Grade Control Drilling Begins at a Permitted Tanzanian Gold Project Before Initial Mining

News Provided by Market Updates on behalf of Lake Victoria Gold Ltd.

VANCOUVER, British Columbia, Nov. 11, 2026 (GLOBE NEWSWIRE) -- Market Updates News Commentary - Gold mine production rose 3% to a third quarter record of 1,071 tonnes, according to the World Gold Council’s Q3 2026 Gold Demand Trends report, announced November 3, in a quarter when the gold price averaged US$4,262 per ounce. In early November, gold producers reported quarterly results and development milestones, from pre-stripping in Mali to an environmental authorisation in Québec, and in Tanzania, a fully permitted gold project has started drilling that targets its first planned mining benches. Companies mentioned in today’s commentary include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), B2Gold Corp. (TSX: BTO) (NYSE American: BTG), Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU), IAMGOLD Corporation (NYSE: IAG) (TSX: IMG), and Gold Fields Limited (NYSE: GFI).

Key Takeaways

• Record third quarter mine output: the World Gold Council reported total gold demand of 1,369 tonnes in Q3 2026, with the value of demand up 22% year-on-year to US$188 billion and mine production at a third quarter record of 1,071 tonnes.
  
• Grade control drilling underway at Imwelo: Lake Victoria Gold commenced an approximately 6,500-metre reverse circulation grade control program at Area C on November 4, 2026, on a 10 m by 10 m staggered grid targeting the upper 20 metres of the planned open pit, with completion targeted for February 2027.
  
• Building on high-grade near-surface results: Area C drilling announced August 27, 2026 returned 28.71 g/t Au over 2.75 metres from 21.00 metres and 12.20 g/t Au over 4.50 metres from 32.00 metres.
  
• Producers report milestones: B2Gold commenced mining pre-stripping activities on its Menankoto permit area in Mali in October 2026, Galiano Gold’s Abirem and Miradani mining leases were extended through 2041 and 2043, IAMGOLD said it is on track to achieve its 2026 production guidance, and Gold Fields secured the principal environmental authorisation for its Windfall project in Québec.
  

A Record Quarter for Mine Supply

The World Gold Council’s report says total gold demand was 1% lower year-on-year at 1,369 tonnes in the third quarter, while the value of that demand rose 22% to US$188 billion. Central banks and other official institutions added a net 321 tonnes to reserves, up 42% year-on-year and the highest quarterly total since Q4 2024, and physically backed gold ETFs added 211 tonnes. On the supply side, mine production rose 3% to the third quarter record of 1,071 tonnes, while recycling fell 8% to 314 tonnes.

From Resource Drilling to the First Mining Benches

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has started an approximately 6,500-metre reverse circulation grade control drilling program at Area C, the planned initial open-pit mining area at its fully permitted Imwelo Gold Project in Tanzania. Drilling commenced November 4, 2026, on a 10 m by 10 m staggered grid targeting the upper 20 metres of the planned Area C open pit. A second rig is expected to mobilize as the program advances, and completion is targeted for the end of February 2027.

The company describes the program as an important transition from resource definition to production-oriented mine planning. Unlike exploration and resource definition drilling, grade control drilling is designed to provide the detailed information required to guide mine planning and scheduling and ultimately mine production operations. LVG said the close-spaced grid will support delineation of the boundaries between mineralized material and waste, improved grade control, reduced dilution and refinement of the initial mining sequence, and that results will also inform pre-stripping plans, stockpile management and reconciliation between geological models and mined material.

The program builds on drilling completed in late 2025 and early 2026, which the company said confirmed continuity of Area C mineralization to more than 250 metres vertical depth, extending below the current pit design. In results announced August 27, 2026, hole IMWDR029 returned 28.71 g/t Au over 2.75 metres from 21.00 metres, including 59.77 g/t Au over 1.30 metres, and hole IMWDR028 returned 12.20 g/t Au over 4.50 metres from 32.00 metres, including 27.94 g/t Au over 1.90 metres.

Metallurgical testwork reported during 2026 demonstrated gold recoveries of up to approximately 96% to 97% from transitional and fresh mineralization, according to the company. Subsequent testing of the shallow, clay-rich weathered material identified attrition scrubbing followed by desliming as the preferred pretreatment route, increasing 24-hour gold extraction from 49.99% on as-received material to 84.54% on the pretreated fraction. The company noted that these results do not represent overall whole-ore plant recovery and that further optimization work is ongoing. In parallel, initial access road repairs have been completed, the construction camp is substantially complete, and clearing and earthworks continue across key mine infrastructure areas, according to LVG.

“Commencing grade control drilling is an important milestone in Imwelo’s progression toward production. We are moving beyond defining mineralization and into the detailed preparation of the first mining benches. The initial stages of mining are critical to establishing efficient operations, and this program will provide the information needed to manage grade, control dilution and execute our mining plan with greater precision. With site development advancing in parallel, we are making tangible progress toward our objective of bringing Imwelo into production,” said Marc Cernovitch, President & CEO of Lake Victoria Gold.

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Gold Producers Report Permits, Pre-Stripping and Guidance

B2Gold Corp. (TSX: BTO) (NYSE American: BTG) reported third-quarter production of 193,321 ounces of gold on November 4 and said it is on track to deliver full-year production guidance at all operations. The company reduced its 2026 all-in sustaining cost guidance range to between $2,230 and $2,410 per ounce sold, from between $2,370 and $2,550 per ounce sold. In Mali, the Menankoto exploitation permit was granted on August 7, 2026, and the company commenced mining pre-stripping activities on the Menankoto permit area in October 2026.

“During the quarter, we received the Menankoto exploitation permit, and waste stripping activities commenced in October. These are important milestones which support the continued growth and long-term value of the Fekola Complex,” said Mike Cinnamond, President and CEO of B2Gold.

Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU), whose operating asset is its 90% interest in the Asanko Gold Mine in the Republic of Ghana, produced 40,922 ounces of gold in the third quarter, 19% higher than in the second quarter, according to its November 5 results. The Abirem and Miradani mining leases were extended by 15 years and 17 years, through 2041 and 2043, respectively, and the company reported cash and cash equivalents of $86.8 million, restricted cash of $25.9 million and no debt as of September 30, 2026.

“Our team delivered a strong third quarter producing 40,922 gold ounces, improving all-in sustaining costs and achieving positive operating cash flows of $57 million. These results reflect the strength of our operations and position us well to achieve our full-year 2026 production and cost guidance,” said Matt Badylak, Galiano’s President and Chief Executive Officer.

IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) reported attributable gold production of 186,900 ounces in the third quarter on November 5, with the company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces. Its Essakane mine produced 94,000 attributable ounces in the quarter, and revenues totaled $856.5 million from sales of 199,900 ounces at an average realized gold price of $4,277 per ounce.

“IAMGOLD delivered another quarter of strong performance, operating safely across our sites and producing 186,900 attributable ounces. We remain on track to achieve our full-year guidance of 720,000 to 820,000 ounces,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD.

Gold Fields Limited (NYSE: GFI) said on November 2 that it had secured the Certificate of Authorisation for its Windfall project, issued by Québec’s environment ministry on 30 October 2026, which the company described as the principal environmental authorisation for the project. In its third-quarter operating update on November 5, the group reported attributable gold-equivalent production of 605koz, in line with plan, and said Gruyere, St Ives, Tarkwa, South Deep and Cerro Corona all delivered quarter-on-quarter production increases.

“Receiving the Certificate of Authorisation for Windfall is a major milestone for Gold Fields and for one of Canada’s highest-grade development-stage gold projects,” said Mike Fraser, CEO of Gold Fields.

Track the Signals Before the Crowd

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Article Source: Lake Victoria Gold Ltd. news release dated November 11, 2026, and the Company’s news releases dated March 18, August 27, September 3 and September 24, 2026; World Gold Council, Q3 2026 Gold Demand Trends press release, November 3, 2026.

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