Africa’s top producer while Tanzania advanced major construction projects, positioning the continent as a growth engine for global supply[2]. This regional momentum is drawing investor attention to publicly-traded miners executing on multi-asset strategies, including Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), TRX Gold Corporation (NYSE-American: TRX) (TSX: TRX), Newmont Corporation (NYSE: NEM), Galiano Gold Inc. (NYSE-American: GAU) (TSX: GAU), and Allied Gold Corporation (NYSE: AAUC) (TSX: AAUC).
Major banks project gold climbing toward $4,900 per ounce by 2026, with Goldman Sachs and Societe Generale both forecasting continued upward momentum as monetary easing accelerates.
Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has released the first analytical results from its ongoing 4,000-meter drill program at Area C, the highest-grade zone at the fully permitted Imwelo Gold Project in northwestern Tanzania.
Area C averages 3.7 g/t gold and represents the Company’s initial planned production area. Assays from the first five holes confirm down-dip extensions of the primary mineralized zone beneath the current open-pit design, with mineralization now pushing past 250m vertical depth. That shatters the historical resource boundary of 200m.
Additional lodes intersected in both the footwall and hanging wall expand the mineralization footprint. The results validate the geological model’s potential to support a larger open-pit shell and future underground optionality beyond the planned shallow open-pit operation.
Management sees the results as a critical validation of Imwelo’s development pathway, with President and CEO Marc Cernovitch framing the data as a construction catalyst.
“These first results are exactly what we hoped to see as we advance Imwelo toward development,” said Cernovitch. “The drilling confirms that the mineralization continues beyond the limits of the current pit design, with additional lodes emerging in both the hanging wall and footwall. With assays now flowing, we expect steady news flow through year-end as we build the geologic and engineering foundation for construction.”
The program pairs reverse-circulation pre-collars with diamond-core tails, cutting cost and cycle time while delivering high-quality geological, geotechnical, and metallurgical data for final pit design and early mine planning. Five of the planned 24 drill holes have returned assays from the MSA Laboratory in Geita, demonstrating consistent grades and widths that mirror the modeled historical resource. Lake Victoria Gold recently mobilized a second drill rig to accelerate the Area C campaign, positioning the company to release a steady stream of assays through year-end.
The results land as Lake Victoria Gold advances a dual-track strategy at both Imwelo and its Tembo Project, where Barrick Mining’s Bulyanhulu operation bankrolls exploration under an Asset Purchase Agreement that locks in exposure to up to US$45 million in contingent milestone payments tied to discoveries on the sold licenses. Recent financing totaling $8 million funds work programs designed to activate the pre-paid forward purchase facility with Monetary Metals, unlocking non-dilutive construction financing.
With gold above $4,100 per ounce and critical regulatory milestones locked in, including an agreement in principle with the Government of Tanzania and environmental approval of its Updated Environmental and Social Management Plan, Lake Victoria Gold is driving Imwelo toward first production within 12 months of construction at Tanzania’s next emerging gold producer.
NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.
CONTINUED… Read this and more news for Lake Victoria Gold at: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/
In other industry developments and happenings in the market include:
TRX Gold Corporation (NYSE-American: TRX) (TSX: TRX) is advancing a processing plant expansion at the Buckreef Gold Project in Tanzania that will be larger than initially contemplated in the company’s Preliminary Economic Assessment, consisting of a 3,000+ tonne per day processing circuit for sulphide material as well as a 1,000 tonne per day processing circuit for oxide and transition material. The expanded facility will be integrated into the existing 2,000 tonne per day processing plant at a capital cost of approximately US$30 million, in line with the PEA, and financed from internally generated cashflow over the next 18-24 months.
“The planning and execution of the expanded processing plant is well underway, and it is now envisioned to be larger than anticipated in the PEA, which should lead to higher gold production than was anticipated in the PEA,” said Stephen Mullowney, CEO of TRX Gold. “Our expansion will be rolled out over the next 18-24 months with operational improvements throughout that period which are expected to positively impact financial performance.”
The increase in expected throughput from the larger processing circuit is now expected to produce average annual gold production in excess of the 62,000 ounces of gold published in the PEA over a 17.6 year mine life. The overall project continues to be on budget and in line with capital cost estimates in the PEA, with the company currently paying for these upgrades out of cash flow from operations and available liquidity lines while continuing to improve overall working capital.
Newmont Corporation (NYSE: NEM) has achieved commercial production at its Ahafo North project in Ghana, marking the completion of one of West Africa’s most significant recent mining developments following the first gold pour. The operation is expected to produce approximately 50,000 ounces in 2025, ramping up to deliver between 275,000 and 325,000 ounces annually over the next five years across a 13-year mine life.
“Achieving commercial production at Ahafo North represents a significant milestone for Newmont and our partners in Ghana,” said Tom Palmer, CEO of Newmont. “This new world-class operation demonstrates our commitment to operational excellence while creating enduring value for our investors, communities, host governments and all our stakeholders in this premier mining jurisdiction.”
Ahafo North represents Newmont’s third mining investment in Ghana and establishes the company’s second operational site in the country, expanding its existing footprint with four open pit mines and a stand-alone mill. The development generated approximately 4,500 contracted jobs during construction and has established approximately 560 permanent and 1,000 contracted positions for ongoing operations.
Galiano Gold Inc. (NYSE-American: GAU) (TSX: GAU) is advancing towards a maiden underground resource at Abore with additional high-grade drilling results including 4.7 g/t Au over 28 meters and 3.5 g/t Au over 17 meters at its Asanko Gold Mine in Ghana. The current drilling program has confirmed continuity of high-grade mineralization within north plunging ore shoots below both the South and Main pits, spanning approximately 800 meters in strike length.
The Board of Directors has approved an additional budget of $3.1 million for a further 11,000 meters of drilling to be completed at Abore by the end of 2025, with a cut-off date of January 5, 2026 set for delivery of new exploration data. The maiden underground Mineral Resource is expected to be released in February 2026 as part of the updated Mineral Reserve and Mineral Resource statement, with Abore currently hosting Measured and Indicated Mineral Resources of 638,000 ounces at 1.24 g/t Au.
Allied Gold Corporation (NYSE: AAUC) (TSX: AAUC) provided significant exploration advancements at its Kurmuk mine in western Ethiopia, outlining an extensive exploration program designed to extend mine life to a minimum of 15 years beyond the nearly 11 years currently supported by Mineral Reserves of 2.7 million ounces and Measured and Indicated Mineral Resources of 3.1 million ounces. The transformational development mine is targeting average production of approximately 290,000 gold ounces per annum over the first four years and 240,000 gold ounces per annum at industry-leading All-In Sustaining Costs below $950 per ounce following the expected start of operations in mid-2026.
The company’s five-year exploration goal for Kurmuk targets reaching 5 million ounces of Mineral Resources, representing a sequential target of over 1.5 million ounces of new Mineral Resources in addition to current inventory, with the objective including at least 0.5 million ounces of new Mineral Resources within 10 kilometres of the mill to sustain or exceed initial gold production levels.
Article Source: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/
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