Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine
Original announcement by tmx on
- Company
- Lake Victoria Gold Ltd.
- Ticker
- LVG
- Exchange
- TSX
- Region
- northwestern Tanzania
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-09-14 10:29:33 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Lake Victoria Gold announced a maiden NI 43-101 compliant Mineral Resource Estimate for its 100%-owned Tembo Gold Project in northwestern Tanzania. The estimate comprises 99,700 Indicated ounces at 1.16 g/t gold and 480,100 Inferred ounces at 1.12 g/t gold, reported at a 0.25 g/t gold cut-off within conceptual open-pit shells. The company highlighted a higher-grade component and plans for close-spaced drilling at the Ngula 1 deposit to improve confidence and support mine planning.
Reasoning: Lake Victoria Gold announced a maiden NI 43-101 compliant Mineral Resource Estimate for its Tembo Gold Project, establishing 99,700 Indicated ounces and 480,100 Inferred ounces of gold. The estimate includes a higher-grade component and is strategically located adjacent to a major operating mine, providing a foundation for future development and growth.
Positive factors
- Maiden NI 43-101 compliant Mineral Resource Estimate establishes a significant gold resource.
- The project is strategically located adjacent to Barrick's Bulyanhulu Mine, indicating district potential.
- Identification of a meaningful higher-grade component within the resource provides development flexibility.
- Ngula 1 deposit, hosting the majority of Indicated ounces, is prioritized for close-spaced drilling and resource conversion.
- The resource is reported within conceptual open-pit shells, suggesting potential for open-pit mining.
Negative factors
- A significant portion of the resource (83%) is in the Inferred category, indicating lower geological confidence.
- Average grades for both Indicated (1.16 g/t) and Inferred (1.12 g/t) resources at the base cut-off are relatively low compared to global averages, though a higher-grade core exists.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 7
Classification and evidence
Maiden Resourceneutral
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 document explicitly states this is a 'Maiden Mineral Resource Estimate'.
Evidence · text
“Lake Victoria Gold Announces Maiden Mineral Resource at Tembo”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with 'National Instrument 43-101'.
Evidence · text
“maiden National Instrument 43-101 ("NI 43-101") Mineral Resource Estimate”
QP/CP Signedpositive
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: Independent Qualified Persons Noleen D. Pauls and Dean Richards prepared the Technical Report and MRE.
Evidence · text
“The Technical Report supporting the MRE was prepared by independent Qualified Persons Noleen D. Pauls (M.Sc., Pr. Sci. Nat., FGSSA) and Dean Richards (B.Sc. (Hons), Pr. Sci. Nat., MGSSA)”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes a significant 'Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold containing 480,100 ounces'.
Evidence · text
“an Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold containing 480,100 ounces”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The MRE includes an 'Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold containing 99,700 ounces'.
Evidence · text
“an Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold containing 99,700 ounces”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource is reported at a clear 'cut-off grade of 0.25 g/t Au'.
Evidence · text
“Mineral Resources are reported at a cut-off grade of 0.25 g/t Au”
Adjacent to Major Minepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The project is described as 'immediately adjacent to Barrick's Bulyanhulu Mine'.
Evidence · text
“immediately adjacent to Barrick's Bulyanhulu Mine”
Higher-Grade Componentpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The document highlights a 'meaningful higher-grade component' at a 1.00 g/t cut-off.
Evidence · text
“demonstrating a meaningful higher-grade component”
Open Pit Potentialpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Mineral Resources are reported 'within conceptual open-pit shells'.
Evidence · text
“within conceptual open-pit shells”
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (7)
indicatedTembo Gold Project · goldTonnes: 1780000Grade: 1.1Grade Unit: g/tContained Metal: 62700Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:f7b314600dcfc1d73295
- Deposit or zone
- Ngula 1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1780000
- Grade
- 1.1
- Grade Unit
- g/t
- Contained Metal
- 62700
- 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: This Indicated resource at Ngula 1 contributes to the maiden MRE, providing a foundation for future mine planning and resource conversion.
Positive factors
- Part of a maiden NI 43-101 compliant MRE.
- Indicated category provides reasonable geological confidence.
- Ngula 1 is a key deposit, prioritized for future development.
Evidence · table
“1.10”
Context: 1.78
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedTembo Gold Project · goldTonnes: 910000Grade: 1.27Grade Unit: g/tContained Metal: 37000Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:b7a6363c252aa180003d
- Deposit or zone
- Nyakagwe Village
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 910000
- Grade
- 1.27
- Grade Unit
- g/t
- Contained Metal
- 37000
- 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: This Indicated resource at Nyakagwe Village contributes to the maiden MRE, adding to the overall Indicated ounces.
Positive factors
- Part of a maiden NI 43-101 compliant MRE.
- Indicated category provides reasonable geological confidence.
Evidence · table
“1.27”
Context: 0.91
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedTembo Gold Project · goldTonnes: 2690000Grade: 1.16Grade Unit: g/tContained Metal: 99700Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:d846a6df994328f50963
- Deposit or zone
- Total Indicated
- Mining method
- open_pit
- Ownership percent
- 100 %
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: The total Indicated resource of 99,700 ounces establishes a significant portion of the maiden MRE with good confidence.
Positive factors
- Represents the total Indicated resource for the maiden MRE, providing a solid foundation.
- Indicated category offers reasonable geological confidence for future studies.
Evidence · table
“1.16”
Context: 2.69
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredTembo Gold Project · goldTonnes: 8120000Grade: 1.03Grade Unit: g/tContained Metal: 267900Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:aebc6f5590fa1ac8a230
- Deposit or zone
- Ngula 1
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 8120000
- Grade
- 1.03
- Grade Unit
- g/t
- Contained Metal
- 267900
- 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: This Inferred resource at Ngula 1 forms a substantial part of the maiden MRE, offering significant potential for future upgrades through infill drilling.
Positive factors
- Part of a maiden NI 43-101 compliant MRE.
- Ngula 1 is a key deposit, prioritized for future development and resource conversion.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.03”
Context: 8.12
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredTembo Gold Project · goldTonnes: 4710000Grade: 1.3Grade Unit: g/tContained Metal: 197100Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:e5d5d057045925fde3e9
- Deposit or zone
- Nyakagwe Village
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4710000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 197100
- 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: This Inferred resource at Nyakagwe Village contributes significantly to the overall Inferred ounces in the maiden MRE.
Positive factors
- Part of a maiden NI 43-101 compliant MRE.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.30”
Context: 4.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredTembo Gold Project · goldTonnes: 510000Grade: 0.93Grade Unit: g/tContained Metal: 15200Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:5fe405250a258d3ceb61
- Deposit or zone
- Nyakagwe East
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 510000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 15200
- 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: This Inferred resource at Nyakagwe East adds to the overall Inferred ounces in the maiden MRE, though it is a smaller component.
Positive factors
- Part of a maiden NI 43-101 compliant MRE.
Negative factors
- Inferred category has lower geological confidence.
- Smallest component of the resource.
Evidence · table
“0.93”
Context: 0.51
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredTembo Gold Project · goldTonnes: 13330000Grade: 1.12Grade Unit: g/tContained Metal: 480100Contained Unit: ozView all detailsHide details
Identity
- Project
- Tembo Gold Project
- Commodity
- gold
- Region
- tanzania
- Reported Region
- northwestern 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:7ef6f4f9313786156e84
- Deposit or zone
- Total Inferred
- Mining method
- open_pit
- Ownership percent
- 100 %
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: The total Inferred resource of 480,100 ounces forms the largest component of the maiden MRE, providing significant exploration upside and potential for future conversion.
Positive factors
- Represents the total Inferred resource for the maiden MRE, establishing a large gold inventory.
Negative factors
- Inferred category has lower geological confidence and requires further drilling for upgrade.
Evidence · table
“1.12”
Context: 13.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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.