Issued on behalf of Lake Victoria Gold Ltd.
VANCOUVER – Baystreet.ca News Commentary – Gold maintains strength around $4,100 per ounce after setting a record high above $4,380 in October, supported by central banks purchasing 634 tonnes through the first three quarters of 2025[1]. Meanwhile, production ramp-ups accelerated across the sector with established miners achieving 22% year-over-year output increases as operational efficiency improvements delivered results[2]. Against this backdrop, execution-stage companies advancing fully permitted projects toward near-term production are capturing investor attention, including Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Mayfair Gold Corp. (TSXV: MFG) (OTCQX: MFGCF), U.S. Gold Corp. (NASDAQ: USAU), New Found Gold Corp. (NYSE-American: NFGC) (TSXV: NFG), and Maritime Resources Corp. (TSXV: MAE) (OTCPK: MRTMF).
Leading investment banks project gold reaching $5,000 to $5,300 per ounce by late 2026, with JPMorgan and Goldman Sachs both forecasting $5,055 targets driven by sustained central bank accumulation and Federal Reserve rate cuts[1]. Supply constraints are intensifying as few single-asset companies launch production in tier-one jurisdictions during 2025[3], creating favorable conditions for developers bringing permitted projects online while major discoveries remain rare and mine development timelines average 15 years from discovery to production.
Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is advancing rapidly toward becoming Tanzania's next gold producer through its fully permitted Imwelo Gold Project, strategically located within the Geita Greenstone Belt—one of the country's most prolific gold-producing regions. The company has announced the mobilization of a second drill rig to accelerate a 4,000-metre drilling program at Area C, the project's highest-grade zone and designated starter pit.
With six holes now complete and five submitted for laboratory analysis, results are expected in the coming days. The addition of a second multipurpose rig positions LVG to deliver a steady flow of drilling results through November and December while refining final pit design and advancing toward production. The expanded program targets completion by mid-December 2025.
"Momentum continues to build at Imwelo," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We've completed three holes with assays pending on the first two, and with a second rig now on site, we're moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness."
Area C drilling is strategically designed to address multiple pre-construction priorities: finalizing pit design with engineering validation, upgrading the classification of historical gold resources, testing for mineralized extensions beyond currently mapped zones, developing operational mining schedules, and optimizing gold recovery strategies.
"Drilling at Area C is progressing well, and we're very encouraged by what we're seeing in the core to date," said Hendrick Mering, Exploration Manager for Lake Victoria Gold. "The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons."
The program's initial hole tested Area C mineralization at approximately 120 metres depth along the western zone boundary—deeper than previous drilling. Historical results from this corridor include 6.8 metres at 14.6 g/t gold at 32m and 2.0 metres at 7.5 g/t from 22m, confirming production-grade gold grades near surface.
The drilling acceleration follows two critical regulatory milestones. Lake Victoria Gold recently reached an agreement in principle with the Government of Tanzania on the statutory minimum 16% free carried interest framework. The company also secured environmental approval of its Updated Environmental and Social Management Plan, eliminating key regulatory barriers to construction.
Imwelo sits just 12 kilometers from AngloGold Ashanti's flagship Geita mine and operates under a 10-year renewable mining license. With metallurgical gold recoveries exceeding 90%, LVG is targeting first gold production within 12 months of breaking ground.
Recent financing momentum includes the September closing of an oversubscribed $6 million financing, immediately followed by a concurrent $2 million private placement. The combined proceeds fund work programs designed to activate the pre-paid forward purchase facility with Monetary Metals, enabling non-dilutive construction financing.
Beyond Imwelo, the company's Tembo Project offers additional near-term value through a planned 3,000m drilling program at Ngula 1, where previous intercepts of 28.57 g/t gold over 3 metres suggest immediate toll milling potential. LVG also retains exposure to up to US$45 million in contingent milestone payments from its 2021 asset sale to Barrick's Bulyanhulu operation. With gold breaking above $4,300 per ounce for the first time in October, Lake Victoria Gold is developing a fully permitted, high-grade project in one of Africa's premier gold districts precisely when investor appetite for production-ready ounces has never been stronger.
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:
Mayfair Gold Corp. (TSXV: MFG) (OTCQX: MFGCF) is advancing its Pre-Feasibility Study for the Fenn-Gib Project in Ontario, targeting completion in Q4 2025 with a mine plan focused on near-surface high-grade mineralization. The project hosts an Indicated Mineral Resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million contained ounces, plus an Inferred Resource of 8.9 million tonnes at 0.49 g/t containing 141,000 ounces.
"The Fenn-Gib deposit is unique in that the highest-grade material occurs near the surface which allows for the potential to start operations with a smaller, targeted mining operation focused on low strip ratio, high-grade gold mineralization," said Nick Campbell, CEO of Mayfair Gold. "With the Canadian gold price currently above C$5,000 per ounce, Mayfair is encouraged by the opportunity to rapidly advance the Fenn-Gib Project as a potential new gold producer within the current cycle."
The company has commenced a 4,200-meter diamond drilling program on a tight 10-meter by 10-meter grid to support grade control and mine design for the planned starter pit. Mayfair has also completed Phase 1 geotechnical investigations for the tailings storage facility, with additional site work planned for 2026 to support a potential production decision within three years.
U.S. Gold Corp. (NASDAQ: USAU) has completed strategic property acquisitions totaling approximately 120 acres to support development of its CK Gold Project in Wyoming, marking the fourth key real estate purchase over the past four years. The company's wholly owned subsidiary, Gold King Corp., has entered into an agreement to acquire a 10-acre parcel in Cheyenne that will serve as a centralized muster point for employees and contractors, with the transaction expected to close by January 31, 2026.
"With the CK Gold Project's final feasibility study nearing completion, these acquisitions further support our development timeline," said George Bee, President and CEO of U.S. Gold Corp. "By securing these properties, we believe we are positioning the project for efficient, responsible, and community-sensitive operations leading to project development beginning in 2026."
The completed acquisitions include three contiguous parcels totaling approximately 110 acres located immediately west of the CK Gold Project site, establishing a buffer zone to enhance operational flexibility. The CK Gold Project remains on track for construction startup in 2026.
New Found Gold Corp. (NYSE-American: NFGC) (TSXV: NFG) and Maritime Resources Corp. (TSXV: MAE) have now closed their previously announced arrangement, creating an emerging Canadian gold producer combining the Queensway Gold Project with the producing Hammerdown Gold Project in Newfoundland and Labrador. Under the transaction terms, each Maritime Resources shareholder received 0.75 of a New Found Gold common share for each Maritime share held, with existing New Found Gold shareholders and former Maritime Resources shareholders now holding approximately 69% and 31% respectively on a pro forma fully-diluted basis.
"In less than a year, New Found Gold has transformed from an early-stage exploration company to an emerging Canadian gold producer with camp-scale exploration potential," said Keith Boyle, Chief Executive Officer and Director of New Found Gold. "Today we see two high-quality assets, the Queensway Gold Project and the Hammerdown Gold Project, located in a Tier 1 jurisdiction with strong synergies, come together at a time of highly favourable gold prices."
Allen Palmiere joined the New Found Gold board of directors in connection with the transaction's completion, while Melissa Render resigned from the board, and all directors and officers of Maritime Resources resigned from their positions. The combined company now controls the Maritime Division, which includes over 43,900 hectares of exploration land and mineral processing assets in the Baie Verte mining district, including the Pine Cove mill and the Nugget Pond gold circuit.
"We are pleased with the completion of the business combination and are excited for New Found Gold as it grows into Canada's newest mid-tier gold producer," said Garett Macdonald, President and CEO of Maritime Resources. "I would like to recognize the efforts of Maritime's team who demonstrated determination and creativity to develop the Hammerdown Gold Project, as well as the solid support of our shareholders, local communities and the Province of Newfoundland and Labrador these past few years."
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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SOURCES CITED:
1. https://www.mining.com/why-analysts-see-5000-gold-price/
2. https://discoveryalert.com.au/gold-fields-production-growth-621000-2025/
3. https://carboncredits.com/the-rarity-of-a-new-gold-mine-west-red-lake-gold-could-be-a-golden-2025-opportunity/
