# Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8

Original source: https://money.tmx.com/en/quote/LVG/news/5869324431694914/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre

Publisher: tmx

Original announcement: 2026-08-11T07:01:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Lake Victoria Gold Ltd.

- Ticker: LVG

- Exchange: TSX

- Region: northwestern Tanzania

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-08-24 04:33:52 UTC

Narrative sentiment: 0.50 · Bullish

## Minestarters Atlas summary

Lake Victoria Gold has announced a maiden NI 43-101 compliant Mineral Resource Estimate for its Tembo Gold Project in Tanzania, totaling 99,700 Indicated ounces and 480,100 Inferred ounces of gold at a 0.25 g/t cut-off. The estimate includes a higher-grade component of 68,600 Indicated ounces at 2.00 g/t and 331,700 Inferred ounces at 2.15 g/t at a 1.00 g/t cut-off. The company plans close-spaced drilling at Ngula 1 to improve confidence and support future mine planning, with the project positioned adjacent to Barrick's Bulyanhulu Mine.

Reasoning: The announcement details a maiden NI 43-101 compliant Mineral Resource Estimate for the Tembo Gold Project, establishing a significant gold resource with a higher-grade core, but a substantial portion remains in the Inferred category and the overall contained metal is on the lower end of the scale.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: higher\_grade\_component

- Positive factor: adjacent\_to\_major\_mine

- Positive factor: clear\_pathway\_for\_resource\_conversion

- Negative factor: high\_inferred\_proportion

- Negative factor: no\_demonstrated\_economic\_viability

- Rubric flag: M&I confidence tiers — M&I percentage \(17.19%\) is below the weak threshold \(>=25%\), indicating low geological confidence.

Facts used in scoring: 11

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: This is the first formal Mineral Resource Estimate for the Tembo Gold Project.

Evidence · text

> Maiden Mineral Resource

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The Mineral Resource Estimate was prepared in accordance with National Instrument 43-101.

Evidence · text

> National Instrument 43-101 \("NI 43-101"\) Mineral Resource Estimate \("MRE"\)

**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 Technical Report was prepared by independent Qualified Persons Noleen D. Pauls and Dean Richards, and reviewed/approved by David Scott, a Qualified Person.

Evidence · text

> independent Qualified Persons Noleen D. Pauls \(M.Sc., Pr. Sci. Nat., FGSSA\) and Dean Richards \(B.Sc. \(Hons\), Pr. Sci. Nat., MGSSA\) of Obsidian Consulting Services, each a Qualified Person as defined under NI 43-101 and independent of the Company. The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101

**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 Mineral Resource is reported at a cut-off grade of 0.25 g/t Au, and sensitivity figures are provided for 1.00 g/t and 1.50 g/t cut-offs.

Evidence · text

> Mineral Resources are reported at a cut-off grade of 0.25 g/t Au

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: A significant portion of the maiden resource is classified as Inferred, which is a lower confidence category.

Evidence · text

> 480,100 Inferred

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The company states that no preliminary economic assessment, pre-feasibility study or feasibility study has been completed, indicating the MRE is a step towards such studies.

Evidence · text

> The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the Tembo Project, no Mineral Reserves have been estimated and Mineral Resources do not have demonstrated economic viability.

**Adjacent to Major Mine**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Tembo Gold Project is located immediately adjacent to Barrick's Bulyanhulu Mine, suggesting potential for shared geological characteristics and infrastructure.

Evidence · text

> immediately adjacent to Barrick's Bulyanhulu Mine

## Extracted facts

Stored fact records: 11. Some facts used in scoring do not have a stored record.

## Resource Estimates (11)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-0)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: indicated
- Tonnes: 1780000
- Grade: 1.1
- Grade Unit: g/t
- Contained Metal: 62700
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Maiden Indicated Mineral Resource for Ngula 1 at Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

Evidence · table

> 1.10

Context: 1.78

#### 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: Resource classified as Indicated, demonstrating reasonable geological confidence.

Evidence · table

> Indicated

Context: 1.78

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-1)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: indicated
- Tonnes: 910000
- Grade: 1.27
- Grade Unit: g/t
- Contained Metal: 37000
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Maiden Indicated Mineral Resource for Nyakagwe Village at Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

Evidence · table

> 1.27

Context: 0.91

#### 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: Resource classified as Indicated, demonstrating reasonable geological confidence.

Evidence · table

> Indicated

Context: 0.91

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-2)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: indicated
- Tonnes: 2690000
- Grade: 1.16
- Grade Unit: g/t
- Contained Metal: 99700
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Total maiden Indicated Mineral Resource for Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

Evidence · table

> 1.16

Context: 2.69

#### 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: Resource classified as Indicated, demonstrating reasonable geological confidence.

Evidence · table

> Total Indicated

Context: 2.69

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-3)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 8120000
- Grade: 1.03
- Grade Unit: g/t
- Contained Metal: 267900
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Maiden Inferred Mineral Resource for Ngula 1 at Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Negative factor: inferred\_category\_lower\_confidence

Evidence · table

> 1.03

Context: 8.12

#### 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · table

> Inferred

Context: 8.12

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-4)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 4710000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 197100
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Maiden Inferred Mineral Resource for Nyakagwe Village at Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Negative factor: inferred\_category\_lower\_confidence

Evidence · table

> 1.30

Context: 4.71

#### 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · table

> Inferred

Context: 4.71

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-5)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 510000
- Grade: 0.93
- Grade Unit: g/t
- Contained Metal: 15200
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Maiden Inferred Mineral Resource for Nyakagwe East at Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Negative factor: inferred\_category\_lower\_confidence

Evidence · table

> 0.93

Context: 0.51

#### 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · table

> Inferred

Context: 0.51

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-6)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 13330000
- Grade: 1.12
- Grade Unit: g/t
- Contained Metal: 480100
- Contained Unit: oz
- Cutoff Grade: 0.25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Total maiden Inferred Mineral Resource for Tembo Gold Project, reported under NI 43-101 with a 0.25 g/t Au cut-off.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Negative factor: inferred\_category\_lower\_confidence

Evidence · table

> 1.12

Context: 13.33

#### 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · table

> Total Inferred

Context: 13.33

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-7)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: indicated
- Tonnes: 1070000
- Grade: 2
- Grade Unit: g/t
- Contained Metal: 68600
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Higher-grade component of the maiden Indicated Mineral Resource for Tembo Gold Project at a 1.00 g/t Au cut-off, reported under NI 43-101.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Positive factor: higher\_grade\_component

Evidence · text

> Indicated Mineral Resource of 1.07 Mt at 2.00 g/t gold containing 68,600 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: Resource classified as Indicated, demonstrating reasonable geological confidence.

Evidence · text

> Indicated Mineral Resource

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-8)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 4790000
- Grade: 2.15
- Grade Unit: g/t
- Contained Metal: 331700
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Higher-grade component of the maiden Inferred Mineral Resource for Tembo Gold Project at a 1.00 g/t Au cut-off, reported under NI 43-101.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Positive factor: higher\_grade\_component

- Negative factor: inferred\_category\_lower\_confidence

Evidence · text

> Inferred Mineral Resource of 4.79 Mt at 2.15 g/t gold containing 331,700 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · text

> Inferred Mineral Resource

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-9)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: indicated
- Tonnes: 560000
- Grade: 2.68
- Grade Unit: g/t
- Contained Metal: 48500
- Contained Unit: oz
- Cutoff Grade: 1.5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Higher-grade component of the maiden Indicated Mineral Resource for Tembo Gold Project at a 1.50 g/t Au cut-off, reported under NI 43-101.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Positive factor: higher\_grade\_component

Evidence · text

> 0.56 Mt at 2.68 g/t for 48,500 Indicated 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: Resource classified as Indicated, demonstrating reasonable geological confidence.

Evidence · text

> Indicated ounces

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lake-victoria-gold-announces-maiden-mineral-resource-at-tembo-of-480-100-inferre--014a019a-7ccb-48d2-923b-60cc3db670f8#fact-resource-facts-10)

Tembo Gold Project · gold

#### Identity

- Project: Tembo Gold Project
- Commodity: gold
- Region: tanzania
- Reported Region: northwestern Tanzania
- Ticker: LVG

#### Resource Data

- Category: inferred
- Tonnes: 2270000
- Grade: 3.18
- Grade Unit: g/t
- Contained Metal: 232100
- Contained Unit: oz
- Cutoff Grade: 1.5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-11T00:00:00.000Z

Reasoning: Higher-grade component of the maiden Inferred Mineral Resource for Tembo Gold Project at a 1.50 g/t Au cut-off, reported under NI 43-101.

- Positive factor: maiden\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

- Positive factor: orogenic\_deposit\_type

- Positive factor: open\_pit\_potential

- Positive factor: higher\_grade\_component

- Negative factor: inferred\_category\_lower\_confidence

Evidence · text

> 2.27 Mt at 3.18 g/t for 232,100 Inferred 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: Resource classified as Inferred, representing a lower level of geological confidence.

Evidence · text

> Inferred ounces

## 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.