Lake Victoria Gold Confirms High-Grade Gold at Tembo, Plans Q1 2026 Drilling
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 31 2025
0mins
Should l Buy MUX?
Source: Globenewswire
- High-Grade Gold Confirmation: Lake Victoria Gold has confirmed high-grade gold mineralization up to 35.45 g/t at its Tembo Project in Tanzania, validating priority drill targets ahead of a planned Q1 2026 drilling program, which will facilitate the company's transition from exploration to production and enhance its market competitiveness.
- Processing Agreement Progress: The company is in discussions with Nyati Resources to finalize a processing agreement for a 500-tonne-per-day plant located adjacent to the Tembo licenses, expected to be completed by early 2026, creating a near-term production pathway while minimizing capital output.
- Funding Support: Lake Victoria Gold is backed by potential milestone payments of $45 million from Barrick, along with a gold prepay facility from Monetary Metals and a C$11.52 million strategic investment from Taifa Group, providing financial security for project advancement.
- Resource Expansion Potential: Recent drilling results from the Imwelo project indicate mineralization extending beyond 250 meters depth, combined with high-grade mineralization at the Tembo project, which is expected to further enhance the resource base and strengthen the company's long-term growth prospects.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MUX is 22.00 USD with a low forecast of 21.00 USD and a high forecast of 23.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 23.220
Low
21.00
Averages
22.00
High
23.50
Current: 23.220
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc is a gold and silver mining production and exploration company. The Company is also involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, Los Azules, and Fox West. The San Jose mine is located in the northwest corner of the Deseado Massif region, approximately 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is located in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is located in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is located in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. The Fox West properties are located in the heart of Timmins Gold Camp in northern Ontario, Canada. The Company also holds an interest in Tartan Lake Gold Mine Project, which is located in the province of Manitoba, Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Asset Integration Advantage: Golden Lake's principal assets include its 100%-owned Jewel Ridge and Jewel Ridge West projects, located adjacent to McEwen's Windfall and Lookout Mountain discoveries, enhancing McEwen's resource consolidation capabilities in Nevada's Eureka Mining District.
- Strategic Implications: This acquisition not only incorporates Golden Lake into McEwen's business landscape but also strengthens its competitive position in the gold mining industry, particularly against the backdrop of rising gold prices, which is expected to provide robust growth momentum for the future.
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- Asset Integration Benefits: Golden Lake's Jewel Ridge project boasts historical drill results of up to 2.20 gpt gold, and the integration will leverage McEwen's infrastructure and funding to enhance the long-term operational potential of the Gold Bar Mine Complex, thereby strengthening market competitiveness.
- Shareholder Value Enhancement: Golden Lake shareholders will receive compensation equivalent to 0.003876 McEwen shares per Golden Lake share, translating to approximately CDN $0.12 per share, representing a 60% premium to the 20-day volume-weighted average price, thereby increasing liquidity and investment appeal.
- Approval Requirements: The transaction requires the approval of 66⅔% of Golden Lake shareholders at a special meeting expected in March 2026, and if successful, will provide strong support for McEwen's long-term growth strategy.
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- Significant Drilling Results: Since its maiden drill campaign in 2021, Goliath has drilled over 150,000 meters at the Golddigger property, achieving a 100% success rate in intersecting mineralization across all holes, indicating the extensive potential of a 1.8 km² mineralized system.
- High Gold Recovery Rates: The Surebet discovery boasts a gold recovery rate of 92.2%, with 48.8% being free gold, utilizing gravity and flotation methods without cyanide, showcasing superior metallurgy that could reduce extraction costs.
- Infrastructure Advantages: The Golddigger property is strategically located near the communities of Alice Arm and Kitsault, featuring an existing mill site and direct barge access to Prince Rupert, enhancing the project's feasibility and future growth potential.
See More
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- Excellent Continuity: Definition drilling at Windfall shows strong continuity of near-surface oxide gold mineralization along a 1.6-kilometer fault zone, suggesting significant potential for future expansion and boosting investor confidence.
- Resource Estimate Update: The company plans to invest approximately $10 million in exploration at Gold Bar in 2026, which is expected to meaningfully increase the total gold resource, enhancing the overall asset value.
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