# Loyalist Commences Preliminary Economic Assessment on the Tully Gold Project, Timmins, Ontario Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/loyalist-commences-preliminary-economic-assessment-on-the-tully-gold-project-tim--0f47832c-5121-4dfc-8440-61d899b592f5 Original source: https://orestocks.com/company/PNGC.CN/press-releases/8933921577942323 Publisher: orestocks Original announcement: 2026-09-08T10:50:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Loyalist Exploration Limited - Ticker: PNGC.CN - Exchange: Unavailable - Region: Ontario - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-08 11:03:33 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Loyalist Exploration Limited has commenced a Preliminary Economic Assessment \(PEA\) for its Tully Gold Project in Ontario. The announcement highlights a 2026 Mineral Resource Estimate containing 164,000 oz of Indicated gold and 62,000 oz of Inferred gold, representing a 76% increase in Indicated metal over historical levels. Reasoning: The company is advancing a high-confidence gold resource towards a PEA, showing significant growth in Indicated tonnes and ounces compared to historical estimates. - Positive factor: Significant increase in Indicated resource \(76% growth vs historical\) - Positive factor: High proportion of Indicated resource \(73% of contained gold\) - Positive factor: Commencement of PEA to advance towards production decision - Positive factor: Strong gold price assumption used in MRE \($3,500/oz\) - Negative factor: Significant Inferred component \(62koz\) remains 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: Indicated resource increased by 76% in contained gold compared to 2008 historical estimate. Evidence · text > increases the Indicated Mineral Resource from 93,140 ounces in the 2008 historical estimate to 164,000 ounces, an increase of 76% **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with NI 43-101 standards. Evidence · text > prepared in accordance with 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: Charles Spath and Eugene Puritch are named as independent Qualified Persons. Evidence · text > Charles Spath, M.Sc., P.Geo., and Eugene Puritch, P.Eng., FEC, CET, of P&E Mining Consultants Inc. \(“P&E”\), each of whom is an independent Qualified Person **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 cut-off grade of 1.1 g/t Au is explicitly stated in the resource table and notes. Evidence · table > 1.1 Context: 1,620 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIP"\) ## 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-staging.minestarters.com/news/loyalist-commences-preliminary-economic-assessment-on-the-tully-gold-project-tim--0f47832c-5121-4dfc-8440-61d899b592f5#fact-resource-facts-0) Tully Gold Project · gold #### Identity - Project: Tully Gold Project - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: PNGC.CN #### Resource Data - Category: indicated - Tonnes: 1620000 - Grade: 3.16 - Grade Unit: g/t - Contained Metal: 164 - Contained Unit: koz - Cutoff Grade: 1.1 #### Lab - Laboratory: P&E Mining Consultants Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Strong indicated resource grade and tonnage. - Positive factor: Strong grade of 3.16 g/t Au - Positive factor: High confidence category Evidence · table > 3.16 Context: 1,620 #### 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" **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/loyalist-commences-preliminary-economic-assessment-on-the-tully-gold-project-tim--0f47832c-5121-4dfc-8440-61d899b592f5#fact-resource-facts-1) Tully Gold Project · gold #### Identity - Project: Tully Gold Project - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: PNGC.CN #### Resource Data - Category: inferred - Tonnes: 948000 - Grade: 2.03 - Grade Unit: g/t - Contained Metal: 62 - Contained Unit: koz - Cutoff Grade: 1.1 #### Lab - Laboratory: P&E Mining Consultants Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Standard inferred resource component. - Positive factor: Economic grade for inferred material - Negative factor: Lower geological confidence Evidence · table > 2.03 Context: 948 #### 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" **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/loyalist-commences-preliminary-economic-assessment-on-the-tully-gold-project-tim--0f47832c-5121-4dfc-8440-61d899b592f5#fact-resource-facts-2) Tully Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tully Gold Project - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: PNGC.CN #### Resource Data - Category: indicated - Tonnes: 1620000 - Grade: 3.16 - Grade Unit: g/t - Contained Metal: 93140 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2008-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Historical baseline provided for comparison. - Positive factor: Baseline for growth comparison Evidence · text > increases the Indicated Mineral Resource from 93,140 ounces in the 2008 historical estimate to 164,000 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 **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 **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 18.7 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.