USA News Group News Commentary

Issued on behalf of Lake Victoria Gold Ltd.

VANCOUVER, BC, April 10, 2025 /PRNewswire/ — USA News Group News Commentary – As tariff talks continue from the White House, gold prices rebounded back above $3,010, signalling that markets still favor gold as the safe bet for any stagflation or recession. Major banks continue to lean bullish in where gold prices are headed, including HSBC, Bank of America, Standard Chartered, and Citigroup. The recent gold rally has attracted investors back to mining stocks, with gold mining ETFs signaling healthy inflow. Among the miners making moves, recent developments have come from Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), New Gold Inc. (NYSE-American: NGD) (TSX: NGD), Thor Explorations Ltd. (TSXV: THX) (OTCPK: THXPF), WESTGOLD RESOURCES LIMITED (TSX: WGX) (OTCPK: WGXRF), and Dakota Gold Corp. (NYSE-American: DC)

The article continued: Analysts are beginning to raise their fair value estimates on mining stocks, as tailwinds support higher gold prices to come. According to VanEck, gold miners substantially outperformed in March, as surging prices sparked M&A activity and drove the largest monthly inflows in over a year.

Lake Victoria Gold Ltd. Provides Update on Tembo Project Following Mining License Conversion

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), an emerging East African gold developer, today announced an update on the Company’s Tembo Project, located in the Lake Victoria Goldfield of northern Tanzania, following the successful conversion of its Prospecting License into four Mining Licenses (MLs).

The milestone marks a significant advancement in LVG’s strategy to unlock the potential of Tembo, which has already benefited from over US$28 million in exploration expenditures, including 50,000 meters of diamond and RC drilling. The conversion from a Prospecting License to four Mining Licenses grants LVG the legal right to develop and produce from the Tembo Project. Key provisions include that each Mining License (ML) is valid for 10 years, with the option of a further 10-year renewal.

“The approval of our Mining Licenses is a pivotal step forward for the Tembo Project,” said Marc Cernovitch, President & CEO of Lake Victoria Gold. “We have always believed in the district-scale potential of this asset. With tenure now secured for the next 10 years, we can focus on evaluating the most efficient development options to unlock maximum shareholder value. This is a transformational moment for the Company and its stakeholders.”

Armed with data obtained from the already mentioned +$28 million already invested into exploration at this site in Tanzania, Lake Victoria Gold (LVG) has zeroed in on three high-priority targets showing impressive gold grades and real growth potential.

At Ngula 1, drilling has revealed a 250-meter-wide zone made up of multiple gold-bearing structures that run at least 600 meters in length, and remain open for expansion both deeper and farther out. Some of the more exciting drill results here include hits like 3.13 grams per tonne (g/t) of gold over nearly 26 meters, and an especially rich interval of 22.18 g/t over 15 meters. These numbers point to both strong grade and size—two ingredients that matter when assessing the economic potential of a gold deposit.

The Nyakagwe Village target is just as exciting. Here, multiple mineralized structures have produced gold grades as high as 78.1 g/t over one meter and 27.88 g/t over nearly four meters. These are high-grade zones that could feed either near-term mining efforts or future development plans.

At Nyakagwe East, drilling has uncovered a 300-meter-wide zone with strong quartz veining and visible sulphide mineralization. Results include intercepts like 19.1 g/t over three meters and 10.25 g/t over 3.5 meters—once again reinforcing the project’s high-grade profile.

With Mining Licenses now secured, LVG is evaluating multiple options for how to move Tembo forward. First, there’s real near-term production potential. Some of the shallow, high-grade areas could potentially be mined using open pits once a little more drilling is done, while nearby third-party facilities may allow the company to start producing gold without having to build its own plant right away. Longer term, LVG may still consider building a dedicated processing facility if production volumes justify it.

On the exploration side, there’s still plenty of runway for growth. A new drill program is being designed to follow up on historical high-grade hits and convert them into formal resource estimates. A recent study also identified 38 new exploration targets on the property—suggesting that the current high-grade zones might just be the beginning. More fieldwork is underway to test these areas for additional gold discoveries.

Finally, LVG is keeping the door open for potential partnerships or strategic deals. The Tembo Project sits right next to Barrick’s massive Bulyanhulu Mine, and the two companies already have a relationship. Back in 2021, LVG sold six non-core licenses to Barrick for $6 million in cash and up to $45 million more in potential contingent payments, which is essentially a bonus if Barrick finds gold on the ground it bought. That deal gave LVG funding to focus on Tembo, while still allowing it to benefit from discoveries made next door. Looking ahead, LVG now has fresh 10-year Mining Licenses at two promising assets.

“We believe Tembo represents a rare opportunity to define a new gold camp in one of Tanzania’s most historically productive districts,” said Simon Benstead, Executive Chairman of Lake Victoria Gold. “With multiple exploration and development levers available to us, and a supportive regulatory environment, we’re committed to responsibly unlocking the full value of this high-potential asset.”

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:

New Gold Inc. (NYSE-American: NGD) (TSX: NGD) has agreed to acquire the remaining 19.9% free cash flow interest in its New Afton copper-gold mine from the Ontario Teachers’ Pension Plan for $300 million. The deal will be funded through a mix of available cash, a credit facility, and a gold prepayment arrangement that covers about 8% of New Gold’s expected gold production over the next year.

“This is an excellent transaction allowing New Gold to fully consolidate the free cash flow exposure to one of Canada’s highest quality gold/copper assets, which we already own and operate,” said New Gold president and CEO Patrick Godin. “This transaction allows us to grow in an exceptional location with no diligence or integration risk, and with no equity dilution to our shareholders.”

This move gives New Gold full 100% free cash flow exposure to New Afton, one of Canada’s top-tier gold-copper assets. Godin also highlighted that with the ramp up of the C-Zone, New Afton is on the verge of exceptional production growth and cost improvement, which should lead to increased free cash flow generation.

Thor Explorations Ltd. (TSXV: THX) (OTCPK: THXPF) recently reported strong full-year 2024 results, highlighted by 85,057 ounces of gold poured at its Segilola Gold Mine in Nigeria and the announcement of its maiden dividend. The company also advanced exploration across Nigeria, Senegal, and Côte d’Ivoire, with positive drill results at the Douta project and the discovery of a promising new zone at Baraka 3.

“In 2025, the Group’s strategy will be focussed on increasing shareholder value by extending the Segilola mine life and advancing the Douta Project in Senegal,” said Segun Lawson, President and CEO of Thor Explorations. “At the same time, we are encouraged by the early exploration results on our newly assembled portfolio in Côte d’Ivoire. We look forward to advancing these projects through 2025.”

In Côte d’Ivoire, Thor expanded its presence with new acquisitions and began early-stage exploration on several permits. Looking ahead to 2025, Thor has guided for gold production between 85,000–95,000 ounces and plans to spend up to $17.5 million on exploration across West Africa. Backed by strong cash flow and a debt-free balance sheet, Thor is now positioned to self-fund its growth while returning capital to shareholders.

WESTGOLD RESOURCES LIMITED (TSX: WGX) (OTCPK: WGXRF) has activated its ore purchase agreement with New Murchison Gold for the Crown Prince gold deposit in Western Australia. Under the deal, Westgold will acquire between 30,000 and 50,000 tonnes of ore per month from the deposit, located just 33km from its Bluebird processing facility in Meekatharra.

Ore shipments must meet a minimum gold grade of 1.5 g/t and will be transported by road for processing as part of Westgold’s Murchison operations. This agreement strengthens Westgold’s regional ore supply as it continues to evaluate long-term growth options across its Western Australia asset base.

Dakota Gold Corp. (NYSE-American: DC) has closed a $35 million financing, bringing its total cash position to over $47 million and fully funding the company through the completion of a Feasibility Study for its Richmond Hill Oxide Heap Leach Gold Project.

Richmond Hill is one of the largest undeveloped gold resources in the U.S. being advanced by a junior, with the next key milestone being the release of an Initial Assessment with Cash Flow (IACF) in mid-2025. Drilling is set to resume in April, as the company progresses toward potential production by 2029 in a favorable U.S. permitting environment.

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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