08:35 AM EDT, 10/24/2025 (MT Newswires) -- Lake Victoria Gold ( LVGLF ) said Friday that second-quarter exploration activities conducted on the licenses the company sold to Bulyanhulu Gold Mine has confirmed "favourable" geology that suggest gold mineralization.

Twelve reverse-circulation (RC) holes were drilled, totaling 1,380 meters. Results reinforce the geological continuity between the Bulyanhulu Mine and LVG's adjacent Tembo Project area, validating its long-standing interpretation of the belt's broader potential, a statement said.

Buly, which is owned by Twiga Minerals, a joint venture between Barrick Mining ( B ) and the Government of Tanzania, acquired the six licences from LVG in 2022. LVG may receive up to US$45 million in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on these licences.

Barrick's third quarter program will focus on ranking and prioritizing follow-up drill targets along the most prospective structural corridors defined by the second quarter results, and earlier geochemical anomalies.

"We are encouraged to see Barrick's sustained exploration momentum and technical validation across the Tembo-area licences. Their work continues to confirm the fertility of this part of the Lake Victoria Goldfields, where LVG remains a significant stakeholder through both our adjacent 100%-owned Tembo Project and the contingent upside tied to future discoveries," said executive chair Simon Benstead.