Geology and Resource Estimate Report Imwelo Project, Tanzania … · 2020. 10. 20. · Imwelo Project Geology and Resource Estimate Report v 1.4 Verification, Validation and Reliance

Geology and Resource Estimate Report Imwelo Project, Tanzania

Lake Victoria Gold Ltd

Report No: LVG_Report_2020_08

August 2020

Imwelo Project

Geology and Resource Estimate Report

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Document Issue and Approvals

Document Information

Project: Imwelo Project

Document Number: LVG_Report_2020_08

Title: Geology and Resource Estimate Report

Client: Lake Victoria Gold Ltd

Date: August 2020

Contributors

Name Position Signature

Prepared by: Chris Grove Principal Geologist

Reviewed by: James Knowles Director and Principal Geologist

Approved by: Lyon Barrett Managing Director and Principal Geologist

Distribution

Company Attention Hard Copy Electronic

Copy

Lake Victoria Gold Ltd Seth Dickinson 2 Yes

Measured Group Pty Ltd ACN 166 493 063.

14/116 Adelaide St, Brisbane, 4000, Australia.

Imwelo Project


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PURPOSE OF REPORT

Measured Group Pty Ltd (MG) has prepared a report on the Mineral Resources of the Imwelo

Project for the Directors of Lake Victoria Gold Ltd. This report is an objective assessment of

scientific and technical information and is intended as an evaluation of the Imwelo Project.

The purpose of the report is to provide for the company, an objective assessment and estimate

of the Mineral Resources that is compliant with the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves, 2012 edition (The JORC Code).

The Mineral Resources are estimated as of 30 August 2020.

The information in this Report that relates to Mineral Resources is based on information

compiled by the Competent Person in accordance with:

• The 2015 Edition of the Australasian Code for Public Reporting of Technical

Assessments and Valuations of Mineral Assets (the VALMIN Code);

• The 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves (the JORC Code);

• The Australian Securities Exchange (ASX) Listing Rules – Chapter 5: Additional

reporting on mining and oil and gas production and exploration activities;

• Sections 670A(2), 728(2) and 769C of the Corporations Act 2001 and Section 12BB(1)

of the Australian Securities and Investments Commission Act 2001, where a statement

about future matters must be based on reasonable grounds at the date the statement

is made, or it will be misleading.

The author of this report, reporting on the mineral resource estimate (Christopher Grove) and

Measured Group Pty Ltd are independent of Lake Victoria Gold Ltd, Lake Victoria Gold Ltd’s

directors, senior management and advisors, have no economic or beneficial interest (present

or contingent) in any of the mineral assets being reported on.

Measured Group Pty Ltd is remunerated for this Report by way of a professional fee determined

in accordance with a standard schedule of commercial rates, no remuneration or provision of

further work dependent on the outcome of the valuation or the success or failure of the

transaction for which the Report was required.

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1. COMPETENT PERSONS REPORT ON THE MINERAL

ASSETS OF LAKE VICTORIA GOLD LTD

1.1 Background

Measured Group Pty Ltd (“Measured”) was requested by Lake Victoria Gold Ltd (“LVG”,

hereinafter also referred to as the “Company” or the “Client”) to prepare a Competent Persons

Report (“CPR” or the “Report”) on the Mineral Assets of the Company comprising its exploration

stage projects in Tanzania.

LVG intends to include this CPR in a Prospectus for the Re-Admission of MetalNRG plc (following

the acquisition of the Company) on the Standard Market segment of the London Stock

Exchange (“LSE”).

1.2 Scope of Work

Measured were contracted to review the technical status of each mineral asset and make

recommendations for further exploration work and present its findings in a CPR.

The following scope of work was agreed upon by the Company:

• Compile and review geological and exploration data for the Tanzanian mineral

properties comprising the Company’s current and proposed Exploration Assets;

• Undertake site visits by a suitably qualified Competent Person (“CP”); and

• Produce a CPR to include current exploration status and recommendations for further

work on the key projects, in a format that can be used by the Company for the listing

on the London Stock Exchange.

1.3 Requirement, Structure and Compliance

This CPR has been prepared in accordance with the European Securities and Markets Authority

(“ESMA”) update of the CESR recommendations on the consistent implementation of

Commission Regulation (EC) No.809/2004 implementing the Prospectus Directive (the “CESR

Guidance”) and the listing rules of the UK Financial Conduct Authority.

The CPR is issued by Measured, and accordingly Measured assumes responsibility for the CPR

and confirms that, to the best of its knowledge and belief, the information contained is true

and accurate as of 30 August 2020.

This CPR includes technical sections covering mineral tenure, regional geology and

mineralisation, mineral assets (including geographical setting, geological setting and

mineralisation, exploration history and results, summary and recommendations for each

property) and concluding remarks.

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It has been prepared under the direction of a Competent Person (“CP”) as defined by

Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves,

published by the Joint Ore Reserves Committee in 2012 (the “JORC 2012 Code”).

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1.4 Verification, Validation and Reliance

This CPR is dependent upon technical, financial and legal input. In respect of the technical

information, as provided by the Company and taken in good faith by Measured, other than

where expressly stated, any figures provided have not been independently verified by means

of recalculation.

Measured has, however, conducted a review and assessment of all material technical issues

likely to influence the Exploration Assets, which included the following:

• An examination of historical data made available by the Company and found in the

public domain with respect to the Exploration Assets;

• Inspection site visits to the Imwelo Project. Site visits were completed by the CP, Chris

Grove of Measured, and accompanied by representatives of LVG.

• Discussions with key project personnel and members of the Company’s Board.

1.4.1 Technical Reliance

Measured places reliance on the Company and its technical representatives that all technical

information provided to Measured is accurate. Information obtained in the public domain that

pertains to historical records of mining and exploration, academic research or work by

geological survey organisations has been taken in good faith. Measured cannot be held

responsible for any loss or damage resulting from errors or misinterpretations in technical

information produced by third parties and summarised in this CPR. To the knowledge of

Measured, as informed by the Company, there has been no material change in respect to the

Exploration Assets since 30 August 2020.

1.4.2 Financial Reliance

Measured has not been provided with any information by the Company regarding the funds

that it intends to make available for exploration following a successful LSE listing.

1.4.3 Legal Reliance

In consideration of all legal aspects relating to the Exploration Assets, Measured has placed

reliance on the representations by the Company that the following are correct as of 30 August

2020 and remain correct until the date of the documents submitted to the LSE:

• That, save as disclosed in documents submitted to the LSE, the Directors of the

Company are not aware of any legal proceedings that may have any influence on their

rights to explore for minerals;

• That the legal owners of all mineral and surface rights have been verified; and

• That save as disclosed in documents submitted to the LSE, no significant legal issue

exists which would affect the likely viability of the exploration as reported herein.

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1.4.4 Reliance on Information

Measured believes that its opinion must be considered as a whole and that selecting portions

of the analysis or factors considered by it, without considering all factors and analyses

together, could create a misleading view of the process underlying the opinions presented in

the CPR. The preparation of a CPR is a complex process and does not lend itself to partial

analysis or summary.

Measured’s opinion in respect of the mineral prospectivity of the Mineral Assets and the

exploration recommendations is effective as of 30 August 2020 and is based on information

provided by the Company or sourced in the public domain throughout Measured’s

investigations. The opinion is subject to technical-economic conditions prevailing at the date

of this report. Measured has no obligation or undertaking to advise any person of any change

in circumstances which comes to its attention after the date of this CPR or to review, revise

or update the CPR or opinion.

1.5 Declaration and Consent

1.5.1 Declaration

Measured will receive a fee for the preparation of this report in accordance with normal

professional consulting practice. This fee is not contingent on the outcome of the Admission

and Measured will receive no other benefit for the preparation of this report.

Neither Measured, the Competent Person, nor any Directors of Measured have at the date of

this report, nor have had within the previous two years, any shareholding in the Company or

the Exploration Assets of the Company. Consequently, Measured, the Competent Person and

the Directors of Measured consider themselves to be independent of the Company.

In this CPR, Measured provides assurances to the Company that existing interpretations of

technical data pertaining to the mineral prospectivity of the Mineral Assets, as stated in

documents provided to Measured by the Company and sourced by Measured from the public

domain, where modified by Measured, are reasonable, given the information currently

available.

This CPR includes technical information, which requires subsequent calculations to derive

subtotals, totals and weighted averages. Such calculations may involve a degree of rounding

and consequently introduce an error. Where such errors occur, Measured does not consider

them to be material.

1.5.2 Consent

In compliance with the CESR Guidance and Rule 5.5.3R(2)(F) of the prospectus regulation

rules of the Financial Conduct Authority made in accordance with section 73A of the UK

Financial Services and Markets Act 2000, Measured will give its written consent to the

publication of the CPR on Company's website and all information to be contained in any

prospectus published by the Company, which has been extracted directly from this CPR.

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1.6 Qualifications of Measured

This CPR has been prepared based on a technical and economic review by a team of

consultants sourced from Measured's offices in Brisbane, Australia. These consultants have

extensive experience in the mining and metals sector and are members in good standing of

appropriate professional institutions. The consultants comprise specialists in the fields of

geology and mineral exploration (hereinafter the Technical Disciplines).

The Competent Person who has overall responsibility for this CPR is Mr Christopher Grove B.Sc

(Geology). Mr Grove has 22 years' experience in the mining and metals industry and has been

involved in the preparation of Competent Persons' Reports comprising technical evaluations of

various mineral assets internationally. Mr Grove has over 16 years’ experience relevant to the

activity which he is undertaking to qualify as a Competent Persons as defined in the JORC

Code (2012) and a Specialist Practitioner as defined in the VALMIN Code (2015).

Table 1-1 provides a summary of the designated Competent Person of the completion of this

CPR.

Mr Grove consents to the inclusion of this Report of the matters based on his information in

the form and context in which it appears.

Table 1-1: Competent Person Summary

Name Position Responsibility Independent of Metal NRG plc

Date of last site

visit

Professional designation

Chris Grove Principal

Geologist

Competent

Person Yes Oct - 2017 AUSIMM

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EXECUTIVE SUMMARY

The Geology Report and Mineral Resource Estimate for the Imwelo Project has been prepared

by Measured Group Pty Ltd (MG) in conjunction with Lake Victoria Gold Pty Ltd (LVG)

personnel.

The purpose of this report is to document the geology of Imwelo Project holdings and to

support an estimate of Mineral Resources based on information available from historical data

and 2013, 2014 and 2016 drilling campaigns carried out by LVG. This report was prepared in

accordance with the requirements of the Australian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves (JORC Code 2012 edition).

The Imwelo Project is 100% owned by LVG. It is located 160 km WSW of the town of Mwanza

and 30 km due west of the town of Geita in northern Tanzania. The Imwelo Project is set

within the Geita greenstone belt of the Lake Victoria Goldfields of northern Tanzania. This

Greenstone belt hosts several gold projects, including the Geita Gold Mine (Anglo Gold

Ashanti). The Geita greenstone belt has been the most productive in Tanzania with a nearly

continuous history of activity from 1932 to the present.

The overall geology of the Geita District comprises east-west trending greenstone belts and

gold mineralisation occurs in three main forms in the region and at the Imwelo Project,

including:

1. Auriferous quartz veins.

2. Alluvial Gold.

3. Finely disseminated gold within laterite.

There has been substantial exploration conducted on the Imwelo Project with historical

records dating back to 1999. Since tenure was transferred to LVG in 2013, four drilling

campaigns have been completed (December 2013, August 2014, December 2014 and

November 2016).

The objective of these campaigns was to confirm the historical drilling results and to increase

the confidence levels of the deposit to produce a higher Resource classification in Area C,

Western Shear Zone (WSZ), Central Zone, Central West Zone and the Main Shear Zone (MSZ)

and identified Inferred Resources in other lesser-known zones (Area A and Area B).

Approximately 3210 metres of diamond drilling (DD) and 4430 metres of reverse circulation

(RC) was completed by LVG in 2013-2014. With approximately 1960 metres of DD and 6300

metres of RC completed by LVG in 2016.

The Imwelo Project is estimated to contain a total gold Resource of 291,600 Oz, including

42,000 Oz Measured, 95,700 Oz Indicated and 153,900 Oz Inferred. Table 1-2

provides a summary of the Mineral Resources and Figure 1-1 illustrates the Imwelo Resource

area.

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Table 1-2: Imwelo Resource Estimate

NOTES

1 Total estimates are rounded, based on composites capped at 15 g/t gold at the Imwelo Project (ML 538/2015), the cut-off

grade is based on a gold price of US$1,500 and an 88% metallurgical recovery is assumed in the calculation of the cut-off grade.

A base case of 0.50 g/t has been selected.

2 Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (JORC Code) published by the Joint Ore Reserve Committee (JORC)

Figure 1-1: Imwelo Resource Map

Location

Tonnes Ounces Grade Tonnes Ounces Grade Tonnes Ounces Grade Tonnes Ounces Grade

WSZ 129,000 13,100 3.13 671,000 50,100 2.32 667,000 35,200 1.64 1,467,000 98,400 2.19

Area C 285,000 28,900 3.16 450,000 27,100 1.87 735,000 56,000 2.53

Central 224,000 10,100 1.40 253,100 9,600 1.18 477,100 19,700 1.29

Central West 104,000 5,300 1.58 161,200 7,600 1.46 265,200 12,900 1.51

MSZ 531,300 30,200 1.77 769,200 36,100 1.46 1,300,500 66,300 1.60

Area B 296,000 23,000 2.42 296,000 23,000 2.42

Area A 185,000 15,300 2.58 185,000 15,300 2.58

TOTAL 414,000 42,000 3.15 1,530,300 95,700 1.95 2,781,500 153,900 1.56 4,725,800 291,600 1.92

TotalMeasured Indicated Inferred

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Contents

1. COMPETENT PERSONS REPORT ON THE MINERAL ASSETS OF LAKE VICTORIA GOLD LTD .............................................................................................. 3

1.1 Background ..................................................................................................... 3

1.2 Scope of Work ................................................................................................. 3

1.3 Requirement, Structure and Compliance ............................................................ 3

1.4 Verification, Validation and Reliance ................................................................... v

1.4.1 Technical Reliance ..................................................................................... v

1.4.2 Financial Reliance ...................................................................................... v

1.4.3 Legal Reliance ........................................................................................... v

1.4.4 Reliance on Information ............................................................................. vi

1.5 Declaration and Consent ................................................................................... vi

1.5.1 Declaration ............................................................................................... vi

1.5.2 Consent .................................................................................................... vi

1.6 Qualifications of Measured ............................................................................... vii

2. Introduction ................................................................................................. 1

2.1 General ........................................................................................................... 1

2.2 Report Authors ................................................................................................ 2

2.3 Site Visits ........................................................................................................ 2

3. Location and Tenure ..................................................................................... 3

3.1 Location .......................................................................................................... 3

3.2 Tenure ............................................................................................................ 3

3.2.1 Property Boundary Demarcation ................................................................. 4

3.2.2 Agreements, Licence Numbers and Rights on The Property ........................... 4

3.2.3 Environmental Liabilities and Permits .......................................................... 4

3.3 Topography, Land Use and Climate ................................................................... 4

3.3.1 Operating Season ...................................................................................... 5

3.4 Access and Infrastructure ................................................................................. 5

4. Regional Geology Setting ............................................................................. 7

4.1 Regional Geology ............................................................................................. 7

4.2 Geita Greenstone Belt ...................................................................................... 8

4.3 Imwelo Project Geology .................................................................................... 9

4.3.1 Primary Geological Units ............................................................................ 9

4.3.2 Units of Alteration .................................................................................... 10

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4.3.3 Intrusions ................................................................................................ 11

4.3.4 Scree/Eluvial Deposits ............................................................................... 13

4.4 Imwelo Gold Mineralisation .............................................................................. 13

4.4.1 Gold Mineralisation in Quartz Veins ............................................................ 16

4.5 Mineralisation Type and Model ......................................................................... 19

4.5.1 Model for Gold Deposits at the Lake Victoria Goldfields ................................ 20

4.5.2 Imwelo .................................................................................................... 21

4.5.3 Exploration Techniques ............................................................................. 21

5. Project History ............................................................................................ 22

5.1 Historical Exploration Work .............................................................................. 23

5.1.1 Pangea Minerals Ltd. ................................................................................ 23

5.1.2 Mincor Tanzania Ltd ................................................................................. 24

5.1.3 Barrick Exploration Africa Ltd ..................................................................... 26

5.1.4 Barrick Exploration Activities ...................................................................... 26

5.1.5 Great Basin Gold Ltd ................................................................................. 30

5.1.6 Peak Resources Ltd .................................................................................. 31

5.2 Historical Mineral Resources and Reserves ........................................................ 33

5.3 Production ...................................................................................................... 34

6. Recent Exploration and Data Acquisition ................................................... 35

6.1 Historical Data Collation ................................................................................... 35

6.2 Grab Sampling ................................................................................................ 36

6.2.1 Phase 1 (Artisanal Pits) ............................................................................. 36

6.2.2 Phase 2 (Mining Area) .............................................................................. 38

6.3 Historical Ground Magnetic Survey Interpretation .............................................. 39

6.4 LVG Ground Magnetic Survey ........................................................................... 40

6.5 Pitting ............................................................................................................ 44

6.6 Induced Polarisation Survey (Pole-Dipole and Gradient Array) ............................. 45

6.7 RC and Diamond Drilling .................................................................................. 49

6.8 Geochemistry ................................................................................................. 54

6.8.1 Sampling ................................................................................................. 54

6.8.2 Sample Preparation and Security ............................................................... 54

6.9 QA/QC ........................................................................................................... 55

6.9.1 Duplicates ................................................................................................ 55

6.9.2 Blanks ..................................................................................................... 56

6.9.3 Reference Material Assays ......................................................................... 57

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6.9.4 Umpire Assays ......................................................................................... 58

6.10 Data Verification ............................................................................................. 59

7. Resource Estimation ................................................................................... 60

7.1 Mineral Resource Estimate ............................................................................... 60

7.2 Geological Interpretation and Domains ............................................................. 61

7.3 Geological Modelling ....................................................................................... 62

7.3.1 Modelling Parameters and Method ............................................................. 62

7.3.2 Grade Capping ......................................................................................... 63

7.3.3 Compositing ............................................................................................. 63

7.3.4 Variography ............................................................................................. 64

7.4 Density .......................................................................................................... 65

7.5 Model Validation. ............................................................................................ 66

7.6 Resource Classification .................................................................................... 66

7.7 Factors Affecting Resource Estimate ................................................................. 67

7.8 Comparison to Previous Resource Estimates ...................................................... 67

7.9 Grade Ounce Graph ........................................................................................ 67

8. Metallurgy and Processing ......................................................................... 69

8.1 Peacocke And Simpson Mineral Processing Engineers (PSM) ............................... 69

8.1.1 Chinese Mine Bulk Sample (2013) .............................................................. 69

8.1.2 Near Surface Vein Sample (2014) .............................................................. 69

8.2 Maelgwyn Mineral Services Africa Based in Johannesburg, South Africa ............... 71

9. Adjacent or Nearby Properties ................................................................... 73

9.1 Anglo Gold Ashanti – Geita Gold Mine ............................................................... 73

9.2 Katoro Gold Plc ............................................................................................... 75

10. Forward Work Programme ......................................................................... 80

11. References .................................................................................................. 81

APPENDIX A: JORC TABLE 1 ................................................................................ 83

APPENDIX B: MINING LICENCE .......................................................................... 94

APPENDIX C: PLANS AND CROSS SECTIONS....................................................... 96

APPENDIX D: SWATH PLOTS ............................................................................. 103

APPENDIX E: IMWELO DRILLHOLE DATA ......................................................... 107

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List of Figures:

Figure 1-1: Imwelo Resource Map ................................................................................. ix

Figure 2-1: LVG Tenements .......................................................................................... 1

Figure 3-1: Location of Imwelo Project .......................................................................... 3

Figure 3-2: Local Physiography of the Imwelo Project as Obtained from LVG Differential GPS (DGPS) Survey. ............................................................................................................. 5

Figure 3-3: Regional Infrastructure Showing B163 Sealed Road Passing South of ML 538/2015, Nearby 33 kV Mwanza – Geita Powerline, Location of the Mwanza Airport and Railway from Shinyanga to Mwanza Town. ...................................................................... 6

Figure 4-1: Geological Setting of Imwelo Project ............................................................. 7

Figure 4-2: Location of the Imwelo Project Within the Geita Greenstone Belt Showing the Location of Nearby Gold Occurrences (Triangles). ............................................................ 8

Figure 4-3: Quartz Vein Within Metavolcanic (Fresh) Unit of the Lower Nyanzian Stratigraphy from the Imwelo Project. .............................................................................................. 10

Figure 4-4: Idealistic Section of the Geology of the Imwelo Project. ................................ 11

Figure 4-5: Diamond Core of Drillhole IMWDD-049 ~ 71 m, Showing Pegmatite Cut by a Younger Quartz Vein. ................................................................................................... 12

Figure 4-6: IMWDD-042, Around 85 To 90 m, Showing Different Ages of Quartz Veins Cutting Each Other. ................................................................................................................. 13

Figure 4-7: (A) Mineralised Quartz Vein Stringer Within Saprolite and (B) Non-mineralised Quartz Vein with Sulphides at Depth. ............................................................................. 14

Figure 4-8: Vertically Dipping Vein Within the Chinese ML 419/2011. ............................... 15

Figure 4-9: Mineralised Quartz Vein Fragment Showing Disseminated Pyrite (FeS2) and Box-Works (Erosion of Pyrite). ............................................................................................. 15

Figure 4-10: Quartz Vein with Arsenopyrite from IMWRC-126, 28 To 29 m. This Sample Returned an Au Value Of 8.3 g/t. .................................................................................. 16

Figure 4-11: “Bending” Of the Vein in Higher Horizons, Due to Volume Loss in the Laterite Horizon. Note that the Vein Turns More Vertical with Depth. ............................................ 17

Figure 4-12: Shear Zone with Horse Tail Fracturing along Strike and Depth. .................... 18

Figure 4-13: Tension Fractures and Riedel Shear Development Associated with Shear Zones. .................................................................................................................................. 19

Figure 4-14: Diagram Displaying the Setting for Hydrothermal Gold Deposits. From Kesler (1994). ....................................................................................................................... 20

Figure 5-1: Boundary of Pangea PL 1090/98 and PL 17/92 ............................................. 23

Figure 5-2: Location Map of PL 1545/2000 (Similar to PL 6294/2009 - Current ML 538/2015) Showing the Location of the Mincor Mineralised Zones and Mincor Delineated Structure .... 25

Figure 5-3: Barrick Grab and Soil Sampling on Historical PL 1545 (Current ML 538/2015). . 27

Figure 5-4: Barrick Second Vertical Derivative RTP Derived from Airborne Magnetic Data Showing Interpreted Lineaments and Dolerite Dykes. ...................................................... 28

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Figure 5-5: Barrick RAB, RC and Diamond Drillholes On or Near Current ML 538/2015. ..... 29

Figure 5-6: Great Basin Gold Current Land Area over Barrick Licences ............................. 31

Figure 5-7: Peak Resources RC, AC and RAB Drill Collars, as well as Gold Mineralisation, Detected in Auger Drilling on ML 538/2015. ................................................................... 32

Figure 5-8: Barrick and Peak Drillhole Assay Values ....................................................... 33

Figure 6-1: Imwelo Target Areas .................................................................................. 35

Figure 6-2: LVG Grab Sample Assay Results on ML 538/2015. All Grab Sample Values are from Quartz Veins Either in Situ or Located Nearby Artisanal Pits. .................................... 36

Figure 6-3: Grab Sample from Area C Assayed 5 g/t Gold. Note the Box-Work in the Sample and Artisanal Excavation in the Background following the Vein Strike. .............................. 37

Figure 6-4: Grab Sample from Chinese Mine Stockpile (ML 419/2011) Assayed 51 g/t Gold. Note the Presence of Sulphide (Pyrite). .......................................................................... 37

Figure 6-5: (A) The Shaft Within ML 419/2011 was Sunk to a Depth of 110 m and Contains Two Drives, (B) One at 60 m (20 m Eastwards) and another at 110 m (20 m Eastwards). .. 38

Figure 6-6: The Chinese Mining Area with Fence Removed and Ore, as well as Waste, Covering the Surface. ................................................................................................................. 38

Figure 6-7: Grab Samples from the Chinese Mine Showing Assays for Ore and Waste (N = 51). Ore Samples Comprised Sulphide Rich Quartz Vein (N = 27, Max = 51 g/t, Avg. 10.26 g/t) While Waste Samples Comprised Greenstone (N = 24, Max = 3.4 g/t, Avg. 0.71 g/t). . 39

Figure 6-8: Mineralisation Seen to Follow Lithological Contacts (Although No Contacts in Area C or Central West) ....................................................................................................... 41

Figure 6-9: Collation of Magnetic Interpretation, Surface Geochemical and Historical Drill Data .................................................................................................................................. 42

Figure 6-10: Ground Magnetic Profile Line A1 Walked On IMWRC-005, -071 and -019. Note the Peak of Magnetism Associated With IMWRC-005 Of > 1g/t Over 2 m at 46 m ............. 43

Figure 6-11: Magnetic Susceptibility on Drillchips From Hole IMWRC-001 Compared to Assay Values (g/t Gold). ........................................................................................................ 44

Figure 6-12: Magnetic Susceptibility on Drillchips From Hole IMWRC-030 (Not All Samples Assayed) Compared to Assay Values (g/t Gold). ............................................................. 44

Figure 6-13: Magnetic Susceptibility on Drillchips From Hole IMWRC-006 (Compared to Assay Values (g/t Gold). ........................................................................................................ 44

Figure 6-14: Fifty-One (51) Pits Completed Varying Between 1.5 m and 5 m in Depth ...... 45

Figure 6-15: IP Gradient (Resistivity) Data .................................................................... 46

Figure 6-16: PDP Resistivity 3D Sections for the Imwelo Project with Overlain Gradient Resistivity Data for the Imwelo Project (Looking W Towards PML 2637) ........................... 47

Figure 6-17: Western Shear Zone on the Imwelo Project Showing Surface Grab Samples, IP Resistivity and Historical Drilling Data. ........................................................................... 48

Figure 6-18: Western Shear Zone Showing 3D PDP Resistivity (Line 6400) and Historical Drilling Data. ............................................................................................................... 49

Figure 6-19: All LVG Drilling on IP Gradient Array Resistivity Data as well as Interpreted Geology from the Ground Magnetic Survey ..................................................................... 50

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Figure 6-20: Drillhole Section (Looking West) of Noteworthy Gold Intercepts in Three Holes within the Western Shear Zone (WSZ) ........................................................................... 51

Figure 6-21: PDP Resistivity Section with Drill holes ....................................................... 52

Figure 6-22: Boudins Formed by Extension Due to Shearing, where a Competent Body, is Stretched and Deformed Amidst Less Competent Surroundings ........................................ 53

Figure 6-23: Duplicate Assays (154 Duplicates) from SGS Mwanza on RC and DD Samples for the 2016 Drilling Program (Correlation of 0.77). Note that the Assay Values are Close Enough to Regard the Lab Procedures as Sound (Bar One Sample From IMWDD-044, Which we Believe is Due to the Nugget Effect on Core Samples and that Core Duplicates were not Adequately Homogenised). ............................................................................................................ 56

Figure 6-24: Blank Assays (153 Blanks) from SGS Mwanza on RC and DD Samples for the 2016 Drilling Program. Note that the Assay Values are all Below 0.15 g/t Bar Three Samples which were Between 0.1 And 0.35 g/t ........................................................................... 57

Figure 6-25: Reference Material Assays (26 From Mwanza and 1 From ALS) Inserted for the 2016 Drilling Program, showing a Correlation Of 0.999 .................................................... 58

Figure 6-26: Umpire Assays Completed by ALS Johannesburg Giving a Correlation of 0.82 59

Figure 7-1: Imwelo Project Area ................................................................................... 61

Figure 7-2: Sample Count of Gold Grades used in the Mineral Resource Estimate ............. 64

Figure 7-3: Imwelo Gold Variogram .............................................................................. 65

Figure 7-4: LVG Density Measurements on 264 Drillcore Samples Using the Water Immersion Method ....................................................................................................................... 66

Figure 7-5: Imwelo Grade/Ounce Graph ........................................................................ 68

Figure 8-1: Microscopic Results at Knelson Test Pan Concentrate 1 ................................. 70

Figure 9-1: Location of Kibo Mining Plc’s Tenements (Which Includes the Kibo Imweru Project) and the Anglo Gold Ashanti Geita Gold Mine Lease (www.kibomining.com) ....................... 73

Figure 9-2: (A) Ironstone Fragment and (B) BIF Like Fragment from Area C both from the LVG Imwelo Project. Assays Revealed no Significant Gold Values. ........................................... 75

Figure 9-3: Katoro Gold Plc Licences, Applications and Offers (Barr And Hitchcock, 2014). 76

Figure 9-4: Kibo Mining Plc Imweru Central and Imweru East Block Model for Kibo’s Resource Estimation Purposes (Barr And Hitchcock, 2014) ............................................................. 78

Figure 9-5: Katoro Gold Plc Imweru Central drill hole locations from the Kibo 2013 program. (Imweru East Is Based Upon Historical Drilling Results) ................................................... 79

Figure 6: Area C 378120E showing Block Model vs Drillhole Data .................................... 96

Figure 7: Area C 378010E showing Block Model vs Drillhole Data .................................... 96

Figure 8: MSZ 378180E showing Block Model vs Drillhole Data ........................................ 97

Figure 9: MSZ 378140E showing Block Model vs Drillhole Data ........................................ 97

Figure 10: MSZ 377170E showing Block Model vs Drillhole Data ...................................... 98

Figure 11: Central Zone 377070E showing Block Model vs Drillhole Data.......................... 98


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xvi


Figure 14: Central West Zone 376690E showing Block Model vs Drillhole Data ............... 100



Figure 17: WSZ 376120E showing Block Model vs Drillhole Data ................................... 101

Figure 18: WSZ 376120E showing Block Model vs Drillhole Data ................................... 102

List of Tables

Table 1-1: Competent Person Summary ........................................................................ vii

Table 1-2: Imwelo Resource Estimate ............................................................................ ix

Table 5-1: Exploration Work and Available Data for Companies’ Active on ML 538/2015 (Previously PL6294/2009) or Immediate Surrounding Area. ............................................. 22

Table 5-2: Great Basin Gold Resource Summary for the Imweru Project (Does not Include ML 538) ........................................................................................................................... 31

Table 5-3: Noteworthy Results from Peak Resources RC Drilling Program ........................ 32

Table 6-1: Summary of Historical Drilling within the Imwelo Project Area ......................... 53

Table 6-2: Summary of LVG Drilling – Imwelo Project Area ............................................. 53

Table 7-1: Imwelo Resource Estimate ........................................................................... 60

Table 7-2: Imwelo Block Model Parent Cell Parameters .................................................. 62

Table 7-3: Imwelo Block Model Sub-Cell Parameters ...................................................... 63

Table 7-4: Imwelo Variogram Results Au ...................................................................... 65

Table 7-5: Comparison with Previous in Situ Resource Estimates ..................................... 67

Table 8-1: Sample from LVG 2016 Drill Program Used to Make Up The 44kg Sample Sent to Maelgwyn For Metallurgical Testing ............................................................................... 71

Table 9-1: Geita Gold Mine Resources and Reserves (31 Dec. 2011) (AngloGold Ashanti, 2012). ......................................................................................................................... 74

Table 9-2: Imweru Gold Project Mineral Resources as at 10 March 2017 .......................... 77

Table 10-1: Exploration Program Budget ....................................................................... 80

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2. Introduction

2.1 General

The Geology Report and Resource estimate on the Imwelo Project in the Geita District in

Northern Tanzania has been prepared by Measured Group Pty Ltd (MG) in conjunction with

Lake Victoria Gold Pty Ltd (LVG) personnel.

The purpose of the report is to document the geology of Imwelo Project holdings

(ML538/2015) and to support an estimate of Mineral Resources based on information available

from historical data and 2013, 2014 and 2016 drilling campaigns carried out by LVG. This

report was prepared in accordance with the requirements of the Australian Code for Reporting

of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 edition).

The Imwelo Project is 100% owned by LVG (the 2017 Amendment to the Mining Act allows

the Tanzanian Government to take a 16% free carried non-dilutable interest in Mining

projects). It is located 160 km WSW of the town of Mwanza and 40 km due west of the town

of Geita in northern Tanzania as shown in Figure 2-1. Figure 2-1 also shows the other

tenements owned by LVG. The Imwelo Project is set within the Geita greenstone belt of the

Lake Victoria Goldfields of northern Tanzania. This Greenstone belt also hosts the Geita Gold

Mine (Anglo Gold Ashanti).

Figure 2-1: LVG Tenements

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In January 2015, a mining licence was granted to LVG for the Imwelo Project. The PL 6294

owned by LVG for the Imweru Project has been changed to Imwelo Project ML 538/2015. A

copy of the granted mining licence is shown in Appendix B.

2.2 Report Authors

The report has been compiled by Mr Chris Grove (MAusIMM), with contributions from other

MG and LVG employees.

Mr Chris Grove is a fulltime employee of MG and has no commercial interest in the project or

the company.

2.3 Site Visits

Mr Chris Grove completed site visits to the Imwelo Project in December 2014 and October

2016. The purpose of the site visits was to:

• QA/QC of drilling and sampling practices, geological logging and interpretation by on-

site geologists.

• Gain knowledge of and verify the site and local geology.

• Verify the security and storage of samples and drill core.

• Verify the methods used to collate and dispatch verification samples.

Information and knowledge acquired, and techniques and procedures observed during the

site visit has allowed MG to have confidence in the geological information and drill hole

database supplied by LVG that have been used in this report.

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3. Location and Tenure

3.1 Location

The Imwelo Project is located within the Mwanza region of northern Tanzania, 40 km by road

due west of the town of Geita and approximately 160 km west-southwest of the town of

Mwanza (Figure 3-1).

Figure 3-1: Location of Imwelo Project

3.2 Tenure

The entire property and control over minerals on, in or under the land to which the Mining Act

applies, is vested in the United Republic of Tanzania (Tanzanian Mining Act, 2010).

The Imwelo Project Mining Licence (ML 538/2015) was issued to Tanzoz Minerals Ltd and

valid up to 29 January 2025.

PML 2637 (on the western boundary of ML 538/2015) was issued to Daud Rubaraza, who has

a signed agreement with LVG to convert PML 2637 to an ML. Also, LVG has a signed agreement

with the owners of ML 419 (Chinese ML) to sell this ML to LVG. Tanzoz Minerals Ltd will

become the owner of both the additional ML’s.

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3.2.1 Property Boundary Demarcation

Boundary coordinates for the Imwelo Project were obtained from LVG before the onset of

fieldwork. Boundary positions are “paper marked”, and no field markers were sited.

3.2.2 Agreements, Licence Numbers and Rights on The Property

LVG owns 100% of Tanzoz Minerals Ltd, who in turn owns 100% of the Imwelo Project (ML

538/2015). A 2% net royalty is payable to Tanzania based General Exploration Ltd. The 2017

Amendment to the Mining Act allows the Tanzanian Government to take a 16% free carried

non-dilutable interest in Mining projects.

3.2.3 Environmental Liabilities and Permits

LVG contracted Kinabo and Mushi (2013) to complete an Environmental Impact Assessment

to comply with the forthcoming Mining Licence application. It is not within the scope of this

report to assess the EIA. The most important aspects of this report are as follows:

Possible environmental and social impacts expected to emanate from operations were

identified through site visits, consultation with stakeholders and use of professional

interpretations and simulations. Impacts were identified in all project phases which are

construction, operation and closure. During the construction period, land degradation is more

likely to occur in the form of deforestation, disturbance to underground water bodies, erosion

and consequent siltation to surface water bodies. Generally, impacts such as air pollution from

emissions; pollution of ground and surface water by hydrocarbons and excavations; and noise

pollution from machines operations are major impacts expected during this period. About ten

households and 29 farming plots of 56.5 ha have been identified to be compensated and

relocated to give way for the project. These households and their farming plots have been

surveyed and procedures for compensation are underway.

The survey was conducted in collaboration with Chato District Council and the compensation

procedure is being carried out to Government standards. The village has set aside an area in

the Imwelo village for the relocation of those affected.

3.3 Topography, Land Use and Climate

ML 538/2015 comprises relatively flat-lying terrain that reaches a maximum height of 1,200

m above mean sea-level on the southern boundary of the property. The property does not

comprise any hills or similar positive relief features (Google Earth® investigation) and contains

a swamp-like depression in the extreme north. Precipitation falls from November to December

(short rains) and from March to May (long rains). Figure 3-2 illustrates the local physiography

of the Imwelo Project obtained by Differential GPS (DGPS) survey. The extreme northern part

of the property did not allow survey results due to swampy conditions.

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Figure 3-2: Local Physiography of the Imwelo Project as Obtained from LVG

Differential GPS (DGPS) Survey.

3.3.1 Operating Season

Although most work on ML 538/2015 should be able to continue within the rainy season’s

access roads may become impassable. For example, LVG completed an RC and DD program

during the onset of the short rains in December 2013, and although movement was restricted,

it was not impossible to continue working. However, drill programs, ground geophysics and

mapping have thus far been planned for the long dry season from June to October.

3.4 Access and Infrastructure

ML 538/2015 is located 40 km due west of the town of Geita. The property is reached following

the B163 sealed road west out of Geita and turning north after 40 km onto an unnamed track

within the town of Katoro. This track is followed for 10 km, where after a turn to the east is

made to reach the southern boundary of the property

(http://resources.esri.com/arcgisdesktop/layers and Google Earth®) (Figure 3-3).

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Figure 3-3: Regional Infrastructure Showing B163 Sealed Road Passing South of

ML 538/2015, Nearby 33 kV Mwanza – Geita Powerline, Location of the Mwanza

Airport and Railway from Shinyanga to Mwanza Town.

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4. Regional Geology Setting

4.1 Regional Geology

The Imwelo Project is located within the Tanzania Craton, which comprises the oldest rocks

in the country. Vestiges of at least two Archaean orogenic belts, the Dodoman of central

Tanzania and Nyanzian–Kavirondian of northern Tanzania are ingrained in this craton (Taylor,

2009).

Figure 4-1: Geological Setting of Imwelo Project

The Nyanzian comprises distinct greenstone belts to the south and east of Lake Victoria

(Figure 4-1). These greenstone belts host major gold (Au) deposits in Tanzania. The

greenstones are generally metamorphosed to lower-middle greenschist facies and locally to

almandine amphibolite facies. They are commonly folded about steeply dipping axial planes,

generally striking east-west (Manya, 2004).

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4.2 Geita Greenstone Belt

The Imwelo Project is set within the Geita greenstone belt of the Lake Victoria Goldfields of

northern Tanzania (Figure 4-2). This Greenstone belt also hosts the Geita Gold Mine (Anglo

Gold Ashanti).

The Geita greenstone belt has been the most productive in Tanzania with a nearly continuous

history of activity from 1932 to the present. The overall geology of the Geita District comprises

E–W trending greenstone belts, and variably distributed late-kinematic felsic granites,

bounded by WNW–ESE trending migmatitic-granitoid gneiss domains to the north and south.

Figure 4-2: Location of the Imwelo Project Within the Geita Greenstone Belt

Showing the Location of Nearby Gold Occurrences (Triangles).

The gold-enriched Geita District is underlain by extensive greenstone rocks of diverse lithologic

types, rheology and chemical reactivity, and a high density of linear, E–W and NW–SE trending

felsic granitoids. The bounding gneisses and granitoids are cut by strong, NW–SE trending,

sinistral strike-slip shear zones bounding ENE–WSW trending curvilinear thrust faults and

associated shear-foliated quartz veins, and N–S trending extensional quartz veins, consistent

with the deformation history.

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4.3 Imwelo Project Geology

A substantial portion of the project area is under a thick lateritic and saprolitic weathered

horizon up to 50 m in vertical depth. Little outcrop is present on the property limiting the

amount of local bedrock mapping to artisanal pits (where deep enough). Based on the drilling

results and mapping done in artisanal pits, the felsic and mafic volcanic units of the Lower

Nyanzian stratigraphy constitute the lithologies of the license area. Quartz veins crosscut the

lithologies and are generally mineralised in gold within shear zones that have developed on

lithological contacts. Mineralisation is pronounced when veins are associated with sulphide

minerals (i.e. FeS2).

4.3.1 Primary Geological Units

The project area comprises three primary geological units:

• Greenstones of Massive Metavolcanic origin without magnetite;

• Greenstones of Metavolcanic origin with magnetite;

• Greenstones of Metavolcanic origin with porphyritic white feldspar, with or without

syngeneic round quartz grains (± 2 mm diameter).

There were no boreholes that intersected contacts of these units. Accordingly, the contact

relationships could not be determined. However, the gradual change in magnetite or feldspar

content, in any given borehole intersection and between closely spaced boreholes (laterally),

suggests that the contacts between these units are gradational.

Figure 4-3 shows a quartz vein within the metavolcanic (fresh) unit of the Lower Nyanzian

stratigraphy. Illustrated is the presence of sulphides. This vein is too thin to sample and it

cannot be stated whether it is mineralised.

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Figure 4-3: Quartz Vein Within Metavolcanic (Fresh) Unit of the Lower Nyanzian

Stratigraphy from the Imwelo Project.

4.3.2 Units of Alteration

The primary lithology can further be subdivided into four units, defined on the type and degree

of alteration:

• Laterite;

• Saprolite;

• Transitional Greenstone;

• Greenstone (un-altered).

Generally, alteration gradually decreases with an increase in depth. However, on a local scale,

the alteration may extend in depth where fractures allow deeper penetration of water and/or

oxygen.

Figure 4-4 illustrates the relationship between different degrees and types of alteration; the

nature of the shear zone with associated fracture zones and vein systems; the nature of the

Au mineralised vein system; the dip of the vein and how the vein “bends” to shallower dips in

units of higher alteration, where volume loss occurred; and associated scree – Eluvial/Lag

horizon.

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Figure 4-4: Idealistic Section of the Geology of the Imwelo Project.

The primary lithology (pre-alteration) can be distinguished in the altered units of the

transitional greenstone and mostly in the saprolite, but not in the laterite.

4.3.3 Intrusions

Intrusions of homogenous pegmatites and quartz veins were identified. Various ages of quartz

vein intrusions are present, as is evident by quartz veins cutting pegmatite (Figure 4-5) and

by quartz veins cutting each other (Figure 4-6). Only one age of pegmatite was identified,

which predates quartz vein emplacement.

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Figure 4-5: Diamond Core of Drillhole IMWDD-049 ~ 71 m, Showing Pegmatite

Cut by a Younger Quartz Vein.

Although Au mineralisation has been found in pegmatite (IMWDD-049, 69.7 to 72.2 m), the

pegmatite in question has been intruded by quartz veins (Figure 4-5). Accordingly, no

distinction regarding mineralisation in pegmatite can be made. However, in the Western Shear

Zone area, artisanal miners excavate and test both quartz and pegmatite scree, but seemingly

leave most of the pegmatite, leading to the conclusion that only pegmatite with quartz veining

is processed.

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Figure 4-6: IMWDD-042, Around 85 To 90 m, Showing Different Ages of Quartz

Veins Cutting Each Other.

4.3.4 Scree/Eluvial Deposits

Lenses of quartz scree are found within the first 5 to 12 m from the surface – within the

laterite and at places the upper sections of the saprolite horizons. The lenses are horizontally

inclined. The scree is derived from quartz veins, where the hosting geology has been chemical

leached (eluviated) away due to alteration, resulting in an eluvial deposit.

Mostly, the scree is found to be on the up-dip side of in-situ veins, indicating little to no

transport – lag deposited. However, some instances have been found where localised

transport, down surface gradient, took place. Transport, if present, is not more than 10 m. Au

mineralisation is present in scree if the scree is derived from veins that host Au.

It was found that Au mineralisation in scree is generally lower than the in-situ parent vein.

This is interpreted as being a function of alteration, suggesting that some Au bearing minerals

(possibly sulphides) are leached away during eluviation.

4.4 Imwelo Gold Mineralisation

According to Money (2009), gold at Imwelo occurs in three main forms:

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1. Auriferous quartz veins - Significant intersections announced by Mincor as well those

from Barrick’s RAB and RC programs are associated with quartz veins.

2. Alluvial gold - Near-surface, artisanal workings are found in the north-western area of

the tenement.

3. Fine disseminated gold within laterite (eluvial scree) - Commonly associated with

strongly fractured and weathered quartz, suspended in the laterite matrix. This is the

main material which local villagers are recovering gold from currently.

The recent LVG drilling campaigns confirm the presence of gold within quartz veins, but further

notes that not all veins are auriferous and the presence of shearing is regarded as a

prerequisite.

Gold is also not associated with vein only, the country-rock (i.e. hanging and footwall) also

hosts mineralisation (also to a lesser grade) at least 0.5 m into the country-rock from the

quartz vein. Figure 4-7 (a) illustrates a quartz vein stringer within saprolite from hole IMWDD-

020 (at 74 m) which is mineralised (30 cm wide – not true width) and (b) illustrates a quartz

vein with sulphides at depth and non-mineralised due to lack of shearing. Pyrite rich quartz

veins are located throughout the lithologies but are generally only mineralised within shear

zones or other large structures.

Figure 4-7: (A) Mineralised Quartz Vein Stringer Within Saprolite and (B) Non-

mineralised Quartz Vein with Sulphides at Depth.

(a) (b)

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Figure 4-8: Vertically Dipping Vein Within the Chinese ML 419/2011.

Figure 4-9: Mineralised Quartz Vein Fragment Showing Disseminated Pyrite

(FeS2) and Box-Works (Erosion of Pyrite).

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4.4.1 Gold Mineralisation in Quartz Veins

4.4.1.1 Gold Association

All gold mineralisation was found to be associated with quartz veins, although mineralisation

may at places be on the hanging- or foot-wall of the vein. Also, not all quartz veins are

associated with gold. Additionally, a given quartz vein system may be associated with Au

mineralisation, but that within the vein, gold mineralisation may be absent for intervals of the

vein system.

The controlling factors of gold mineralisation in each vein system are not yet defined.

However, positive associations between smoky quartz, arsenopyrite and pyrite were found.

Smoky quartz with sulphides, box-work and/or iron-hydroxides (limonite) was found to have

a strong positive association with gold mineralisation.

Note that not all logged smoky quartz is true smoky quartz. Some grey coloured quartz at

times gets wrongly logged as smoky quartz. Arsenopyrite seems to be associated with higher

grades of Au mineralisation (Figure 4-10). All samples, where arsenopyrite was identified

yielded gold values of 0.7 g/t Au or higher (on average values of 1.6 g/t were attained).

Figure 4-10: Quartz Vein with Arsenopyrite from IMWRC-126, 28 To 29 m. This

Sample Returned an Au Value Of 8.3 g/t.

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4.4.1.2 Vein Orientation

The main gold mineralised veins are orientated in east to west trending shear zones, with dips

seemingly ranging northwards as low as 50° to southwards as low as 70°. Vein dips in the

laterite and saprolite can be misleading, as the vein seems to “bend and fall” (Figure 4-11)

with volume loss during laterisation or saprolisation. Consequently, the dip of a given vein

would be shallower in the laterite and saprolite horizons as opposed to the deeper unaltered

greenstone horizons.

Figure 4-11: “Bending” Of the Vein in Higher Horizons, Due to Volume Loss in the

Laterite Horizon. Note that the Vein Turns More Vertical with Depth.

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Vein morphology is irregular, pinching and swelling both down-dip and along strike. Swells

and smaller side veins may develop along the main vein body, with veins pinching out in

totality and reappearing again along the vein trace (Figure 4-11).

4.4.1.3 Regional Scale Vein Emplacement

On a regional scale, the vein emplacement is interpreted to be associated with east to west

trending shearing. Shear zones may encompass multiple fracture zones (locus of fracturing),

which join and split both along strike and in-depth (Figure 4-12). Quartz veins intruded into

fracture zones.

Figure 4-12: Shear Zone with Horse Tail Fracturing along Strike and Depth.

Within the main shear zone, tension joints and Riedel Shears may develop (Figure 4-13) as

part of stress relief. These joints or shears could also be intruded by quartz veins and could

explain the quartz veining observed at Imwelo.

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Figure 4-13: Tension Fractures and Riedel Shear Development Associated with

Shear Zones.

4.5 Mineralisation Type and Model

Mesothermal, gold (Au) deposits (also labelled Orogenic gold) are a distinctive class of mineral

deposit that has been the source for much of world gold production. The ores are widely

recognised in both Phanerozoic mobile belts and older cratonic blocks (i.e. the Lake Victoria

Goldfields, located within the Tanzania Craton). Mesothermal gold deposits have formed over

more than 3 billion years of Earth’s history, episodically during the Middle Archaean to younger

Precambrian, and continuously throughout the Phanerozoic.

Mesothermal gold deposits are characteristically associated with deformed and

metamorphosed mid-crustal blocks, particularly in spatial association with major crustal

structures i.e. shear zone or thrusts. A consistent spatial and temporal association with

granitoids of a variety of compositions indicates that melts and fluids were both inherent

products of thermal events during orogenesis.

Including placer accumulations, which are commonly intimately associated with this mineral

deposit type, recognised production and resources from economic Phanerozoic orogenic-gold

deposits are estimated at just over one billion ounces of gold. Consistent geological

characteristics include (Goldfarb et. al., 2001):

1. Deformed and variably metamorphosed host rocks;

2. Spatial association with granite;

3. Normally, a spatial association with large-scale compressional to transpressional

structures; and

4. Orogenic gold mineralisation normally consists of abundant quartz-carbonate veins.

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The granite-greenstone sequences of the Tanzanian Craton show many features that are

typical of other Archaean cratons around the world, including the existence of numerous

granitoids within and around substantial masses of greenstones (metavolcanic unit), a

predominance of greenschist facies regional metamorphism, regional-scale crustal

deformation and the existence of numerous gold deposits (Taylor, 2009).

4.5.1 Model for Gold Deposits at the Lake Victoria Goldfields

The Lake Victoria Goldfields (LVGF) have recorded bedrock gold mining as early as 1898

which continued intermittently into the 1970s in the Mara, Musoma, Serengeti, Iramba Plateau

and Geita areas. These operations were primarily on mesothermal lode-type deposits within

the greenstone belts, most of the veins associated with faults and shear zones (Taylor, 2009).

Significant greenstone hosted gold in quartz vein mineralisation is typically distributed along

specific regional structures and at the boundaries between contrasted lithologic and/or age

domains. Shear zones and faults are developed along lithologic contacts between units of

contrasting competencies and along thin incompetent lithologic units. Along these contacts

and incompetent rocks, deposits will preferentially develop at bends and structural

intersections (an example is shown in Figure 4-14).

Figure 4-14: Diagram Displaying the Setting for Hydrothermal Gold Deposits.

From Kesler (1994).

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4.5.2 Imwelo

From drillcore, RC chips and Imwelo site observations, it is evident that the oxidised surface

and near-surface material consist of hard cap laterite, mottled clays and saprolite. Gold occurs

in quartz veins which can still be relatively competent. Kaolinite and iron oxides/hydroxides

are present in many samples. The fresh material comprises sericite alteration in many

instances, but lack weathering products such as kaolinite and iron oxides/hydroxides. Gold is

still present in quartz veins.

4.5.3 Exploration Techniques

Common lithologic associations include Fe-rich rocks such as tholeiitic basalts, differentiated

dolerite sills and BIF’s, and with competent porphyry stocks of intermediate to felsic

composition, whether they intrude mafic-ultramafic volcanic or clastic sedimentary rocks

(Robert et al., 2007).

Robert et al. (2007) completed a review of the discovery methods of gold deposits found in

the last 15 years and indicated that geological understanding was the key element in the

discovery process in both the greenfield and brownfield environments. Geochemistry in

support of geology plays a significant role, particularly where deposits are exposed, and

geophysics aided discovery in some cases where the discoveries were concealed. It is,

however, important to realise that geology should remain part of future gold exploration

programs (Robert et al., 2007).

Geophysical techniques used within the Geita Greenstone belt are focused upon airborne

and/or ground magnetic surveys and associated geophysical interpretation. These surveys not

only assist in defining structure but also aids in providing lithological boundaries. Additional

geophysical surveys used within the area include Induced Polarisation as well as gravity (Barr

and Hitchcock, 2014).

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5. Project History

This section provides detail on historical work on ML 538/2015 (former PL 6294/2009 or

previously labelled Imweru). The current name adopted for ML 538/2015 is Imwelo, but this

section refers to the name used in the historical datasets (Table 5-1 provides a summary of

exploration work completed on or surrounding the Imwelo Project).

Table 5-1: Exploration Work and Available Data for Companies’ Active on ML

538/2015 (Previously PL6294/2009) or Immediate Surrounding Area.

Company

Name

Pangea

Minerals Ltd

Mincor

Tanzania Ltd

Barrick Exploration

Africa Ltd (BEAL)

Great Basin

Gold

Peak

Resources

Property

owned

PLs surrounding

PL 6294

Historical PL

6294

Historical PL 6294 (JV with

Mincor)

PL surrounding

PL 6294 (JV

with Barrick)

PL 6294 (JV with Zari

Exploration)

Date 1999 - 2000 2000 - 2004 2003 - 2004 2002 - 2008 2009 - 2012

Surface

Geochemistry

Soil and pit

sampling

Mapping and

grab sampling

Mapping, grab

and soil

sampling

n/a Mapping,

grab and

hand auger

Geophysics None Ground

magnetic

Airborne

magnetic survey and IP (LVG

does not have any of these

databases)

None None

Drilling RAB, not on

PL 6294

RAB and RC RAB, RC and DD RC and DD RC, AC and

RAB

Core / Chips n/a n/a n/a n/a n/a

Survey Data n/a n/a n/a n/a n/a

Resource

Estimate

None None None 629,600 oz Inferred

(NI43-101

compliant)

None

Reason for

Ceasing

Work

Taken over by

BEAL

JV with BEAL JV with Great

Basin Gold

Subsidiaries

acquired by

Kibo Gold plc

Licence

back to GEL who

transferred

to LVG

n/a - not available

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5.1 Historical Exploration Work

The following sections describe exploration work completed by various owners of the greater

Imweru Project (as well as current ML 538/2015). The data packages were received from GEL

and did an internet and Sedar search for additional information.

5.1.1 Pangea Minerals Ltd.

Pangea Goldfields Inc. through its subsidiary Pangea Minerals Ltd. completed at least one year

of exploration work on the greater Imweru Project (194 km2) through a JV agreement with

Engineering Associates Ltd, until Pangea’s take over by African Barrick Gold plc in 2000

(Barrick kept the property in the name of Pangea Minerals Ltd.) (Pangea News Release, June

1999). Pangea did not do any work on current ML 538/2015 and focussed all exploration

efforts on the surrounding property.

Figure 5-1 shows the boundary of Pangea PL 1090/98 and PL 17/92 - surrounds PL 6294/2009

(PL 937/98 at the time and currently ML 538/2015) showing RAB drill line sections as well as

surface soil geochemical results. Note that Pangea did not own PL 937/98 and made no

mention of this PL in reports. Note the gold in soil anomalies on PL 6294/2009 (possibly from

a former owner).

Figure 5-1: Boundary of Pangea PL 1090/98 and PL 17/92

The Pangea RAB drill section data is available in image format (i.e. sections drawn from data).

LVG searched for sections immediately to the east of PL 6294/2009 but was only able to locate

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sections to the west, of which the closest sections were #’s 760 and 745C. None of the drilling

in those sections intercepted any noteworthy gold mineralisation (i.e. above 1 ppm). The

sections indicate the following lithologies:

• 0 to 1 m - Mbuga / Sand, not on section 745C;

• 1 to 5 m – Ferricrete / Laterite;

• 5 to 25 / 30 m – Upper Saprolite; and

• 25 / 30 m to 40 m – Lower Saprolite (i.e. less weathered metasediments such as tuffs)

which contains some quartz veining.

5.1.2 Mincor Tanzania Ltd

Mincor Tanzania Ltd (Mincor) earned in 60% of the Geita Project (Imweru Prospecting Licence,

PL 1545/2000) from a local Tanzanian group, Rupia Investment Company Limited, by carrying

out a pre-feasibility study (Mincor Annual Report, 2000). According to Mincor, the 2 km by 2

km Imweru licence appears to be the focal point of many regional exploration vectors, creating

a classic structural "sweet spot".

They further mention that local artisanal miners have exposed gold-bearing quartz veins

beneath laterite at numerous localities. RAB and reverse circulation (RC) drilling intersected

strike-consistent high-grade gold mineralisation at two localities namely Miyenze (towards the

eastern end of what is locally termed the Main Reef Zone) and Lukili on the eastern boundary

of the PL.

It should be noted that the data appears to be in WGS84 and that LVG georeferenced maps

containing said data for use in Arc 1960 UTM Zone 36S. LVG georeferenced Mincor maps

containing the said data (for use in datum Arc 1960, UTM Zone 36S), but was unable to obtain

drill hole database information for modelling.

Mapping, rock-chip sampling, a ground magnetic survey and RAB and RC drilling, carried out

by Mincor, has demonstrated the presence of high-grade gold mineralisation along east-west

striking shear zones, particularly at intersections with northeast striking structures. Drill

results from Miyenze (southern border of current ML 419/2011, Figure 5-2) include (0.5 g/t

cut off):

• 20.09 g/t gold over 1 m in a zone averaging 7.09 g/t over 3 m from 16 m downhole

in RAB hole IRB016;

• 33.5 g/t gold over 1 m from 34 m downhole in RC hole IRC003, located 50 m to the

east; and

• 31.5 g/t gold over 1 m in a zone averaging 9.39 g/t over 4 m from 54 m downhole in

RC hole IRC004, located a further 70 m to the east.

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Figure 5-2: Location Map of PL 1545/2000 (Similar to PL 6294/2009 - Current ML

538/2015) Showing the Location of the Mincor Mineralised Zones and Mincor

Delineated Structure

These three intersections give the zone a tested strike length of 120 m (although internal

grade continuity can only be confirmed by further drilling). A line of RAB holes immediately

east of IRC004 intersected only low-grade mineralisation (4 m @ 1.17 g/t from 26 m in IRB20),

but the high-grade zone remains open to the west and at depth.

The second-high grade zone is in the Lukili area approximately 500 m to the northeast of

Miyenze. One line of five RAB holes and one RC hole were drilled in this area, intersecting

the zone in two localities over a strike length of 75 m and leaving it open along strike to the

east and west and at depth. The RC hole (IRC005) intersected 16.87 g/t over 1m in a zone

averaging 8.64 g/t over 5 m from 60 m downhole. The RAB traverse, drilled 75 m east of

IRC005 intersected the following in three of five holes:

• 10.1 g/t over 1 m in a zone averaging 7.91 g/t over 5 m from 52 m downhole;

• 14.17 g/t over 1 m in a zone averaging 2.86 g/t over 6 m from 8 m downhole; and

• 7.28 g/t over 2 m from 20 m downhole.

The Mbilizi area in the north-western part of the licence has been the subject of recent

artisanal mining which has exposed numerous auriferous quartz veins. Two lines of air-core

holes were drilled. While only low tenor intersections were obtained (1 m @ 1.48 g/t from 25

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m, 2 m @ 1.91 g/t from the surface and 2m @ 1.92 g/t from 20 m) the drilling indicated the

presence of sub-horizontal quartz veins and altered intrusive lithologies.

5.1.3 Barrick Exploration Africa Ltd

The Barrick (Byemelwa et al. (a), 2003) historical Imweru Project (Historical PL 1623 and PL

1545) is situated at the western end of the east-trending Geita Greenstone Belt. Barrick was

granted access to work on PL 1545 (current ML 538/2015) in November 2002, resulting from

long time negotiations with the owner (Ms Rupia and Mincor in a JV partnership) (Byemelwa

et al. (a), 2003).

5.1.4 Barrick Exploration Activities

The Barrick data LVG received from GEL is in PDF reports (data is set in Arc 1960 UTM Zone

36S). Barrick completed the following exploration work on the Imweru Project (Historical PLs

1545 and -1623).

• Geological mapping (1:5,000).

• Grab sampling program and soil geochemistry (Latter on 400 m line spacing by 100 m

station spacing, initially on NE-SW lines, later N-S lines on PL 1545, current ML

538/2015

• Airborne Magnetic Geophysical Survey by Fugro and Induced Polarisation surveys.

• RAB, RC and Diamond drilling.

a). Geological Mapping and Soil/Grab Sample Geochemistry

The laterite-covered plains of the Imweru Project area (PL 1545 and PL 1623) are primarily

underlain by tuffaceous units while recent alluvial sediments (silts, sand and mbuga) occur in

low-lying areas. It should be noted that according to Byemelwa et al. (a) (2003) the regolith

profile observed through pitting and RAB drilling revealed transported cover, which deemed

the soil results to be unreliable.

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Figure 5-3: Barrick Grab and Soil Sampling on Historical PL 1545 (Current ML

538/2015).

Significant values were returned from the rock samples; 30% with values between 1 and 5

g/t Au; 30% with values between 5 and 20 g/t Au; two samples assayed 68.8 g/t Au and

405.4 g/t Au with the rest of the samples being above 0.1 g/t Au (Figure 5-3).

b). Airborne Geophysics

Fugro Airborne Survey (South Africa) completed an aeromagnetic/radiometric survey over the

Barrick Imweru Project (PL 1545 and PL 1623) in March 2002 (Figure 5-4).

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Figure 5-4: Barrick Second Vertical Derivative RTP Derived from Airborne

Magnetic Data Showing Interpreted Lineaments and Dolerite Dykes.

An interpretation of the aeromagnetic data revealed the following:

• The regional lithological strike is E-W while a series of E-W trending magnetic features

have been interpreted as being magnetic basalts/mafic tuffs.

• Mafic volcanic units are cross-cut by NE-trending magnetic lineaments that could be

interpreted as rejuvenated Archaean faults overprinted with dolerite dykes.

• The NW to WNW-trending structures form part of a series of regional-scale structures.

These are a few, interpreted as faults. In PL 1545 the lithologies seem to be displaced

(dextral sense of movement) along these faults. The “mbuga” north of PL 1545 follows

this trend and has been interpreted as being a shear zone, the Nyaviyambu shear.

• E-W-trending structures are the most prominent structures of this area, also the

lithological trends. Structural interpretation of the airborne magnetic data considers

these as being lithologic contacts, shear zones or faults. A subtle E-W trending

structure coincides with known mineralisation within PL 1545.

• Several circular magnetic patterns are evident to the south and far west of the property

and are thought to arise from intrusive activity. Pitting done on two of these intersected

granites (Outside current ML 538/2015).

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c). Induced Polarisation Surveys

Orientation IP survey lines were run over the property but no significant IP (resistivity or

chargeability) signature was defined in the prospect area.

Figure 5-5: Barrick RAB, RC and Diamond Drillholes On or Near Current ML

538/2015.

d). Drilling

Barrick completed 1,090 RAB drill holes for 19,174 m (Byemelwa et al. (b), 2003) during 2003,

of which 259 RAB holes are located inside current ML 538/2015 (Figure 5-5). The most

significant RAB intersections from current ML 538/2015 (values in g/t gold) include:

• IMRAB296: 20.8 g/t gold over 3 m from 11 m



Barrick completed 13 RC holes (Byemelwa et al. (c), 2003) for 2,450 m during 2003. Eight of

these holes were drilled on current ML 538/2015 while the remaining holes were drilled within

400 m of the PL boundary. Significant RC intersections (values in g/t Au) on, or near ML

538/2015 include:

• IMRC001: 1.2 g/t gold over 10 m from 97 m


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Barrick completed eleven (11) diamond drill holes (Byemelwa et al., 2004), totalling 2,825 m

of diamond drilling in 2004. The intersected lithologies were mainly mafic to intermediate

volcanics (for the Mincor target i.e. current ML 538/2015) and diorite/gabbro (for the Imweru

Central and Rupia targets i.e. outside current ML 538/2015) with minor quartz-feldspar

porphyry and mafic intrusions. Structurally, the lithologies strike E-W, dipping about 65° to

sub-vertical towards the north. Foliation is developed at variable degrees of intensity with

some rocks displaying shearing fabric. Drill cores display multiple sets of fractures, micro-

faults and folding (a dominantly ptygmatic type of folding). The most significant DD

intersections (values in g/t Au) on, or near ML 538/2015 include:

• IMDD001: 0.94 g/t gold over 1.88 m from 213 m



• IMDD007: 1.52 g/t gold over 2 m from 279 m

Comparing the diamond drill results with those from shallow (RAB and RC) drilling from the

current ML 538/2015, the mineralisation is weaker at depth (IMDD001), and the quartz veins

are narrow (IMDD003), with no mineralised envelope or strong alteration halo. The difference

in grade between shallow and at depth intersections on the Barrick Imweru Project could be

attributed to near-surface supergene enrichment in a region characterised by sporadic narrow,

high-grade quartz veins. However, the limited amount of diamond and RC drilling not fully

investigating known structures and known mineralised zones does provide the potential for

additional detailed investigations (see Figure 5-8 for a combination of Barrick and Peak drill

hole locations and assays).

5.1.5 Great Basin Gold Ltd

Great Basin Gold Ltd (Great Basin) managed a joint venture with African Barrick Gold Plc on

the Imweru Project (excluding the current ML 538/2015, but surrounding the said PL). Great

Basin completed exploration work which included an NI43-101 Inferred Resource (Fier, 2009).

Figure 5-6 shows Great Basin Gold project in relation to the Imwelo Project. Table 5-2 shows

the Imweru mineral resource summary (does not include ML 538).

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Figure 5-6: Great Basin Gold Current Land Area over Barrick Licences

Table 5-2: Great Basin Gold Resource Summary for the Imweru Project (Does not

Include ML 538)

5.1.6 Peak Resources Ltd

Peak Resources Ltd (Peak) commenced working on ML 538/2015 in November 2009 with the

mapping of the regolith and GPS survey of the artisanal workings, together with grab sampling

of quartz vein material from pit spoils (Loyd, 2012). Numerous shafts were also entered by

Peak employees (note the writer does not mention which shafts were entered) to assess the

depth, content and genesis of the extensive deep laterites and, where workings in saprolite

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existed, to sample the quartz veins and foot- and hanging-wall clayey saprolite. Also, Peak

completed 64 RC drill holes for 4,145 m undertaken in 2010. Hole spacing was 20 m with

collars on north-south fences, at 180° azimuth and inclined at -60°.

Hand augers were used to obtain samples of corroded ferricrete or lateritic pisolite; average

auger depth was 107 cm, with a minimum of 5 cm (channel sampling of surface laterite) and

a maximum of 760 cm. The programme was completed early in 2009, for a total of 114 auger

samples which included 4 duplicates. Figure 5-7 shows Peak Resources RC, AC and RAB drill

collars as well as gold mineralisation detected in auger drilling (one sample taken from each

auger hole) on ML 538/2015. Table 5-3 shows noteworthy results from Peak Resources RC

drilling program.

Figure 5-7: Peak Resources RC, AC and RAB Drill Collars, as well as Gold

Mineralisation, Detected in Auger Drilling on ML 538/2015.

Table 5-3: Noteworthy Results from Peak Resources RC Drilling Program

Hole No. From (m) To (m) Width (m) g/t Gold

2BH-004 40 45 5 5.89

7BH-002 22 25 3 13.03

8BH-002 25 29 4 3.74

8BH-003 57 59 2 3.83

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An examination of the RC analytical results and geological logs by Loyd (2012) indicates that

gold is most often associated with the recorded intersections of quartz veins and stringers;

less frequently in indurated laterite/saprolite within the top 8 m or so of the soil profile where

it has been chemically concentrated by the lateritisation process; more sparsely where it has

been mechanically concentrated around 12 m depth and, rarely, in association with fresh

carbonated intermediate metavolcanics at depth.

The picture, therefore, emerges of quartz vein-hosted gold mineralisation within a massive

intermediate-mafic volcanic pile. Figure 5-8 shows Barrick and Peak drill hole assay values (XY

location on the surface) showing boundaries of ML 538/2015 (historical PM 6294/2009), ML

419/2011 and PML 2637.

Figure 5-8: Barrick and Peak Drillhole Assay Values

5.2 Historical Mineral Resources and Reserves

Apart from the NI43-101 compliant Resource Estimate on the Great Basin Gold historical

Imweru Project (surrounding ML 538/2015) (Table 5-2), no other historical Mineral Resources

or Reserves have been recorded.

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5.3 Production

No historic production, apart from small scale mining, has been recorded on ML 538/2015.

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6. Recent Exploration and Data Acquisition

Lake Victoria Gold Ltd (LVG) completed the following exploration on the Imwelo Project since

2012:

• Collation of historical data;

• Grab sampling of artisanal mine areas and limited additional pitting;

• Induced Polarisation (IP) gradient and Pole-dipole surveys;

• LVG ground magnetic survey;

• Interpretation of historical ground magnetic data and internal ground magnetic survey;

• RC and Diamond drilling with associated modelling and resource/reserve calculations;

• Metallurgical testing.

The Imwelo Project is divided into different project areas (by name) for ease of reference in

the text (Figure 6-1).

Figure 6-1: Imwelo Target Areas

6.1 Historical Data Collation

All available historical data was reviewed, which was used in part to ascertain the gold

mineralisation potential of the property and to provide additional information for the LVG drill

target delineation.

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6.2 Grab Sampling

LVG completed grab sampling in two phases:

1. From Artisanal Pits.

2. From the Chinese mine compound (i.e. material removed from the Chinese Shaft, but

never processed Figure 6-5).

6.2.1 Phase 1 (Artisanal Pits)

Figure 6-2: LVG Grab Sample Assay Results on ML 538/2015. All Grab Sample

Values are from Quartz Veins Either in Situ or Located Nearby Artisanal Pits.

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Figure 6-3: Grab Sample from Area C Assayed 5 g/t Gold. Note the Box-Work in

the Sample and Artisanal Excavation in the Background following the Vein Strike.

Figure 6-4: Grab Sample from Chinese Mine Stockpile (ML 419/2011) Assayed 51

g/t Gold. Note the Presence of Sulphide (Pyrite).

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6.2.2 Phase 2 (Mining Area)

LVG retrieved an additional 50 surface grab samples (not in situ) from the Chinese mine on

ML 419/2011. These samples are from the shaft excavated within the Mining Licence (ML

419).

Figure 6-5: (A) The Shaft Within ML 419/2011 was Sunk to a Depth of 110 m and

Contains Two Drives, (B) One at 60 m (20 m Eastwards) and another at 110 m (20

m Eastwards).

Figure 6-6: The Chinese Mining Area with Fence Removed and Ore, as well as

Waste, Covering the Surface.

Sampling from the Chinese Mine comprised of grab sampling from stockpiles. LVG retrieved a

total of 50 grab samples from this site, focusing on ore (i.e. quartz vein) and waste (i.e.

greenstone). Figure 6-6 shows the Chinese Mining area with fence removed and ore as well

as waste covering the surface. Local artisanal miners are working through the dumps. Note

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that the Chinese miners only stockpiled the ore, without selling, which is why LVG was able

to sample ore material once the mine fence was removed (The ML owners cited increased

interest in other commodity types as a reason for moving away from ML 419/2011).

Figure 6-7: Grab Samples from the Chinese Mine Showing Assays for Ore and

Waste (N = 51). Ore Samples Comprised Sulphide Rich Quartz Vein (N = 27, Max

= 51 g/t, Avg. 10.26 g/t) While Waste Samples Comprised Greenstone (N = 24,

Max = 3.4 g/t, Avg. 0.71 g/t).

The Chinese mine grab sampling program is important due to the following factors:

• The samples are all from the said mine and although representative of the Chinese

Mine Shear (striking roughly 080o), these samples prove the presence of gold at

varying depth levels on the property.

• The gold assay values from waste (greenstone) samples prove that gold is not

restricted to the quartz vein (ore) only and that the waste rock (probably hanging- and

foot-wall) is also mineralised to a lesser extent.

6.3 Historical Ground Magnetic Survey Interpretation

LVG contracted Namibia based Earthmaps Consulting (Mr Klaus Knupp) to complete an

interpretation of the ground magnetic survey data as completed by Mincor Tanzania Ltd.

Mincor completed a ground magnetic survey over the Imwelo Project area on 55 m E-W line

spacing and 10 m N-S station spacing, but on an unknown geographic datum. Different datum

scenarios were investigated to locate the magnetic grid correctly:

0

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• Location of artisanal pits on Magnetic data maps and correspondence to known

locations on the ground (note that the ground magnetic survey and artisanal pits’

datum might differ).

• Location of E-W structures in relation to known structures on the ground (E-W

structures’ locations should be more accurate due to 10 m station spacing by ground

magnetic survey).

• Location of interpreted NW-SE dolerite dyke (note that the location of N-S structures

may vary due to 55 m line spacing used).

• Location of the historical PL 6294/2009 boundary (slightly larger than current

boundary) in relation to the area covered by the ground magnetic survey.

Knupp identified several noteworthy lithological settings, but more importantly, was able to

discern the important E-W and N-S structures. During the LVG drilling campaigns, it was noted

that mineralisation is associated with the E-W structures. However, the mineralisation seems

to end abruptly, and it is believed that the N-S structures play a vital role in the latter. As

such, the exact location of these N-S (and E-W) structures is imperative for further resource

estimation modelling, and an additional ground magnetic survey is recommended (on a finer

N-S line spacing).

6.4 LVG Ground Magnetic Survey

After it was not possible to know the exact location of the previous ground magnetic survey,

LVG decided to complete its survey as follows:

• Use ARC1960 UTM36S;

• Use two G5 Magnetometers (one as base station) and normalise all data from roaming

station to base station;

• Set base - and roaming magnetometer as well as GPS intervals both to the same time

interval;

• Complete the survey on 20 m line spacing and 10 m station spacing intervals (previous

was on 55 m line spacing); and

• Have Earthmaps Consulting (Mr Klaus Knupp) again complete the interpretation.

The outcomes of this more detailed survey are as follows:

• The use of Arc1960 UTM 36S on the historical data was correct;

• The closer spaced N-S lines did not add significant additional detail, although some

features in the previous investigation were discarded;

• Mineralised veins (or at least hanging- or foot-wall of such veins) are associated with

magnetic highs; and

• Mineralised vein systems seem to be associated with E-W shear-zones developed on

or near lithological contacts (Figure 6-8).

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Figure 6-8: Mineralisation Seen to Follow Lithological Contacts (Although No

Contacts in Area C or Central West)

Knupp states the following as part of his conclusion of the interpretation:

Large, gold-bearing shear zones in the Birimian of West Africa are frequently associated with

sericitic alteration which in places is identifiable through regolith in the form of potassium

anomalies in airborne radiometric surveys. It may be worthwhile to run a trial ground

radiometric survey across the most promising shear zones in the Imwelo area to see if they

are associated with elevated potassium (or other unexpected) radiometric signatures.

If this can be confirmed, it may be worthwhile to conduct a more extensive ground radiometric

survey which may further significantly improve the targeting procedure and geological

understanding of the Imwelo Prospect.

Figure 6-9 shows the collation of magnetic interpretation, surface geochemical and historical

drill data. Note that the WSZ comprises a generalised 280o (strike direction) trending

interpreted structure associated with exceptional historical drill hole assays as well as good

LVG grab sample results. Similar for the Main Shear Zone, but no structure was noted in Areas

A and C (where it is known to be present).

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Figure 6-9: Collation of Magnetic Interpretation, Surface Geochemical and

Historical Drill Data

Additional N-S profile lines were walked across the E-W trending mineralised units on 5 m

station spacing. This was done to ascertain if there are any specific characteristics of known

mineralised areas associated with the magnetic survey.

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Figure 6-10: Ground Magnetic Profile Line A1 Walked On IMWRC-005, -071 and -

019. Note the Peak of Magnetism Associated With IMWRC-005 Of > 1g/t Over 2

m at 46 m

From this survey, it was evident that subtle magnetic highs are associated with the

mineralisation, whether it is magnetic minerals associated with the hanging or the footwall.

To test this theory, LVG completed Magnetic susceptibility tests on drillcore and drill chip

samples, taking care to take the sample out of the core trays before taking readings. No

definitive information could yet be gathered from this susceptibility survey, but subtleties do

exist in the data that should be used for further target generation at the project area.

Figure 6-11 shows magnetic susceptibility on drill chips from hole IMWRC-001 compared to

the assay values returned (g/t gold). Note the magnetic peak after sample 100 noting possible

magnetic materials in the footwall of the mineralisation. Figure 6-12 shows the same

comparison for hole IMWRC-030 (Note that not all samples were assayed) showing that the

magnetic peaks are associated with hanging and footwall magnetic materials. Figure 6-13

shows the same comparison for hole IMWRC-006 also noting that the magnetic peaks are

associated with hanging- and foot-wall magnetic materials.

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Figure 6-11: Magnetic Susceptibility on Drillchips From Hole IMWRC-001

Compared to Assay Values (g/t Gold).

Figure 6-12: Magnetic Susceptibility on Drillchips From Hole IMWRC-030 (Not All

Samples Assayed) Compared to Assay Values (g/t Gold).

Figure 6-13: Magnetic Susceptibility on Drillchips From Hole IMWRC-006

(Compared to Assay Values (g/t Gold).

6.5 Pitting

LVG completed a total of 51 pits (60 were delineated, but 9 could not be excavated due to

either hard surface laterite, excessive water or infrastructure). Pits were sampled at the

bottom 1 m as a composite sample, which was assayed for gold. Figure 6-14 illustrates fifty-

0

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one (51) pits completed varying between 1.5 m and 5 m in depth. Red stars indicate

mineralisation above 0.1 ppm gold intercepted in one of the pit samples, blue stars are barren

(no gold values) pits, and black stars are pits that could not be excavated. Pits were located

based on artisanal workings as well as structure as delineated by Knupp (2013). Note the pit

anomalies in the WSZ associated with interpreted Knupp structures.

Figure 6-14: Fifty-One (51) Pits Completed Varying Between 1.5 m and 5 m in

Depth

Pit locations were demarcated based upon:

• The known location of artisanal pits and postulated vein strike; and

• Magnetic interpretation by Knupp and location of structure.

6.6 Induced Polarisation Survey (Pole-Dipole and Gradient Array)

LVG contracted Cedric Simonet to complete a gradient array and Pole-Dipole survey on the

Imwelo Project during 2013 (before drilling). The aims of this survey were:

• Complete a gradient array (2D) survey (chargeability and resistivity) over as much of

the project area as possible (northern sections not possible due to Mbuga while highest

density village area was also not surveyed).

• Locate favourable areas on gradient array to complete Pole-Dipole surveys (3D).

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• Both surveys aimed to locate quartz vein within shear-zones (resistivity high) as well

as disseminated sulphides (chargeability high) within these quartz veins (in this

environment disseminated sulphide in a shear zone is usually associated with gold

mineralisation).

Figure 6-15 shows IP gradient (resistivity) data overlain on interpreted magnetic information

showing historical drilling and LVG grab sample as well as pit assays. Note the roughly E-W

trending resistivity anomalies (possible quartz veining) within the WSZ, Chinese Shear and

Area C (latter did not contain structural data, but IP shows possible quartz veining). Other IP

target areas (E-W anomalies) associated with historical drilling are in the northern and

southern parts of the property.

Figure 6-15: IP Gradient (Resistivity) Data

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Figure 6-16: PDP Resistivity 3D Sections for the Imwelo Project with Overlain

Gradient Resistivity Data for the Imwelo Project (Looking W Towards PML 2637)

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Figure 6-17 shows the Western Shear zone on the Imwelo Project showing surface grab

samples (triangles), IP resistivity (PD and gradient) (PDP sections are shown in 2D) and

historical drilling data. Note the association between historical drilling assays and the PDP

resistivity within the WSZ (lines 6400 and 6700). Inset map shows gradient resistivity for the

Imwelo Project.

Figure 6-18 shows the Western Shear zone showing 3D PDP resistivity (line 6400) and

historical drilling data.

Figure 6-17: Western Shear Zone on the Imwelo Project Showing Surface Grab

Samples, IP Resistivity and Historical Drilling Data.

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Figure 6-18: Western Shear Zone Showing 3D PDP Resistivity (Line 6400) and

Historical Drilling Data.

Although the Gradient array and PDP survey did not penetrate more than 50 m (vertical

depth), the near-surface sulphide-rich quartz vein detection has been invaluable. It must be

noted that some other materials may cause chargeability - (clays) and resistivity anomalies

(i.e. air). LVG looked at PDP resistivity anomalies showing vertical or near-vertical dip

orientations and are regarded as target areas where these are associated with geochemical

and magnetic data anomalies.

6.7 RC and Diamond Drilling

LVG completed 15,877 m of drilling from 248 holes (10,709 m from 195 RC holes and 5,168

m from 53 Diamond drill holes). Significant results from LVG drilling include (weighted

averages):

Previous LVG drill programs on Imwelo:

• 14.15 g/t over 7 m from 33 m in hole IMWRC-037


• 8.37 g/t over 1.2 m from 62 m in hole IMWDD-030









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• 14.72 g/t over 5 m from 49 m in hole IMWDD-003


2016 LVG drill program on Imwelo:










Figure 6-19: All LVG Drilling on IP Gradient Array Resistivity Data as well as

Interpreted Geology from the Ground Magnetic Survey

Drill holes were delineated based upon:

• Historic drilling results;

• Historical ground magnetic interpretation;

• Surface geochemistry and vein exposure mapping (mostly from artisanal pits);

• IP survey.

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Due to mineralisation within E-W striking shear-zones, all LVG drill holes were planned and

drilled along strike at spacings varying between 25 m and 100 m for all drilling programs.

Also, step forward and back holes were drilled at between 5 and 10 m spacings when

noteworthy mineralisation was intercepted. All holes were drilled at 180o azimuth and -60o

dips to intersect the sub vertically dipping quartz veins. Figure 6-20 shows an example of a

drill hole section in the WSZ. These holes are associated with a prominent IP gradient and

PDP anomaly (chargeability and resistivity) as well as surface geochemical anomalies.

Figure 6-20: Drillhole Section (Looking West) of Noteworthy Gold Intercepts in

Three Holes within the Western Shear Zone (WSZ)

Figure 6-21 shows a PDP resistivity section showing a perfect correlation with quartz vein

intercepted in hole IMWDD-003. The inset gradient chargeability map shows the possible

presence of disseminated sulphides which were picked up in the quartz vein and led to an

intercept of 14.72 g/t over 5 m. The most important aspect of this image is to show the use

of PDP and gradient IP surveys on the Imwelo Project and to narrow the search for additional

target areas.

Imwelo Project


Page 52

Figure 6-21: PDP Resistivity Section with Drill holes

The lack of veining in hole IMWRC-009 (down-dip of the intersected vein) may be due to

localised pinching and swelling of quartz veins (Hitchcock and Barr, 2014). Quartz veins in the

Lake Victoria Goldfields generally exhibit pinch and swell (boudinage) structures which are

regarded typical features of sheared veins and shear zones where, due to stretching along

the shear foliation and shortening perpendicular to this, rigid bodies break up. An example is

shown in Figure 6-22 noting that this scenario is possible within the LVG Imwelo Project where

closely spaced drill holes lack quartz vein development down-dip.

Table 6-1 documents a summary of historical drilling within the Imwelo Project Area. While

Table 6-2 documents a summary of all LVG drilling (split by campaign) within the Imwelo

Project Area.

Imwelo Project


Page 53

Figure 6-22: Boudins Formed by Extension Due to Shearing, where a Competent

Body, is Stretched and Deformed Amidst Less Competent Surroundings

Table 6-1: Summary of Historical Drilling within the Imwelo Project Area

Table 6-2: Summary of LVG Drilling – Imwelo Project Area

Company Hole Type No. Holes Total m

Barrick

DD 4 1250

RAB 496 22627

RC 13 2285

Total 513 26162

Mincor

RAB 32 1724

RC 7 481

Total 39 2205

PEAK

AC 19 720

RC 64 4207

Total 83 4927

Company Years Hole Type No. Holes Total m

LVG 2013/ 2014

DD 33 3212

RC 73 4412

Total 106 7624

LVG 2016

DD 20 1957

RC 122 6297

Total 142 8254

Imwelo Project


Page 54

6.8 Geochemistry

6.8.1 Sampling

LVG collected RC drillchip and drill core samples from 122 RC and 20 diamond drill holes during

the 2016 drill campaign. Sample retrieval and storage (a representative sample of all drilling

is stored in a warehouse in Geita township) involved the following:

6.8.1.1 RC Drilling

a. Sampling was at 1 m intervals;

b. All the 1 m sample interval received from cyclone on the drill-rig was weighed and all

the sample placed in an approx. 50 kg plastic bag and left next to the drill hole;

c. The splitting team would then come after the hole is finished and then split the ~50

kg sample into an approx. 2 kg sample for storage - all remaining sample left next to

the drill hole, while 2 kg bags are removed and put into storage;

d. Once the hole has been logged by a geologist (using chip trays) and possible gold

mineralisation intervals identified, another 2 kg sample was split (from the remainder

of the sample left next to the drill hole) for laboratory analysis;

e. Exploration manager or senior geologist double-checks some of the logs and sampling;

f. All samples in the field were guarded by multiple security guards for 24 hours;

g. No material is removed from ~2 kg laboratory assay sample;

h. Laboratory assay sample, as well as the storage sample, is labelled with a sample tag

and placed inside of a bag.

6.8.1.2 Diamond Drilling

a. Drillcore received from the drill-rig is stored at the rig until the hole is finished;

b. Core runs are measured by a technician at the rig, who makes certain that QA/QC is

to standard;

c. Core is logged at the camp by a geologist who examines the areas to be assayed;

d. Only these assayed sections are split at the camp into two halves using a diamond

coated saw;

e. Exploration manager or senior geologist double-checks some of the logs and sampling;

f. The remainder of the drill core is stored.

6.8.2 Sample Preparation and Security

6.8.2.1 Sample Preparation (Main Assay Laboratory)

Sample preparation at SGS Mwanza involved the following:

• Entire sample crushed and pulverised (dried at 110 °C if required);

• Sample crushed to 2 mm;

• Sample pulverised to 75 µm;

• 75 µm mesh size used for pulverised material of which more than 85% of pulverised

material passed through the mesh size.

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Page 55

6.8.2.2 Sample Analyses (Main Assay Laboratory)

Sample assay at SGS Mwanza involved the following:

• Gold by FAA505 with AAS finish using 50 g sample – accredited method.

6.8.2.3 Sample Preparation (Umpire Assay Laboratory)

Sample preparation at ALS Mwanza involved the following:

• Entire sample crushed and pulverised (dried at 110 °C if required);

• Sample crushed to 70 % <2 mm;

• Sample pulverised to 75 µm;

• 75 µm mesh size used for pulverised material of which more than 70% of pulverised

material passed through the mesh size.

6.8.2.4 Sample Analyses (Umpire Assay Laboratory)

Sample assay at ALS South Africa involved the following:

• Gold by Au-AA26 with AAS finish using 50 g sample – accredited method.

6.9 QA/QC

In addition to the below QA/QC completed by LVG, both SGS and ALS also performed QA/QC

on samples submitted.

6.9.1 Duplicates

SGS Mwanza completed 154 duplicate assays on RC and DD samples. LVG added approx. 1

duplicate after every 20 samples submitted for lab assay. This is sufficient QA/QC duplicate

sample procedures for the lab used.

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Page 56

Figure 6-23: Duplicate Assays (154 Duplicates) from SGS Mwanza on RC and DD

Samples for the 2016 Drilling Program (Correlation of 0.77). Note that the Assay

Values are Close Enough to Regard the Lab Procedures as Sound (Bar One Sample

From IMWDD-044, Which we Believe is Due to the Nugget Effect on Core Samples

and that Core Duplicates were not Adequately Homogenised).

6.9.2 Blanks

SGS Mwanza completed 153 blank assays on RC and DD samples. LVG added approx. 1 blank

after every 20 samples submitted for lab assay. The blank material was a granitic rock which

has been used on previous drill programs and is known to be void of gold mineralisation. This

is sufficient QA/QC blank sample procedures for the lab used. Figure 6-24 shows the values

assayed for blank material.

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

IMW

DD

-039

IMW

DD

-035

IMW

DD

-040

IMW

RC

-178

IMW

DD

-044

IMW

RC

-183

IMW

RC

-185

IMW

DD

-052

IMW

RC

-158

IMW

RC

-152

IMW

RC

-110

IMW

RC

-113

IMW

RC

-118

IMW

RC

-122

IMW

RC

-125

IMW

RC

-127

IMW

RC

-131

IMW

RC

-164

IMW

RC

-168

IMW

RC

-074

IMW

RC

-082

IMW

RC

-094

IMW

RC

-101

IMW

RC

-108

IMW

RC

-177

IMW

DD

-048

IMW

RC

-188

IMW

RC

-192

IMW

RC

-133

IMW

RC

-137

IMW

RC

-143

DUPLICATE g/t

ORIGINAL g/t

Imwelo Project


Page 57

Figure 6-24: Blank Assays (153 Blanks) from SGS Mwanza on RC and DD Samples

for the 2016 Drilling Program. Note that the Assay Values are all Below 0.15 g/t

Bar Three Samples which were Between 0.1 And 0.35 g/t

6.9.3 Reference Material Assays

SGS Mwanza completed 26 reference material assays and ALS one reference material assay.

LVG added one reference material sample to each batch sent to the assay laboratories - the

number of reference material samples submitted are adequate to test the laboratory

procedures. Figure 6-25 shows the assayed values for the reference materials.

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

IMW

RC

-09

6

IMW

RC

-10

0

IMW

RC

-105

IMW

RC

-10

9

IMW

RC

-15

3

IMW

RC

-14

8

IMW

RC

-11

1

IMW

RC

-11

4

IMW

RC

-11

8

IMW

RC

-12

0

IMW

RC

-12

3

IMW

RC

-12

6

IMW

RC

-12

7

IMW

RC

-13

0

IMW

RC

-13

2

IMW

RC

-16

4

IMW

RC

-16

7

IMW

RC

-17

1

IMW

RC

-17

6

IMW

RC

-17

9

IMW

RC

-18

2

IMW

RC

-18

5

IMW

RC

-18

7

IMW

RC

-19

0

IMW

RC

-19

2

IMW

RC

-19

5

IMW

RC

-13

6

IMW

RC

-139

IMW

RC

-14

4

IMW

DD

-03

7

IMW

DD

-04

2

IMW

DD

-04

7

IMW

DD

-04

8

IMW

DD

-05

2

IMW

RC

-07

6

IMW

RC

-08

3

IMW

RC

-08

7

IMW

RC

-09

3

IMW

DD

-03

6

Imwelo Blanks - 2016 drilling

g/t gold

Imwelo Project


Page 58

Figure 6-25: Reference Material Assays (26 From Mwanza and 1 From ALS)

Inserted for the 2016 Drilling Program, showing a Correlation Of 0.999

6.9.4 Umpire Assays

Umpire assays were completed by ALS Johannesburg on 26 RC and DD samples from Imwelo.

Samples were chosen after the assay values were received from SGS Mwanza. Samples chosen

were from DD as well as RC holes and comprised several assay values ranging from close to

zero to more than 10 g/t Au. Figure 6-26 shows the comparison between laboratories using

selected samples.

0

2

4

6

8

10

12

14

16

SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS

MWANZA ASSAY

REF MATL ASSAY

Imwelo Project


Page 59

Figure 6-26: Umpire Assays Completed by ALS Johannesburg Giving a Correlation

of 0.82

6.10 Data Verification

The competent person has relied upon the data supplied and obtained through sources as

mentioned. Data verification for each subject was discussed in the appropriate sections of this

report. All other verifications made by the competent person and non-verifications are;

• Part of historical collar locations (based upon locating several collars in the field) –

however, additional work is required to increase collar locations confidence levels;

• LVG pit locations and associated sampling and pit logging as well as geological

mapping procedures;

• LVG drill hole collar locations, azimuth and dip direction of drill hole spotting;

• RC and diamond drilling QA/QC;

• RC chip logging and drillcore logging;

• Drillcore cutting;

• Ground geophysical surveys and interpretation;

• Differential GPS surveys of LVG drill hole collars and DTM survey.

The competent person was unable to verify any of the following data:

• Historical drill hole assays, QA/QC and associated laboratory procedures;

• Historical drill hole sub-surface surveys (no survey data available);

• Historical geochemical sample locations (soil and grab samples);

• Historical ground magnetic survey.

The data used in this Technical report is adequate for its purposes within the said report.

0

2

4

6

8

10

12

14

IMW

RC

-160

IMW

RC

-161

IMW

DD

-044

IMW

RC

-132

IMW

RC

-155

IMW

RC

-121

IMW

RC

-165

IMW

RC

-178

IMW

RC

-127

IMW

RC

-113

IMW

RC

-094

IMW

RC

-081

IMW

RC

-115

IMW

RC

-110

IMW

RC

-177

IMW

RC

-099

IMW

RC

-116

IMW

RC

-077

IMW

RC

-126

IMW

RC

-182

IMW

RC

-156

IMW

RC

-152

IMW

DD

-047

IMW

RC

-105

IMW

DD

-037

IMW

RC

-107

SGS g/t Au

ALS g/t Au

Imwelo Project


Page 60

7. Resource Estimation

The August 2020 Mineral Resource estimate is based on a detailed review completed by LVG

and MG of current local conditions. It has incorporated LVG’s current view of long-term metal

prices, foreign exchange and cost assumptions, plus mining and metallurgy performance to

select cut-off grades and physical mining parameters. The resulting geological and mining

models show that the quoted Resource has “reasonable prospects for eventual economic

extraction” as required by the JORC Code (2012).

The Mineral Resource estimate has been prepared under the direction of the Competent

Person under the JORC Code using accepted industry practice and has been classified and

reported in accordance with the JORC Code.

The Mineral Resources quoted are extractable via open-pit mining and underground mining

methods. Resources are reported inclusive of Mineral Reserves and represent the Resources

located inside a pit shell developed using a gold price of US$1,500 per oz., and underground

mining methods. A cut-off criterion of 0.5 g/t Au has been applied to Mineral Resources for

reporting purposes in August 2020, based on a gold price assumption of US$1,500 per oz.

7.1 Mineral Resource Estimate

Table 7-1 presents the Imwelo Project (ML 538/2015) Mineral Resource Estimate as of August

2020.

Table 7-1: Imwelo Resource Estimate

NOTES

1 Total estimates are rounded, based on composites capped at 15 g/t gold at the Imwelo Project (ML 538/2015), the cut-off

grade is based on a gold price of US$1,500 and an 88% metallurgical recovery is assumed in the calculation of the cut-off grade.

A base case of 0.50 g/t has been selected.

2 Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (JORC Code) published by the Joint Ore Reserve Committee (JORC)

Location

Tonnes Ounces Grade Tonnes Ounces Grade Tonnes Ounces Grade Tonnes Ounces Grade

WSZ 129,000 13,100 3.13 671,000 50,100 2.32 667,000 35,200 1.64 1,467,000 98,400 2.19

Area C 285,000 28,900 3.16 450,000 27,100 1.87 735,000 56,000 2.53

Central 224,000 10,100 1.40 253,100 9,600 1.18 477,100 19,700 1.29

Central West 104,000 5,300 1.58 161,200 7,600 1.46 265,200 12,900 1.51

MSZ 531,300 30,200 1.77 769,200 36,100 1.46 1,300,500 66,300 1.60

Area B 296,000 23,000 2.42 296,000 23,000 2.42

Area A 185,000 15,300 2.58 185,000 15,300 2.58

TOTAL 414,000 42,000 3.15 1,530,300 95,700 1.95 2,781,500 153,900 1.56 4,725,800 291,600 1.92

TotalMeasured Indicated Inferred

Imwelo Project


Page 61

7.2 Geological Interpretation and Domains

Geological interpretation of ore type and gold domains is based on drilling information

nominally spaced at 10 m intervals in cross-section and 10 – 20 m intervals in plan.

Five separate areas have been explicitly modelled to form the basis for optimization and

reserve estimation. Area C is located to the far eastern boundary of the Imwelo ML, the

Western Shear Zone (WSZ) is located to the far western boundary of the Imwelo ML, the Main

Shear Zone (MSZ) is located to the east of WSZ in the southern area of the Imwelo ML, the

Central Zone is located across the interpreted intrusion the west of Area C, and the Central

West Zone is disconnected from the Central Zone to the west of this zone. Figure 7-1 shows

the Imwelo Project Area with the zones mentioned above illustrated.

Figure 7-1: Imwelo Project Area

The constraints on the mineralised zones were to use a gold cut-off grade of 0.5 g/t within a

composited zone. If the gold grade did not exceed this limit, the zone was not produced in

section and not modelled.

The Area C mineralised envelopes consist of 11 separate zones striking approximately 100o

and dipping approximately 80o to the NNE. The WSZ mineralised envelopes also consist of 6

separate envelopes striking approximately 100o and dipping approximately 80o to the NNE.

The MSZ mineralised envelopes consist of 9 separate zones striking approximately 100o and

dipping approximately 80o to the NNE. The Central Zone mineralised envelopes consist of 4

separate zones striking approximately 100o and dipping approximately 80o to the NNE. The

Imwelo Project


Page 62

Central West Zone mineralised envelopes consist of 4 separate zones striking approximately

100o and dipping approximately 80o to the NNE. The limits of the mineralisation have not been

completely defined and are open at depth and along strike (currently limited to the east of

Area C and the west of WSZ by the lease boundary).

7.3 Geological Modelling

7.3.1 Modelling Parameters and Method

A 3D block model was created for the Imwelo Project containing all the zones interpreted and

modelled for gold geology and density as summarised in Table 7-2 and Table 7-3.

Table 7-2: Imwelo Block Model Parent Cell Parameters

Variable X (m) Y (m) Z (m)

Origin 375800 9678250 950

Length 3000 2200 500

Maximum Block Size50 50 50

Minimum Block Size50 50 50

Parent

Imwelo Project


Page 63

Table 7-3: Imwelo Block Model Sub-Cell Parameters

Ordinary Kriging (OK) was used for the estimation of gold throughout the block models.

7.3.2 Grade Capping

The risk of overstating Resource tonnes is reduced by putting less weight on the extreme gold

grade results throughout the mineralised zones. The risk of understating Resource tonnes has

been reduced by restricting the mineralised zones to the lower grade cut-off of 0.5 g/t. The

higher grades (up 72 g/t) have been restricted to a grade cap of 15 g/t. As a working guide,

top cuts are chosen to limit the top 1% of samples to approximately 5% of the contained

metal.

7.3.3 Compositing

Drill hole data was composited to 1 m intervals for gold limited to the mineralisation envelopes

(composited from the top of hole) and coded to the relevant domains which are then used for

geostatistical studies, grade estimation and reporting. The composited data was analysed to


Origin 375900 9678750 950

Length 950 350 500


Origin 376400 9679150 950

Length 350 200 500


Origin 376600 9679000 950

Length 700 150 500


Origin 376900 9678650 950

Length 1650 250 500


Origin 377900 9678950 950

Length 650 200 500


Origin 377700 9678350 950

Length 300 200 500


Maximum 10 10 10

Minimum 0.5 0.5 0.5

MSZ

C Zone

A Zone

All Zones Block Sizes

Central West

WSZ

Central

Imwelo Project


Page 64

detect any below-grade composites (below 0.5 g/t) and then located to determine whether

the hole should be coded as a mineralised zone. Remodelling of the domain is completed and

the raw drill hole data is then composited again until the below cut-off grades are eliminated

to reflect the gold mineralization targets. Figure 7-2 shows the sampling frequency of the gold

grades used in the Mineral Resource estimate.

Figure 7-2: Sample Count of Gold Grades used in the Mineral Resource Estimate

7.3.4 Variography

Variography was completed for gold. The best variogram model was aligned to the average

orientation of the mineralised zones which was structured enough to demonstrate

unambiguous directions of continuity. The interpreted plane of maximum continuity for the

Imwelo mineralised domains strikes 100o.

The variogram models were generally interpreted as being isotropic in the plane with shorter

ranges perpendicular to the plane of maximum continuity. The gold variogram striking 100o is

presented in Figure 7-3, and the variogram results are presented in Table 7-4.

Imwelo Project


Page 65

Figure 7-3: Imwelo Gold Variogram

Table 7-4: Imwelo Variogram Results Au

7.4 Density

Densities of 264 core samples, representative of different lithologies were determined. The

densities were determined by dividing the weight of a given sample by the volume of the

sample. Samples of 150 g to 900 g were used. Weights were determined by a scale measure,

while volumes were determined by submerging the sample in water in a graduated cylinder

(measuring cylinder).

MIN

AU

MAX

AU

LAG

SIZENUGGET

SILL

DIFF

SILL

TOTAL

TOTAL

RANGE

MEA

RANGE

IND

RANGE

INF

RANGE

0.5 5 50 0.061 0.437 0.498 128 55 90 125

Variogram Results Au

Imwelo Project


Page 66

Densities determined ranged between 1.8 to 3.5 g/cm³. The average density was found to be

2.42 g/cm³. For resource estimations, the average density (2.42 g/cm³) was used.

Figure 7-4: LVG Density Measurements on 264 Drillcore Samples Using the Water

Immersion Method

7.5 Model Validation.

The Resource model for gold has been validated by:

• Comparison of the slice statistics of each variable with the corresponding block

estimates

• Locally comparing drill holes and estimated blocks in cross-section and plan.

• Creating Swath Plots for statistical comparison (attached in Appendix D)

APPENDIX C illustrates the comparisons and validations in plans and sections.

7.6 Resource Classification

The Mineral Resource has been classified into Measured, Indicated and Inferred after

assessing the following factors: drill hole, style of mineralization and geological continuity,

data quality and associated QA/QC and grade continuity.

Two methods were used to determine the optimal drill spacing for Resource classification at

Imwelo:

• Variogram method which analyses proportions of the sill, and

• An estimation variance method.

The data spacing and distribution is sufficient to establish geological and grade continuity

appropriate for Mineral Resource estimation and classification.

0.000

0.500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

65

.50

73

.50

77

.30

73

.20

75

.40

80

.20

85

.80

93

.80

84

.20

90

.60

10

1.1

0

10

7.5

0

11

9.0

0

74

.20

91

.10

80

.00

88

.30

10

6.9

0

69

.10

84

.30

98

.80

10

8.0

0

11

5.0

0

75

.30

75

.40

91

.80

64

.10

60

.00

72

.00

10

6.1

0

11

5.5

0

82

.60

88

.15

99

.60

Density values from 2016 drillcore at certain depths

Density

Imwelo Project


Page 67

7.7 Factors Affecting Resource Estimate

The Mineral Resource estimates are based on long-term capital and operating cost

assumptions based on the investigations for changing activity levels and reasonable cost base

reductions over the life of the mine. Any material change in long term cost base or metal price

assumptions may impact the Mineral Resource estimate.

7.8 Comparison to Previous Resource Estimates

Resources for Imwelo were previously reported in February 2015 by Chris Grove of Measured

Group Pty Ltd. The estimations in 2015 were done using the same methods and procedures

that were used to estimate the resources within this report.

There has been a significant upgrade to resources since the previous report with an additional

86,400 ounces being reported. This represents an upgrade of 42% to the total resource.

The upgrade to the resource can be attributed to the following;

• Inclusion of additional drilling within the previous resource areas

• Inclusion of new zones within the Imwelo lease area

• Extensions at depth by removing the maximum depth cut-off to include underground

mining methods

The Resource Estimate in this report compared to the estimate produced in 2015 is shown in

Table 7-5.

Table 7-5: Comparison with Previous in Situ Resource Estimates

7.9 Grade Ounce Graph

A grade ounce curve was created from the Resource model for comparison and analysis.

Figure 7-5 shows the Imwelo Grade/Ounce Graph.

Measured Indicated Inferred Total Measured Indicated Inferred Total

Grade 2.78 2.32 2.15 2.29 3.15 1.95 1.56 1.92

Tonnes 397,500 739,100 1,652,000 2,788,600 414,000 1,530,300 2,781,500 4,725,800

Ounces 35,600 55,200 114,400 205,200 42,000 95,700 153,900 291,600

2015 2017

Imwelo Project


Page 68

Figure 7-5: Imwelo Grade/Ounce Graph

0

2

4

6

8

10

12

14

16

18

-

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

300,000.00

350,000.00

0 2 4 6 8 10 12

Gra

des

Ou

nce

s

Cutoff

Grade/OunceClassification

Ounces Gold Grades

Imwelo Project


Page 69

8. Metallurgy and Processing

LVG completed three bulk sample investigations as follows:

1. Two tests with Peacocke and Simpson Mineral Processing Engineers (PSM) based in

Harare, Zimbabwe (one in 2013 and another in 2014);

2. Maelgwyn Mineral Services Africa based in Johannesburg, South Africa.

8.1 Peacocke And Simpson Mineral Processing Engineers (PSM)

8.1.1 Chinese Mine Bulk Sample (2013)

LVG contracted Peacocke and Simpson Mineral Processing Engineers (PSM) based in Harare,

Zimbabwe, to complete gravity concentration and cyanide leaching test work on a bulk

composite sample from the Imwelo area in 2013. This bulk sample was composited to 50 kg

from samples available on the surface near the Chinese Mine (ML 419/2011). The samples

were from either the shaft, trenches on the ML or both.

Results obtained from PSM provide overall gold recovery via Knelson Centrifugal Concentration

and cyanide leaching of Knelson tailings as follows:

• The average grade of 50 kg composite sample 5.47 g/t

• Knelson concentration (% of test head) = 47.3%

• Cyanide leaching of Knelson tailings (78.2% of 52.7%) = 41.2%

• Overall gold recovery = 88.5%

The metallurgical testing completed on the Chinese mine bulk sample, although not completely

indicative of the near-surface (oxidised) lithologies to be targeted by LVGs planned production

can be regarded as a good overall gold recovery. Unfortunately, the exact depth of the

metallurgical bulk sample is unknown and the metallurgical tests are not usable for near-

surface (weathered zone) mine planning. As such, additional metallurgical testing on the near-

surface mineralisation was recommended and completed on a near-surface mineralised quartz

vein (also by PSM) and the 2016 drillcore (Completed by Maelgwyn Mineral Services). Figure

8-1 shows the microscopic images at ore crushed to -1mm, with the Knelson test at pan

concentrate 1.

8.1.2 Near Surface Vein Sample (2014)

The near-surface vein samples were submitted for metallurgical test work to determine free

gold content and amenability of the material to cyanide leaching. The program involved impact

crushing to 100% passing 1 mm and the crushed product was processed via a Knelson KC-

MD3 Laboratory Concentrator. A portion of the gravity tails from the coarse crush test (-1

mm) was vat cyanide leached; the balance was ground to 80% passing 75 microns and

subjected to gravity concentration. The final gravity tailing product was cyanide leached for

24 hours.

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Page 70

Grading analysis of the -1 mm crushed product indicated a bias of gold grade in the -150

microns fraction which accounted for 21.1% by mass and represented 37.1% of the total

gold. Impact crushing of the sample to 100% passing 1 mm before Knelson concentration (to

simulate early liberation processing methods) realised gold recovery of 24.1% of ore head. Of

the gravity recovery, 21.2% of test head was as final “free gold” concentrate in 0.21% mass

yield, and the remaining 2.9% was associated with heavy mineral.

Total gravity gold recovery via impact crushing and fine milling was 35.2% of the ore head.

Cyanide agitation of the final gravity tails sample realised gold recovery of 85.5% of leach

feed in 24 hours of leaching. Overall gold recovery via impact crushing/Knelson concentration,

grind/Knelson and cyanide leaching of final gravity tails was thus 90.6% of the test head.

Figure 8-1: Microscopic Results at Knelson Test Pan Concentrate 1

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8.2 Maelgwyn Mineral Services Africa Based in Johannesburg, South

Africa

LVG contracted Maelgwyn Mineral Services based in Johannesburg South Africa to complete

the below-mentioned test work on an ~100 kg (44 kg from drillcore and ~60 kg ROM material)

sample from the LVG 2016 drilling campaign:

• Head grade assays – Au, ICP Scan, XRD and Sulphur Package

• Screening and grading

• Crushability Work Index (CWi)

• Bond Ball Work Index (BBWi)

• GRG test work

• Leaching test work

• Test on ROM

• Test on gravity tails

• Kinetics on ROM

• Kinetics on gravity tails

• Intensive cyanidation on gravity concentrate (using Gekko ILR conditions)

• Carbon loading isotherm Slurry behaviour tests (Vietti Slurrytec)

• Slurry behaviour tests

Table 8-1: Sample from LVG 2016 Drill Program Used to Make Up The 44kg Sample

Sent to Maelgwyn For Metallurgical Testing

HOLE FROM TO GRADE WEIGHT GEOLOGY

IMWDD-035 65,00 66,00 0,65 4kg Sheared MV

IMWDD-035 68,40 68,65 4 1kg Sheared MV

IMWDD-035 68,65 69,50 0,78 2.5kg Sheared MV

IMWDD-036 71,1 72,1 0,98 0.4kg Saprolite

IMWDD-036 72,1 72,19 2,32 0.2kg Quartz vein




IMWDD-042 87,5 88 0,66 0.5kg Fresh mv

IMWDD-043 59,6 60 0,64 0.1kg Saprolite



IMWDD-044 58,15 59 0,64 1kg Saprolite

IMWDD-044 60,1 61 1,5 1kg Saprolite

IMWDD-044 61 62 0,9 1kg Saprolite

IMWDD-047 45,9 46,3 1,93 0.5kg Sheared MV

IMWDD-047 84 84,5 4,57 1kg Quartz vein

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HOLE FROM TO GRADE WEIGHT GEOLOGY

IMWDD-047 84,5 85 0,94 1kg Quartz vein

IMWDD-047 85 85,5 1,78 1kg Quartz vein



IMWDD-047 94,6 94,9 0,79 1kg Fresh MV

IMWDD-048 39,2 39,7 0,7 0.5kg Sheared mv

IMWDD-048 39,7 40,2 0,7 1kg Sheared mv


IMWDD-050 18,6 19 0,69 0.5kg Iron rich sediments

IMWDD-050 19 19,5 3,15 0.5ks Iron rich sediments



IMWDD-032 32 32,15 2,73 1.5kg Quartz vein

IMWDD-031 57,4 57,75 6,7 1kg Quartz vein

IMWDD-030 62 62,5 1,01 2.5kg Metavolcanics

IMWDD-030 62,5 62,7 43,7 2kg Quartz vein in Metavolcanics

IMWDD-030 62,7 63,2 1,6 4kg Metavolcanics


IMWDD-029 71 72 9,2 1kg Fractured quartz vein

IMWDD-028 56,85 57,05 1 2kg broken metavolcanics


IMWDD-028 67,5 67,6 35 0.1kg Quartz vein

IMWDD-028 67,6 68 2,3 3kg Weathered Metavolcanics

Detailed results are available from the Maelgwyn final report, but results obtained are

conclusive that:

• The chemical analysis showed that there were no environmentally concerning

elements such as Hg, Cr or as detected in the sample.

• The results indicated that this sample is amenable to gravity recovery and that the

liberation of the gold depended on the grind size and the mass pull of the ore.

• Milling the ROM (core) sample to 80% passing 75 µm a gold dissolution of 88% was

achieved after 24 hours if leached in the presence of carbon, (CIL test). The base case

test leached in the absence of carbon only achieved 73% gold dissolution after 24

hours and an average preg-robbing of about 14% was observed.

• As with the ROM sample an 88% gold recovery was achieved, however for the gravity

tails the “feed grade” was lower to start with this a lower final residue was achieved

for the gravity test compared to the direct leaching bringing the overall Gravity – Leach

recovery to 91% gold recovery

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9. Adjacent or Nearby Properties

ML 538/2015 is located adjacent (and nearby) to PLs belonging to the following companies:

• Anglo Gold Ashanti (Geita Gold Mine); and

• Kibo Mining plc (London and JSE listed).

Figure 9-1: Location of Kibo Mining Plc’s Tenements (Which Includes the Kibo

Imweru Project) and the Anglo Gold Ashanti Geita Gold Mine Lease

(www.kibomining.com)

9.1 Anglo Gold Ashanti – Geita Gold Mine

The Geita gold deposit is an Archaean mesothermal orebody, largely hosted in a banded

ironstone formation (BIF). The majority of gold occurrences within the Geita Greenstone Belt

are related to the presence of banded iron formation (BIF) and chert hosted by

tuffaceous/volcanoclastic sediments where this sequence is intruded by dioritic to monzonitic

dykes. At Nyankanga, one of the largest of the Geita Gold Mine deposits, the gold

mineralisation appears to be related to the contact zones between diorite bodies and

sediment. These contact zones are set within zones of shearing and parasitic folding in NW

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dipping thrust fault zones that flatten out down dip. The BIF is considered a favourable site

for gold mineralisation as it is chemically volatile during shearing.

Table 9-1: Geita Gold Mine Resources and Reserves (31 Dec. 2011) (AngloGold

Ashanti, 2012).

Tonnage

(MT)

Grade (g/t)

Content (Moz)

Proven and Probable Reserves 55.81 2.64 4.73

Measured and indicated Resources 106.44 2.74 9.38

Inferred Resources 33.53 2.97 3.20

The geological setting of the Geita Gold Mine, although within the same Geita Greenstone Belt

that also hosts the LVG Imwelo Project, is different from that of the latter Project. The Geita

gold Mine is an Archaean mesothermal orebody, located in the Sukumaland Greenstones of

the Geita Greenstone Belt. It is largely hosted in a banded ironstone formation (BIF).

Mineralisation is found where auriferous fluids, which are interpreted to have moved along

shears often on BIF-diorite contacts, reacted with the BIF.

Some lower-grade mineralisation can occur in the diorite as well (usually in association with

BIF-hosted mineralisation). Approximately 20% of the gold is hosted in the diorite. This

mineralisation setting appears to be absent on the LVG Imwelo Project. However, the

movement of gold-rich fluids along shears and precipitation at lithological contacts is also

present on the LVG Imwelo Project. During recent fieldwork on the latter project, LVG has

been able to locate Ironstone (not BIF) fragments from pits, however, no BIF/Ironstone was

encountered during the LVG drilling.

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Figure 9-2: (A) Ironstone Fragment and (B) BIF Like Fragment from Area C both

from the LVG Imwelo Project. Assays Revealed no Significant Gold Values.

9.2 Katoro Gold Plc

Katoro Gold Plc (Katoro) has access to one of the largest mineral right portfolios in Tanzania

spanning gold and nickel. Their Lake Victoria Project comprises ~60 mineral licences and

applications covering an area of ~500 km2 that are scattered throughout Tanzania’s premier

gold mining region, the Lake Victoria Goldfields. The tenement portfolio includes resource-

based projects, Imweru and Lubando.

(a) (b)

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Figure 9-3: Katoro Gold Plc Licences, Applications and Offers (Barr And Hitchcock,

2014).

In 2017 Kibo Mining Plc (Kibo) decided to demerge (Kibo Gold) their Gold and Nickel assets

from Kibo Mining Plc into Katoro. Kibo engaged AIM-listed company, Opera Investments Plc,

to ‘take over’ these assets. Opera Investments PLC then changed its name to Katoro Gold Plc.

As part of the relisting process, an updated JORC compliant Resource Estimate was complete

for Opera Investments Plc by Minxcon Consultants of South Africa.

In June 2020 Katoro signed an agreement with Lake Victoria Gold Ltd to sell one of its

Tanzanian subsidiary companies, Reef Miners Ltd, to Lake Victoria Gold Ltd. Reef Miners Ltd

owns the Imweru Project.

The current total resource at Imweru is estimated at 515,000 oz. (11,607,000 tonnes at 1.38

g/t, 0.4 g/t cut-off for near-surface resources and 1.3 g/t for deeper resources). Resources

for the Katoro Imweru Property are divided into the Central and East deposit areas. The

Central and East deposits are now subject to two separate Mining Licence Applications. The

Imweru East ML application adjoins the Lake Victoria Gold Ltd Imwelo ML538 project on the

East, West and South.

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Table 9-2: Imweru Gold Project Mineral Resources as at 10 March 2017

Area Material

Mineral Resource Category (Total)

Tonnes (Mt)

Density (t/m3)

Au (g/t)

Au (kg)

Au (koz)

Total 11.607 2.72 1.38 16,021 515.11

Central Laterite Indicated - - - - -

Saprolite Indicated 0.654 2.5 1.62 1,060 34.09

Sulphide Indicated 1.713 2.89 1.03 1,764 56.71

East Sulphide Indicated - - - - -

Total Indicated

2.367 2.7 1.19 2,824 90.8

Central Laterite Inferred 0.413 2.5 2.9 1,199 38.54

Sulphide Inferred 0.56 2.5 1.68 942 30.27

Sulphide Inferred 7.615 2.89 1.18 8,952 287.83

East Sulphide Inferred 0.652 2.7 3.23 2,105 67.66

Total Inferred

9.24 2.72 1.43 13,197 424.31

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Figure 9-4: Kibo Mining Plc Imweru Central and Imweru East Block Model for

Kibo’s Resource Estimation Purposes (Barr And Hitchcock, 2014)

The Imweru Central deposits are modelled as numerous, semi-continuous quartz and calcite

filled brittle-ductile shear structures that have variable strike direction with an overall average

strike of approximately 080o. The main shear structure Area C3 at Imweru Central has an

overall mineralised true thickness ranging from approximately 2 m to 30 m. The shear zones

have sub-vertical dip extent fluctuating from a minimum of approximately 75o to the south to

75o to the north. Distinct grade shoots or plunge trends were not confirmed in the current

model, however, based on stereonet analysis of mineralised veining, it is postulated they may

exist at moderate plunge to the southwest. Local variations in both the strike and dip in the

vein orientations may be associated with local pinch and swelling in the mineralised thickness.

Diorite has been modelled as the predominant host to the shear structures, and where it is

unmineralised, it is considered as waste material.

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Figure 9-5: Katoro Gold Plc Imweru Central drill hole locations from the Kibo 2013

program. (Imweru East Is Based Upon Historical Drilling Results)

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10. Forward Work Programme

The below recommendations immediate aims are to increase confidence levels on the current

Indicated classification areas through Infill drilling (RC and DD).

Priority 1 is to define, to at least Indicated, the underground resource below the first Area C

Open cut pit and needs to be done before commencing production.

Priority 2 is a North-South fence line of shallow holes to the west of the Area C Open cut. The

current boundary to the west is a dyke associated with a fault. Evidence suggests the ’Area C’

mineralisation continues on the other side of the dyke/fault. The aim is to target in the coming

program.

Priority 3 is drilling the ‘Area C’ mineralised zone to the East of the current ML boundary into

the “Reef” Mines licence area. Old drill holes and artisanal workings indicate this could extend

up to 400m which would double the strike length of the current Area C Open Cut.

Table 10-1 shows the Exploration Budget (note that the below budget is a recommendation

and excludes office rental in Tanzania as well as all Australian costs such as director salaries,

flights etc).

Table 10-1: Exploration Program Budget

Priority Location Average depth No. Holes Objective Total Drilling Cost Cumulative Cost

1 Area C 250 16 Drill Underground resouce 4000 650,000$ 650,000$

2 Area C 50 8 Western extention 400 65,000$ 715,000$

3 Area C 90 12 Eastern Extention (Imweru) 1080 175,500$ 890,500$

4 Western Shear Zone 80 40 Increase to M&I 3200 520,000$ 1,410,500$

5 Central Area 100 20 Increase to M&I 2000 325,000$ 1,735,500$

6 Area B 100 20 Increase to M&I 2000 325,000$ 2,060,500$

7 Southern Shear Zone 100 20 Scout Drilling 2000 325,000$ 2,385,500$

8 Northern Shear Zone 100 20 Scout Drilling 2000 325,000$ 2,710,500$

156 16680 2,710,500$

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11. References

Barr J.F. and Hitchcock D. 2014. Resource update for the Imweru Property, Geita Region,

Northern Tanzania, JORC competent persons report. Completed by Tetra Tech EBA for Kibo

Mining plc.

Byemelwa L., Ngirwa W. and Rwekiti G. 2003(a). Barrick Exploration Africa Ltd. Imweru

Project PL1090/98. Mapping and soil sampling program. Report of activities.

Byemelwa L., Kiyombe M., Hassan A., Mkinga B. and Obedi N(b). 2003. Barrick Exploration

Africa Ltd. Imweru Project PLs 2317/03 and 1623/00. RAB drilling report.

Byemelwa L., Kiyombe M., Hassan A. and Mkinga B. 2003(c). Barrick Exploration Africa Ltd.

Imweru Project PLs 2317/03 and 1623/00. RC drilling report.

Byemelwa L., Kiyombe M., Kisae A. and Jumanne A. 2004. Barrick Exploration Africa Ltd.

Imweru Project PLs 2317/03 and 1623/00. DD drilling report

Fier N.E. 2009. NI43-101 Technical Report on the Imweru Property, Mwanza, Tanzania.

Prepared for Great Basin Gold Rusaf Gold Ltd.

Goldfarb R.J., Groves D.I. and Gardoll S. 2001. Orogenic gold and geologic time: a global

synthesis. Ore Geology Reviews 18, 1 – 75.

Kesler. 1994. Mineral Resources, Economics and the Environment: Macmillan, New York, 394

pp.

Kinabo and Mushi (2013) Lake Victoria Gold Environmental Impact Assessment.

Loyd B. 2012. Peak Resources Ltd. Surrender Report for General Exploration Ltd.

Mincor Resources NL. 2000. Annual Report for the period 1999 to 2000.

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Manya S. 2004. Geochemistry and petrogenesis of volcanic rocks of the Neoarchaean

Sukumaland Greenstone Belt, northwestern Tanzania. J. Afr. Earth Sci. 40, 269 – 279.

Money R. 2009. Mapping and sampling of the Imweru Gold Project. Lake Victoria Goldfields.

Tanzania.

Robert, F., Brommecker, R., Bourne, B. T. and Dobak, P. 2007. Models and Exploration

Methods for Major Gold Deposit Types. In "Proceedings of Exploration 07: Fifth Decennial

International Conference on Mineral Exploration" edited by B. Milkereit, 2007, p. 691-711.

Taylor M.J. 2009. Report on the Ushirombo mineral exploration property of Tanzanian Royalty

Exploration Corporation in the Bukombe district, Shinyanga region of the United Republic of

Tanzania, East Africa. NI 43-101 Report.

Tanzania Mining Act of 2010. http://teiti.or.tz/news_images/news4f632bc701dfb.pdf

Internet references

• www.anglogold.com

• African Barrick Gold. 2012. Analyst site visit presentation.

http://teiti.or.tz/news_images/news4f632bc701dfb.pdf

http://www.anglogold.com/

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APPENDIX A: JORC TABLE 1

Section 1 - Sampling Techniques and Data

Criteria Explanation Detail Sampling techniques

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Reverse circulation (RC) and diamond core are the primary sources of sample data and LVG was responsible for obtaining 85 % of the samples used for resource estimation. The remaining samples were sourced from drilling completed by previous explorer Barrick Exploration Africa Ltd (BEAL). The drilling database used to support the estimate contains 210 drill holes (35 diamond core and 175 RC holes) for a total of 12249 m, including 3534 m of core.

All available data was used for geological interpretation, while only diamond core and RC drilling was used for grade estimation.

RC samples were predominantly collected over 1 m intervals, samples were weighed and split using a 3-tier riffle splitter with one split collected for laboratory testing, one for on-site representative sample and the remaining amount as coarse reject to be stored. The riffle splitter, cyclone and feed pipe were all cleaned with compressed air, and the pipe and cyclone were flushed with fresh water following each run. Diamond core was halved using a diamond saw, one-half was sent to the laboratory for gold assay, and the remainder was stored on site.

Measures taken to ensure the sample representivity included routine monitoring of sample recovery and RC field duplicates. Assay quality control measures Included duplicates, blanks and certified reference standards. Also, the laboratories undertook their own duplicate samples as part of their own Internal QA processes. The available QA\QC data demonstrate that LVG’s sampling and assaying are of appropriate quality for use in the current estimates.

Drilling techniques

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

RC drilling used face sampling bits.

Diamond core holes were drilled using standard HQ core (~63 mm diameter). Predominantly, holes were drilled towards 180o azimuth and -60o dip. Diamond core holes were surveyed using a single-shot camera. Core was logged, photographed in detail and sampled for assaying and the remaining core stored on site.

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

RC drill hole recoveries were monitored by weighing samples and visually checking sample recoveries and wetness in the field. Diamond core recovery was estimated from recovered core lengths and show an average recovery of 96 % for the diamond core holes drilled by LVG and used in the resource estimate.

The available sample recovery data generally shows reasonable recoveries, no relationship between recovery and assay grade and no indication of material bias due to sample loss.

Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate

All holes have comprehensive detailed lithological logs, including lithology, texture, grainsize, colour, alteration, wetness. Also, cored sections have been geotechnically logged and sampled. Logging of holes drilled by previous

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Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

• The total length and percentage of the relevant intersections logged.

explorers prior to LVG was undertaken in a comparable manner. LVG routinely photograph core and chip samples.

All the resource drilling has been qualitatively logged with appropriate detail by LVG and previous companies, to support the current resource estimate, metallurgical and mining studies.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

Cores were split into two halves using a diamond saw, with half sent for assay and the remainder stored on site.

Chip samples were collected on one (1) metre drill run intervals from the rig mounted cyclone into plastic sample bags, sample bags were labelled with a dedicated sample number and weighed/split using a 3-tier riffle splitter with one split collected for laboratory testing, one for on-site representative sample and the remaining amount as coarse reject to be stored on site. Representative chips were sieved and washed before being placed in a chip tray that was pre-labelled with the hole and depth interval. The riffle splitter, cyclone and feed pipe were all cleaned with compressed air, and the pipe and cyclone were flushed with fresh water following each run.

All samples were sent to SGS Mwanza for preparation and analysis. Samples were crushed and pulverised (dried at 110 °C if required)

Sample crushed to 2 mm

Sample pulverised to 75 um

75 um mesh size used for pulverised material of which more than 85% of pulverised passed through the mesh size.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

SGS Mwanza was used for all assay testing. SGS Mwanza conducts its own checks with blank samples, standard samples and duplicate samples assuring the quality assurance of the laboratories internal work. Validation of assay results was established by LVG using duplicates, standards and blanks, while SGS Mwanza maintains a system to ensure repeatability and precision and has provided LVG reports documenting results. The ALS laboratory at Johannesburg has been used for 26 sample check testing from various LVG drilling campaigns and a variety of grades, locations and depths. All results are checked by graphs, and the results are within the limits of acceptance.

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data

Verification of significant intersections were reviewed and checked by LVG and the Competent Person. Geological logging data and sampling information is recorded on standard logging sheets Data is entered electronically into MS Access database and validated for all fields. When assay results are received, they are checked and validated before entered into the MS Access database. No adjustments to assay data have occurred.

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Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

Drill hole collars were surveyed using coordinate system ARC1960 UTM zone 36S. All recent drill hole collars were surveyed by Geo Technology, using DGPS. Also, the same company has completed check surveys of holes drilled by previous companies (pre-LVG ownership) where possible, and no material issues were identified.

Diamond core holes were surveyed using a single-shot camera and core orientations.

Topographic control at the project is based on an aerial topographic survey together with known land survey control (DGPS survey point data). This provides sufficient accuracy for the current estimates.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

Due to mineralisation within E-W striking shear zones, all LVG drill holes were drilled along strike at spacing varying between 20 m and 100 m. Also, step forward and backward holes were drilled at 7.5 m to 10 m spacing when noteworthy mineralisation was intercepted. All holes were drilled towards 180o azimuth and -60o dip to intercept the sub vertical dipping quartz veins.

The drill hole spacing is deemed sufficient to establish geological and grade continuity for the current Mineral Resource and Reserve estimates.

No compositing of sample intervals was undertaken in the field. Drill hole data was composited to 1m intervals within the mineralisation envelopes for resource modelling.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Predominantly, drill holes have been oriented towards 180o azimuth and -60o dip to intersect the mineralised zones interpreted to strike approximately 100o and dip approximately 80o to the NNE.

Available information indicates that the drilling orientation provides unbiased sampling of the mineralisation zones.

Sample security

• The measures taken to ensure sample security. LVG’s samples were fed from the cyclone into a plastic bag; sample bags were labelled with a dedicated sample number, weighed and split using a 3-tier riffle splitter. One split was collected for laboratory testing, one for on-site representative sample and the remaining amount as coarse reject to be stored on site.

Samples were transported by LVG to the laboratory where receipt/delivery was reconciled.

Validity of assay results was established by LVG through the use of duplicates, standards and blanks.

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

All QAQC is reviewed on an ongoing basis.

No external audit of sampling techniques has been undertaken.

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Section 2 - Reporting of Exploration Results

Criteria Explanation Detail Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

The Imwelo project is 100% owned by LVG and is located 160km WSW of the town of Mwanza and 30km due west of the town of Geita in northern Tanzania.

On 30 January 2015, a mining licence was granted to LVG for the Imwelo Project. PL 6294, which was previously held by LVG for the Imweru Project has now been converted to ML 538/2015. The Competent Person has sighted a copy of the granted mining licence.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties. Previous exploration in the Imwelo Project area has been conducted by various companies since 1999, including Pangea Minerals Ltd, Mincor Tanzania Ltd, Barrick Exploration Africa Ltd (BEAL), Great Basin Gold and Peak Resources.

742 holes are known to be drilled in the project area, for a total of 40918 m of drilling, including 4462 m of core. Also, ground and airborne magnetic surveys, an IP survey and several surface geochemical programs have also been undertaken in the area now covered by the project area.

Geology • Deposit type, geological setting and style of mineralisation. The Imwelo Project is set within the Geita greenstone belt of the Lake Victoria Goldfields of northern Tanzania. It comprises E–W-trending greenstone belts, and variably distributed late-kinematic felsic granites, bounded by WNW–ESE trending migmatitic-granitoid gneiss domains to the north and south. It is underlain by extensive greenstone rocks of diverse lithologic types, rheology and chemical reactivity, and a high density of linear, E–W- and NW–SE-trending felsic granitoids. The bounding gneisses and granitoids are cut by strong, NW–SE-trending, sinistral-strike slip shear zones bounding ENE–WSW-trending curvilinear thrust faults and associated shear-foliated quartz veins, and N–S-trending extensional quartz veins, consistent with the deformation history. A large portion of the Project area is under a thick lateritic and saprolitic weathered horizon up to 50 m metres in vertical depth. The felsic and mafic volcanic units of the Lower Nyanzian stratigraphy constitute the lithologies of the license area. Quartz veins cross cut the lithologies and generally contain gold within shear zones that have developed on lithological contacts. Mineralisation is pronounced when veins are associated with sulphide minerals Gold at Imwelo occurs in three main forms:

1. Auriferous quartz veins. 2. Alluvial gold. 3. Fine disseminated gold within laterite.

Recent drilling campaign confirms the presence of gold within quartz veins, but further notes that not all veins are auriferous and the presence of shearing is regarded as a prerequisite. Gold is also not associated with vein

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only and the country rock (i.e. hanging and footwall) also hosts mineralisation (also to a lesser grade) at least 0.5 m into the country rock from the quartz vein.

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

• easting and northing of the drill hole collar

• elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

• dip and azimuth of the hole

• down hole length and interception depth

• hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case

A summary of drill hole information used in the resource estimate is appended to the resource report (Geology and Resource Estimate Report, Imwelo Project, Lake Victoria Gold 2017, Appendix E). Detailed drill hole intercepts have not been included as they are deemed commercially sensitive.

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated

Higher grades (up to 72 g/t) have been restricted to a grade cap of 15 g/t, while a lower grade cut-off of 0.5 g/t has been applied. In summary, the top cut was chosen to limit the top 1% of samples to approximately 5% of the contained metal.

Drill hole data was composited to 1m intervals for gold limited to the mineralisation envelopes (composited from the top of hole) and coded to the relevant domains which were used for geostatistical studies, grade estimation and reporting. The composited data was analysed to detect any below grade composites (below 0.5 g/t) and then located to determine whether the hole should be coded as a mineralised zone – this was repeated until the below cut-off grades are eliminated to reflect the gold mineralisation.

Relationship between mineralisation widths and intercept length

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

The drilling used to support the estimate is predominantly drilled towards 180o azimuth and -60o dip to intersect mineralised zones interpreted to strike approximately 100o and dip approximately 80o to the NNE.

Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Maps and sections are included in the resource report (Geology and Resource Estimate Report, Imwelo Project, Lake Victoria Gold 2017).

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

The Imwelo Project resource estimate was produced by Measured Group Pty Ltd (MG) based on information provided by LVG. The resource report contains summary information for all historical and current drilling campaigns within and adjacent to the project area and provides a representative range of grades intersected in the relevant drill holes.

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Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

In addition to drilling completed within the Imwelo Project area, several regional geophysical surveys have been completed over the area now covered by the project area by previous holders and holders of adjacent tenements. These include ground and airborne magnetic surveys and an IP survey. Several surface geochemical programs have also been undertaken in the area now covered by the project area. The Competent Person has used the information and interpretations from the various surveys to inform the current estimate. It should be noted that LVG does not have access to data from all the surveys and where this is the case, the interpretations have been used by the Competent Person with the appropriate level of confidence.

Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The limits of the mineralisation have not been completely defined and are open at depth and along strike (currently limited to the east of Area C and the west of WSZ by the lease boundary) and there may be potential to identify additional resources with follow-up drilling. Complete infill drilling on the areas which are currently classified as Inferred Resources to increase the confidence levels of these areas.

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Section 3 - Estimation and Reporting of Mineral Resources

Criteria Explanation Detail Database integrity

Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

Data validation procedures used.

LVG maintain a database (MS Access) that contains all drill hole survey, drilling details, lithological data and assay results. Where possible, all original geological logs, hole collar survey files, digital laboratory data and reports and other similar source data are maintained by LVG. The MS Access database is the primary source for all such information and was used by the Competent Person to estimate resources.

The Competent Person undertook consistency checks between the database and original data sources as well as routine internal checks of database validity including spot checks and the use of validation tools in Maptek's Vulcan V9 modelling software. No material inconsistencies were identified.

Site visits Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

If no site visits have been undertaken indicate why this is the case.

The Competent Person has visited the Imwelo Project site twice; in December 2014 and November 2016. The purpose of the site visit was to: QA/QC of drilling and sampling practices, geological logging and interpretation by on-site geologists, gain knowledge of and verify the site and local geology, verify the security and storage of samples and drill core verify the methods used to collate and dispatch verification samples.

Information and knowledge acquired, and the techniques and procedures observed during the site visit provide confidence in the geological information and drill hole database supplied by LVG.

Geological interpretation

Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource

estimation. The use of geology in guiding and controlling Mineral Resource

estimation. The factors affecting continuity both of grade and geology.

Geological setting and mineralisation controls of the Imwelo Project mineralisation have been confidently established from drill hole logging and geological mapping, including the development of a robust three-dimensional model of the major rock units.

The Area C mineralised envelopes consist of 11 separate zones striking approximately 100 degrees and dipping approximately 80 degrees to the NNE. The WSZ mineralised envelopes also consist of 6 separate envelopes striking approximately 100o and dipping approximately 80o to the NNE. The MSZ mineralised envelopes consist of 9 separate zones striking approximately 100 degrees and dipping approximately 80 degrees to the NNE. The Central Zone mineralised envelopes consist of 4 separate zones striking approximately 100 degrees and dipping approximately 80 degrees to the NNE. The Central West Zone mineralised envelopes consist of 4 separate zones striking approximately 100 degrees and dipping approximately 80 degrees to the NNE. The limits of the mineralisation have not been completely defined and are open at depth and along strike (currently limited to the east of Area C and the west of WSZ by the lease boundary). Lithological wire-frames interpreted from drill hole logging were used to assign densities to the estimates.

Due to the confidence in the understanding of mineralisation controls and the robustness of the geological model, investigation of alternative interpretations is unnecessary.

Dimensions The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

The main mineralised zones include Area C, WSZ, MSZ, Central and Central West which consist of multiple separate zones striking approximately 100 degrees and dipping approximately 80 degrees to the NNE. In addition, there are a number of smaller zones including Area’s A and B.

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The limits of the mineralisation have not been completely defined and are open at depth and along strike (currently limited to the east of Area C and the west of WSZ by the lease boundary).

Estimation and modelling techniques

The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of

economic significance (eg sulphur for acid mine drainage characterisation).

In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. Description of how the geological interpretation was used to control

the resource estimates. Discussion of basis for using or not using grade cutting or capping. The process of validation, the checking process used, the comparison

of model data to drill hole data, and use of reconciliation data if available.

The modelling and resource estimation was undertaken by the Competent Person using a geological model created using standard estimation tools within Maptek's Vulcan V9 modelling software. Sections around mineralisation were constructed to envelop the areas where the grade was greater than 0.5 g/t and extrapolated out half the distance between observed points past the last point of known mineralisation. The sections were then wireframed, and solid boundaries produced to constrain the gold mineralisation. The gold was estimated into the solid boundaries using Ordinary Kriging methods. Block model parent sizes 10 m x 10 m by 10 m and sub-cells down to 0.5 m x 0.5 m x 0.5 m to incorporate the edges of the solid boundaries compared to a composite length of between 0.5 m and 1 m. The Imwelo Project is a greenfield site with no previous resource estimate; therefore, check estimates, or reconciliation back to previous estimates or production performance was not possible. Estimated resources include only Gold, with no assumptions of other by-products or deleterious elements. The resource model for gold has been validated by:

• Comparison of the slice statistics of each variable with the corresponding block estimates

• Locally comparing drill holes and estimated blocks in cross-section and plan.

• Swath Plots for Easting, Northing and Elevation

Moisture Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

Tonnages were estimated on a dry basis.

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off grade of 0.5 g/t takes into account LVG’s current view of long term metal prices, foreign exchange and cost assumptions, mining and metallurgy test work were used to select cut-off grades and physical mining parameters.

Mining factors or assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

The resource estimate has been completed with the assumption that it will be mined using open cut mining and underground mining methods. Optimisation has been completed in whittle with open cut methods used. Mining Cost Adjustment Factor (MCAF) has been increased 5% for every 10 m depth increase. 5% loss of ore and 5% dilution of ore has been used in calculations. Processing Cost Adjustment Factor (PCAF) has been kept at 1 88% processing recovery has been assumed. Underground mining assumptions included; Minimum mining width of 1.5 m and a maximum mining width 5 m was used 5% dilution of tonnes at a diluted grade of 0.2 g/t is added to ore production

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Metallurgical factors or assumptions

The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

Gold recovery is based on metallurgical work completed by Peacocke and Simpson Mineral Processing Engineers (PSM) of Harare, Zimbabwe, in 2013 and 2014. PSM completed gravity concentration and cyanide leaching test-work on a bulk composite sample from the Imwelo area in 2013 and 2014. Results from the test work showed overall gold recovery of 88.5 % (2013) and 90.6 % (2014) and 90% metallurgical recovery has been assumed in the calculation of the cut-off grade and estimates.

Lake Victoria Gold also contracted Maelgwyn Mineral Services based in Johannesburg South Africa to complete test work on an ~100 kg (44 kg from drillcore and ~60 kg ROM material) sample from the LVG 2016 drilling.

Detailed results are available from the Maelgwyn final report, but results obtained are conclusive that:

• The chemical analysis showed that there were no environmentally concerning elements such as Hg, Cr or As detected in the sample.

• The results indicated that this sample is amenable to gravity recovery and that the liberation of the gold depended on the grind size and the mass pull of the ore.

• Milling the ROM (core) sample to 80% passing 75 µm a gold dissolution of 88% was achieved after 24 hours if leached in the presence of carbon, (CIL test). The base case test leached in the absence of carbon only achieved 73% gold dissolution after 24 hours and an average preg-robbing of about 14% was observed.

• As with the ROM sample an 88% gold recovery was achieved, however for the gravity tails the “feed grade” was lower to start with thus a lower final residue was achieved for the gravity test compared to the direct leaching bringing the overall Gravity – Leach recovery to 91% gold recovery

Environmental factors or assumptions

Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

No environmental factors or assumptions have been considered by the Competent Person as impediments to eventual economic extraction. The Imwelo Project (ML 538/2015) has no known associated environmental liabilities. To retain the licence, the licence holder must comply with annual licence fees and quarterly - and annual reports must be in good standing with the Tanzanian Ministry of Mines and Energy. LVG contracted Kinabo and Mushi (2013) to complete an Environmental Impact Assessment to comply with forthcoming Mining Licence application and no material issues were identified.

Bulk density Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity,

Densities of 264 core samples, representative of different lithologies were determined. The densities were determined by dividing the weight of a given sample by the volume of the sample. Samples of 150g to 900g were used. Weights were determined by a scale measure, while volumes were determined by submerging the sample in water in a graduated cylinder (measuring cylinder). Densities determined ranged between 1.8 to 3,5 g/cm³. The average density was found to be 2.42 g/cm³. For resource estimations, the average density (2,42 g/cm³) was used.

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etc), moisture and differences between rock and alteration zones within the deposit.

Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

The surrounding host rock is recorded as 2.5 g/cm3 from previous work completed on the Imwelo project.

Classification The basis for the classification of the Mineral Resources into varying confidence categories.

Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

Whether the result appropriately reflects the Competent Person’s view of the deposit.

The Mineral Resource has been classified into Measured, Indicated and Inferred based on the following relevant factors: drill hole density, style of mineralisation and geological continuity, data quality and associated QA/QC and grade continuity. The resource classification accounts for all relevant factors. Two methods were used to determine the optimal drill spacing for Resource classification at Imwelo: a). Variogram method which analyses proportions of the sill, b). an estimation variance method. Due to mineralisation within E-W striking shear zones, all LVG drill holes were planned and drilled along strike at spacings varying between 20 m and 100 m. In addition, step forward and backward holes were drilled at 7.5 m to 10 m spacing when noteworthy mineralisation was intercepted. All holes were drilled towards 180o azimuth and -60o dip to intercept the sub vertical dipping quartz veins. The data spacing and distribution is sufficient to establish geological and grade continuity appropriate for Mineral Resource estimation and classification and the results appropriately reflect the Competent Person’s view of the deposit.

Audits or reviews.

The results of any audits or reviews of Mineral Resource estimates. No external audits or review have been undertaken. An internal review of modelling and estimation methods, assumptions and results has been conducted by Lyon Barrett and James Knowles, Principal Geologists of Measured Group Pty Ltd

Discussion of relative accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

Confidence in the relative accuracy of the estimates is reflected in the classification of estimates as Measured, Indicated and Inferred. Variography was completed for gold. The variogram models for each estimation domain were aligned to the average orientation of each domain wireframe because none of the experimental variograms were structured enough to demonstrate unambiguous directions of continuity. As a result, the interpreted plane of maximum continuity for most domains dips to the north. The variogram models were interpreted as being isotropic in the plane with shorter ranges perpendicular to the plane of maximum continuity. Validation checks have been completed on raw data, composited data, model data and Resource estimates. The Resource limits are limited to the boundaries specified by the Mining Lease boundaries. The model is checked to ensure it honours the validated data and no obvious anomalies exist which are not geologically sound. The model has no gold grades outside the mineralised zones this ensures that none of the host rock is counted within the estimate. The mineralised zones are based on actual intersections. These intersections are checked against the drill hole data. Field geologist picks, and laboratory sample data have been independently checked by the competent person. The picks are sound and suitable to be used in the modelling and estimation process.

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Where the drill hole data showed that no gold existed, the mineralised zone was not created in these areas. At the final drill hole intercept, the mineralised zone was created half the distance from the previous intersection unless there was evidence that no gold was intercepted or the lease boundary cut the zone off. There has been no production from this deposit to reconcile against this resource estimate. Further drilling also needs be completed to improve Resource classification of the Inferred Resource. Metallurgy is assumed to be representative.

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APPENDIX B: MINING LICENCE

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APPENDIX C: PLANS AND CROSS SECTIONS

Figure 6: Area C 378120E showing Block Model vs Drillhole Data

Figure 7: Area C 378010E showing Block Model vs Drillhole Data

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Figure 8: MSZ 378180E showing Block Model vs Drillhole Data


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Figure 11: Central Zone 377070E showing Block Model vs Drillhole Data

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Figure 14: Central West Zone 376690E showing Block Model vs Drillhole Data


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Figure 17: WSZ 376120E showing Block Model vs Drillhole Data

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Figure 18: WSZ 376120E showing Block Model vs Drillhole Data

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APPENDIX D: SWATH PLOTS

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0

5

10

15

20

25

30

35

40

45

50

0

1

2

3

4

5

6

7

No

. Co

mp

osi

tes

Go

ld g

/t

Easting

Imwelo Gold g/t Easting

Composite Count Composite Grade Model Grade

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0

20

40

60

80

100

120

140

160

0

0.5

1

1.5

2

2.5

3

3.5

N9678700 N9678800 N9678900 N9679000 N9679200

No

. Co

mp

osi

tes

Go

ld g

/t

Northing

Imwelo Gold g/t Northing

Number of Composites GOLD_COMP Au

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0

20

40

60

80

100

120

140

0

0.5

1

1.5

2

2.5

3

3.5

1050 1070 1090 1110 1130 1150 1170

No

. Co

mp

osi

tes

Go

ld g

/t

RL

Imwelo Gold g/t RL

Number of Composites GOLD_COMP Au

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APPENDIX E: IMWELO DRILLHOLE DATA

HOLE ID EASTING NORTHING RL TOTAL DEPTH

(m)

HOLE TYPE

COMPANY JORC PoB

11BH001 377220 9679021 1184 60 RC PEAK NO

11BH002 377220 9679041 1183 76 RC PEAK NO

11BH003 377220 9679061 1182 79 RC PEAK NO

11BH004 377220 9679141 1179 60 RC PEAK NO

11BH005 377220 9679161 1179 60 RC PEAK NO

11BH007 377220 9679201 1178 56 RC PEAK NO

12BH001 377320 9679061 1182 52 RC PEAK NO

12BH002 377320 9679081 1181 76 RC PEAK NO

12BH003 377320 9679141 1179 60 RC PEAK NO

12BH004 377320 9679161 1178 60 RC PEAK NO

12BH005 377320 9679181 1177 58 RC PEAK NO

13BH001 377420 9679121 1179 60 RC PEAK NO

13BH002 377420 9679141 1178 58 RC PEAK NO

13BH003 377420 9679161 1177 60 RC PEAK NO

1BH001 378020 9679021 1187 60 RC PEAK NO

1BH002 378020 9679041 1186 56 RC PEAK NO

1BH003 378020 9679061 1185 60 RC PEAK NO

1BH004 378020 9679081 1184 60 RC PEAK NO

1BH005 378020 9679101 1183 60 RC PEAK NO

2BH001 378120 9679021 1186 60 RC PEAK NO

2BH002 378120 9679041 1185 80 RC PEAK NO

2BH003 378120 9679061 1183 80 RC PEAK NO

2BH004 378120 9679081 1182 60 RC PEAK NO

2BH005 378120 9679101 1181 60 RC PEAK NO

3BH001 378220 9679001 1186 60 RC PEAK NO

3BH002 378220 9679021 1185 60 RC PEAK NO

3BH003 378220 9679041 1183 80 RC PEAK NO

3BH004 378220 9679061 1181 80 RC PEAK NO

3BH005 378220 9679081 1180 80 RC PEAK NO

3BH006 378220 9679101 1179 60 RC PEAK NO

4BH001 378320 9678981 1183 60 RC PEAK NO

4BH002 378320 9679001 1183 80 RC PEAK NO

4BH003 378320 9679021 1182 80 RC PEAK NO

4BH004 378320 9679041 1181 80 RC PEAK NO

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(m)

HOLE TYPE

COMPANY JORC PoB

4BH005 378320 9679061 1180 80 RC PEAK NO

4BH006 378320 9679081 1179 80 RC PEAK NO

4BH007 378320 9679101 1178 80 RC PEAK NO

5BH001 378420 9678981 1182 60 RC PEAK NO

5BH002 378420 9679001 1181 60 RC PEAK NO

5BH003 378420 9679021 1180 76 RC PEAK NO

5BH004 378420 9679041 1180 60 RC PEAK NO

5BH005 378420 9679061 1179 60 RC PEAK NO

5BH006 378420 9679081 1178 60 RC PEAK NO

6BH001 377620 9678721 1194 60 RC PEAK NO

6BH002 377620 9678741 1193 60 RC PEAK NO

6BH003 377620 9678761 1193 60 RC PEAK NO

6BH004 377620 9678781 1192 60 RC PEAK NO

7BH001 377720 9678701 1196 60 RC PEAK NO

7BH002 377720 9678721 1195 80 RC PEAK NO

7BH003 377720 9678741 1194 80 RC PEAK NO

7BH004 377720 9678761 1194 80 RC PEAK NO

7BH005 377720 9678781 1193 60 RC PEAK NO

7BH006 377720 9678801 1193 60 RC PEAK NO

8BH001 377820 9678721 1195 62 RC PEAK NO

8BH002 377820 9678741 1195 79 RC PEAK NO

8BH003 377820 9678761 1194 61 RC PEAK NO

8BH004 377820 9678781 1194 60 RC PEAK NO

8BH005 377820 9678801 1193 60 RC PEAK NO

9BH001 377920 9678741 1194 60 RC PEAK NO

9BH002 377920 9678761 1194 65 RC PEAK NO

9BH003 377920 9678781 1193 72 RC PEAK NO

9BH004 377920 9678801 1193 69 RC PEAK NO

9BH005 377920 9678821 1192 52 RC PEAK NO

9BH006 377920 9678841 1192 60 RC PEAK NO

IAC001 377227 9679134 1180 44 AC PEAK NO

IAC002 377206 9679130 1180 45 AC PEAK NO

IAC003 377182 9679127 1180 47 AC PEAK NO

IAC004 377163 9679124 1180 44 AC PEAK NO

IAC005 377141 9679109 1181 48 AC PEAK NO

IAC006 377178 9679579 1165 36 AC PEAK NO

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(m)

HOLE TYPE

COMPANY JORC PoB

IAC007 377165 9679568 1165 36 AC PEAK NO

IAC008 377151 9679556 1166 44 AC PEAK NO

IAC009 377136 9679539 1167 38 AC PEAK NO

IAC010 377122 9679526 1167 35 AC PEAK NO

IAC011 377113 9679517 1168 34 AC PEAK NO

IAC012 377086 9679509 1168 29 AC PEAK NO

IAC013 377074 9679499 1169 29 AC PEAK NO

IAC014 377292 9679480 1166 34 AC PEAK NO

IAC015 377278 9679480 1167 35 AC PEAK NO

IAC016 377262 9679485 1167 32 AC PEAK NO

IAC017 377237 9679489 1167 34 AC PEAK NO

IAC018 377221 9679489 1167 41 AC PEAK NO

IAC019 377199 9679497 1167 35 AC PEAK NO

IMDD001 376370 9679115 1171 354 DD Barrick NO

IMDD003 376090 9679150 1159 287 DD Barrick YES



IMRAB175 376028 9679286 1156 50 RAB Barrick NO



















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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB





































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(m)

HOLE TYPE

COMPANY JORC PoB






IMRC001 376120 9679050 1162 200 RC Barrick YES


IMRC003 376320 9679095 1169 175 RC Barrick NO











IMWDD-001 378303 9679058 1180 96 DD LVG NO

IMWDD-002 376701 9678777 1184 40 DD LVG NO

IMWDD-003 376712 9678885 1184 75 DD LVG YES

IMWDD-004 377178 9678634 1195 111 DD LVG NO

IMWDD-005 377301 9678624 1195 144 DD LVG NO

IMWDD-006 377007 9678730 1191 149 DD LVG NO

IMWDD-007 376897 9678779 1189 150 DD LVG NO

IMWDD-008 376793 9678860 1186 150 DD LVG NO

IMWDD-009 376604 9678911 1181 116 DD LVG YES

IMWDD-010 376498 9678925 1178 105 DD LVG YES

IMWDD-011 376398 9678920 1174 111 DD LVG YES

IMWDD-012 376298 9678960 1170 96 DD LVG YES

IMWDD-013 377749 9678763 1194 84 DD LVG NO

IMWDD-014 377601 9678765 1192 117 DD LVG NO

IMWDD-015 377498 9678799 1191 92 DD LVG NO

IMWDD-016 377300 9678774 1192 105 DD LVG NO

IMWDD-017 377971 9678770 1193 96 DD LVG NO

IMWDD-018 378393 9678773 1188 96 DD LVG NO

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(m)

HOLE TYPE

COMPANY JORC PoB

IMWDD-019 378194 9679083 1181 123 DD LVG YES

IMWDD-020 378399 9679038 1180 94 DD LVG YES

IMWDD-021 378333 9678764 1188 84 DD LVG NO

IMWDD-022 376582 9678905 1180 81 DD LVG YES

IMWDD-023 376646 9678887 1182 60 DD LVG NO

IMWDD-024 376689 9678895 1183 110 DD LVG NO

IMWDD-025 376739 9678880 1185 70 DD LVG NO

IMWDD-026 376763 9678875 1185 75 DD LVG YES

IMWDD-027 376624 9678911 1181 85 DD LVG YES

IMWDD-028 378362 9679043 1180 90 DD LVG YES

IMWDD-029 378272 9679063 1180 90 DD LVG YES

IMWDD-030 378100 9679092 1182 85 DD LVG YES

IMWDD-031 378078 9679090 1182 66 DD LVG YES

IMWDD-032 377995 9678761 1193 60 DD LVG NO

IMWDD-033 377995 9678812 1192 110 DD LVG NO

IMWDD-034 378158 9679067 1182 77 DD LVG YES

IMWDD-035 378012 9679084 1184 105 DD LVG YES

IMWDD-036 378225 9679070 1180 96 DD LVG YES

IMWDD-037 378253 9679060 1180 131 DD LVG YES

IMWDD-038 377634 9679126 1180 112 DD LVG YES

IMWDD-039 377479 9679100 1180 120 DD LVG YES

IMWDD-040 377225 9679049 1182 120 DD LVG YES

IMWDD-041 376697 9679087 1182 84 DD LVG YES

IMWDD-042 376428 9679115 1173 105 DD LVG YES

IMWDD-043 376691 9679099 1182 69 DD LVG YES

IMWDD-044 376489 9679271 1172 75 DD LVG YES

IMWDD-045 376735 9679227 1178 44 DD LVG YES

IMWDD-046 376868 9678868 1187 72 DD LVG YES

IMWDD-047 377066 9678825 1190 132 DD LVG YES

IMWDD-048 377218 9678818 1191 120 DD LVG YES

IMWDD-049 377426 9678799 1190 102 DD LVG YES

IMWDD-050 376963 9678855 1188 111 DD LVG YES

IMWDD-051 378227 9678759 1190 84 DD LVG YES

IMWDD-052 378083 9678755 1192 86 DD LVG YES

IMWDD-053 378188 9678967 1188 114 DD LVG YES

IMWRC-001 376195 9678979 1165 116 RC LVG YES

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HOLE TYPE

COMPANY JORC PoB

IMWRC-002 376127 9679004 1162 71 RC LVG YES

IMWRC-003 376565 9678507 1177 96 RC LVG NO

IMWRC-004 376626 9678504 1179 93 RC LVG NO

IMWRC-005 376557 9678901 1180 72 RC LVG NO

IMWRC-006 376602 9678898 1181 80 RC LVG NO

IMWRC-007 376604 9678920 1181 95 RC LVG NO

IMWRC-008 376664 9678905 1183 88 RC LVG YES

IMWRC-009 376713 9678875 1185 90 RC LVG NO

IMWRC-010 376712 9678897 1184 75 RC LVG NO

IMWRC-011 376755 9678877 1185 84 RC LVG YES

IMWRC-012 376755 9678866 1185 70 RC LVG YES

IMWRC-013 376781 9678878 1186 90 RC LVG NO

IMWRC-014 378399 9679026 1180 70 RC LVG YES

IMWRC-015 378406 9679527 1163 101 RC LVG NO

IMWRC-016 378123 9679080 1182 76 RC LVG YES

IMWRC-017 378123 9679093 1181 73 RC LVG YES

IMWRC-018 378119 9679069 1183 70 RC LVG YES

IMWRC-019 376556 9678910 1180 70 RC LVG NO

IMWRC-020 376580 9678895 1180 61 RC LVG NO

IMWRC-021 376646 9678898 1182 81 RC LVG NO

IMWRC-022 376619 9678897 1181 75 RC LVG YES

IMWRC-023 376663 9678899 1183 80 RC LVG NO

IMWRC-024 376740 9678884 1185 83 RC LVG YES

IMWRC-025 376689 9678899 1183 85 RC LVG YES

IMWRC-026 376763 9678864 1186 85 RC LVG YES

IMWRC-027 376782 9678868 1186 72 RC LVG YES

IMWRC-028 377199 9678729 1194 71 RC LVG NO

IMWRC-029 378363 9679031 1181 71 RC LVG YES

IMWRC-030 378301 9679050 1180 76 RC LVG YES

IMWRC-031 378191 9679070 1181 91 RC LVG YES

IMWRC-032 378102 9679079 1183 66 RC LVG YES

IMWRC-033 378041 9679003 1188 50 RC LVG NO

IMWRC-034 378062 9679002 1188 40 RC LVG NO

IMWRC-035 378078 9679002 1188 46 RC LVG NO

IMWRC-036 378051 9679078 1184 50 RC LVG YES

IMWRC-037 378051 9679073 1184 40 RC LVG YES

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IMWRC-038 378052 9679065 1184 30 RC LVG YES

IMWRC-039 378077 9679077 1183 40 RC LVG YES

IMWRC-040 378102 9679073 1183 50 RC LVG YES

IMWRC-041 378103 9679068 1183 50 RC LVG YES

IMWRC-042 378107 9679000 1188 50 RC LVG NO

IMWRC-043 378140 9679060 1183 50 RC LVG YES

IMWRC-044 378158 9679052 1183 50 RC LVG YES

IMWRC-045 378191 9679052 1182 50 RC LVG YES

IMWRC-046 378220 9679055 1181 40 RC LVG NO

IMWRC-047 378302 9679038 1181 50 RC LVG YES

IMWRC-048 378337 9679035 1181 46 RC LVG NO

IMWRC-049 378323 9679029 1182 46 RC LVG YES

IMWRC-050 378362 9679022 1181 46 RC LVG YES

IMWRC-051 378399 9679019 1181 54 RC LVG YES

IMWRC-052 378398 9679009 1181 45 RC LVG NO

IMWRC-053 378376 9679009 1181 40 RC LVG YES

IMWRC-054 378431 9679017 1180 46 RC LVG YES

IMWRC-055 378432 9679012 1181 42 RC LVG YES

IMWRC-056 378432 9679004 1181 40 RC LVG YES

IMWRC-057 378300 9679060 1180 50 RC LVG NO

IMWRC-058 378300 9679076 1179 50 RC LVG YES

IMWRC-059 378323 9679021 1182 40 RC LVG YES

IMWRC-060 378274 9679041 1182 60 RC LVG YES

IMWRC-061 378245 9679050 1181 52 RC LVG YES

IMWRC-062 378323 9679083 1179 50 RC LVG YES

IMWRC-063 378308 9679083 1179 46 RC LVG YES

IMWRC-064 376765 9678858 1186 40 RC LVG YES

IMWRC-065 376755 9678859 1186 40 RC LVG YES

IMWRC-066 376743 9678855 1185 30 RC LVG YES

IMWRC-067 376741 9678866 1185 40 RC LVG YES

IMWRC-068 376655 9678880 1183 46 RC LVG YES

IMWRC-069 376619 9678883 1182 40 RC LVG YES

IMWRC-070 376583 9678886 1181 40 RC LVG NO

IMWRC-071 376557 9678892 1180 40 RC LVG NO

IMWRC-072 376610 9678881 1182 40 RC LVG NO

IMWRC-073 376638 9678879 1182 40 RC LVG YES

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COMPANY JORC PoB

IMWRC-074 378036 9679071 1185 65 RC LVG YES

IMWRC-075 378036 9679076 1184 60 RC LVG YES

IMWRC-076 378036 9679063 1185 48 RC LVG YES

IMWRC-077 378011 9679073 1185 60 RC LVG YES

IMWRC-078 378011 9679084 1185 24 RC LVG YES

IMWRC-079 378012 9679066 1184 54 RC LVG YES

IMWRC-080 377979 9679075 1185 66 RC LVG YES

IMWRC-081 377979 9679066 1185 54 RC LVG YES

IMWRC-082 377924 9679101 1183 54 RC LVG YES

IMWRC-083 377924 9679078 1184 48 RC LVG YES

IMWRC-084 377827 9679099 1182 60 RC LVG YES

IMWRC-085 377827 9679089 1182 54 RC LVG YES

IMWRC-086 377828 9679112 1181 54 RC LVG YES

IMWRC-087 377783 9679098 1181 60 RC LVG YES

IMWRC-088 377783 9679089 1182 48 RC LVG YES

IMWRC-089 377735 9679097 1181 38 RC LVG YES

IMWRC-090 377735 9679110 1180 48 RC LVG YES

IMWRC-091 377633 9679097 1181 48 RC LVG YES

IMWRC-092 377633 9679113 1180 48 RC LVG YES

IMWRC-093 377581 9679096 1181 48 RC LVG YES

IMWRC-094 377583 9679112 1180 48 RC LVG YES

IMWRC-095 377584 9679131 1179 36 RC LVG YES

IMWRC-096 377528 9679108 1180 60 RC LVG YES

IMWRC-097 377530 9679097 1181 48 RC LVG YES

IMWRC-098 377484 9679089 1181 48 RC LVG YES

IMWRC-099 377433 9679093 1180 48 RC LVG YES

IMWRC-100 377433 9679084 1181 48 RC LVG YES

IMWRC-101 377378 9679080 1181 60 RC LVG YES

IMWRC-102 377377 9679070 1181 48 RC LVG YES

IMWRC-103 377326 9679066 1182 48 RC LVG YES

IMWRC-104 377327 9679078 1181 72 RC LVG YES

IMWRC-105 377227 9679041 1183 54 RC LVG YES

IMWRC-106 377178 9679041 1183 54 RC LVG YES

IMWRC-107 377178 9679035 1183 48 RC LVG YES

IMWRC-108 377125 9679042 1183 54 RC LVG YES

IMWRC-109 377124 9679036 1184 48 RC LVG YES

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IMWRC-110 377070 9679043 1183 54 RC LVG YES

IMWRC-111 377069 9679031 1184 42 RC LVG YES

IMWRC-112 377019 9679038 1184 42 RC LVG YES

IMWRC-113 377019 9679045 1183 48 RC LVG YES

IMWRC-114 376969 9679048 1184 48 RC LVG YES

IMWRC-115 376969 9679040 1184 42 RC LVG YES

IMWRC-116 376917 9679043 1184 42 RC LVG YES

IMWRC-117 376918 9679057 1184 60 RC LVG YES

IMWRC-118 376868 9679059 1184 54 RC LVG YES

IMWRC-119 376867 9679050 1184 42 RC LVG YES

IMWRC-120 376813 9679073 1183 54 RC LVG YES

IMWRC-121 376813 9679063 1184 42 RC LVG YES

IMWRC-122 376768 9679126 1182 54 RC LVG YES

IMWRC-123 376767 9679119 1182 48 RC LVG YES

IMWRC-124 376759 9679064 1183 48 RC LVG YES

IMWRC-125 376759 9679069 1183 54 RC LVG YES

IMWRC-126 376697 9679075 1182 48 RC LVG YES

IMWRC-127 376716 9679141 1181 48 RC LVG YES

IMWRC-128 376716 9679132 1182 54 RC LVG YES

IMWRC-129 376481 9679248 1173 42 RC LVG YES

IMWRC-130 376534 9679240 1174 48 RC LVG YES

IMWRC-131 376534 9679233 1174 48 RC LVG YES

IMWRC-132 376433 9679093 1174 54 RC LVG YES

IMWRC-133 376578 9679236 1174 48 RC LVG YES

IMWRC-134 376578 9679243 1174 54 RC LVG YES

IMWRC-135 376639 9679221 1177 48 RC LVG YES

IMWRC-136 376639 9679230 1176 60 RC LVG YES

IMWRC-137 376688 9679221 1178 42 RC LVG YES

IMWRC-138 376686 9679232 1177 54 RC LVG YES

IMWRC-139 376782 9679202 1179 42 RC LVG YES

IMWRC-140 376784 9679191 1179 36 RC LVG YES

IMWRC-141 376835 9679200 1180 48 RC LVG YES

IMWRC-142 376835 9679189 1180 42 RC LVG YES

IMWRC-143 376888 9679187 1180 48 RC LVG YES

IMWRC-144 376888 9679197 1180 54 RC LVG YES

IMWRC-145 376887 9679227 1179 54 RC LVG YES

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IMWRC-146 376891 9679214 1180 54 RC LVG YES

IMWRC-147 376917 9678857 1188 60 RC LVG YES

IMWRC-148 376916 9678843 1188 42 RC LVG YES

IMWRC-149 377063 9678812 1191 60 RC LVG YES

IMWRC-150 377115 9678819 1191 60 RC LVG YES

IMWRC-151 377115 9678809 1191 54 RC LVG YES

IMWRC-152 377167 9678827 1191 54 RC LVG YES

IMWRC-153 377167 9678816 1192 54 RC LVG YES

IMWRC-154 376869 9678860 1187 42 RC LVG YES

IMWRC-155 378176 9678742 1191 54 RC LVG YES

IMWRC-156 378176 9678732 1191 48 RC LVG YES

IMWRC-157 378187 9678788 1190 60 RC LVG YES

IMWRC-158 377426 9678785 1191 48 RC LVG YES

IMWRC-159 377463 9678789 1191 48 RC LVG YES

IMWRC-160 377462 9678797 1190 48 RC LVG YES

IMWRC-161 377316 9678794 1192 60 RC LVG YES

IMWRC-162 377315 9678787 1192 48 RC LVG YES

IMWRC-163 377268 9678799 1192 54 RC LVG YES

IMWRC-164 377265 9678794 1192 54 RC LVG YES

IMWRC-165 377221 9678805 1192 60 RC LVG YES

IMWRC-166 376961 9678832 1189 54 RC LVG YES

IMWRC-167 377017 9678823 1190 60 RC LVG YES

IMWRC-168 377016 9678829 1190 60 RC LVG YES

IMWRC-169 378270 9678701 1189 54 RC LVG YES

IMWRC-170 378227 9678728 1190 48 RC LVG YES

IMWRC-171 378165 9678698 1192 72 RC LVG YES

IMWRC-172 378139 9678739 1192 48 RC LVG YES

IMWRC-173 378139 9678746 1192 48 RC LVG YES

IMWRC-174 378084 9678744 1192 54 RC LVG YES

IMWRC-175 378034 9678733 1193 48 RC LVG YES

IMWRC-176 378034 9678741 1193 54 RC LVG YES

IMWRC-177 377985 9678742 1194 42 RC LVG YES

IMWRC-178 377986 9678749 1194 48 RC LVG YES

IMWRC-179 378319 9678859 1186 60 RC LVG YES

IMWRC-180 378273 9678885 1186 42 RC LVG YES

IMWRC-181 378225 9678916 1187 48 RC LVG YES

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COMPANY JORC PoB

IMWRC-182 378225 9678925 1187 54 RC LVG YES

IMWRC-183 378187 9678951 1188 60 RC LVG YES

IMWRC-184 378181 9678991 1187 78 RC LVG YES

IMWRC-185 378187 9678999 1187 54 RC LVG YES

IMWRC-186 378168 9678975 1188 60 RC LVG YES

IMWRC-187 378318 9678867 1186 60 RC LVG YES

IMWRC-188 378084 9678811 1192 62 RC LVG YES

IMWRC-189 378377 9678806 1187 48 RC LVG YES

IMWRC-190 378368 9678746 1189 60 RC LVG YES

IMWRC-191 378368 9678738 1188 54 RC LVG YES

IMWRC-192 378281 9678754 1189 54 RC LVG YES

IMWRC-193 378282 9678766 1188 54 RC LVG YES

IMWRC-194 377370 9678796 1191 42 RC LVG YES

IMWRC-195 377370 9678804 1190 48 RC LVG YES

IRB001 376785 9678705 1186 54 RAB Mincor NO

IRB002 376784 9678678 1186 52 RAB Mincor NO

IRB003 376784 9678659 1186 64 RAB Mincor NO

IRB004 376784 9678627 1186 72 RAB Mincor NO

IRB005 376782 9678590 1185 79 RAB Mincor NO

IRB006 376772 9678574 1185 47 RAB Mincor NO

IRB007 376759 9678547 1184 56 RAB Mincor NO

IRB008 377280 9678551 1196 74 RAB Mincor NO

IRB009 377282 9678516 1197 51 RAB Mincor NO

IRB010 377282 9678483 1198 38 RAB Mincor NO

IRB011 377277 9678424 1197 39 RAB Mincor NO

IRB012 377277 9678418 1197 45 RAB Mincor NO

IRB013 377278 9678395 1197 56 RAB Mincor NO

IRB014 377787 9678486 1198 66 RAB Mincor NO

IRB015 377797 9678456 1198 56 RAB Mincor NO

IRB016 377801 9678430 1198 39 RAB Mincor NO

IRB017 377796 9678419 1198 54 RAB Mincor NO

IRB018 377790 9678392 1197 56 RAB Mincor NO

IRB019 377939 9678489 1197 56 RAB Mincor NO

IRB020 377951 9678465 1197 57 RAB Mincor NO

IRB021 377968 9678447 1196 42 RAB Mincor NO

IRB022 378107 9678641 1193 69 RAB Mincor NO

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COMPANY JORC PoB

IRB023 378109 9678614 1194 70 RAB Mincor NO

IRB024 378109 9678580 1194 33 RAB Mincor NO

IRB025 378151 9678588 1193 63 RAB Mincor NO

IRB026 378395 9678777 1188 83 RAB Mincor NO

IRB027 378398 9678737 1189 58 RAB Mincor NO

IRB028 378399 9678711 1189 52 RAB Mincor NO

IRB029 378402 9678686 1189 60 RAB Mincor NO

IRB030 378404 9678659 1189 52 RAB Mincor NO

IRB031 377239 9679130 1180 16 RAB Mincor NO

IRB033 377118 9679110 1181 15 RAB Mincor NO

IRC001 377148 9678511 1195 90 RC Mincor NO

IRC002 377238 9678504 1196 81 RC Mincor NO

IRC003 377862 9678444 1198 81 RC Mincor NO

IRC004 377915 9678484 1197 76 RC Mincor NO

IRC005 378332 9678752 1189 99 RC Mincor NO

IRC006 377077 9679505 1168 27 RC Mincor NO

IRC007 377078 9679500 1168 27 RC Mincor NO

MMRAB001 377000 9679000 1185 45 RAB Barrick NO



















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COMPANY JORC PoB

MNRAB042 378050 9679865 1155 32 RAB Barrick NO




































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Documents

Geology and Resource Estimate Report Imwelo Project, Tanzania … · 2020. 10. 20. · Imwelo Project Geology and Resource Estimate Report v 1.4 Verification, Validation and Reliance