# Approximately 500,000 Ounces Was Just Put On the Map Next Door to Bulyanhulu Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu--95405c45-25fd-44dd-a352-9eb62590926f Original source: https://money.tmx.com/en/quote/LVG/news/6083586624251867/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu Publisher: tmx Original announcement: 2026-08-11T17:41:46.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Lake Victoria Gold Ltd. - Ticker: LVG - Exchange: TSX - Region: Tanzania - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-09-14 10:31:03 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Lake Victoria Gold Ltd. has published a maiden NI 43-101 Mineral Resource Estimate for the Tembo Gold Project in Tanzania, totaling approximately 580,000 ounces of gold. The resource consists of 480,100 Inferred ounces at 1.12 g/t and 99,700 Indicated ounces at 1.16 g/t, with a significant higher-grade core identified at Ngula 1. Reasoning: The publication of a maiden MRE is a major de-risking milestone that transforms the project from an exploration play into a defined resource. - Positive factor: Maiden NI 43-101 MRE establishes a defined resource base - Positive factor: Strong grade-tonnage sensitivity indicating a robust higher-grade core - Positive factor: Strategic location adjacent to Barrick's Bulyanhulu Mine - Positive factor: Potential for capital-efficient toll-milling arrangement - Negative factor: Resource is predominantly Inferred \(82% of total ounces\) - Negative factor: Ngula 1 is the primary focus, leaving other targets untested Facts used in scoring: 4 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The announcement describes the first formal NI 43-101 Mineral Resource Estimate for the Tembo Gold Project. Evidence · text > A maiden NI 43-101 Mineral Resource Estimate of 480,100 Inferred and 99,700 Indicated ounces transforms the Tembo Gold Project **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate is explicitly stated to be a maiden NI 43-101 Mineral Resource Estimate. Evidence · text > A maiden NI 43-101 Mineral Resource Estimate **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The estimate was prepared by independent Qualified Persons Noleen D. Pauls and Dean Richards of Obsidian Consulting Services. Evidence · text > prepared by independent Qualified Persons Noleen D. Pauls and Dean Richards of Obsidian Consulting Services **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource is reported at a 0.25 g/t cut-off. Evidence · text > all within conceptual open-pit shells at a 0.25 g/t cut-off ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu--95405c45-25fd-44dd-a352-9eb62590926f#fact-resource-facts-0) Tembo Gold Project · gold #### Identity - Project: Tembo Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: LVG #### Resource scope - Estimate type: resource - Effective date: 2026-05-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Noleen D. Pauls, Dean Richards - Resource group id: resource:1445f2efe8929df81c9e - Deposit or zone: Tembo Gold Project - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13330000 - Grade: 1.12 - Grade Unit: g/t - Contained Metal: 480100 - Contained Unit: oz - Cutoff Grade: 0.25 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-11T00:00:00.000Z Reasoning: Large tonnage Inferred resource establishes the scale of the project. - Positive factor: Maiden resource establishment - Negative factor: Low geological confidence category \(Inferred\) Evidence · text > reports an Inferred Mineral Resource of 13.33 million tonnes at 1.12 g/t gold containing 480,100 ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu--95405c45-25fd-44dd-a352-9eb62590926f#fact-resource-facts-1) Tembo Gold Project · gold #### Identity - Project: Tembo Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: LVG #### Resource scope - Estimate type: resource - Effective date: 2026-05-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Noleen D. Pauls, Dean Richards - Resource group id: resource:10d6084b951e9f0ddc6f - Deposit or zone: Tembo Gold Project - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 2690000 - Grade: 1.16 - Grade Unit: g/t - Contained Metal: 99700 - Contained Unit: oz - Cutoff Grade: 0.25 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-05-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-11T00:00:00.000Z Reasoning: Indicated portion provides a solid base for future resource conversion. - Positive factor: Indicated category provides higher confidence than Inferred Evidence · text > Indicated Mineral Resource of 2.69 million tonnes at 1.16 g/t gold containing 99,700 ounces #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu--95405c45-25fd-44dd-a352-9eb62590926f#fact-resource-facts-2) Tembo Gold Project · gold #### Identity - Project: Tembo Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: LVG #### Resource scope - Estimate type: resource - Effective date: 2026-05-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Noleen D. Pauls, Dean Richards - Resource group id: resource:599453a95c4fa8f006f3 - Deposit or zone: Ngula 1 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8120000 - Grade: 1.03 - Grade Unit: g/t - Contained Metal: 267900 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-05-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-11T00:00:00.000Z Reasoning: Ngula 1 is the primary development focus. - Positive factor: Major component of total project resource Evidence · text > Ngula 1 hosts an Inferred Mineral Resource of 8.12 Mt at 1.03 g/t for 267,900 ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/approximately-500-000-ounces-was-just-put-on-the-map-next-door-to-bulyanhulu--95405c45-25fd-44dd-a352-9eb62590926f#fact-resource-facts-3) Tembo Gold Project · gold #### Identity - Project: Tembo Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: LVG #### Resource scope - Estimate type: resource - Effective date: 2026-05-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Noleen D. Pauls, Dean Richards - Resource group id: resource:c265d954a1d39c378505 - Deposit or zone: Ngula 1 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 1780000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 62700 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-05-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-11T00:00:00.000Z Reasoning: Indicated resource at Ngula 1 supports near-term mine planning. - Positive factor: Indicated resource at key development target Evidence · text > its Indicated resource is 0.66 Mt at 1.96 g/t for 41,400 ounces #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.