# Vanstar Announces Updated Resource Estimate at Nelligan - Growing Gold Resources by 63% with 2.0 Moz Indicated and 3.2 Moz Inferred Resources Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--6d49b1fd-f58b-4092-aed6-c68ea5567eb9 Original source: https://money.tmx.com/en/quote/VSR/news/7793828889042288/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b Publisher: tmx Original announcement: 2023-01-12T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Vanstar Mining Resources Inc. - Ticker: VSR - Exchange: TSX - Region: Quebec, Canada - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-09-13 07:01:07 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Vanstar has announced an updated Mineral Resource Estimate for the Nelligan Project, growing total gold resources by 63% to 5.2 million ounces. The update includes 2.0 Moz of Indicated and 3.2 Moz of Inferred resources, driven by a 92% increase in tonnage and significant resource category conversion. Reasoning: The update shows substantial growth in total gold metal content and a significant de-risking through the conversion of Inferred resources to Indicated. - Positive factor: Significant tonnage growth \(92%\) - Positive factor: Significant contained metal growth \(63%\) - Positive factor: Category upgrade \(62% of Inferred converted to Indicated\) - Positive factor: Expansion potential noted along strike and at depth - Negative factor: Grade decline \(15%\) due to lower cut-off grade Facts used in scoring: 3 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: 62% of Inferred Mineral Resources were converted to Indicated category relative to the 2019 estimate. Evidence · text > conversion of 62% of Inferred Mineral Resources to an Indicated Mineral Resource category **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Mineral Resources increased by 92% in tonnage relative to the 2019 estimate. Evidence · text > Mineral Resources have increased by 92% in tonnage **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Overall gain of 63% in metal content relative to the 2019 estimate. Evidence · text > overall gain of 63% in metal content **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Estimate completed in accordance with NI 43-101 standards. Evidence · text > in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \("CIM"\) Definition Standards incorporated by reference in National Instrument 43-101 **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: Multiple Qualified Persons \(Sandeep Prakash, Oy Leuangthong, etc.\) are named and have reviewed/approved the release. Evidence · text > Mr. Prakash and Dr. Leuangthong are independent "qualified person", as defined by NI 43-101 \(a "QP"\) ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--6d49b1fd-f58b-4092-aed6-c68ea5567eb9#fact-resource-facts-0) Nelligan · gold #### Identity - Project: Nelligan - Commodity: gold - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: VSR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Sandeep Prakash, Oy Leuangthong, Maxime Douëllou, Shana Dickenson, Gilles Laverdière - Resource group id: resource:ebe175d9dd6696e6aba1 - Deposit or zone: Nelligan #### Resource Data - Category: indicated - Tonnes: 72200000 - Grade: 0.85 - Grade Unit: g/t - Contained Metal: 1.97 - Contained Unit: moz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-12-31 #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2023-01-12T00:00:00.000Z Reasoning: Strong Indicated resource component at a 0.35 g/t cut-off. - Positive factor: Significant tonnage increase Evidence · table > 0.85 Context: 72.2 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--6d49b1fd-f58b-4092-aed6-c68ea5567eb9#fact-resource-facts-1) Nelligan · gold #### Identity - Project: Nelligan - Commodity: gold - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: VSR #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Sandeep Prakash, Oy Leuangthong, Maxime Douëllou, Shana Dickenson, Gilles Laverdière - Resource group id: resource:8c7af0084cf6ef1f1fdc - Deposit or zone: Nelligan #### Resource Data - Category: inferred - Tonnes: 114100000 - Grade: 0.88 - Grade Unit: g/t - Contained Metal: 3238 - Contained Unit: koz au - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-12-31 #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2023-01-12T00:00:00.000Z Reasoning: Large Inferred resource base providing significant upside. - Positive factor: Large scale inferred resource Evidence · table > 0.88 Context: 114.1 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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/vanstar-announces-updated-resource-estimate-at-nelligan-growing-gold-resources-b--6d49b1fd-f58b-4092-aed6-c68ea5567eb9#fact-resource-facts-2) Nelligan · gold Historical result Needs review: historical\_restatement #### Identity - Project: Nelligan - Commodity: gold - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: VSR #### Resource scope - Estimate type: resource - Resource group id: resource:96bf3e21bedddecfa09a #### Resource Data - Category: inferred - Tonnes: 97000000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 3.2 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-22T00:00:00.000Z #### Dates - Event date: 2023-01-12T00:00:00.000Z Reasoning: Historical reference for comparison. - Negative factor: Stale data Evidence · text > 97.0 million tonnes grading 1.02 g/t Au for 3.2 million contained 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ## 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.